Money

Entrepreneurial Skills

March 1, 2021 By Annette1 8 Comments

Over the years I have been working on developing the entrepreneurial skills in my now 15-year-old lad. Not everyone is cut out to have a boss… and I’m one of them. And honestly, I don’t know if my son would do well having a boss or being responsible for his own future. Making sure he knows how to run a small business is, therefore, kinda important to me.

In today’s post, I’ll talk about some of the things we’ve done, some courses to take, and skills learned throughout.

What Have We Done?

When my son was little he grew and sold vegetable plants. He made some 50$. He thought it was great and anything leftover went into the garden. Some of those were mini tomatoes and he sold whatever we didn’t eat. For an 7 year old at the time that worked out pretty good for him. 🙂

Enter in the rabbits. I’ve raised rabbits for years now. At one point my lad said “mom, can I have a rabbit?” I said “sure, but she’s going to be part of the herd and any babies she has and we sell you get most of the money. Not all”. “WHY?” he queried.

I went on to explain about how I paid for the feed, the housing, did most of the work, dad paid for the hydro and water. Everything costs money so he had to do his bit too. It all made sense to him.

Now his role in the rabbitry is … if he sells a bunny for me, he gets a 10% commission. He much prefers this to owning a rabbit and having to make decisions about them.

Fancy mice are a big part of his life now. I happen to adore a good mouse and have successfully passed this along to my lad. He asked three years ago if he could take over the mice. He feeds, waters, cleans out, plans who to keep, what colours he likes and so forth. Assistance is given with selling (as I post online) and do driving for him. I get a commission in my sales and some extra to help with feed costs. It works for him.

Skills learned in these jobs?

You need some skills to be successful. These are just some of the ones my son has needed to learn.

attention to detail
photography
animal husbandry
communication skills
selling and what all is involved beyond the pitch
inventory management
people skills
Decision making
independent thinking
and more I can’t even think of right now

Skills Needed to be an Entrepreneur

To be a good entrepreneur you need to have some talents you can share with the world and skills in which to market those talents.

If you can turn something that you are interested in, into a passion and saleable product, you can be an entrepreneur.

To do that you need to learn how to

manage your time – how to use your time wisely in management, creation, publicizing, etc.
develop your curiosity so you can problem-solve, create solutions, discovering opportunities, etc.
be resilient so you can handle rejection, bad days, slow progress etc.
communicate. If you can’t communicate, how will you convince people they need YOUR particular product? How will you understand any issues that come up with it?
Think critically and strategically – problem solve, sorting our difficulties, planning steps to take
Network – finding others who be partners, help you find new opportunities, provide spin off markets etc.
handle money – from who to hire, saving for a rainy day, planning expenses,
Learning how to make sales – from public speaking to organizing the information to be shared, to figuring out a sales pitch.

Entrepreneurial Classes to Take

Classes like

Financial management
Entrepreneurial classes
Public speaking
Classes to increase your skill level in whatever your passion is. So for instance if you sell essential oils… really learning what each oil can do, food safety, sales, etc.
Business classes
really, take whatever class helps you to learn specific skills that you need to succeed well.

SchoolhouseTeachers.com is one such place to take a class in entrepreneurship for your teens.

You can take a class at your local community college like this one at Fanshawe.

Teaching Entrepreneurship is a website devoted to teaching these skills.

How about you? What have you done to encourage your children’s entrepreneurial skills? Have I missed any classes or courses they should take? Any important skills?

Teach Financial Literacy

June 29, 2018 By Annette1 Leave a Comment

Teaching financial literacy and investing is important to our children. It’s the best way to teach them to avoid debt, and to provide for their future. The question is, just how does one do this?

I admittedly haven’t embarked on a financial training program with my son yet, but I want to start giving him our grocery money for a month and say “you’re in charge of the groceries this month spend it wisely”. Teaching him to mind the sales (not that I do but it’s a good idea right?) It’s not like we don’t have food in the freezer (though sometimes it gets a bit light) and we’ll survive if he makes a big goof, but how else does a lad learn to handle doing the groceries if he can’t practice doing it? I suppose he could learn the hard way like I did!

