“Welcome back to the Cleverly Changing Podcast. I’m your host, Elle Cole. Mom of two twin daughters. Today, we’re diving deep into a topic that ignites creativity and innovation: guiding our youth to become successful entrepreneurs.”
The essence of entrepreneurship for kids
Host: “Before we jump into the practical aspects, let’s understand the essence of entrepreneurship for kids.”
For today’s episode, we define entrepreneurship as creating a profitable business.
The essence of entrepreneurship for young kids is recognized when they step back, identify various issues in their communities or industries, and take innovative steps to solve the problems they see. Their clear result is a successful business, recognition, and impact.
[Transition music]
Host: “Entrepreneurship isn’t just about starting a business; it’s about fostering a mindset. It’s teaching kids to identify problems and create solutions. Take young Marcus, for example. He noticed the lack of recycling bins in his neighborhood and decided to take action. With support from his family, he launched a small campaign, distributing recycling bins and educating his community about the importance of recycling.”
Young Successful Entrepreneurs
Here are a few young entrepreneurs and their ventures, along with the problems they identified, their solutions, and the results they achieved:
| Young Entrepreneur | Problem Identified | Solution | Results |
| Mikaila Ulmer | Decline in Bee Population | Created BeeSweet Lemonade with a honey-based recipe | $1 million in sales, appeared on Shark Tank |
| Cory Nieves | Lack of Access to Quality Cookies | Started Mr. Cory’s Cookies | Featured on multiple TV shows, expanded business |
| Moziah Bridges | Limited Availability of Stylish Bow Ties | Founded Mo’s Bows | Featured in major publications, landed deals with large retailers |
| Isabella Dymalovski | Fear of Needles in Hospitals | Invented the “SnapWrap” to cover IV lines | Won awards, received patents and sold her invention |
| Eden and David | Lemonerdy University | Created Coding classes for kids on YouTube. They expanded it to include products like stickers, t-shirts, and hoodies. | Featured on podcasts, expanded business, and won competitions. |
| Bailee | Bailee’s Nails | Created a nail subscription box for kids. Also became a children’s book author. | Featured on multiple TV shows, received speaking opportunities, and won competitions. |
Cultivating the Entrepreneurial Mindset
Here are some ways parents can help foster an entrepreneurial mindset in their children:
Encourage Curiosity and Creativity
1. Support Exploration: Encourage kids to explore their interests and passions.
2. Problem-Solving Activities: Engage in activities that stimulate problem-solving skills, like puzzles, brain teasers, or creative challenges.
3. Allow Freedom to Fail: Create an environment where failure is seen as a learning opportunity, not a setback.
Teach Financial Literacy
4. Money Management: Involve children in discussions about budgeting, saving, and spending wisely.
5. Earning Opportunities: Allow them to earn money through chores or small tasks to understand the value of work.
Support Independence and Initiative
6. Empower Decision-Making: Let kids make decisions about simple matters to build their decision-making skills.
7. Encourage Initiative: Support their ideas and encourage them to take initiative in implementing their plans.
Provide Learning Opportunities
8. Expose Them to Entrepreneurial Stories: Share stories of successful entrepreneurs to inspire and motivate them.
9. Books and Resources: Provide age-appropriate books or online resources about entrepreneurship tailored for kids.
Foster Communication and Networking
10. Effective Communication: Teach kids how to communicate effectively, articulate ideas, and listen actively.
11. Networking Skills: Encourage interactions with various people to build their network and social skills.
Engage in Real-Life Experiences
12. Hands-On Projects: Encourage them to start small ventures like a lemonade stand, crafts sale, or gardening.
13. Field Trips and Experiences: Visit local businesses or attend entrepreneurial events to expose them to real-world scenarios.
