Entrepreneurship Development for Kids

Business is the backbone of America. The rules governing transactions and property rights are centuries old and can be found in countries around the world. To maintain a strong business culture, future leaders of industry and enterprise need to be developed. Some are naturally drawn to a life of business but many others develop an interest through education and various activities.

Developing the next generation of business leaders requires dedication and years of advanced planning. A few organizations, like Lemonade Day, offer programs that train and prepare youth to run businesses on their own. But parents, mentors, and educators don’t need the resources of a national non-profit to get kids interested in business. All it takes is a little direction.

Nurturing Interest in Business and Entrepreneurship

Before deciding to help a child become the next Warren Buffett, parents and mentors need to identify a genuine interest in business and enterprise. Some, like Mr. Buffett for example, independently follow an entrepreneurial path from an early age. The vast majority of businesspeople had their appreciation cultivated over time. If this seems like a tall order, don’t panic. Not many kids enjoy reading or math but yet we still have plenty of engineers, programmers, and English professors.

Kids in America are especially prone to lives in business. In the 21st century, traditional role models like athletes and musicians are often revered for the business acumen as their other talents. Wealth and entrepreneurship are respected enough that an astonishing 70 percent of teens want to start their own business.

Establishing Long Term Life Patterns

Consistent growth is key to youth entrepreneur development. Early failures can be frustrating but, as part of the learning process, they can improve skills, strengthen resolve, and increase ability. The exact process a mentor or parent uses to grow and develop their budding business tycoon will vary. Kids are going to respond to challenges and frustration differently. The role of the mentor is to guide the process as best they can often using simple trial and error. Of course there will be mistakes for everyone. But patience and persistence go a long way to improvement. To paraphrase Jake the Dog from Adventure Time, “[Being bad] at something is the first step to becoming sorta good at something.”

A Strangely Difficult Concept: Accepting Success

It can be a strange moment when hard work pays off. Acting on an idea, through hiccups and failure, and leading it to success can have an exhilarating effect. Entrepreneurs, artists, and others have noted the joys associated with reaction to their work. Sometime it results in celebrity and wealth. For others, it means another month as their own boss. In either case, the best kind of entrepreneur accepts their success, learns from it, and moves on. It’s easy to rest on past accomplishments. But Warren Buffet didn’t make his fortune from a single good investment. Steve Jobs didn’t build Apple based on one product. Entrepreneurship is a lifelong process but it can start in youth with something as simple as a lemonade stand.