Across the US there is an emerging trend of entrepreneurship . Over the last 20 years, we’ve seen growing numbers of young entrepreneurs build successful businesses, many before the age of 18 . Organizations from all over have arisen to help these young entrepreneurs get their start, both for funding and helping them to develop the right mindset. Technology has made a new generation of kid-preneurs possible. In a survey of the top 20 reasons why startups fail, a staggering 29% cited just plain running out of money for their downfall. Having an understanding of what creates failure, and learning those lessons early on (when there is less at stake) can dramatically shorten the learning curve for a young entrepreneur in business. There are many things you can do when raising the entrepreneurs of tomorrow.
How Can You Help Your Child-preneur?
Only 17 states in the US require high schools to teach finance to their students. Research done by the Financial Educators Council found that children aged 10-14 scored an average of 54% in financial literacy. This test was originally designed for 15-18 year olds, who only scored 6% higher than their primary school fellows.
Financial management can be a tricky conversation for parents to have with their kids. It can be one of the most challenging aspects of raising the entrepreneurs of tomorrow. This is because they may feel unconfident about their own financial choices. Luckily, whether you’ve made rockstar financial decisions or not, you have two very important things to offer your children when it comes to their financial education: experience, and perspective.