Cultivate Resilience and Adaptability
14. Develop Resilience: Teach them to bounce back from setbacks and learn from failures.
15. Embrace Change: Help them adapt to changes and see them as opportunities for growth.
Encourage Critical Thinking
16. Ask Open-Ended Questions: Encourage critical thinking by asking open-ended questions about their ideas or interests.
17. Challenge Their Thinking: Encourage them to think beyond the obvious and explore alternative solutions.
Provide Mentorship and Guidance
18. Be a Role Model: Lead by example by demonstrating entrepreneurial traits like determination, initiative, and innovation.
19. Seek Mentorship: Connect them with mentors or professionals in fields of their interest.
Emphasize Persistence and Vision
20. Encourage Long-Term Goals: Teach them to set goals and work persistently towards achieving them.
21. Vision Boarding: Create vision boards to visualize their aspirations and goals.
Encouraging an entrepreneurial mindset involves nurturing curiosity, resilience, creativity, and problem-solving skills. By providing guidance and creating an environment that values innovation and initiative, parents can instill these traits in their children, setting them on a path toward entrepreneurial success.
[Transition music]
Resources and Tools to teach Entrepreneurship
Host: “Now, let’s talk resources and tools. ‘Entrepreneurship for Kids’ by D. M. Marc is a fantastic starting point. This book not only educates but also engages young minds in understanding business concepts through relatable stories and activities.”
Host: “But how do we make this knowledge actionable? Enter ‘Kid Entrepreneurship,’ an online platform offering courses tailored for young aspiring business minds. From designing products to marketing strategies, these courses provide a hands-on learning experience.”
Host: “Imagine Sarah, a 14-year-old who loves technology. With guidance from mentors and resources like coding classes, she developed a simple app that helps students organize their study schedules. Sarah learned about coding, app development, and even how to pitch her idea.”
There are numerous resources available to help children learn entrepreneurship skills in engaging ways:
Books:
1. “The Lemonade War” series by Jacqueline Davies: Teaches kids about business, competition, and entrepreneurship through a fun story. There are six books in the series.
2. “How to Turn $100 into $1,000,000″ by James McKenna and Jeannine Glista: Offers simple strategies for kids to start their own businesses.
3. “Kid Start-Up: How YOU Can Become an Entrepreneur” by Mark Cuban: Encourages kids to explore their entrepreneurial spirit.
Podcasts:
4. “Dream Big Podcast” by Eva Karpman: Interviews with inspiring personalities, discussing entrepreneurship, goal-setting, and overcoming challenges.
5. “Tumble: Science Podcast for Kids” by Lindsay Patterson and Marshall Escamilla: Explores innovative ideas and scientific breakthroughs that can inspire entrepreneurial thinking.
Websites:
6. BizKids: Provides educational materials, videos, and games that teach financial literacy and entrepreneurship.
7. Khan Academy’s Entrepreneurship Courses: Offers free online courses introducing kids to entrepreneurship concepts and business basics.
Games and Apps:
8. “BizWorld” and “BizMovie” by BizWorld Foundation: Hands-on entrepreneurship programs and games for kids to run their businesses virtually.
9. “Lemonade Stand” app: Simulates running a lemonade stand, teaching kids about budgeting, pricing, and marketing.
Online Courses:
10. “Young Entrepreneurs Academy (YEA!)“: Offers programs teaching kids aged 11-18 how to start and run their businesses.
11. Coursera’s “Entrepreneurship for Kids” Courses: Various courses designed to introduce kids to entrepreneurship and innovation.
YouTube Channels:
12. “Kidpreneurs Academy“: Provides videos with practical tips and inspiring stories for young entrepreneurs.
13. “Millionaire Hoy Fitness”: Encourages fitness and entrepreneurship, teaching kids about discipline and goal-setting.
Events and Workshops:
14. Local Entrepreneurship Workshops: Check with community centers or local entrepreneurial organizations for workshops tailored for kids.
15. Startup Weekends for Kids: These events allow kids to experience the startup environment and work on projects.
These resources cover a wide range of formats, from books and podcasts to interactive apps and workshops, catering to different learning styles and ages. They provide valuable lessons in entrepreneurship, financial literacy, problem-solving, and innovation, making learning enjoyable and practical for kids.