Pretty soon he’ll get an allotment for clothes (or once he’s old enough to have a job, he can buy his own clothes). I’m fortunate in that he does already have money and he (at this point) seems a naturally frugal child.

Image holding money (teaching financial literacy) — Photo by Niels Steeman on Unsplash

He has money?

My son has been earning his own money for the past…. probably four years now? I raise rabbits and I used to raise guinea pigs and mice. My lad asked once if he could help or if he could earn money too. We started with he could pick a rabbit, and as long as he helped me with the work of caring for them. He made her a pet but helped me make the decision of who to breed her to and when, and he could keep the profits from her. My son finally decided that he REALLY liked the mice so four years ago I said “if you do all the work, you can keep the money from them”. Now he has some regular clients, though about half of what he raises goes to his snake now, but that saves him money too.

Gradual Growth

He does occasionally need help…and as he’s matured he’s been given more responsibility. For instance, I might not let an 8 year unescorted to sell some mice to a new guy, but I’ll let an 11 year do so as I watch from a distance, whereas my almost 13 year old can manage on his own. This coming year he’ll be writing his own ads for selling his mice on kijiji. He’ll be shocked by this, but it will be good for him. He’ll have to monitor more when the mice are old enough to find new homes, I’ll teach him more how to take a good picture of them, showcasing the beauty of the mice he has. I’ve taught there’s a cost to doing business as occasionally I’ll say “You owe me $20 for feed eh?” I’ll get that startled look and then gets me money from his latest sale. He’s already learned how to check the prices of the competition and how to make prices lower so we get the guys who only want 10 mice instead of having to order a 100. It’s a good way to figure out how to be an entrepreneur right?

This year he also helped with my annual yard sale (and NO, I’m NOT doing one next year). Most years I gave him a table and whatever he personally sold of plants, homemade goods, or his leftover toys he got to keep. This year I said “10% of the profits lad, as long as you help from start to finish, except when you have other obligations”. He worked hard and was pleased with the end results. ALL of this he squirrels away.

In the process he’s learning also how to save 10% for missions, and 10% for a rainy day. Everything he makes gets divided up. 80% that he squirrels away, and the rest goes into jars I maintain for him. Just helps him if I keep it separate for him. He’s been starting to talk about putting some in the bank which is great! It’s a gradual growth, but I’m hoping it will put him in a better place for when he’s older.

Money in wallet doing balance sheet — Photo by Artem Bali on Unsplash

Wake up call:

I remember working with a girl, she was barely into her 20’s but her parents had gotten her on the saving track when she was little, and with careful banking and saving everything she earned, she had enough for a down-payment on a house as soon as she was past her probation period at work. I was stunned that someone could do that! This I want for my lad. Wouldn’t you want that for your children? To have their college tuition on paid up and being able to afford to buy a home once they pass their probationary period at a new job? To own a home instead of being caught up in the whole throwing your money away on rent/debt trap.

The WHY:

Most adults don’t really understand financial matters, and therefore don’t teach their children how to watch their dollars well. I learned long ago, paying cash for everything was the very best method for me to watch my money. Put money in a private account that I can’t touch so it accrues over time. But no debt and VERY VERY little credit card action. Hubby is slowly learning the same. I want better for my son. I want him to understand where money comes from and how you need to safe guard what comes in so you are prepared for potential hits in the future.

It is hard to learn that one MUST always spend less then what you earn if you want to get ahead financially in life. In a day of easy credit and the use of debit cards, it is difficult to keep on top of spending if you don’t learn how to do so.

Teaching financial literacy, picture of coins — Photo by Steve Johnson on Unsplash

What should students learn?

How to make a budget and stick to it.
How to prioritize spending
Understanding Credit and interest rates
Paying yourself first
Understanding the effect of taxes on tax-home pay

The earlier students learn these skills, the better. It leaves them better able to cope with today’s changing society.

