Archive for March, 2009
Mar
31
Can You Teach Kids To See Opportunity?
photo credit: khrawlings
I read an excellent interview with Robert Kiyosaki (Rich Dad, Poor Dad) regarding prospering in a tough economy..and wanted to share this particular portion:
Q: What one thing would you tell someone who feels that this is the wrong time to be thinking about starting a small business?
A: I’d tell people to invest in themselves and teach their minds to see opportunities that their eyes don’t. This comes with financial education and personal development. This may be the very best of times for entrepreneurs with business ideas. Technology has leveled the playing field in terms of ease of entrance. In addition, there are more outlets than ever before to communicate your messages and tell your unique story.
One of the main missions of Homeschool-Entrepreneur is to encourage parents to equip their children with the ability to “see opportunity” in all situations. Like any other acquired skill, it takes instruction and practice. Once learned, it’s like riding a bike, it’s there for life.
The question still remains: HOW do you teach it to your kids?
First, I think parents have to have a good understanding of what it means to recognize opportunity -if they don’t already. I grew up with generations of entrepreneurs, so I thought everyone thought “entrepreneurially”. Discovering quite the opposite, I am seeing evidence every day of what John Gatto talks about how our culture (government?) works hard at creating ‘worker bees’. Homeschooling gives parents a fresh opportunity to teach . . and equip . . .our children to be everything God created them to be.
Don’t worry if you are learning right along with your children. It’s a great bonding process when you are on a somewhat level playing (learning) field with your children. If you are both learning how to think entrepreneurially, or to see opportunity, it’s a great confidence builder when your kid sees an idea first and you love it!
Secondly, the condition of the economy is a constant source of news headlines and can offer fertile ground to talk about solutions. There’s more talk every day about 2009 becoming the “Year of the Entrepreneur”. Never before has there been so much encouragement coming from every possible venue to think of ways to start your own business.
Another way to stimulate conversations about how different businesses survive economic pressures is to play Investopedia with your older student. Age is relative to maturity and competence, but this is a great time to have 2 Investopedia accounts and watch what happens to the stocks as conditions fluctuate. For those that aren’t familiar with Investopedia, it’s a stock simulator that uses real time numbers with your virtual $100,000 worth of stock investments that you buy and sell. No previous stock knowledge required. (and it’s free)
Another way to teach entrepreneurial thinking is to watch (suitable) TV. Really! Commercials on TV are usually only endured or used as time to grab a snack, but try to look at those commercials through the advertisers eyes. If that was your business, or your competitor, do you think you got your money’s worth? Was it effective in motivating the viewers to buy the product? You could even make it a school project to rate the commercials for effectiveness.
Another way TV can be an entrepreneurial learning tool are the many reality shows that demonstrate various business ventures. Cake Boss is a show about the inner workings of a cake decorating bakery, Everyday Edisons is a show illustrating how inventions are brought to market. I hope to compile a list of these type of shows for you soon. HOWEVER…always watch these shows with your student, you can discuss different situations in a light that suits the values that your family supports. It’s almost like having a chance to view the work world that your child will someday be immersed in, but now you have a chance to point out the good and the bad with them by your side.
Be on the alert for consumer frustrations such as products that don’t work like they should, or a problem that doesn’t appear to have a solution. How would you solve it if you had the money to develop a new product? A young lady (I think she was 12 at the time) that didn’t think the bacon was cooking efficiently in their family’s microwave designed a better way and it’s on the market and can now be found on Walmart’s shelves! I’ll have to look it up to be sure, but I think she’s a homeschooler!
These are just a few ideas to get your entrepreneurial gears turning, I’m sure you can come up with ways of your own. Be sure to keep a journal of all your observations, looking back later will be very enlightening, I promise! Starting a business of any kind is probably the best way to begin thinking like an entrepreneur, most people have no idea of all the details involved. The Small Business Administration has many resources to help you learn everything you’ll need to know and it’s completely free. Start Up Nation and Entrepreneur Magazine also has a wealth of ideas and information to help get you started. Of course, there’s our Homeschool Entrepreneur course too…. 
The important thing is to do just that…GET STARTED! Just DO it!
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