Yahoo Finance Kids need confidence, not slaps on the wrist, to become successful entrepreneurs
As a kid you’re often told you need to learn the importance of a dollar. You may have even gotten together with the neighborhood children to start a lemonade or Kool-Aid stand, a snack hut with trail mix and cupcakes, or a craft table featuring painted rocks with googly eyes and pipe-cleaner tentacles. For many children and their encouraging families, this is just a typical part of summer fun.
But what’s a kid to do when faced with adult obstacles?
There have been cases across Canada of children lacking support from their communities for their small business, because they were missing business permits or paperwork for their summer ventures. And that doesn’t bode well for young kids with big dreams.
In one recent incident, three children all under the age of eleven had to stop selling worms to local fishing enthusiasts due to a bylaw in Cornwall, Ont. The three youngsters were selling the worms for $2.50 per dozen on a small table and had a sign on their front lawn.
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It’s illegal, according to bylaws, for anyone to sell something in a residential neighbourhood without the correct documentation and for them to have a lawn sign advertising those goods. But this incident, and others, have led many to argue that kids shouldn’t be held to those rules when they’re learning valuable skills they’ll use later in life.
“If children are self-motivated; that’s really a great thing,” said Douglas Cumming, Professor of Finance and Entrepreneurship with Schulich School of Business at York University. “Creating your own job can allow children to blossom and grow at early ages. The main thing is that parents are encouraging when they are growing up. So with things like lemonade stands – you want them in the front yard so you can watch them and they need to be in a safe place. But it’s also extremely important that you are supportive.”
Confidence is key
Deterring kids from entrepreneurial ventures when they’re young can have an impact on their ambitions in the long run. Likewise, supporting them can help them aspire to take on bigger challenges later in life. Young entrepreneur Colin Hennessy from Brighton, Ont., says he never really felt encouraged to pursue his dreams of owning a small business in high school, but with the later support of his family and friends, opened Drop Ur Trunks tree services.
Hennessy said that part of what helped him succeed early in his career was showing clients he was confident and knowledgeable. He knows firsthand that if you lack in either of those areas it can be detrimental to a young business.
“There have definitely been times when people have seemed hesitant or unsure of my abilities or legalities due to my age,” says Hennessy. “However, being knowledgeable when speaking and informative when needed, quickly eliminates uncertainty in a client.”
Much of that confidence stems from having a strong support structure. Marina Victoria, Owner of GQ Hair Studio for Men in Toronto figured out while a business undergrad student at Ryerson University that she wanted to start her own business. She credits her university professors and her supportive husband and business partner, Francis Paua, for opening up her eyes to the world of entrepreneurship and pushing her to her fullest potential at a young age.
“There are so many talented young people with amazing ideas,” said Victoria. “I think that people who have been in business for a long time realize that some of these young entrepreneurs could be a future gold mine. So, if anything they listen more carefully. I know that if you present yourself right, with confidence and ambition, everyone will listen.”
Getting an early start
For children and teens that want to build their first business, they can find support at organizations like Junior Achievement Canada. Junior Achievement is the largest business educational organization in Canada and has been in place for 58 years, supporting more than 4 million youth. Junior Achievement offers programs for students grade 3 through 12, focusing on topics such as being entrepreneurial, investment strategies, self-grown businesses and dreaming big just to name a few. The goal behind the Junior Achievement program is simple: to inspire and prepare young people to succeed in a global economy.
Hennessy agrees with that mandate, and says with the right support, kids can achieve big things.
“We need to encourage youth to be leaders not followers,” said Hennessy. “If children are encouraged from day one to be independent and create employment, I feel our country can, and will, start to stand higher with success and financial equality. Children should be encouraged to use their talents and loves to help secure financial opportunities and we need their educators to stand behind that as well.”
