Future Proof
Episode 271
Episode Guide
Episode Timestamps
Episode Show Notes: Future-Proofing Skills and Kids' Entrepreneurship
Episode Summary:
In this episode of ChooseFI, co-hosts Brad Barrett and Jonathan Mendonsa discuss the importance of future-proofing skills in a rapidly changing world, with a specific focus on fostering an entrepreneurial mindset in children. They share personal experiences of nurturing entrepreneurial spirit in their kids, strategies for building creativity, and practical advice for parents to guide their children towards entrepreneurship. Featured guest Annalise, a young entrepreneur, shares her journey of starting a card design business.
Key Topics Discussed:
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The Importance of an Entrepreneurial Mindset
- How shifting from traditional schooling to an entrepreneurial mindset can prepare children for future challenges.
- The necessity of discussing business concepts with kids to inspire creativity and problem-solving.
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Children and Entrepreneurship
- Personal anecdotes from Brad about his daughter Molly starting her own landscaping business.
- The idea of creating an environment where entrepreneurial ideas can be nurtured at home.
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Guest Segment with Annalise
- Annalise, a nine-year-old entrepreneur, shares her experience with starting Creative Card Designs.
- Discussion on the challenges and learnings from her journey, including pricing strategies and the creative process.
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Conclusion and Actionable Insights
- Recap of actionable strategies for parents to foster an entrepreneurial spirit in their children.
- Emphasis on persistence, embracing failure, and encouraging creative exploration.
Key Insights:
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Encouraging Entrepreneurship:
- Engage children with small projects that align with their interests to develop business skills.
- Provide them frameworks for creativity and problem-solving.
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Mindset Development:
- Instilling a growth mindset in children allows them to view challenges as opportunities to learn.
- Celebrate small entrepreneurial victories to build confidence.
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Practical Steps:
- Enroll children in entrepreneurship programs or workshops to enhance their skills.
- Have open discussions about money, business concepts, and creativity.
Actionable Takeaways:
- Encourage your child to brainstorm business ideas.
- Conduct a small project together based on their interests.
- Enroll them in an entrepreneurship camp or program.
Key Quotes:
- "[Seeing role models is crucial for nurturing entrepreneurial behaviors.]"
- "[Success comes from building and adapting a skillset.]"
- "[Every entrepreneurial effort, no matter how small, is a real business experience.]"
- "[Persistence is key in business; hard work drives success.]"
- "[Embrace failure as a stepping stone to success.]"
Related Resources:
- Simple Startup Workbook - a guide for young entrepreneurs to kickstart their businesses.
Discussion Questions:
- What skills do you think are most important for children to learn today?
- How can parents effectively foster an entrepreneurial mindset in their children?
Hosts:
- Brad Barrett
- Jonathan Mendonsa
Listen to the Full Episode:
Find more information at the ChooseFI website or listen on your favorite podcast platform.
** Podcast Intro: "You're listening to ChooseFI. The blueprint for financial independence lives here..."
** Podcast Extro: "You've been listening to ChooseFI Podcast, where we help middle-class America build wealth one life hack at a time."
Future-Proofing Skills: Nurturing an Entrepreneurial Mindset in Children
In today's fast-changing world, equipping our children with the right skills isn't just beneficial—it's essential. The concept of future-proofing focuses on preparing both ourselves and the younger generations for a landscape that is continuously evolving. One key component of this strategy is cultivating an entrepreneurial mindset from a young age. Here’s how you can implement effective strategies to foster entrepreneurship in your children, based on valuable insights from this week's episode of the ChooseFI Podcast.
Understanding the Entrepreneurial Mindset
An entrepreneurial mindset is not just about starting businesses; it's about adopting a way of thinking that can navigate challenges, identify opportunities, and solve problems creatively. Here are some actionable tips to instill this mindset in your children:
1. Set the Example
Children often learn by observing their parents. Demonstrating entrepreneurial behaviors, like discussing your own projects or challenges, can inspire them. When your kids observe you engaging in problem-solving or taking calculated risks, they learn that such approaches are commendable and valid in tackling life’s challenges.
2. Encourage Creative Thinking
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Brainstorming Sessions: Dedicate time to discuss potential business ideas your children might want to explore. Encourage them to share their thoughts freely without fear of judgment. This practice will not only develop their creativity but will also instill confidence in their ideas.
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Art Projects: Use art and crafts as a medium to explore business concepts. For example, ask them to create a logo or a product drawing for a hypothetical business. This intersection of play and creativity mirrors how many businesses come to life.
