Why you MUST include Entrepreneurship in High School
The world is changing, but fast. We’re in what’s called the 4th Industrial Revolution, and like every Industrial Revolution before it, jobs and fortunes are lost and made- sometimes incredibly quickly. Developing an Entrepreneurial mindset is one of the best ways to ensure vocational and financial stability, regardless of what’s happening in the world.
Teaching our kids to think entrepreneurially will allow them to develop the skills to identify and make the most of challenges, opportunities, and failures. It will give them the confidence they need to succeed in a variety of situations and circumstances, despite a crazy economy and ever-changing vocational landscape.
Massive shifts are already underway. In fact, it’s estimated that by 2024, 87 million jobs will be displaced by shifts to machines. But, it’s not all bad news as 97 million new roles may emerge across various industries and economies (for more on this, check out our podcast on The Future of Work for more on this) Our kids are going to have to be more vocationally agile and flexible than ever before.
What’s so Important about Entrepreneurship?
Let’s start with the basics. What exactly IS entrepreneurship? An entrepreneur is, according to the Oxford Dictionary:
“Entrepreneur: a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.”
Entrepreneurs also play a key role in the economy. They anticipate the needs of society and bring those ideas to bear in the form of products and services. They are willing to take on the risk of creating something new, and as a result, they are rewarded with profit, recognition, and, most importantly, more opportunities and continued growth.
In an Industrial Revolution, as societies change and morph, Entrepreneurs have unprecedented opportunities for profit and growth, particularly as technology creates new opportunities related to transportation and communication.
Furthermore, in a time when there is rapid change, entrepreneurs can create their own stability if they have the wherewithal and ability.
Skills an Entrepreneur Needs
You’ll notice that successful entrepreneurs develop skills that allow them to succeed regardless of what they do vocationally.
- Versatility- entrepreneurs might find themselves providing customer service, marketing, bookkeeping, sales, graphic design, taking out the trash, and who knows what else. A successful entrepreneur must know things or at least be willing to learn and lean into what they need to know next!
- Flexibility- entrepreneurs must listen and hear from customers and adeptly provide goods and services that meet the needs of their customers.
- Resilience – Grit might be the fine line between successful and unsuccessful in the world of entrepreneurship. Being able to handle disappointments and failure and get up with the determination to succeed is a necessary entrepreneurial skill.
- Money Sense – understanding Profit and Loss, Revenue, Cost per Acquisition, Monthly Expenses, and Conversion Rates can mean the difference between failure, mediocre and wild success.
- Focused -the ability to set a goal and unwaveringly work towards it.
- Understanding of Business – Understanding Business, the Target Market, strengths and weaknesses of the company, and the market are what savvy business owners do.
- Communication Skills – All businesses require excellent communication skills- the ability to market, sell, work with vendors, promote, write, and speak are necessary for business owners.
Types of Entrepreneurs
There are many types of Entrepreneurs with different abilities and personalities:
- Builders- work to create big biz fast ($5M in a few years that will expand to $100 mil and beyond)
- Opportunist– seeks opportunity, grows biz during the height of opportunity, and exits before the opportunity busts
- Innovators are those rare individuals that come up with a great idea or product that no one has thought of before. They care more about the influence than the money
- Specialists are analytical and risk-averse, building their businesses through networking and relationship building. This usually results in slower growth than for the builder.
What’s this Have to Do with High School?
7 Reasons your Homeschooler Must Study Entrepreneurship
- Our kids are going to live and work in the Gig Economy, many of them will be going from gig to gig, and they’ll need to know how to market themselves, manage their own finances and taxes, sell, find new opportunities, and more!
- Having an understanding of the framework of business allows for flexibility and adaptability. Most businesses, regardless of their industry or niche, or organized in a similar manner. Understanding the structure of business allows our kids to apply that to whatever circumstance or opportunity they find themselves in.
- Failure is an important aspect of success. By now, we all know the famous Thomas Edison quote, “I have not failed 10,000 times. I have not failed once. I have succeeded in proving that those 10,000 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work.” Entrepreneurship develops the ultimate growth mindset!
- Through Entrepreneurship, kids learn the 4 C’s of Education
- Communication – this is a critical component of any successful entrepreneurial endeavor, as you must communicate with fellow workers, customers, and vendors. This is one of the most important job skills your kids can develop.
- Critical thinking – by definition, Entrepreneurs must think critically as they assess their market, set pricing, set up and close sales, negotiate, and so much more!
- Creativity– is there anything MORE creative than developing a business? You’re creating something from nothing, and that’s pretty awesome.
- Collaboration- Entrepreneurship means finding people you can trust, setting good and clear boundaries, and working with people in a variety of ways, and with the emerging global economy,
- Develops Work Ethic – Entrepreneurship will develop those work ethics muscles in ways that little else will.
- Develops resiliency
- Develops growth mindset for an uncertain future._87 million jobs are going to be lost while 97 million new jobs will emerge
Not sure where to start? Check out our Entrepreneurship Class! And don’t forget to check out our other marketable life skills classes, such as Video Editing, Computer Science, Computer Illustration, Canva, Photoshop and Photography, and Digital Tech.