2020 has revealed to us all that the traditional way we have been operating is not full proof. Many have lost their jobs as a result of the Coronavirus pandemic. While the government has sent stimulus checks to assist many families, the microeconomic impact that this pandemic has brought about has left many families financially wounded.
Coupled with the pandemic is the unfortunate systematic injustice that exists in the United States of America that has been recently highlighted more than ever. This, in particular, has a positive side to it. The positive by-product of the recent happenings is that many black people are beginning to realize that one of the best ways to protect themselves and their children is to get involved in entrepreneurship and pave their own path to financial freedom.
Fixing a Broken System Through Our Black Children
The journey to releasing the financial shackles from the hands of the black family is a multi-layered work, but a foundational layer is the financial education of our youth. In this article, we will focus on how to position our black boys and girls for effective business ownership. In particular, we will be discussing how parents can teach middle school-aged children (6 to 8 years old) principles of entrepreneurship. Ultimately, these entrepreneurial skills will help our children to become self-sustaining and more empowered.
We do not need to waste time lamenting the lack of practical financial education given at school at almost all levels. We must come to grips with the fact that it is our duty to ensure our children are taught the principles of life that will help them live a financially free and charitable life. Here are some tips to help you in teaching your 11 to 13-year-old entrepreneurial skills:
Teach Through Games
Middle school-aged children are lovers of playtime. This makes playtime a great opportunity to teach life lessons in an engaged and stress-free setting. There are a lot of entrepreneurial themed games that you can introduce to your child to help them learn while having fun. While you can purchase these games in stores, it also helps to get creative and develop simple fun games that will get the entrepreneurial skills engrained in the mind of your child. Include household objectives and their favorite toys or things so as to establish a mental association.
A great game to teach your children is Monopoly. The game of monopoly is about purchasing property that gives you a certain amount of income each time other players stop on it. The main objective in this game is to acquire the most assets without going bankrupt. 5 great lessons your child will learn from playing monopoly are:
- Don’t sit on too much cash: Hoarding money isn’t what makes you financially free. You need to make wise purchases and build long-term wealth.
- Don’t spend all your money: There will always be cases where you need enough cash (liquidity) to capitalize on opportunities or cover unplanned expenses.
- It is always wise to diversify: It is recommended that you invest in a number of things to minimize the risk of losing all your wealth.
- Negotiation is important: Negotiation is a useful skill that can get you ahead in the world of entrepreneurship.
- Patience and staying in it for the long-term: Monopoly can be a long game and you will only win when all, but one player has gone bankrupt. The game is fun but can take quite some time. Just like monopoly, becoming financially free is not an overnight experience.
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Teach Your Child Through Examples
An incredible way to teach your child is through examples. The example of you making good financial decisions, investing and getting involved in entrepreneurship is impactful; however, they will learn better from other children. Many have reported that they learned basic principles of entrepreneurship from watching shows and movies. Many movies include children and feature them doing small business ventures such as setting up a lemonade stand or selling some other items.
Today, there are great shows that can teach your child entrepreneurial skills. Two great examples are ‘Boss Baby Back in Business’ and Biz Kidz. Another great way of finding this kind of teaching material is by hunting for entrepreneurial episodes of popular kids’ TV shows. Your children will have a great time watching these shows while learning invaluable financial skills.
Help Your Child Get Started
After teaching your child money principles through games and through examples, they will develop an interest in doing their own little business. help them to come up with a suitable idea for them. When the idea has been determined, help them get started by being their first investor. This investment can be as little as just your time. If there is a need for materials, help them find and purchase them. Do not leave your child out of the process of selecting what should be bought for their first venture.
Help them to build, bake or make the product that they intend to sell. If this is something that the child has to learn, learn with them. If it is something that you know how to do already, mentor them on how to get it done. It is important that as they are learning about making their product, that you let them take charge of the process. When the product is ready for the market, encourage your child to be patient and to keep trying. If there is a need for adjustments, guide them through that process. It would also be a great idea to invite other family members to support the entrepreneurial attempt of your child.
Teach Your Child Money Management
Great! Your child has started to earn money from their products. The next critical step is to teach them how to save and manage that money. Teach them the importance of reinvesting to grow their small business operation and the relevance of putting aside a little of their earnings for the future. After doing this constructive management of their earnings, they can then buy a toy or their favorite treat. You want to ensure that your child knows that they should use their money for important things as well as for fun things. This will help them to have a positive attitude towards money.
As parents of the next generation of Black America, we must be diligent in teaching them the principles of entrepreneurship. These tips are not difficult to do; however, the process of teaching your middle school-aged child entrepreneurship skills will take some sacrifice on your part, but the rewards are undeniable. By carefully teaching your child the principles of entrepreneurship and money management you are building your family, your community and your nation.
