Tag: Training Young Entrepreneurs
Jul
28
“Teach Them While They Are Young” -Inc Mag’s Revitalization Program
When I received the July/August 2010 issue of Inc Magazine, I could hardly contain the excitement when I read their feature article, “Bring On The Entrepreneurs! Our highly practical, eminently doable, totally reasonable plan to revitalize the American dream and create thousands (upon thousands) of new companies and millions of new jobs”. Why the excitement? (other than being a total business-geek) While I thought all the ideas in their plan to revitalize America via entrepreneurism (there’s a new word for Wiki…) had value, I was ecstatic when I read that two of the ideas at the forefront of their plan involved entrepreneurial education.
For those of you new to the site, Homeschool Entrepreneur started with a dream of seeing entrepreneurial education as a required part of every balanced educational program. As a veteran homeschool parent, naturally I saw the homeschool environment as an ideal springboard for this ‘out of the box’ idea. The flexibility of homeschooling coupled with the progressive nature of most that embrace this alternative educational environment, seemed to be a perfect fit. I was sure others like myself would see the benefits. What I didn’t realize was it turned out to be an idea before it’s time. Inc’s article encouraged me that maybe that time is finally here. Now, that’s exciting!
Education, much like religion, is fraught with tradition. Many homeschool parents will tell you they have had a hard time breaking away from the traditional model of “school” and ended up simply doing ‘public school at home’ – especially at the beginning. I’m not saying that is a bad thing, but when the true nature of homeschooling is embraced, the experience is so much richer. Likewise, entrepreneurial education has yet to break out of it’s stereotype and become the educational tool it can truly be. (more on that soon!)
Maybe, just maybe, the understanding that entrepreneurial education isn’t just for business geeks has finally made it to the big presses. Inc Magazine is one of the first I’ve seen to embrace this possibility. I’m not talking about those that deal directly with entrepreneurial education like The Kaufman Foundation and our own Homeschool Entrepreneur. The number of college-level entrepreneurial programs has certainly increased substantially, as well as a sprinkling of high school level programs. However, it’s still considered education solely for the imminent start-up. Think of all the courses you have had to take throughout high school and college that had nothing whatsoever to do with what you were aspiring to do in life. All in the name of a balanced education. Somewhere along the line the entrepreneurial mindset was completely washed out.
Several years ago it was the chatter among entrepreneurs and some economists that small business would be the key to America’s economic recovery. So, why hasn’t America quite recovered yet? I think Inc’s Reviltalization Plan included a few statistics that might shed a little light on why the power of free enterprise hasn’t quite lifted us out yet.
Why entrepreneurs have not pulled us out . . . yet:
A quote from this Inc Magazine special report:
Young companies — those younger than six years old — provide the bulk of new jobs; in 2007, they accounted for 64 percent of them, according to a 2009 survey by the Kauffman Foundation that looked at start-up formation since the 1970s. (italics ours)
. . . Unfortunately, creating new companies is easier said than done. The rate of business creation has remained stubbornly constant over the years. Since the early 1990s, the number of start-ups has hovered at about 500,000 a year, according to a survey by the Kauffman Foundation. This has been the case during booms and busts, whether taxes were rising or falling, and whether venture capitalists were irrationally exuberant or largely recalcitrant.
“Clearly, some new thinking is required.”
OK, so what is this new thinking? It’s proven out that increasing the availability of entrepreneurship courses in universities has had no effect. The fact that the increase of schools offering relevant courses from 500 in the 1970′s to over 2000 schools in 2005 resulted in little or no increase in the number of start-ups speaks for itself. What Inc did point out were two programs that offer hands on training that are making an impact: The Launch Pad at the University of Miami and MIT’s Entrepreneurship Center.
Simply offering more practical training is only part of the solution to this ‘new thinking’ to encourage business start-ups, but I believe Inc hit on something that even they may not realize the impact of – Get them while they are young.
Finding the Bill Gates of the sixth grade?
