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With the Summer break looming your child will no doubt be bored at some point! Many children naturally develop entrepreneurial skills as they find ways to earn money, convince you to do, or buy things, or maybe just argue a point to the death in a desperate attempt to not be in the wrong! As a parent and a teacher I have witnessed these skills in so many different ways (some of them complete genius from children of such a young age). In this article I will delve into the captivating realm of entrepreneurial spirit, exploring the reasons why we, as parents, should wholeheartedly encourage and support our children in becoming the innovative, resilient, and creative problem solvers of tomorrow.
Enter a realm where dreams come alive and possibilities are endless. As parents, we have a vital role in fostering our children's dreams and ambitions. By encouraging their entrepreneurial spirit, we open doors to a world of infinite possibilities. From a young age, children possess boundless imagination and creativity. Nurturing their entrepreneurial spirit allows them to transform their dreams into tangible projects, products, or services. By supporting their aspirations, we
Stories of child entrepreneurs who dared to dream big serve as inspiration for our own children. Take, for example, the story of Fraser Doherty, a young entrepreneur from the UK. At the age of 14, Fraser started making jam in his grandmother's kitchen and turned it into a thriving business called SuperJam. Today, his brand is sold in major supermarkets across the UK, and he has become an advocate for young entrepreneurs. Through such stories, children witness the transformative power of their own dreams and the impact they can have on society.
In this journey, young entrepreneurs acquire a unique set of skills that extend beyond traditional education. Creativity takes centre stage, as they learn to think outside the box, innovate, and explore unconventional solutions. They develop the ability to adapt, innovate, and navigate the complexities of the business world. According to a study conducted by the Global Entrepreneurship Monitor, 80% of UK entrepreneurs believe that creativity is essential for their success, and with the rise of social media platforms and AI technologies the possibilities really are endless!
Problem-solving becomes a natural part of their journey. They learn to identify challenges, analyse them from various perspectives, and develop creative solutions. By embracing problem-solving, children develop resilience, as they learn that obstacles are merely stepping stones to success.
Effective communication is also crucial in the entrepreneurial world. Children learn to articulate their ideas, express themselves confidently, and collaborate with others. Through pitching ideas, negotiating, and networking, they refine their communication skills and cultivate a sense of empowerment. This links closely with collaboration; another cornerstone of entrepreneurship. Children discover the value of teamwork, leverage diverse perspectives, and learn the art of delegation (although if you have had the pleasure of the teenage years yet I’m sure you may have already experienced their powers of persuasion and delegation by now).
They start to discover how by working together, they create synergy, tapping into the collective genius of a group and recognising the different skills of individuals, along with their own areas of strength. Research by the Enterprise Research Centre reveals that young people who engage in entrepreneurial activities are more likely to collaborate with others, fostering a sense of community and shared success. These attributes contribute to their academic, social and emotional development and are hugely important when entering the workplace.
The benefits of nurturing their entrepreneurial spirit are far-reaching. Critical thinking and adaptability become second nature to young entrepreneurs. They learn to analyse situations, anticipate trends, and adapt their strategies accordingly. Confidence soars as children embark on entrepreneurial endeavours. They gain a sense of ownership, develop self-belief, and embrace their unique abilities. With each successful milestone, their confidence blossoms, paving the way for future success. Financial literacy becomes a practical skill. They learn the value of money, budgeting, and financial planning. This knowledge equips them with essential life skills that will serve them well into adulthood.
Entrepreneurship also fosters resilience, teaching children to embrace failure as an opportunity for growth. By learning from setbacks and finding solutions, they develop a growth mindset, understanding that success often arises from learning through challenges. Research by the Prince's Trust shows that young people who engage in entrepreneurial activities demonstrate increased resilience and perseverance in the face of adversity. Embracing the power of failure is essential. Parents should encourage their child to take calculated risks and learn from setbacks; celebrating their efforts, regardless of the outcome, and helping them see failure as a stepping stone to success are crucial for their growth.
So how can you encourage and support your child’s entrepreneurial spirit? This is not something just for older children, the earlier you start providing an environment of curiosity and exploration the better. Providing resources such as books, documentaries, and educational websites that inspire creative thinking. Encouraging curiosity and asking questions helps children to seek answers and explore their interests.
Nurturing financial literacy is important by involving children in discussions about money, budgeting, and saving. Providing opportunities for them to earn and manage their own money, such as through small businesses or household chores, help develop practical financial skills. Getting creative with reusing and recycling, looking after their toys and belongings to be able to sell them on, or helping with the shopping, seeking viable alternatives to expensive things all help them develop a sense of awareness of the value of money and become more eco friendly citizens.
Providing hands-on experiences is invaluable. Parents can encourage their child to participate in competitions, summer camps, or workshops. These experiences allow them to connect with like-minded peers, learn from experienced mentors, and apply their skills in real-world settings. Making the Grade offers a range of summer activities all designed to develop these skills in a fun and collaborative way.
I can’t finish without sharing the inspiring tale of a young entrepreneur who defied odds and made a significant impact. Ben Towers, described as ‘The smartest kid on the planet’ by The Times, started his first business at the age of 11. After freelancing as a web designer for family and friends for 2 years he realised the potential for monetisation and scaled his web design service to a full-scale, multi-channel offering helping forward thinking small and medium sized businesses succeed online on a budget. He is now a renowned entrepreneur, public speaker, millionaire and advocate for young people in business (and still only 23!) His journey showcases the immense potential young entrepreneurs possess and the impact they can have on industries and communities.
I hope this has inspired you and you are filled with a newfound appreciation for the power of nurturing your child's entrepreneurial spirit. By encouraging their dreams, supporting their endeavours, and providing practical guidance, we unlock their potential and empower them to thrive in a rapidly changing world. Embrace this extraordinary journey, and watch your child soar to new heights. Together, let us foster the innovators, problem-solvers, and changemakers of tomorrow.
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