Lesson 106: Teaching Young Entrepreneurs

Cleverly Changing Podcast

[Opening music fades out]

Host: "Welcome back to the Cleverly Changing Podcast. I'm your host, Elle Cole. Mom of two twin daughters. Today, we're diving deep into a topic that ignites creativity and innovation: guiding our youth to become successful entrepreneurs."

The essence of entrepreneurship for kids

Host: "Before we jump into the practical aspects, let's understand the essence of entrepreneurship for kids."

For today's episode, we define entrepreneurship as creating a profitable business.

The essence of entrepreneurship for young kids is recognized when they step back, identify various issues in their communities or industries, and take innovative steps to solve the problems they see. Their clear result is a successful business, recognition, and impact.

Host: "Entrepreneurship isn't just about starting a business; it's about fostering a mindset. It's teaching kids to identify problems and create solutions. Take young Marcus, for example. He noticed the lack of recycling bins in his neighborhood and decided to take action. With support from his family, he launched a small campaign, distributing recycling bins and educating his community about the importance of recycling."

Young Successful Entrepreneurs

Here are a few young entrepreneurs and their ventures, along with the problems they identified, their solutions, and the results they achieved:

Young Entrepreneur | Problem Identified | Solution | Results
Mikaila Ulmer | Decline in Bee Population | Created BeeSweet Lemonade with a honey-based recipe | $1 million in sales, appeared on Shark Tank
Cory Nieves | Lack of Access to Quality Cookies | Started Mr. Cory's Cookies | Featured on multiple TV shows, expanded business
Moziah Bridges | Limited Availability of Stylish Bow Ties | Founded Mo's Bows | Featured in major publications, landed deals with large retailers
Isabella Dymalovski | Fear of Needles in Hospitals | Invented the "SnapWrap" to cover IV lines | Won awards, received patents, and sold her invention
Eden and David | Lemonerdy University | Created Coding classes for kids on YouTube, expanded it to products like stickers, t-shirts, and hoodies. | Featured on podcasts, expanded business, and won competitions.
Bailee | Bailee’s Nails | Created a nail subscription box for kids. Also became a children’s book author. | Featured on multiple TV shows, received speaking opportunities, and won competitions.

Cultivating the Entrepreneurial Mindset

Here are some ways parents can help foster an entrepreneurial mindset in their children:

Encourage Curiosity and Creativity

1. Support Exploration: Encourage kids to explore their interests and passions.
2. Problem-Solving Activities: Engage in activities that stimulate problem-solving skills, like puzzles, brain teasers, or creative challenges.
3. Allow Freedom to Fail: Create an environment where failure is seen as a learning opportunity, not a setback.

Teach Financial Literacy

4. Money Management: Involve children in discussions about budgeting, saving, and spending wisely.
5. Earning Opportunities: Allow them to earn money through chores or small tasks to understand the value of work.

Support Independence and Initiative

6. Empower Decision-Making: Let kids make decisions about simple matters to build their decision-making skills.
7. Encourage Initiative: Support their ideas and encourage them to take initiative in implementing their plans.

Provide Learning Opportunities

8. Expose Them to Entrepreneurial Stories: Share stories of successful entrepreneurs to inspire and motivate them.
9. Books and Resources: Provide age-appropriate books or online resources about entrepreneurship tailored for kids.

Foster Communication and Networking

10. Effective Communication: Teach kids how to communicate effectively, articulate ideas, and listen actively.
11. Networking Skills: Encourage interactions with various people to build their network and social skills.

Engage in Real-Life Experiences

12. Hands-On Projects: Encourage them to start small ventures like a lemonade stand, crafts sale, or gardening.
13. Field Trips and Experiences: Visit local businesses or attend entrepreneurial events to expose them to real-world scenarios.

Cultivate Resilience and Adaptability

14. Develop Resilience: Teach them to bounce back from setbacks and learn from failures.
15. Embrace Change: Help them adapt to changes and see them as opportunities for growth.

Encourage Critical Thinking

16. Ask Open-Ended Questions: Encourage critical thinking by asking open-ended questions about their ideas or interests.
17. Challenge Their Thinking: Encourage them to think beyond the obvious and explore alternative solutions.

Provide Mentorship and Guidance

18. Be a Role Model: Lead by example by demonstrating entrepreneurial traits like determination, initiative, and innovation.
19. Seek Mentorship: Connect them with mentors or professionals in fields of their interest.

Emphasize Persistence and Vision

20. Encourage Long-Term Goals: Teach them to set goals and work persistently towards achieving them.
21. Vision Boarding: Create vision boards to visualize their aspirations and goals.

Encouraging an entrepreneurial mindset involves nurturing curiosity, resilience, creativity, and problem-solving skills. By providing guidance and creating an environment that values innovation and initiative, parents can instill these traits in their children, setting them on a path toward entrepreneurial success.

[Transition music]

Resources and Tools to Teach Entrepreneurship

Host: "Now, let's talk about resources and tools. 'Entrepreneurship for Kids' by D. M. Marc is a fantastic starting point. This book not only educates but also engages young minds in understanding business concepts through relatable stories and activities."

Host: "But how do we make this knowledge actionable? Enter 'Kid Entrepreneurship,' an online platform offering courses tailored for young aspiring business minds. From designing products to marketing strategies, these courses provide a hands-on learning experience."

Host: "Imagine Sarah, a 14-year-old who loves technology. With guidance from mentors and resources like coding classes, she developed a simple app that helps students organize their study schedules. Sarah learned about coding, app development, and even how to pitch her idea."

There are numerous resources available to help children learn entrepreneurship skills in engaging ways:

Books:

1. "The Lemonade War" series by Jacqueline Davies: Teaches kids about business, competition, and entrepreneurship through a fun story. There are six books in the series.
2. "How to Turn $100 into $1,000,000" by James McKenna and Jeannine Glista: Offers simple strategies for kids to start their own businesses.
3. "Kid Start-Up: How YOU Can Become an En...