Inc’s report targeted middle school aged students as the ideal age group to teach entrepreneurial principles. Personally, I think the younger the better, while appropriately increasing the level of education as the child grows. While Inc’s ideal is to find the Bill Gates of the sixth grade, I think we need to find the hidden gold in each of our children at the earliest possible age. Creating real life work scenerios in the form of mock or real business as educational projects can reveal a child’s inner talents faster than any other extracurricular activity. Why? Because the rewards of such activities are very real, measurable, and are directly related to what they see in their everyday life. A boy may love cars, but how does he translate into productive, real life work?
Inc’s bottom line on educating young entrepreneurs:
“Putting ideas into action may be the biggest challenge for entrepreneurs. Teaching youngsters how to do it is among the best investments we can make.”
Homeschool Entrepreneur’s bottom line:
Making practical entrepreneurial education a relevant part of every child’s education from a young age does much more than teach them how to create a new business. It provides children with an understanding of how the economy actually works, because every job either involves running a business, or working for someone that does. Would it make a difference if everyone understood how business success or failure affects everyone, especially our economy? We study history to learn from the past to avoid repeating historic mistakes. To study entrepreneurship in the same manner will encourage a new mindset – a mindset that is mindful of building America’s economy by either building strong businesses that create good jobs, or being an employee that does the best they can to help their company grow resulting from the belief that their contribution really does make a difference. Entrepreneurship education isn’t just for business owners, because a strong economy also relies on good employees supporting those businesses. When everyone understands what is at stake, some ‘new thinking’ will naturally take place. Then, if a time comes that anyone wants to start a business, they will know exactly where to start and success will be much more likely. Replacing the ‘worker bee’ mentality with a dedicated attitude towards success. Creation of business incubators, launch pads and practical start-up resources will be encouraged and common place, easy to find, and a valid tax deduction. The knowledge void that currently plagues many would-be entrepreneurs will be a thing of the past.
Please read the entire article on Inc’s Revitalization Plan. I realize I was a little biased by only elaborating on the educational aspects. Their take on providing more practical tools to encourage start-ups are inspirational. Matching ideas and investors, tax incentives to help all involved, and wait till you read about the TechShop in Menlo Park, California. We could use one of those in every major US city. Let me know what you think of the article, and your ideas about how we can start teaching our children now how they can impact our economy by thinking entrepreneurially.
Aug
19
48 Days To The Work You Love?
Do YOU love your work? I’ve never seen the statistics, although I know they are out there, but I would guess the majority would answer a resounding ‘NO’. I have read that the Amish train up their children to purpose to enjoy their work because it’s what they will spend the majority of their life doing so they might well find fulfillment in it. My children have heard me attempt to impart that wisdom into their hearts many times, but how do you get it from their head to their hearts?
Kids learn best by example. So if they are watching you go through life enduring a job you are miserable at, what is that saying to them? OK, responsibility is also at the top of the list of traits to teach our children and I’m not saying that everything we do needs to be enjoyable. Far from it.
If the Lord gives us the ‘desires of our hearts’, have you ever thought that that business or new profession you dream about might be what you were created to do in the first place? I believe we are all created for a purpose, with a unique set of talents and abilities to carry it out. It can be challenging to make a change midstream, but when it’s the desire of your heart, you’ll find energy you never thought you had. Do it for your kids, do it for yourself, or most of all, do it for your Heavenly Father. What parent doesn’t want to see their child working and succeeding at work they thoroughly enjoy?
I know what you’re saying, that it all sounds great, but HOW do you get from point A to point B? Dan Miller started his company to help people make the transition. He knows you can’t just quit your job and go off doing whatever feels good. It’s a deliberate process and he gives great advice on how to do it. You can sign up for his newsletter at http://www.48days.com/newsletter.php, or find his books on Amazon.
Teaching your children to find their talents and purpose is the fun part of parenting. One of the most enlightening questions you can ask your child is: “If money was not an issue, and you had to spend 8 hours a day working at something productive, what would you want to do?” It’s not only a question that could begin one of those memorable conversations, but you may be surprised at their answer!
