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A B C D Entrepreneurship – The Importance of Teaching Entrepreneurship to Children

As the parent of a 7 year old, it is my duty to ensure that my son has the best opportunity to become a well rounded, participating member of society.  To do this, I find myself investing in his education early on.  If someone would have told me that I would be spending what could amount to someone’s college tuition on educating a child in primary school, I would have laughed at the thought.  This however, is my reality.  I am sure I am not alone.  There are many parents who also want their children to have the best chance at success and are also investing in their education, starting as early as kindergarten. It’s important to remember that learning opportunities don’t end when the school bell rings at the end of the day. In addition to the usual academic requirements of reading, writing, and arithmetic parents can also instill entrepreneurial values as part of their child’s ‘informal’ education.

I will explore the importance of introducing the concept of entrepreneurship to your children at an early age and how it can impact them in a positive manner and better prepare them to successfully negotiate the world.

When looking at some of the characteristics of successful entrepreneurs, there are some similar personality traits that recur, specifically most entrepreneurs are: risk takers, visionaries, leaders, adaptable, competitive, driven, confident, persuasive, and understanding.  – Following is a list of 10 reasons why we should teach our children about entrepreneurship:

  1. Entrepreneurship aside, the above reference characteristics are what most, if not all of us, need in order to succeed in most careers. These characteristics can help children to develop everyday business skills that can help them succeed in various industries.
  2. Children look up to famous people (i.e. Little Wayne, Justin Beiber, Mark Zukerburg (founder of Facebook).  As parents why not use this reality to shape your child’s future.  All the individuals named are so call “rock stars” and yes, they are also entrepreneurs.
  3. Teaching children about entrepreneurship helps to combine multiple-disciplines.  Try giving your child a business case and watch them use, math, problem solving, language, arts, etc. to try to figure it out.
  4. As the saying goes, there is no “I” in “Team” nor is there an “I” in entrepreneur.  To excel as an entrepreneur you have to be a team player.
  5. Entrepreneurship can encourage and develop imagination. Children by their nature are imaginative.  Allow your children to be curious and let them explore ways to figure out challenges.
  6. Live out of the box not in it.  Learning about entrepreneurship can help your children think for themselves and provide solutions and answers to questions that you would never have thought of because we as parents have conditioned ourselves to live inside of the box.
  7. Helping your child to start a business can help you develop a closer bond.  Help your child to find something that they are passionate about and encourage them to come up with a way to make money from it.  My son loves Legos and came first in his age group in this year’s Lego Competition sponsored by the Phoenix.  Perhaps he can start selling his winning lego Gombey.
  8. Entrepreneurship fosters independent thinking.  Encourage your child to do their own fact gathering to arrive at conclusions, make sure that you ask them to site their sources and congratulate them when they come up with a plausible solution.
  9. Most parents want to raise leaders.  We want our children to be able to make the decision not to go with the flow.   Entrepreneurship fosters the development of leaders and lets the child take the lead in their own life.
  10. Entrepreneurship is FUN!  Allow your child to see the results of coming up with his/her own business, designing their logo, identifying their target market, making their first dollar.  Imagine the confidence that this could instill in your child if they successfully conceptualize, create and implement their very own business idea.

Jamillah Lodge is a Business Development Officer for Bermuda Economic Development Corporation. She specializes in providing aspiring and existing entrepreneurs with business development advice and loan guarantee assistance.  In addition, she manages the marketing and communications plan for the Corporation and oversees the development of a mentorship and youth entrepreneurship programme. She has a degree in Business Administration with a concentration in Marketing.  The opinions expressed in this article are those of the writer and should serve a general guide and should not be considered as replacement advice from a lawyer, accountant or other professional service provider. Readers should consult with the appropriate professionals as necessary.

If you have questions about starting a business in Bermuda, just ask BEDC: Email us at info@bsbdc.bm or call 292-5570.

Photo by:  Thomas Leuthard

Clark Kent by Nanagyei

A Mentor Can Be Your Businesses’ Secret Weapon

Entrepreneurs are constantly looking for ways to make their business that much better than their competitors, spending hundreds if not thousands of dollars paying for strategic plans, legal advice and any other number of for fee services.  What if I told you that there was a free resource that you could use that could put your business ahead of the rest? Well, there is.  A mentor can be your secret weapon to realizing success.

Most new businesses are started by entrepreneurs who are passionate about their interests.  Passion however, cannot equate to years of business experience and good old hard knocks.  This is where a mentor can assist.  A good mentor can help a new business owner think through their business idea and suggest ways to get the business off the ground running.  Mentors can provide the experience and business know-how that new entrepreneurs lack.

Have you ever been so close to an idea that you can’t see how it could fail?  Most entrepreneurs posses an innate ability to see the glass half full all the time.  While this is a good quality to have there has to be a dose of realism sprinkled into the “feel good juice” in order to make it taste good.  Again this is where a mentor can help.  Often mentors are far removed from the business and/or industry so they have the ability to look at a scenario objectively and provide unbiased opinions and advice.

Mentors come in various forms.  Some business owners are fortunate to have a mentor who is in their family.  For those that do not have access to a seasoned entrepreneur in their family to rely on, then it is never too early to start to identify a potential mentor.  Here are some tips to identifying the right mentor for your business:

  1. What’s in it for me? –   Be clear about what you want to get out of your relationship.  Ideally, be as specific as possible with what you need assistance with to make it easier for your mentor to help you.
  2. “Been there, done that” – Your mentor should be someone who has had business experiences, good and bad.  If your mentor has experienced failures and come out on the other side a success, he/she may be able to share those secrets of success with you.
  3. Personality rules – Not every mentor will be a good fit for you.  Although some may be extremely gifted in business, if you cannot communicate effectively with your mentor due to personality conflicts, this isn’t the person for you.  Make sure that you respect and can listen to your mentors advice and guidance.
  4. Accountability counts – A good mentor will hold you accountable for what you say you will do and they would expect that you do the same for them.  Your mentor can act as a guide to help steer you in the right direction and away from pending disaster.
  5. Multiples can be good – There is no rule that says you can’t have more than one mentor. There may be many people that you come across that can provide that guidance and support that you need to take your business to the next level.  But you have to be open to receive the help.

Recognizing the importance of business mentoring, the Bermuda Economic Development Corporation launched its pilot mentoring programme, “Partnering for Success” (PFS) in 2009.  The pilot paired 10 BEDC Loan Guarantee clients with business mentors made up seasoned entrepreneurs, retired business people and industry experts. Based on the demand for this type of business support, the PFS program will be re-launched in 2012 to the public.  For more information on how you can sign up to be a business mentor or about getting a business mentor for your business contact jlodge@bsbdc.bm.

Jamillah Lodge is a Business Development Officer for Bermuda Economic Development Corporation. She specializes in providing aspiring and existing entrepreneurs with business development advice and loan guarantee assistance.  In addition, she manages the marketing and communications plan for the Corporation and oversees the development of a mentorship and youth entrepreneurship programme. She has a degree in Business Administration with a concentration in Marketing.  The opinions expressed in this article are those of the writer and should serve a general guide and should not be considered as replacement advice from a lawyer, accountant or other professional service provider. Readers should consult with the appropriate professionals as necessary.

If you have questions about starting a business in Bermuda, just ask BEDC: Email us at info@bsbdc.bm or call 292-5570.

Photo by:  by Nanagyei