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The importance of entrepreneurship in the economy cannot be stressed enough. It also goes hand in hand with innovation, which will be non-existent if not for entrepreneurship. The benefit of having a generation that stands for the alleviation of bigotry, oppression and inequality, comes with the responsibility of being more accommodating and progressive as a society. This means that as a society we should be mentoring young people and informing them of all the available study and career options, so they can make an informed decision. Living in a world driven by technology, young people can access information on demand and reach a huge audience if they had the need to. Entrepreneurship is a viable career option for young people to consider.
Entrepreneurship Boosts the Local Economy
Economic development is powered by entrepreneurship. A weak economy can be improved by encouraging entrepreneurship. It is also a great aid to lower the unemployment rate and allows income to be circulated within communities, in turn, empowering those communities. It has a positive effect on the development of communities and changes the social structure of a community. A stronger economy will enable more people to become homeowners, improve the quality education young people receive. The overall quality of living standards will also improve. Furthermore, entrepreneurship can provide services and products that were not accessible in the past, creating wealth for the community as well as themselves.
Teaching entrepreneurial skills to young people
Entrepreneurship as a subject is the perfect balance between problem solving, creative thinking and business studies. The world is in need of graduates who are open-minded in approaching problems and who can come up with innovative solutions. Most importantly they must be able to take charge when it comes to putting their ideas into action. Most schools focus on traditional career choices when informing children of the various options. Entrepreneurship should in fact also be seen as a popular career choice, just like being a doctor, lawyer, teachers and architects.
Nurturing entrepreneurial traits
Great problem-solving skills is one trait that no entrepreneur can go without. Teaching young people entrepreneurship will develop their problem-solving skills. They learn to identify problems, discussing it and then try to come up with solutions. They learn to consider whether their solution will be viable by weighing up the pros and cons of the situation, but most importantly it teaches young people to make decisions and be proactive about them. You can develop your child’s problem-solving skills by creating mock examples of typical client vs supplier problems and discussing possible solutions and consequences.
Another must have entrepreneurial trait is determination. This is one of the key factors that make an entrepreneur successful. More often than not, entrepreneurs are faced with a lot of setbacks. Success comes from not giving up hope when setback after setback is experienced. Young people will learn that hard work will eventually pay off and it will also teach them not to take the easy way out when they find something difficult, but rather persevere and put in extra effort to be successful. A great way to help your child be more determined is to set challenging but reachable goals and act as a mentor that encourages them to reach their goals.
Managerial skills are important
Allow your child to become involved in organising fun days and events within the community. This will create an opportunity to work alongside group leaders, be present at team meetings and gain valuable managerial skills. By becoming involved in such an event, young people can also learn how to manage responsibility and possibly delegate. Most importantly assisting at events will give young people perspective on their strengths and also their weaknesses helping them to identify the areas they can improve on. It will also introduce the idea of making an income by the means of sales.
Being smart about your finances is another important entrepreneurial trait that can be taught to young people. It would be ideal if every learner can learn how to manage money. Learning basic accounting and bookkeeping skills is beneficial for learners because it can be beneficial to them not only in their future entrepreneurial endeavours but they can also manage their own personal finances better. Apart from accounting in school, young people can be motivated to save part of their allowance. Assist your child in creating a budget that makes provision for saving. A challenge to double his savings can also be introduced, for example, buying stock and selling it at a profit.
The importance of good language use
Many entrepreneurs have mastered the art of good language use. How a potential sale is approached and handled can either make or break the deal. The way we address a certain problem or deal with a difficult customer can influence your business reputation in a positive or negative way. It is not only important to be aware of what we say to people but also how we say it. Teaching young people to communicate with people who are different in age and cultural backgrounds will help learners be more effective in their communities and may contribute to career and business success in the future. This skill is also important for assertiveness and being an effective leader.
To be an entrepreneur one must also be a leader. You can motivate and inspire your child to become a good leader by being a role model. There are also various fun team activities that young people can participate in. This will also teach them the value of teamwork and give them the opportunity to rise as a leader and deal with possible conflict that might arise.
The GT Scholars Programme is a not-for-profit social enterprise that tackles educational inequality and improves social mobility by helping young people aged 11-16 gain access to the most selective universities and the most competitive careers. Our tutoring, mentoring and enrichment programme is designed to give young people the support, skills and strategies they need to achieve their ambitions. Sign up to our newsletter to stay up to date with events and oppertunities specially focused on young people.