YOUTH MONTH: Turn Your Kids Into Young Entrepreneurs

Retail Capital

Turning job seekers into youth entrepreneurs and job creators doesn’t happen overnight. Youth entrepreneurship requires an attitudinal shift that needs to be inculcated among our children from a very early age.

Positively there has been much support for including entrepreneurship in the school curriculum, with President Cyril Ramaphosa adding his thoughts at the Investment Conference last year when he publicly said he would like to see entrepreneurship taught in schools to develop a culture of self-employment from an early age.

With jobs becoming scarcer and scarcer, it is essential that young people are equipped with how to create employment options for themselves.

While the debate to include entrepreneurship as a subject continues, caregivers and parents can step in and teach their children how to become self-sufficient, creative, innovative and resilient – all top traits of an entrepreneur.

Here are my top tips on how to encourage youth entrepreneurship:

1. Teach them to set goals

No matter your age, setting goals is a powerful tool that provides a sense of accomplishment and can also build self-esteem. They are also an integral part to entrepreneurial success and research has shown that written goals are 80 percent more likely to be achieved. The sooner a child learns how to set a realistic goal, plan and follow-through in implementation, the better.

Engaging kids in goal-setting can be as simple as asking them to write down their top 10 goals, and to then choose one that will have the most impact on their life.

Next, encourage them to create mini-goals or steps that will help them accomplish the goals, and get them going on their tasks straight away. This will impact the child’s self-worth, self-drive and sense of achievement.

The sooner a child learns how to set a realistic goal, plan and follow-through in implementation, the better.

Kids are known for not understanding the value of money, so teaching them about finances from an early age gives them a foundation that they are unlikely to get at school. The most effective way to develop financial skills is to give them incentives to save.

2. Let them manage the transaction from start to finish.

Parents can also empower them to pay at the till point by giving them cash to give to the cashier. Or older children can be given the responsibility of going into a shop to buy a few items, and manage the payment too.

Giving a child tasks to do at home, in return for a small pay, it also works wonders as they will learn the value of money by having to work for it.

3. Let them practice their selling skills

This is an ability we should all learn as it applies to almost every business interaction. From selling goods and services, to raising capital from investors, this is a lifelong skill for all youth entrepreneurs.

Get the kids involved in selling early on. For instance, work with them to sell their old toys or clothes on Gumtree in return for a small profit. Or help them bake homemade treats to sell at school.

Whatever the product, get them to decide on a price, sell to the customer – whether on or offline – and let them manage the transaction from start to finish. This will not only give them confidence in their abilities, but will double-up in teaching them about money.

4. Help to develop their communication skills

Children and adults alike are losing the ability to talk to each other thanks to social media and text messaging. Correct this at home: teach kids how to be confident in their communication whether in person, or on the phone (encourage them to actually call someone and not WhatsApp).

Tell them to speak boldly, slowly and to articulate their points convincingly and encourage situations in which your child needs to speak to others. Teaching children to talk properly will put them in good stead in business and in their personal relationships, especially as the art of conversation is being lost thanks to the impact of technology.

5. Encourage them to see the value in teamwork

Being able to work in a team is also a critical skill that needs to be encouraged from a young age. No-one is entirely self-sufficient so learning how to engage with and even rely on others is an important strategy to learn.

Successful entrepreneurs are renowned for delegating tasks – Sir Richard Branson is a case in point – so encouraging kids to play with others with a view to reach a common goal is good practice.

Teaching children to talk properly will put them in good stead in business

Playing sport is an effective way to teach teamwork too as it allows players to deal with successes and losses, a key trait of being an entrepreneur especially when failure is par for the course. In fact failure is a great thing if a positive lesson is learned from the process. Allowing kids to fail will help them create new ways to accomplish their goals and learn from their mistakes.

These are just a few top tips on how to teach your children to be self-sufficient, confident and independent, all skills that will put them in good stead on the (entrepreneurship) journey to being an entrepreneur.

As a parent, you play a vital role in shaping your child for their future. With jobs becoming scarcer and scarcer, it is essential that young people are equipped with how to create employment options for themselves – their training starts at home.

Article by Cate Williams, Retail Capital Marketing Manager.

Since 2011, we have provided businesses with innovative, flexible and convenient alternatives to traditional business funding. Business owners still identify access to working capital as the single biggest challenge that they are faced with. Being responsible for 50% of the country’s GDP and contributing to over 65% of employment, we are devoted to partnering with small to medium-sized businesses to grow the South African economy. This is where we can help and we are proud to have partnered with thousands of SMEs in providing fast flexible business funding. Start growing your business with Retail Capital Business Funding and Asset Finance today. Get in touch to learn more.

Subscribe

Sign up to receive the latest small business insights.