03 Jun Raising kidpreneurs: the pros and cons
As we strive to equip our children with skills for the future, the idea of fostering entrepreneurship, or raising ‘kidpreneurs’, has become increasingly interesting. What better way to prepare kids for uncertain and fast-changing times than to raise them to be resourceful and adaptable? But, you might be wondering – is this really the right path for your child? Are they too young to start a business? Let’s delve into this intriguing topic together, exploring its advantages and addressing some of the potential challenges.
Raising a kidpreneur
It’s important to remember that in order to develop enterprising skills and key characteristics, kids don’t actually need to start a business. There are plenty of other ways to encourage enterprising thinking and behaviour. What we’re focusing on today are the pros and cons of kids starting a business venture whilst they’re still kids.
So, first thing’s first, let’s define the term ‘kidpreneur’.
What is a kidpreneur?
A kidpreneur, in essence, is a child who starts a business. They’re a child or ‘kid’ entrepreneur. It’s a young and ambitious individual that seeks to apply their skills and effort to a venture of their own. In doing so, they dive into a world of uncertainty, risk and money management, while embracing creativity, innovation, and resilience.
From setting up a lemonade stand, selling homemade crafts, starting a tutoring service, to developing a groundbreaking app, kidpreneurship takes many forms and scales. It encourages children to identify problems and create solutions, instilling a sense of purpose and developing important life skills. But there’s also a cost. What else could they being doing with their time and energy? What are the potential risks involved?
Let’s take a look at the top pros and cons of raising a kidpreneur.
6 reasons you should raise a kidpreneur
1. Develops valuable skills: Kidpreneurs learn vital skills such as problem-solving, critical thinking, financial management, communication, and leadership. These skills not only help them in their business ventures but also become a strong foundation for their personal growth and future careers.
2. Builds confidence and resilience: Entrepreneurship involves its fair share of successes and failures. By navigating these ups and downs, children can build self-esteem and resilience, learning to view challenges as opportunities for growth.
3. Encourages innovation and creativity: Kidpreneurship provides an excellent platform for children to express their creative ideas and innovation. They learn to think differently and find unique solutions, which can fuel their passion and lead to significant achievements in the future.
4. Teaches financial responsibility: Kidpreneurs learn the value of money early on. They understand how hard work can translate into financial gain and the importance of responsible money management.
5. Expanded perspectives: Often children grow up with the perception that academic excellence and a traditional career path are the only measures of success. Kidpreneurship opens up a whole new world for them, showcasing that success can also be achieved through innovation, creativity, and entrepreneurial spirit.
6. Valuable experience regardless of career: The experience and skills gained as a kidpreneur are universally valuable. Problem-solving, leadership, and financial management are all qualities that are sought after in a wide range of careers. Plus, having the unique experience of starting a business at such a young age can make their resume stand out, showing initiative, creativity, and drive.
The cons of raising a kidpreneur
Despite its numerous benefits, raising a kidpreneur also presents some challenges. However, with a balanced approach, you can turn these potential pitfalls into teachable moments.
1. Risk of failure: Any business venture carries a risk of failure, and it can be heartbreaking for a child when their idea doesn’t pan out as planned. However, it’s essential to remember that failure is an integral part of entrepreneurship. It provides a valuable learning experience and a stepping stone towards success.
2. Balancing academics and business: There could be times when your kidpreneur struggles to balance schoolwork and their business. It’s crucial to establish boundaries and ensure that their academic responsibilities are not neglected.
3. Pressure and stress: Owning a business can sometimes lead to stress and pressure, which might be challenging for a child to manage. Providing emotional support and fostering a healthy environment where your child can express their feelings can help mitigate these challenges.
4. Legal and ethical considerations: Children under 18 cannot legally own a business, and it’s important to guide your child to operate ethically. Ensure they understand the implications of their actions and maintain a high standard of ethics in their business dealings.
5. Overemphasis on monetary success: It’s possible that kids may start to measure success solely in terms of money. To mitigate this, it’s important to emphasise that while financial stability is important, true success encompasses a balance of various aspects including personal happiness, emotional wellbeing, and contributing positively to society.
6. Diversion of time and energy: The time and energy dedicated to their entrepreneurial pursuits could be used for exploring other interests or developing different skills. They need time to explore other hobbies, sports, arts, or sciences that could contribute to their overall personal development and uncover other potential talents. It’s crucial to strike a healthy balance between their entrepreneurial activities and other aspects of their lives.
Raising a kidpreneur is a journey packed with excitement, learning, and growth. While it has its challenges, the benefits can be truly rewarding. Not only does it help kids develop valuable skills, but it also nurtures their spirit of creativity, resilience, and determination.
Being there to guide, support, and inspire your young entrepreneur is the key. Encourage them to dream big, take calculated risks, and, most importantly, learn from their mistakes. Because in this journey, the ultimate victory lies not in financial gain, but in the skills they acquire, the resilience they build, and the character they develop.
Also, keep in mind that if they do choose to start a business, it’s essential to retain balance in their lives. They should have time to enjoy their childhood, pursue other hobbies, spend time with friends, and, of course, keep up with their schoolwork.
In the end, whether your child becomes the next Jeff Bezos or uses their entrepreneurial skills in other aspects of life, you will have played a crucial part in fostering their entrepreneurial spirit.