3 Ways to Encourage Kids to Become Young Entrepreneurs

Post By: Out Of Blocks
Building young entrepreneurs in Virginia, Maryland, and Washington D.C.

“Approximately 9 in 10 parents of afterschool program participants (88 percent) agree that afterschool programs can help children develop social skills through interaction with their peers. 4 in 5 parents of participants (82 percent) agree that afterschool programs can excite children about learning.” ASA

Encouraging children to think like an entrepreneur as early as age 5 has many benefits, from performing better at school to learning skills for the modern workforce.

An entrepreneurial mindset is a knowledge that will last a lifetime and has value in our everyday living. Entrepreneurs are critical thinkers, problem-solvers, communicator, and collaborators, addressing 21st Century Learning Goals schools are adopting. Entrepreneurs have a passion for, creativity, innovation, and a disciplined work ethic – all skills that any parent would be proud to teach their child.

1. Start by nurturing and encouraging youths to follow their passion.Out Of Blocks: Junior Biz Entrepreneurship Summer Programs

The driving force of any successful entrepreneur is the pursuit of their passion. Help your child discover their inner entrepreneur by providing them with a judgment-free zone, where they can freely express their ideas and explore their passion.

Encourage your child to think entrepreneurially by asking them about their interests, helping them brainstorm and generate ideas, and praising them honestly and often. To start, ask your child questions about their favorite subjects or hobbies and see where it may lead. Help your child identify a need in one of their areas of interest and prompt them for a solution.

Let them know that failure and making mistakes are okay, often leading them to success. Most importantly, use this opportunity to educate your child about how rewarding it will be to do what they love.

2. Use an allowance as a teaching opportunity.

Be your child’s first investor by providing an allowance. If done carefully, an allowance can instill responsibility into a child, prepare them to succeed in adulthood, and get them started as a young entrepreneur.

Develop a system where a child can earn money by performing tasks – whether they be chores or some other predetermined task. There is no one-size-fits-all approach when providing financial literacy to your child. One way to teach them about saving and investing is by establishing an actual savings and checking account under their name and allowing them to see the exchange of money through deposits and withdrawals. Learning about money management and how to set goals is seldom taught in primary schools and so the best way to learn these skills and other entrepreneurial skill-sets is to enroll your child into a young entrepreneurship program. Today is the day to invest in your child’s future.

3. Enroll your child in academic youth programs focused on youth entrepreneurship.

Contact a private youth entrepreneurship program and see how their programs can foster your child’s passion. Your financial investment in developing an entrepreneurial mindset/skill-set in your child will help improve their chances of career opportunities and school success, which helps save parents money in the long term.

There are many private summer youth programs that teach youth entrepreneurship, but we recommend programs that utilize STEM principles (Science Technology Engineering Math). According to data from Georgetown University Center on STEM and the Workforce, core cognitive knowledge, skills, and abilities associated with entrepreneurship education are in demand, not only in traditional STEM occupations but in nearly all job sectors.

For example, at Out Of Blocks (based out of Virginia) we use STEM principles to ignite and develop students’ interest and confidence in entrepreneurship with their Junior Biz Entrepreneurship youth summer program. The programs are designed to be fun, hands-on, and to keep students engaged throughout the class.

Additionally, taking a STEM-based class has been proven to be very beneficial in a child’s school/career success. According to Act.org, “the number of STEM occupations in the U.S. will grow by 8.9 percent between 2014 and 2024.”

In conclusion

You can never go wrong with providing your child with additional learning tools, even if it means enrolling them into an after-school program. Investing in a private youth entrepreneurship educational program is worth the money, as it will teach them valuable skills that foster school and career success. Setting them on the right path will ultimately be a financial saving for parents.

For more tips on youth entrepreneurship education and youth entrepreneurship summer programs, subscribe to Out Of Blocks’ blog, visit OutOfBlocks.com, or contact us directly for more information. Out Of Blocks provides youth summer programs for students of all backgrounds in the tri-state (Virginia, Maryland, and Washington D.C.) area.

Our 2019 Summer program is now open, be sure to register for our summer youth entrepreneurship program, Junior Biz Entrepreneurship for ages 9-14, at our Fairfax, VA and Prince William, VA locations.

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