Whether your student has an interest in owning their own business or not, teaching entrepreneurship early-on introduces them to the world of business. Kids are natural inventors and are curious about the world around them. This uninhibited curiosity leads to some remarkable ideas; however, many students are not aware that they can turn their idea into a business. In fact, many students are not exposed to any type of business education until high school “Career Days” or during college. Opening our students’ eyes up to the world of business early-on will not only benefit them but the global community as well.
Paving a Path to Small Business Success
With a solid understanding of business and entrepreneurship, students will be in a better position to successfully launch and maintain a business of their own one day. Currently, many small businesses fail because their founders don’t have a solid footing and understand everything it takes to run a successful business.
“20% of small businesses fail in their first year and 30% of small business fail in their second year…” (Fundera, April 2020)
Teaching entrepreneurship fundamentals and letting students put those into practice in a school or real-world setting is exactly what our small business landscape needs.
Students don’t have to wait to start a business either. Cassidy Crowley, inventor of The Baby Toon, came up with her product idea in third grade. We helped her develop The Baby Toon and watched as she went on to compete on Shark Tank, land a deal with Lori Greiner and secure a licensing deal with Munchkin.
Exposure to the Real-World
Business is the real world. Whether you own a business or work for a business, you need to know the fundamentals. For example, reading a balance sheet, writing a press release, and understanding what it takes to design a product that customers want, are all things that students should have an understanding of. We have absolutely nothing to lose by introducing these life skills early-on instead of having future small business owners struggling to succeed.
Start Teaching Entrepreneurship Now
The current business landscape is going through a dramatic change right now because of COVID-19. Many of us are working from home with our children by our sides. What if we took this time to explain to our kids what exactly our jobs are, what they entail and how we reached this point in our careers? Instead of hurrying them out of the room for that next Zoom meeting, what if they stayed in and listened to a real business meeting? We know this isn’t easy and might not be feasible for everyone, but a business education doesn’t have to take place in a classroom, it can start in your home, today.
Entrepreneurs solve real-world problems. Another idea to get the ball rolling on business education is to ask your child to think of a real-world problem that they would like to solve and then have them get to work on a solution. Whether they sketch their idea, build it from Legos or design it in a CAD program—this simple task is showing them that they can take ownership, build a solution, and make an impact on the world. Teaching entrepreneurship can be creative, fun, and most importantly eye-opening.
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.