Ultra Education founder Julian Hall was featured in The Daily Telegraph on Tuesday 25th July giving tips on how parents can help their kids get started on their entrepreneurial journeys! Check out the feature below:
How to turn your child into a ‘summerpreneur’
Stuck for things to do in the summer holidays? India Sturgis discovers ways to enhance your brood’s business acumen.
The summer holidays have arrived with a spate of storms. But if you Can’t get down to the beach, there are many fruitful ways you can goad your children into spending their time – and making a pretty penny in the process.
As every parent knows, their son or daughter is definitely a millionaire-in-the-making, and given the new digital landscape it has never been easier to harness their potential and set up a business from the kitchen table. Julian Hall, director of Ultra Education, a company providing entrepreneurial tutoring, teaches business skills to children as young as seven. Here’s how you can tum your child into a profit-making summerpreneur.
Bend the rules
Everyone can learn something from the five-year-old girl who was fined £150 by her local council last week after selling lemonade to festival-goers without permit. The youngster (sloshing out cups for 50p and £1) has since been invited by Borough Market to set up shop on their premises, and received an apology from the council. “If your child has an idea to make T-shirts or cupcakes, they will do well from taking them to an outdoor festival or farmers market because there are so few children doing these things,” says Hall. But tiger parents be warned: do not use children “HS the stall mascot. They must lead it”. And remember, adults love good manners.
“You can upload your child’s book of poems on to Kindle from anywhere in the world in seconds and start selling it for 99p,” says Hall. “Technology has taken the hassle out of becoming an entrepreneur.” Designing an app or learning code (now taught in British schools from the age office) can be lucrative. London-born Nick D’Aloisio became a millionaire before his 17th birthday after developing Summly, a news app, and selling it to Yahoo for £23 million. Check out Mama.codes, a free platform that teaches children to code through song, rhyme and storytelling via the app ScratchJr. And Spark tenant School of Coding runs summer camps for ages eight to 14.
“Let them do a vlog (video blog) that they can share with friends and family,” advises Hall. Get them to practice editing using iMovie on iPhone, or Adobe Premiere Clip for Android devices. “Get your children involved in taking pictures, using filters and adding hashtags and emoji.” Just be safe by ensuring their profile is overseen by an adult, and only accessibly via their phone.
If there is one thing Eddie Smith – the work experience boy who made headlines earlier this month on Southern Rail’s Twitter account – proved, it is that it pays to be yourself. In fielding questions from the public about how to make the perfect cupper, the schoolboy became a trending topic. People love unselfconscious honesty at the helm of a business. Ask yourself: “What would Eddie do?”
Pitch, pitch, pitch
“Parents often shield their children from the grown-up stuff,” says Hall. But getting them involved in designing business plans, pitching and strategic marketing “are all essential parts of learning”. He advocates using Business Model Canvas. “Get them to practice [pitches] on uncles and aunts.”
Young Enterprise, a financial charity, runs The Fiver Challenge every year – an initiative that gives five- to 11-year- olds one month and £5 to set up a mini-business and create a product or service they can sell at a profit. This year, wooden Widget spinners, emoji pompoms and gift cards elicited hundreds of pounds. Offer your brood a similar amount over the holidays and see which is the most resourceful.
Stick to what you know
Your children know what they enjoy. Thirteen-year-old serial entrepreneur Henry Patterson recognizes the monetary value in this: “You’re only going to take in loads of information when you truly love something.” He has sold horse manure, created a business selling worm sweets, and is launching a not-for-profit foundation called Young & Mighty to encourage other young business leaders.
Never give up
Nine out of 10 entrepreneurs fail in the first three years, whatever their age. Just another reason to start early…
Does your child have entrepreneurial flair?
Enrol them onto our summer programmes here
Enrol them into Ultra Kids Business Club here