Of course, I’d be foolish not to remind you of our 9-week Entrepreneurship 101 course we offer that helps your teen find their life purpose and start a home business from start to finish. See more details and a video tour at http://homeschool-entrepreneur.com/entrepreneur_course.html . We have scholarships available for those that can’t afford it because we believe that everyone needs to ‘think entrepreneurially’ – it’s the backbone of our economy! (that backbone may need an adjustment, though!)
I’d love to hear how your family has started a business, or found the work they love!
We teach what we know, but we reproduce who we are. -John Maxwell
Jul
27
Should Swearing Be Tolerated As a Christian Entrepreneur?
I don’t spend as much time on Twitter as I’d like, (but more than I should) and I have found some of the best resources there. Here’s a resource that @KentBeatty tweeted, and decided to pass it along as soon as I saw it, especially since it was only available free for a few more days. Swag Films is offering the documentary, “The Entrepreneur”, free until July 30. Appearing to be a perfect “Homeschool Entrepreneur” assignment, it is a full length movie documenting every detail that Mark Bricklin, founder of Subaru, goes through as he tries one more time to change the auto industry with a new start-up. He has the advantage of experience in the industry, along with contacts that would give anyone an edge. I find it touching that his own son is doing the documentary, which surely gave him entrance into areas of his father’s life not given to many.
However, I thought I should watch it through before recommending it (!) and am glad I did. While it gives a very realistic view of what really goes on behind the scenes in financing and moving forward with a start up of this magnitude, it also gives a birds-eye view AND earful of what it would be like to be an entrepreneur in the auto industry AND dealing with people that don’t share your convictions.
What do we allow our children to experience in the name of education?
The language in this movie will be very offensive to most Christians, so do you want to expose your teen to that? Christians are varied in their opinions of what they allow their children to be exposed to, and I refuse to judge the way that God has called you to raise your child. With 3 grown children, I have traveled down both roads, and have carefully observed both ways to work AND not work, so don’t let anyone except God make that decision for you.
Along with many different Christian viewpoints, all children are very, very different, and I have two boys that illustrate this perfectly. They are grown now, so I have the luxury of hindsight. Only 19 months apart, they were VERY active and ALL boy, yet were quite opposite in the way they responded to discipline. What worked very well for one, did not work for the other, and vice versa. While we all have a different parenting philosophy, none of us are willing to sacrifice our child’s heart for outward obedience. What I’m saying is that maybe the deciding factor in what we expose our children to largely depends on the child!
An excellent springboard for an ‘Integrity Talk’?
In the world of business, there are very few, if any, places free of any exposure to this type of language or other compromises in character. I don’t have to tell you that, and I’m sure you’ve already had discussions about language purity with your children. The ‘Integrity Talk’ I’m referring to is a little different and is one of the biggest advantages to teaching your teens about business while still living at home. Simply telling them not to use language like that, and punishing them when they do may work . . . until they grow up and move on.
Having non-judgemental talks about using language like that in the market-place and the reasons it’s not necessary is a good start. I think it could actually be more effective with some kids when discussed as a ‘business skill’ than addressing it in reference to their own or their friend’s behavior. Understanding the true value of integrity in business has wide reaching implications. Ask them who they would rather do business with and why? Granted, we can’t judge solely on outward appearance, but what about “out of the heart the mouth speaketh“? I’m sure you can take it from here.
Deciding when foul language needs to be addressed and helping them to find ways to communicate it tactfully is a critical business skill. Not having this skill developed ahead of time can put them in a very awkward, if not complacent, position. Maybe you will choose to tolerate some language in the marketplace, yet never tolerate listening to the Lord’s name being taken in vain. This is a subject that is very individual, yet one every Christian family should address. Let’s call it our “Language Contingency Plan”!
Age and maturity is a given factor in deciding whether to deliberately expose teens to undesirable behaviors, but what do you think? You know they will encounter it at some point, do we just let them figure it out as they go along? Have you spoken to your children about these issues, and do you have any tips for others who are just entering that phase of life?
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