3. Embrace Failure as a Learning Opportunity
Teach your children to see failure not as a setback but as a stepping stone toward success. Share your own experiences where things didn’t go as planned, and discuss the lessons learned. Create an environment where trying and failing is seen as a valuable part of the entrepreneurial journey.
Engaging Children in Entrepreneurship
Engage your children with real-world applications of entrepreneurship. Here are some strategies that have proven effective for many families:
4. Support Small Ventures
Encourage your children to start small businesses for their interests. Whether it’s a lemonade stand, dog walking, or creating crafts to sell, these hands-on experiences teach them critical business skills while being fun and engaging.
5. Use Structured Programs
Consider enrolling your kids in entrepreneurship programs, such as the Simple Startup workbook. These programs provide frameworks that outline essential business skills, including marketing, pricing, and product development. They transform vague ideas into actionable steps.
Insights from Young Entrepreneurs
In the episode, we heard from Annalise, a young entrepreneur who founded Creative Card Designs. Her journey illustrates the effectiveness of early exposure to business concepts:
6. Real-Life Examples
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Understand Market Demand: Annalise learned to gauge customer interest by designing personalized cards. Children can start by asking family and friends if they'd purchase a simple product and adapt according to feedback.
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Pricing Strategies: Annalise’s experience shows the importance of pricing. Encourage children to consider not just costs but also value provided. Teach them to be flexible in adjusting prices for better profitability.
Nurturing Problem-Solving Abilities
Fostering an environment where kids can tackle problems creatively is a crucial part of developing their entrepreneurial mindset.
7. Foster Collaborative Problem Solving
- Group Projects: Engage your children in projects that require teamwork and collaboration. This could be organizing a family event or even a small community service initiative. Learning to solve problems together enhances their communication skills and teaches them the value of collaboration in business.
8. Introduce Risk Management
Discuss commonly accepted risks in everyday life. Teaching children to analyze risks versus rewards fosters critical thinking. Play games that simulate business decisions to help them understand the implications of their choices.
Actionable Takeaways for Parents
To effectively nurture your children's entrepreneurial spirit, consider implementing the following takeaways:
- Encourage Idea Generation: Prompt your children to brainstorm business ideas regularly.
- Engage in Dialogues: Discuss the concept of problem-solving and entrepreneurship regularly.
- Explore and Experiment: Allow them to embark on small business ventures to learn through experience.
- Enroll in Programs: Take part in entrepreneurship programs designed for youth to further their skills.
Conclusion: Empowering the Next Generation
Building an entrepreneurial mindset in your children will not only prepare them for the future but will also provide them with valuable life skills. As they learn to navigate challenges, think critically, and solve problems, they become not just potential entrepreneurs, but adaptable, innovative individuals ready to face a dynamic world.
By fostering these qualities in the next generation, we are contributing positively toward a future where they are equipped to not only survive but thrive, regardless of industry shifts and global changes.
What You'll Get Out Of Today's Show
In a world of uncertainty, how can we future-proof our skillset and also create an environment to help our kids thrive as adults?
Growing up, Brad never thought about entrepreneurship, but as he has gotten more into this FI mindset, the concept has shifted for him and how he is a model and mentor for his girls.
While Brad initially thought virtual learning might not be good, he has reframed it and now believes his daughters will look back on this year as a time when they were living their best life.
Both girls have gone through The Simple Startup workbook, but Molly seemed especially taken to it. After spending a day last week cleaning out one of Brad's garden beds in her free time at home, his daughter Molly and her friend have decided they would like to start up a landscaping business.
It may be that you just need to see the framework and behavior model for entrepreneurship. The business idea may not be as important as understanding the framework for building a business as quickly as possible.
Brad sat down with Molly to help her think her way through what it is she is capable of and really wants to offer with her business. Whether or not her gardening endeavor ever takes off is less important than the thought process they worked through which can help her out the next time she has a business idea. Having these conversations with your kids is a great way to connect and future-proof their lives.
While the majority of people in the world will never become entrepreneurs, it's good to start thinking like an entrepreneur and have evidence of what you have skills you have built.
The Simple Startup still has openings for the Winter Challenge. One student from a previous course is 9-year-old Analise, who while hesitant at first, ended up crushing it with her business, Creative Card Designs.
The concept behind Creative Card Designs are fun personalized cards you would want to send to someone to say hello, thank you, or for occasions like birthdays. Analise hand draws each card. She has some designs that can be personalized but also takes design requests. Her business mission statement is: To connect people by making quality, personalized cards for different occasions.
