Thursday, October 30, 2008

Prepare Kids For Entrepreneurship

[Updated 11/15/08]

As I mentioned in the Birth of Project BKO, I took the challenge of this business adventure as a way to teach my kids what entrepreneurship is about and what opportunities it would lead to.

My son is 14, and my daughter is 11. My son is a freshman in high school, and my daughter is in the 6th grade, respectively. Although both have done a great job at school, I have wondered if they would grow up to be middle-class workers like myself. If they were not given opportunities to be part of a business, they would probably have no ideas about how to start one of their own. I think the best way to "teach" our kids is to engage them directly in what we want to show them. Engagement is the key part of parenting, in which I have believed in.

Book Smart v.s. Street Smart
Education is key to one's success, though not everything. We have seen in Donald Trump's Apprentice show on TV, that the people who were hired must be both book and street-smart. We have seen college drop-outs like Bill Gates have huge success in his career and create one of great of the greatest companies in America's history. I admire his great courage at such a young age. Be aware that Mr. Gates did not make a blunt move, after he woke up early one morning. He had been working on something alongside his studies for some time, and was able to make a brisk decision when the opportunity came by.

Entrepreneurship is the Life-Blood of America
Entrepreneurship does not always begin with a business. There are steps to prepare kids before they can get the hang of a business. The key here is that they must take actions on a business-related idea. For example, they can start with a lemonade stand at the front of the house. They can also get a summer job in a fast-food restaurant or another organization. They can start selling candy door-to-door, with adult supervision, of course. I even consider trick-or-treating on Halloween a fun exercise for entrepreneurship, because kids gain confidence in door-to-door selling by knocking on doors, and then gaining a reward.

That is the kind of preparation in which I would like my kids to be part of at their young stage in life. It is fine, if one is not aware of the existence of an opportunity, but is depressing, if he or she finds himself or herself unprepared, when the opportunity finally arrives.

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