Schools teaching kids about money & entrepreneurship

There are a lot of positive stories where kids get excited about school and their future for the first time when you teach them how to contribute to the community and earn money. This is because they then realise that in order to do this, they need to know how to read, write and do math. 

Merely teaching the different production cycles and the rest of the theory in subjects like Business Economics is not enough. Entrepreneurship should be consciously taught and children should get opportunities to practice these skills.

One of the problems is that teachers rarely have first-hand experience of business environments. That is why local businesses should be invited to school and learners should be invited back to these businesses. These real life role models can teach learners some of the entrepreneurial skills that is sometimes penalised in a conventional classroom. Unfortunately, traditional schooling often aims to prepare employees rather than creative entrepreneurs.

To make money, you should be people smart and not necessarily book smart.

The following skills form entrepreneurs: 

  • Critical-thinking skills 
  • Communication skills 
  • Collaboration skills 
  • To know how to take calculated risks 
  • Persistence 
  • To be creative, inventive and innovative 
  • To think broadly
What kind of entrepreneurial activities will be suitable for my child? 

  • Support their business plans, you can make them aware of possible risks, but ultimately they need to try something to learn. 
  • If you are able to do so, teach them about savings and investments. Make it practical and real, don’t just talk about it. 
  • They can start with a service they offer that you pay them for, for example, washing your car. You can help them to offer this service to neighbours, family and friends. 
  • If they want to sell something, help them determine what would be a fair price, how to market the product or tell people about it and where/how they can safely sell this. 
  • Let them use their pocket money to start small and grow the business as they make more money.

You might want to read how kid's could be taught about investments.