As we all know, there are many many positive aspects of being an entrepreneur. Well, according to the experts, entrepreneurship isn’t just for adults. In a recent Parents.com article, these Black entrepreneurs state that introducing entrepreneurship early to kids encourages financial intelligence and puts them in the position for a lifetime of success.
“Lessons should begin before age seven, because research shows that money habits and attitudes are already formed by then,” says Sam X. Renick, co-creator of Sammy Rabbit, a children’s character and financial literacy initiative, in a recent interview with Forbes Magazine.
And Renick isn’t the only one who feels this way.
Take a look at what these other entrepreneurs/parents have learned about the value of entrepreneurship and what important tips they are sharing to make sure that kids gain financial intelligence and are put in the position for a lifetime of success!
Teach them that “ownership is power!”
Kayann Comeaux is the mother of 15-year-old CEO D-J Comeaux. D-J Comeaux is the successful CEO of AfroBot Youth Collective, which he started at 11-years-old. Comeaux says that parents should start introducing entrepreneurship to children around the age of five.
“Teaching CEO D-J the importance of trademarks and owning his intellectual property is one of the first and best tools he grew up knowing,” says Comeaux.
Teaching them that ownership is power will help children to think differently about money before they are actually able to work. Comeaux suggests that parents encourage children to turn “natural hobbies and curiosities into viable businesses.”
Encourage children to take ownership one step further and see it as a legacy.
Teach them to “find a service to provide, make money.”
As the founder and CEO of Purposeful Economist Inc., Dr. Malcolm Adams says that he wished he’d learned certain lessons as a child. Now, he prioritizes “leading with service and finding a problem to solve.
“There is no such thing as a free lunch,” Adam says. “In a world of scarcity, life is about opportunity costs and making trade-offs.”
Teach children to identify a need and provide a service around that need is an inflation-proof skill set that can generate income regardless of market conditions. You can’t manage money you don’t have.
Teach them to “always get paid for their work!”
Tiffany Grant started her first business at five-years-old. Fast-forward to the present, and she is now the owner and financial wellness facilitator of Money Talk With Tiff.
As a part of her advice, she states that it is important to introduce children early to entrepreneurship and side hustles, but make sure that they get paid for it. Teach them that their time is definitely money.
“It’s important to introduce your child to entrepreneurship as soon as possible and encourage them to pursue their endeavors,” says Grant. “So many dreams and ambitions get cut short or halted at a young age. I am grateful for being allowed to explore and I afford my children the same. Introduce, encourage, and be involved if you can.”
Grant also says that learning the value of money early on helped her to understand that if she provides a service for someone, she should get paid for it.
Entrepreneurship is just one option. The experts recommend giving children choices and letting them know that there are many paths to success. Introduce them to the concept and let them grow. Not all who are introduced to the concept of entrepreneurship will become entrepreneurs; however, they will become intrigued and get a taste of what the future could hold for them.