Keeping her business under control, so far Analise has sold two cards. She wants to make it bigger, but sometimes she messes up and burns through her materials just making one card. So she's trying to scale her business by going digital. This will allow the cards to still be personalized, but make it easier on her.
After coming up with the idea, starting the business, and creating different designs, Analise has set up a website for online ordering which goes directly to her Gmail account.
Currently, she's charging about $5 a card and making a $2 profit, but by going digital, it will be easier to make the cards and allow her to possibly drop her prices.
Brad thinks Analise will be able to test out the price for her cards and find the perfect per card price.
Analise's motivation for starting the business was to make money, but also thinks it's good to learn how to take control of your own things and not always have to work for someone else.
Andrea, Analise's mother, says the business has been going well and that her daughter has enjoyed learning and adding to her knowledge base. Andrea appreciates that someone is providing support and guidance when they have these ideas.
Analise didn't go into the class with the card idea in mind. she had several ideas she was torn between and sought feedback from Rob and her classmates before settling on the personalized card business.
Her advice to other budding entrepreneurs is that you have to come up with an idea for something people actually want, as well as something that will be profitable. She says that if you have a business, don't give up too quickly, and you have to work hard at it if you want to be successful.
Analise isn't too afraid of failure. After drawing designs and spending all her money on materials, she realized she needed to just figure out another way.
Andrea says that she's seen her daughter develop a sense of enablement, that she can come up with an idea and watch it grow, and also learning to persist when things aren't always simple or easy.
The Simple Startup instructor, Rob, modeled coming up with solutions to get past obstacles the students encountered. Learning isn't about reciting facts, but learning how to flex your creative muscle and problem-solve to get things done.
Andrea says The Simple Startup Camp was much more of a value proposition than she had expected. Being virtual, it was low-pressure, but also comprehensive and detailed with all the aspects of what's required to run a business. Analise even went through a mind-mapping exercise to assess her strengths, resources, and likes to come with a business idea.
Although some lessons were virtual, Analise was always an active participant. Students in the camp had Rob and each other to reach out to if they were stuck. It was like her very own mastermind group.
Anyone interested in purchasing a card from Creative Card Designs may visit creativecarddesigns.wordpress.com, fill out the Google form, and Analise will get back to you. Payment will be made with Venmo.
Analise is laying the groundwork for success, whether with this business of one in the future. Brad himself started several businesses before reaching some degree of success with Richmond Savers, Travel Miles 101, and finally ChooseFI. He picked up skills and knowledge all along the way.
Since recording the podcast segment with Brad and Jonathan, Analise has gone digital, contacts more people, and doubled her orders.
There's no fear of failure. It's iterative and failing forward. Once put into practice, all of the skills learned along the way while building a business become demonstrated skills for college and job applications.
Adding skill to your talent stack and thinking like an entrepreneur is something that the FI community does well. Brad loves being able to read listener emails, like the one from Laura who found ChooseFI episode 265 Talent Stacker, really resonated with her. Because of Jonathan's story, she now realizes that she isn't stuck working as a veterinarian forever and can find something else that lights her fire.
Many professionals like Jonathan and Laura took out six figures of student loan debt only to find that it wasn't a fair exchange. Getting rid of the student loan debt is tough, but it's the right choice. It will give you options.
While Jonathan can point to a lost decade in his life that he spent in pharmacy school, it's an intellectual exercise. There was an opportunity cost, but there are no sunk costs anymore.
Jonathan recently found a website and associated app called Supercook which allows you to save money by shopping your cabinets. After completing an inventory of your cabinets, the website will find recipes you can make by only adding a few ingredients. How much money could you save using up what you already have on hand? Reach out to [email protected] and let us know the results.
It's been a tough year for the ChooseFI local groups, but some are still meeting virtually or for socially distanced activities, like hikes. David wrote in saying Brisbane, Australia just has its first meetup.
2021 is bringing better things and we are coming back. ChooseFI is looking to do a grand meet up at a conference next Fall called The Unstuck Project. The date is still to be determined.
This week's FI Weekly winners are Josh, Sheena, and Hayden. After finding the podcast this summer. since April, they have turned their garage into a guest house and listed it on Airbnb, bought an investment property, contributed all of his wife's income to her 401K, began contributing to an IRA, opened an M1 Finance account, opened a Roth IRA for their son, are closing on a second investment property soon
