Teaching entrepreneurship and the principles of starting your own business to kids are vital. Due to cut-throat competition in the conventional professional fields like Engineers, Chartered Accountants and Medical Doctors, teaching entrepreneurship to children has certainly gained tremendous popularity in specially developed nations…an alternative to just merely seeking a professional career after school. Since the skills needed to start and run a business help in gaining self-confidence and good communication, it has become necessary to teach the principles of entrepreneurship to children at a young age. Below are some of the vital points that will help you to become aware of the importance of Teaching Entrepreneurship to Children.
Children will be able to learn good communication skills
Without good communication skills, it will certainly be difficult for entrepreneurs to convey vital information about their goods or services and thereby gain confidence in the mind of the potential customers. With the help of entrepreneurship principles, children will be able to learn the proper way to communicate with other people in a smart and most importantly, convincing way. This will not only enable a child to run a business in the near future but will also help him/her in becoming a good employee that contributes meaningfully to an organisation (if the child chooses to follow a professional career that is).
Children will be able to become aware of key skills to run a business
Even though children will certainly not run a business at such an early stage, they will be able to gain knowledge about the best possible way to run a specific type of business in the future. With the help of entrepreneurship skills, children will be able to discover new business opportunities. They will be able to set goals. Ideally, become more aware of the daunting process involved in starting a new business.
Children will become aware that they are accountable for their own actions
This is a major reason why some parents consider teaching the principles of entrepreneurship to their children. By teaching entrepreneurship, children will realise that they are responsible for the actions that they will take in the future. A child will learn that all actions have consequences. That blame for their own actions can’t be shifted to others. Moreover, children may also learn not to give up and continue trying to gain success.
Children will learn to work as a team
This is certainly one of the major benefits of teaching entrepreneurship to a child at an early age. A child should learn that they can’t merely just rely on themselves to succeed. Teamwork and working with others are perhaps the most important component of any career. Most children do not grow up in seclusion and are confronted with conflict, challenges, choices and decisions every single day. Gaining insight into what it takes to be an entrepreneur. Interaction with others will teach a child the meaning of working together to achieve a common goal. By working together, children will realise that two (or three or four or ten) heads are better than one.
Children will learn how to better manage their money
Teaching entrepreneurship will help a child to become aware of the ‘true value of money’. That money has a time value attached to it. That there is a difference between saving and investment. That there is a difference between profit and cash flow (cash in the bank). And so much more. Money doesn’t have to define a child nor be the primary reason for wanting to start a new business. Learning how to effectively manage money will ensure that a child does not fear money when he/she is all grown up.