Entrepreneurship is the solution to abject poverty.
We know that the hunger epidemic in the US isn’t due to a lack of food. It is due to a lack of opportunities.
Most people either don’t have the skills to get hired or there simply aren’t any jobs left in the market. This leads to poverty, hunger, and widespread social problems such as crime.
Hunger in the United States isn’t a rare phenomenon. It affects a whopping 40 million people, including those who belong to the middle class.
This is because the cost of living is extremely high compared to the average annual income. It makes much more sense to teach young children the value of entrepreneurship. There are several advantages of being involved in entrepreneurship, so let’s discuss some of these potential benefits.
1. Develops a Strong Work Ethic
A strong work ethic allows a person to build a successful career. Young children who are taught entrepreneurship build a better work ethic. This is because they receive firsthand experience of business operations. Whether this includes filing papers, doing taxes (extremely important), or completing assignments on time – they quickly understand the value of work ethic when they realize that their income depends on it.
2. Creates an Appreciation for Money
Young children need to understand that money does not grow on trees, nor is it freely dispensed from ATM machines. Entrepreneurship can go a long way in teaching them the value of a dollar, how it’s earned, and how it should be spent. They will better understand concepts like saving and spending, and their spending habits will be formed at an early age.
When children are exposed to the day-to-day operations of running a business, they become familiar with finances.
3. Promotes Creative Thinking
Although schools and teachers play an important role in supporting children’s ability to express their creativity, nothing tests their mental fortitude than starting and expanding a business. Since they are directly responsible for controlling the business, they start looking for creative opportunities to maneuver around challenges. This allows them to realize early on that there is no one-size-fits-all rule to troubleshooting problems.
4. Improves Social Skills
Arguably the most important trait for any professional is good social skills. Some kids are naturally outgoing and extremely social from the get-go, yet most of them tend to be shy and would prefer to stay within their comfort zones.
Things change when they’re working in their small business and are forced to interact with unfamiliar individuals on a daily basis. This improves their ability to sell, an extremely valuable trait that will come in handy once they enter into their adulthood.
5. Serves as an Effective Goal-Setting Exercise
When it comes to running a successful business, you have to take small steps, executing your goals one step at a time. You work with small challenges and eventually work your way up. Small children like to start something and then immediately move onto something else without finishing it. But by sticking to a particular set of goals, children can improve their academic performance at school.
When children face the same challenges that many entrepreneurs encounter daily, they can handle complex tasks later on in life. Entrepreneurship is the definitive solution to poverty and generating income. The best education you can provide children in your community is to provide them with startup opportunities.
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