The year is 1967. A young dyslexic boy decides to drop out of school and start his own magazine. Before that, his business ventures included selling Christmas trees and breeding budgies— both failed. He was determined to make his publication a success.
Did he reach his goal? No.
It seemed like the boy was doomed for failure once again. But his ambition wouldn’t let him claim defeat.
He got the idea to sell records through the mail. From there he opened a record store that soon blossomed into a multi-billion pound empire.
Who was this young boy? Richard Branson.
The lessons he learned early on were invaluable. They guided him to becoming one of the world’s wealthiest entrepreneurs.
Imagine what would happen if we spent more time teaching the same lessons Richard Branson learned in his early days. We’d have a world full of inspirational leaders.
A child’s formative years have a huge impact on their futures. That’s why it’s important to instil the principles of entrepreneurship.
Not every child has to grow up and become mega-wealthy, but having entrepreneurship skills guarantees a bright and prosperous future.
Here are a few things to teach children about entrepreneurship:
The heart of entrepreneurship is identifying and solving problems. Great entrepreneurs also find ways to improve a solution that already exists.
Helping children foster solution-oriented creativity will not only benefit them in entrepreneurship, but it’s also a valuable life skill. The world is full of problems, and it takes a level of ingenuity to navigate them.
Contrary to belief, entrepreneurship isn’t a smooth ride to success. There’s plenty of obstacles along the way. The most successful entrepreneurs have taken major losses and have come back even stronger.
That’s why it’s crucial to teach children the power of resilience. Instilling courage into young minds will guarantee success in everything they do. Why? Because they will never give up.
Apparently, nine out of ten UK adults feel that they aren’t educated in terms of personal finance. So, it’s never too early to teach financial literacy, and entrepreneurship is the perfect opportunity to introduce it. In this case, children learn how to earn money and invest it wisely.
Teaching children at an early age will provide a solid foundation for financial literacy. Better financial capability leads to better outcomes in the future.
Goal setting is a skill that many successful entrepreneurs use. Smart business people insist on setting SMART goals. It stands for:
R – realistic
Children should also be encouraged to write down their goals and track them. Studies show that people who write down their goals are 42% more likely to achieve them.
The entrepreneurship lessons described here will put kids on the path to building their own start-ups — they also lead to a life of fulfilment.
Some of the world’s most successful trailblazers were once kids with an insatiable curiosity and unyielding tenacity. It’s our responsibility to bring out the best in tomorrow’s leaders.
Main Photo by Annie Spratt on Unsplash