While the Black Community makes up nearly 13% of the US population, we account for less than 1% of the nation's entrepreneurs. 2008 is a prime year to reverse this trend of poverty and ingrain visions of entrepreneurship in the minds of our children. The problem is, most of us do not know where to begin.
The first step is to expose your child to ideas and things that promote business ownership. This process will vary depending on the child's age. A wonderful catalyst question for any child would be to ask them what they would like to be when they grow up. Translate their answer into one of entrepreneurship. Examples would be as follows:
Child's Answer Business Equivalent
Teacher Owner of Montessori School
Police Officer Owner of Security Company
Entertainer Record Label CEO
Explain to your child the benefits of owning their own business versus working for someone else: more income, greater control and the ability to lead and help others. Ask them if they would prefer to be the person paying others or waiting in line to get paid.
Now that you have planted this seed, you must create an environment conducive of entrepreneurship. Take your child to the library and check out books about their desired business, business in general or even books that illustrate the benefits that are available to the wealthy: trips, homes, the opportunity to do large-scale charity work, etc. Learn about other entrepreneurs that came from humble beginnings and rose to a level of entrepreneurial success.
Just as you must monitor a nutrient-rich flowerbed for weeds, so must you observe your child's environment for deterrents. You cannot plant a lemon seed and expect an apple tree to sprout. Outside of school, what occupies the majority of your child's time? Television programs that promote learning, business or even biography shows provide inspiration. Educational video games or those that rely heavily on logical determination will sharpen your child's thinking skills. Inspirational music is another invaluable tool.
One of the greatest tools that you have at your disposal is the Internet. Use this to expose your child to business owners that look like them. Search the web together for helpful information.
Be consistent in your encouragement. The concept of entrepreneurship must become a part of our children's definition of themselves.
Be on the lookout for Part II- Building Your Child's Network. (only available to Black-Market Exchange mailing list subscribers)
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II'm so glad you started this discussion. The idea of exposure is such a great idea. As parents we have to realize that although we may not always have everything that we want for our kids lives, that doesn't mean we can't let them see it in other places. I make my children an active part in all of the things that I pursue. The only way that the next generation can expand beyond ours is for them to see that there is something outside of their current situation. I mentioned something last summer about my son setting up a lemonade stand. He was gung ho for it. The neighborhood wasn't that good though so, now that I've moved, I may let him do it this summer. I'm explaining to him the concept of how money isn't free and you have to do some type of work to "earn" it. When he gets money as a gift I make him save some of it. My kids each have a savings account and I make sure my 7 year old sees "his" statement every month.
It's so important that the younger generations learn what power they have. Somewhere between the civil rights marches and today, some of the young people have forgotten where we come from and struggle it has taken to get us to the point where we can even be able to entertain the idea of being an entreprenuer. We have to teach them the way to build up rather than tear down our image in the world.
hello i'm R.L. JONES.. new to your site..and u r not wrong for what u r saying the young do 4get..but not only that we have our disable black women like me ..I represent the disable entrepeneurs for Broward County FL..its very important to me..I look for contribution...main thing is a connection with some one who is willing to carry my baby gift sets in their store. can u help? thanx
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