[Transition music]
Teaching Entrepreneurship
Host: “Now, mentorship plays a pivotal role. Connecting kids with successful entrepreneurs provides invaluable insights and inspiration. It’s like lighting a spark that fuels their passion and innovation.”
[Pause]
Host: “But let’s talk about setbacks. Every successful entrepreneur faces challenges. Teaching kids to embrace failure as a learning opportunity is crucial. It’s about resilience, adaptability, and the courage to try again.”
Encouraging young entrepreneurs after setbacks or business failures is crucial for their resilience and growth. Here are some ways parents can support and motivate them:
Acknowledge and Normalize Failure:
1. Normalize Failure: Explain that setbacks and failures are a natural part of the entrepreneurial journey, experienced by even the most successful entrepreneurs.
2. Celebrate Effort: Praise their effort and courage in attempting something new, regardless of the outcome.
3. Encourage Reflection: Discuss what went wrong, focusing on learning from the experience rather than dwelling on the failure itself.
Provide Emotional Support:
4. Be Empathetic: Validate their feelings and emotions. Let them know it’s okay to feel disappointed or upset.
5. Offer Reassurance: Assure them that setbacks don’t define their abilities or limit their potential for success in the future.
6. Listen Actively: Encourage them to express their thoughts and concerns, and listen attentively without judgment.
Encourage a Growth Mindset:
7. Highlight Growth Opportunities: Emphasize that failures are opportunities for growth and learning, fostering resilience and adaptability.
8. Encourage Problem-Solving: Help them brainstorm solutions or alternatives to overcome the setback.
9. Positive Affirmations: Use positive affirmations and encourage a positive outlook towards future endeavors.
Provide Practical Guidance:
10. Guide Without Overstepping: Offer guidance and support, but allow them to take the lead in deciding their next steps.
11. Discuss Strategies: Brainstorm strategies or adjustments they can make in their approach or business model for future attempts.
12. Explore New Avenues: Encourage exploring new interests or approaches while keeping the entrepreneurial spirit alive.
Lead by Example:
13. Share Personal Stories: Share your own experiences of setbacks and how you overcame them, demonstrating that resilience is a valuable trait.
14. Model Perseverance: Show determination in pursuing your goals, demonstrating resilience in the face of challenges.
Foster a Supportive Environment:
15. Encourage Peer Support: Help them connect with other young entrepreneurs or mentors who can provide support and guidance.
16. Create a Safe Space: Ensure they feel safe discussing their failures without fear of judgment or disappointment.
Encourage Taking Breaks:
17. Rest and Recharge: Sometimes, taking a break allows for a fresh perspective. Encourage relaxation and hobbies to rejuvenate their spirits.
Set Realistic Expectations:
18. Manage Expectations: Help them understand that success often takes time and patience, and it’s okay to adjust timelines or goals.
Encourage Persistence:
19. Highlight Past Successes: Remind them of their past accomplishments and strengths, boosting their confidence.
20. Reiterate Importance of Trying Again: Encourage them not to give up and to see setbacks as stepping stones toward success.
Episode Wrap Up:
Encouraging young entrepreneurs after setbacks involves a delicate balance between support, guidance, and allowing them the space to learn and grow from their experiences. It’s about instilling resilience, determination, and a positive attitude towards challenges, nurturing their entrepreneurial spirit for future endeavors.
[Transition music]
Host: “And remember, the goal isn’t necessarily to build million-dollar companies at a young age. It’s about nurturing critical skills: problem-solving, creativity, and a resilient spirit that will serve them for a lifetime.”
[Closing music starts]
Host: “That’s a wrap on today’s episode. I hope you’re inspired to empower the young minds around you. Join us next time for more discussions on empowering kids. Until then, keep nurturing creativity and innovation.”
[Pause]
Host: “This is Host, Elle Cole, I’ hope you’ve enjoyed learning about the essence of entrepreneurship for kids. Now, I ‘m signing off from the Cleverly Changing Podcast. Remember to stay clever, stay inspired.”
[Closing music fades out]
