Raising an entrepreneurial child

When you first meet Aisha, the first thing you notice is her disarming smile. That same smile, coupled with a persistent spirit that won’t take no for an answer, will be used to persuade you to buy her products.

Yes, Aisha is only 12 but she has a five-year-old home-based African handmade jewellery and recycled material business and she is proof that any child can be nurtured into an entrepreneur from an early age.

As a child, Aisha learnt by observing her mother, Kinya Karimi, a home-based entrepreneur who designs and makes wedding artwork.

“She used to watch me while I worked and sometimes I let her play with discarded material. She tried different things with it and the results were interesting. That is how I discovered that she could be an entrepreneur,” her mother, Kinya, says.

GETTING SERIOUS

When Aisha turned eight, she got serious with her business, Generations Forever. Her mother who homeschools her, planned their day such that their home-school curriculum ended at 11am, freeing up some hours for Aisha to invest in her business. Kinya developed ideas with Aisha for her beadwork designs and taught her daughter how to price the products.

She also taught her how to use her earnings to buy the materials she needs for her work and how to save money in a piggy bank. Above all, Kinya made sure that her daughter interacted with other child entrepreneurs – kids who baked cookies, reared rabbits and whatnot, for sale.

Two things she didn’t teach Aisha, though, were how to sell her products and how to collect debts. It turns out, Karimi says, Aisha had these skills already.

Inspired by her daughter’s thirst for more knowledge on running a business, Karimi took up online and classroom courses on entrepreneurship and money. She also reads widely on the subject.

All of these applaudable things Karimi does for her daughter, and for her daughter’s business, mirrors what financial blogger and marketing consultant Lior Levin says are the five steps to turning your child into an entrepreneur.

For other parents who are not self-employed, it is important to first lay the groundwork for admirable entrepreneurship skills. According to Peter Chege of Shizik Financial Advisors, these are budgeting and saving. Chege says it the duty of parents – despite their wealth, spiritual or social status, to impart prudent money skills to their children.

On saving, Chege says that the tried and tested piggy bank is still a great motivator for incorporating a savings attitude in children. Parents can sweeten this by matching shilling for shilling what the children save.  Children feel proud when they can finance themselves to acquire what otherwise would have required the parents input.

FINANCIAL RESPONSIBILITY

On budgeting, “A practical way of teaching, the children the art of budgeting is to appoint them the “financial controller” of the house. Allow them to ensure that only budgeted items are purchased. Reward them when the budget is adhered to and this will ingrain a culture of financial responsibility at an early age.”

Once these basics have been taught, then the little ones can begin to learn entrepreneurship skills. Chege suggests these ideas: “Let your kids purchase a household item from their savings, say foodstuff or kitchenware. Then, let them resell the items to you at a profit. Or, pay them to do some stuff around the house, like washing the family car.

“This helps them identify opportunities to make some money for themselves.” Also, “Assist them in determining profit made from each task, while still applauding them.” Compliments goad them toward greater things.

HOW TO MAKE YOUR CHILD AN ENTREPRENEUR

• Good entrepreneurship comes from passion. So, give your children the chance to explore and experiment with different ideas as this ultimately leads them to their passion.
• Let them run a small business: Kid-friendly business teaches them the excitement, hard work and risk that go into running a business. Focus on tracking money spent versus money earned, staying organised and how they can make their business more profitable.
• If you don’t run a business yourself, take them to a business organisation so they can be exposed to the personalities of entrepreneurs.
• Ensure they remain focused on their schoolwork, too. The traditional path of education opens doors, including that of becoming an entrepreneur.
• Be understanding and supportive: There will be setbacks and problems between the happy days. Be the voice of reason when things are going well and the voice of encouragement when things are rough.

By Lior Levin

Source: www.business-opportunities.biz