Awesome Entrepreneurship Activities for Kids
Why is it that we never think to teach kids entrepreneurship and venturing outside normal bounds? All we need to do is find some fun entrepreneurship activities for kids to learn these skills.
I had this thought recently while helping my son read “Who likes lemonade?” from the Moneybags Mike series.
The book is about a boy who sets up a lemonade stand to earn some money to buy a spy kit.
It addresses concepts like profit and loss which was above my 6 year old’s understanding.
As I was explaining the concepts to him, I wondered why I never thought of encouraging him to try out a venture.
Why Teach Our Kids Entrepreneurship?
Money is important and it is a part of life! And yet, we do not teach our children properly in this department.
In this world job opportunities and job security can be described as adequate at best. Money management and more importantly the ability to make money work are vital skills to have.
Truthfully, I was never taught any financial skills by my parents or teachers at school.
In those days there were no tools to teach kids entrepreneurship ideas and very few about finances.
Instead I had to learn these skills as an adult when I had bills to pay and was forced to budget.
I believe there are many out there in the same situation as me and I encourage you to get educated.
To prevent making the same mistake with our children read Rich Dad Poor Dad by Robert Kiyosaki. He gives great tips on money skills for kids of all ages.
Why is it that we neglect to impart this knowledge even when we train them in various other disciplines? Do we consider them too young to learn these skills? Or maybe we feel it is not important or that talking about money is bad?
It could be our lack of understanding of the benefits which is holding us back. Maybe it is a lack of knowledge of entrepreneurship activities for kids.
We Should Teach Kids about Entrepreneurship
Here is why we need to raise young entrepreneurs and find fun entrepreneurship activities for kids.
1. Understanding the Value of Money
We are all guilty of pampering our children, but lately I have noticed that it is always “I want”. This is a different concept to “I need” and must be addressed.
Today, where technology is moving at such a fast rate children feel the need to keep up with their friends. And this is where understanding the value of money is vital.
Understanding money and having to work for it are entrepreneurship activities for all kids.
Spending from one’s own pocket is the quickest way to learn the value of things. When they earn money, they learn about saving, prioritizing their spending and budgeting.
When children are encouraged to earn money to buy the things they want, they learn to quantify their wants. What this teaches is to weigh the cost of the object with the money they need for other spending.
This process teaches delayed gratification, as they may have to wait patiently till they earn the full amount of the object.
2. Hard Work Pays Off
This is an important lesson that children must learn. And sadly, one which is lacking in today’s world where “things” come easy to most kids.
Young entrepreneurs learn the value of hard work. Through this they understand how their efforts play a direct role in the amount of wages or money earned.
If we teach kids entrepreneurship skills around hard work, this early lesson builds the child’s work ethic.
A strong work ethic will provide them a major advantage in their adult life.
3. Teaches Goal Setting
Learning the golden rule of goal setting and then how to attain them are great entrepreneurship activities for kids.
The trick is to teach them to set SMART (specific, measurable, achievable, realistic and time-based) goals. Not only must they set them but they need specific steps to channel their efforts towards attaining them.
These skills will increase a child’s commitment and focus towards other future endeavors.
4. Develops Cognitive Skills and Creativity
Children who are encouraged to start their own business develop and sharpen their cognitive skills and creativity.
From planning the business idea, setting it up, anticipating and solving problems then marketing the product or services. We need to teach kids entrepreneurship around all of these things.
Planning and running a business will improve a child’s mathematical abilities and instill much needed financial skills.
5. Improves Social Skills
The better the salesman the more money you make!
Young entrepreneurs learn better social skills as they interact with people to market and sell their product.
It teaches them to read people and understand the different mannerisms and behaviors demonstrated by their customers.
This in turn encourages them to use different marketing strategies to improve their sales.
Fun Entrepreneurship Activities for Kids
Having realized the importance of teaching kids about entrepreneurship, here are five fun entrepreneurship activities for kids to try out:
Organize a Sale
Help your child organize a toy sale (it will be one way to finally move those boxes of unused toys from your spaces.)
Instruct them to sort through the toys, keeping aside the ones that can be sold.
Get them to clean them up (appearance matters after all) and decide on a selling price for each item.
Although children can sell their toys online, try doing it the good old-fashioned way. It provides them with an opportunity to practice their social and marketing skills.
You may also help with the marketing process by creating posters or fliers announcing the sale date.
Your kids will be excited about setting up on the final day.
Start a Craft Shop
Is your child skilled at art and crafts? Then try an online craft shop.
Children can create and sell unique, special and personalized pieces of art and craft work. These may include paintings, crocheted goods or home decor items like painted bottles or kindness rocks.
A way of teaching kids entrepreneurship is to encourage them to market their products in markets or online.
Use Instagram, Facebook and Tik Tok to gain followers and a website for sales.
Bake n’ Sale
If your child likes to bake, then this is the perfect recipe for a small business venture.
Encourage your child start their own kitchen, catering for small family gatherings or taking orders from friends, family and neighbors.
Depending on your child’s skill and interest, this venture will certainly have room for growth. After all, the world can never have enough bakers!
As with our craft idea, use these entrepreneurship activities for kids to enhance their business.
Try setting up a stall out the front or use social media to gain a following. This can lead to a website set-up and an Etsy or e-commerce store.
Grow Your Own Produce
A small kitchen garden is a wonderful business opportunity for young children.
The task of growing their own produce can help your child learn many lessons. Seeding methods and timing, optimal conditions for growth and harvesting and seasonal plantings.
But how is this teaching kids about entrepreneurship we hear you ask?
Planning where the garden will go, what to grow, how many to plant and how to prepare the soil. All these activate the mind train kids to think outside the box.
This activity cultivates your little one’s mind, planting seeds for a better future!
Lend a Hand
Encourage older children to take up jobs that help people such as babysitting, pet sitting, lawn mowing and errand running.
They can start with neighbors, family and friends but then as entrepreneurship activities for kids move outside this sphere.
Put up posters at shopping centers, advertise in local papers or online. Even do a letterbox drop further out in the suburb.
Children can set rates for their services and help out after school or on weekdays.
It doesn’t matter if the venture is small or big, earns lots or little as our goal is to teach kids entrepreneurship skills.
We want to help them respect the value of money and understand the importance of hard work.
By using our fun entrepreneurship activities for kids you will equip them with the financial skills essential to survive and thrive in the real world.
Read more about teenagers and money.