Resources:

I have found some financial literacy and investment training sites you may find useful

Practical Money skills (a Canadian based site) Practical Money Skills is a free financial literacy program to help Canadians understand the fundamentals of money management. Created by Visa, the program offers money management resources including calculators, games, and lesson plans tailored for use by Canadian families and educators.

Ontario Teacher’s Federation has a site with some useful links on it.

I am still awaiting more information on the “Making it Count” pilot program on Financial Literacy from BC. OH LOOK! I found the course on-line!!! GO HERE.

Games about Financial literacy for students in middle school and up. Along with a list of 30 different games to help learn financial literacy.

Play games like Life, Pay Day, Monopoly etc.

You can make or buy visual cues to help students save money.

Investopedia: Learn about different aspects of investing. Knowledge is a good thing.

Make it fun, make it real, make learning about money a practical skill for your students to learn as early as possible. Get them started well in life.

What steps are you taking to ensure financial literacy in your children?

Others in my you want to learn series

Coding.
Foreign Language.
Physical Education.
Math.

Teaching Finances

November 1, 2010 By Annette1 1 Comment

These pages seemed geared to older students, and I couldn’t get all the links in some to work, but might be my browser (firefox).

Kids Money

As parents, you have a unique opportunity to give your kids a financial education. You can not only teach them skills but you can also let them learn from their own experience and develop sound habits that will last them a lifetime.

Financial on-line games.

The internet is filled with fun games that teach kids about money.

Financial Literacy Resources.

The Mint.

Some people call it financial literacy, personal finance or money management – but at the end of the day, it’s all about making the most of your money.

Sense and Dollars.

Money and Children

June 26, 2008 By Annette1 1 Comment

Fun Money Lessons for Children

Watching money in action is a great way for kids to learn about how it works and what it means. There are many opportunities to turn everyday activities into money management lessons. You probably have your own, but here a few ideas to get you started.

At the grocery store. Children love making grown-up choices, so give them a budget and let them be in charge of selecting one or more items on your list. Before you go shopping, clip coupons together and reward them with the money you save.As they get older, hone their bargain-hunting skills by showing them how to comparison-shop, how to spot deals, and the differences (and cost savings) between generic and brand names.

At the restaurant. Whether you’re eating take-out or dining out, give children a set amount of money and instructions to order a healthy meal. They’ll practice budgeting and learn to check for what’s included with their meal. As they get older, introduce them to the concepts of tax and tipping.

Playtime for the very young set. Set up play stores or restaurants with toy cash registers, coins, and groceries/food items.

At the ATM machine. Talk to your children about where money comes from, that you’ve earned it by working, and that you can only withdraw as much as you have in your account. When they’re older, have them press the buttons and enter transactions at the bank machine.

Paying bills. When you’re paying bills online, show kids that things like watching TV, using the phone, and turning on the lights all have to be paid for. While you’re at it, talk about the difference between wants and needs, and the value of planning for long-term goals.

Education tip: Paying with cash rather than credit or debit cards will help your children understand how money is exchanged for goods and services. Let them figure out how much to give the cashier and verify the change. Ask for your change in small bills or coins to gives children an opportunity to recognize money and count it.

The entrepreneurial spirit. Support your child’s interest in starting a business. From traditional lemonade stands, paper routes, lawn mowing, or selling crafts, children feel empowered by earning their own income. Use this fun opportunity to help them understand input costs (for the lemons, sugar, and cups), revenue and profits.

Saving. Consider giving your young children three piggy-banks — for saving, spending, and charity. Let them decorate the containers and have them help decide what proportion of their income (including allowance, gifts, or tooth-fairy money) goes into each. Swap piggy-banks for a real savings account around age 10.

Some folks I’ve heard do four piggy-banks just to make the math easier for their children. Saving, spending, charity and rainy day planning.

Money and the use of it can be taught most anywhere.

Much of this information was presented by “the Vault” from Scotiabank.