How to Foster an Entrepreneurial Mindset in Teens

Opinions expressed by Businessman taxpayers own.

Deep down, I think we all want to be entrepreneurs to some degree. However, following your passion and being your own boss often takes a backseat to a steady paycheck and stability. Many simply lack confidence and let fears take center stage, which is why a considerable part (if not most) of people’s lives can be spent working to build the wealth of others.

As we have seen in the Great Renunciation, there has been a change in the way millions view their careers. Coupled with the increase in ambitions and values ​​as a society are moving away from the traditional 9 to 5 path. Attitudes towards Come in Generation Z (those born between 1997 and 2012) are especially hopeful in this regard. TO study conducted by EY (Ernst & Young Global Limited) and JA Worldwide found that 53% of Generation Z members expect to have their own business within the next 10 years. This number jumped to 65% among those who have already entered the workforce. According to the US Census Bureauthe saw 3.4 million new business requests in 2021, many of which were submitted by Gen-Z entrepreneurs.

Related: Great Resignation or Great Redirection

What sets Gen-Z entrepreneurs apart?

Dubbed the “digital first generation,” Gen-Z already has an appetite for ownership, much more so than previous generations. When asked what they value in a career, that same EY and JA Worldwide study reported that these 10-25 year olds wanted career paths where they could pursue original thoughts and ideas (ranking this higher than anything else when describing an ideal career). A sense of independence and a growing skepticism about the traditional model of success established by previous generations were also cited.

Additionally, with the rise of creator content and social media, Gen-Z already has an innate understanding of the digital tools and platforms that can contribute to a successful business.

This is why it is especially crucial for us to encourage business property in our children at an early age. Not only can it translate into a future career path, but fostering entrepreneurship has value beyond that; It teaches kids how to be self-reliant, what it takes to be an effective leader, how to make strong decisions, and ultimately instills confidence in their ideas and ability to succeed.

Related: How to enter the creator economy in the digital age

Training young entrepreneurs

Although making money and the ability to pursue a passion are the most obvious benefits that come with ownership, raising a teenage entrepreneur is also about instilling the confidence to go against the crowd and follow your intuition.

I have personally seen this game between my two teenage daughters. My oldest daughter turned her hobby of painting into a business at the age of 13. What she started as painting newspaper and bible covers for fun soon grew into a full-fledged company, Art by Dharma, and she soon began receiving requests for custom covers during the holidays. season and for other special occasions. This eventually led to her painting canvases which we regularly displayed and sold at one of our boutique hotels. She is now a freshman at the University of Cincinnati, working toward a degree in the Design, Art, and Architecture program. She hopes to one day open her own architecture firm.

My youngest daughter took a similar path and monetized her passion and expertise on social media. What she started out as social posts here and there for clubs she was involved with at school led her to start her own social media marketing company, SocialSaiya. She now works with over 15 clients to create social media posts and offer reviews between classes and college applications.

Related: Lessons I have learned as a teenage entrepreneur

I have always encouraged my daughters to pursue something they are passionate about and both have been able to monetize their interests. The best part is that none of them resorted to paid advertising. Instead, they have been able to grow their businesses with minimal startup costs and grow customer bases through word of mouth.

Teaching teens about entrepreneurship doesn’t require a huge investment. Funds to start a small business can often be raised through after-school jobs or chores around the house. There are many concepts that can be easily financed for less than a hundred dollars.

Perhaps the most important thing to encourage is a that emphasizes self-sufficiency and normalizes failure. When your teen learns to recognize bumps in the road as learning experiences instead of disasters, you will see an entrepreneur developing before your eyes, and they will learn every step of the way.

As you help your teen through their homeownership process, keep the following in mind:

• Any idea is a reasonable business idea.

• Failure is okay as long as you learn from it.

• A profitable business requires continuous learning and adaptation.

• Creativity Matters: Innovation is what makes you stand out.

Related: 5 ways to cultivate an entrepreneurial mindset

Not all ideas will lead to success. Some will prove to be highly profitable, while others will bring in just a few dollars, but the lessons learned along the way will be priceless. Regardless of whether your teen’s business prospers, continue to encourage him to seek higher levels of success. The key is to teach these young people to be strong and keep moving towards passions and dreams. Encourage self-reliance, independent thinking, and confidence, because with these three traits, success will be yours!

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