Here’s why you should teach kids entrepreneurship early in life

We’ll always need doctors, lawyers, accountants, but entrepreneurs have always been an imperative breed required to bring innovation and impact the way the world shapes. The last 50 years have witnessed some of the most important innovations from entrepreneurs from companies like Apple, Microsoft, and Google.

Today the world is changing at a dynamic pace, and advancement in innovation is happening across all sectors. This ever-evolving environment calls for coaching our kids with certain entrepreneurial or problem-solving skills early in life to stay abreast of their chosen career path in the future.

According to a report by the World Economic Forum, nearly 50% of companies expect that automation will lead to a reduction in their full-time workforce by 2022 which in turn will alter the types of roles and work environments our students are expected to choose from. However, our present education system is not fully geared to make this paradigm shift. Therefore, a lot of the responsibility comes back to the parents and educators to support our children acquire life skills and adapt to a new environment during their schooling itself.

Entrepreneurial skills bring a high grade of adaptability and are incredibly valuable for their learning process if taught at an early age. I would like to call this thought leadership skilling, to bring out better and apt leaders who can face challenges while being capable of converting them into opportunities.

Top five entrepreneurial skills that should be taught at an early age: Take a look:

Importance of time management entrepreneur’s success revolves around adhering to strict deadlines and time-bound working. Therefore, teaching the value of time is very crucial. As parents, you can give short assignments to your kids with stipulated time and reward them for completing it on time.

Understanding the financial aspects

Understanding finance is the driving force in entrepreneurship and breaking down complicated financial concepts into simpler ones not only makes the kids learn the nuances of entrepreneurship but also makes them savvy in financial matters.

Importance of Plan B

Mentoring our kids through the ups and downs of their life is an integral part of their grooming. Irrespective of the situation, we need to handhold them through both successes and failures and equip them to be ready with Plan B in case they fail.

Encourage your kid’s creativity

Creativity and curiosity run parallel to each other. As a guardian, encourage the creative instinct in your kids and do not kill their curiosity by dodging the question. This will ensure that curiosity remains intact while allowing them to be authentic themselves and build their confidence.

Effective communication skills

Teamwork and effective communication are important skills to excel in our professional life. Effective communication skills not only entail expressing our thoughts to others but also help in negotiation and conflict resolution, things which are most crucial in the decision.

Are you a young person that has a great business idea but don’t know where to start or a parent who wants to nurture their child’s entrepreneurial spark? Enrol onto our FREE kid’s entrepreneurship workshops here.

Originally posted on India Today

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