Launching The Child Entrepreneur
With National Entrepreneur Day 2020 being celebrated this week, here at QniQr, we are passionate about igniting the entrepreneurial spirit in young people.
But just what is an entrepreneur?
Someone like Richard Branson perhaps, a business tycoon who started from nowhere and made his millions?
Someone who starts up a small shop on your local high street and makes a success of it, supporting their family and providing a useful service in the process?
Or is an entrepreneur someone who launches an enterprise with a big social impact, and isn’t motivated by profit at all?
This is one definition from an English dictionary;
“a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”
While on the Wikipedia page there are several different definitions and it’s interesting to note that the word first appeared in the French dictionary in 1723, and was the same word used to refer to an ‘adventurer’!
We like that word..." an adventurer!"
The real definition of an entrepreneur – and why it matters
It’s hard to define an entrepreneur, but when we dig down deep, there are some common traits, and these are the characteristics almost all parents would love their kids to develop; passion, drive, independent thinking, problem-solving, unafraid to take risks, resilience, the ability to overcome setbacks, and confidence.
Ultimately, entrepreneurship is something that can be encouraged and ignited in everyone. If children are given every opportunity to practice it, whether they become the next Richard Branson or not, they will be learning skills that serve them well in all aspects of their future lives.
Entrepreneurship – key life skills every child should learn
With QniQr, entrepreneurship is at the heart of our vision; encouraging young people to discover their capabilities and gain key life skills in a safe, fun, and educational environment.
We believe entrepreneurship isn’t something you’re just born with, but can be fostered and encouraged, and should be a key part of EVERY child’s development to give them the best start in life.
4 tips for parents, to encourage children towards entrepreneurship…
#1. Talk to them about real-life examples
Talk to your children about everyday things they like and use, such as a game, their phone, something you’re all looking at while sitting around the dinner table, or a shop they particularly like going to. Get them to think about how that item came about, what problem it solves, and what must have gone into getting it to market. Or you may know a family member or friend who started a business and be able to talk about that, or even introduce them. The idea is to get them to realise that opportunities exist everywhere and that entrepreneurship is tangible, not just a dream in the sky!
#2. Encourage them to think about opportunities & solve problems
Entrepreneurship is about identifying and solving pain-points. You can encourage your children to identify and solve problems in many creative ways.
When they express annoyance or frustration with something, get them to think about possible solutions. Perhaps it’s simply that their sibling keeps busting into their room and taking things. Apart from shouting and retaliation, can they think of a more creative solution? Or if they feel they fail at something, can they think about how they would do it differently next time?
If they are dissatisfied with a toy, could it be designed better or in a more environmentally friendly way? Why not get them to write out their ideas or design a prototype?
Try not to be a helicopter parent who rushes in to solve everything for them. Just getting them to think about problems and solutions, and to take positive action is a valuable life skill for their future success. Teaching your children that challenging situations are opportunities to overcome is an incredible gift to give them.
#3. Help them to start an enterprise early in life
Kids love selling things and making money! Whether it’s some home-made cakes or lemonade, a car washing service, their pre-loved toys, and games, or something crafty they’ve spent hours making – get excited with them and encourage them to think about ways of turning their passion into a business idea.
You can help them to think through a business plan, who their market will be, their costs and possible profits, problems that may arise, and how they can provide great customer service. You may even consider investing in their little venture to help them on their way, and being their first customer!
It doesn’t matter if their idea works or not, failure and lessons to be learned are all part of the journey. But the chances are, if you’re behind them and support them whatever happens, they will be learning to think outside the box, take risks, and that the true worth of money is hard work!
#4. Teach them financial literacy
Children are never too young to learn about money, and as parents, we can really help them. Read our full guide on teaching kids about money here.
In brief, encourage them to think about what things cost, budgeting, and saving. Help them set up their own bank account or to have a money jar, and try and give them every opportunity to be responsible with money as well as make mistakes.
When it comes to kids and giving them a solid financial foundation, entrepreneurship can be a brilliant way to introduce it. Starting their own little business is fun as well as educational, and most importantly, gives them the best preparation to become successful in future life.
QniQr is the only online marketplace designed exclusively for children and teens (aged 7-17) where they can build and manage their own shop, sell, trade, and buy! Kids get the opportunity to practice business skills, earn their own money, and embrace the opportunity to be an entrepreneur.
With the first 3 months of membership for FREE, why Not Sign them up today!