Entrepreneurship at New Way

What lessons should kids be learning early on to better prepare them for entrepreneurship?

In our name NWYE, you’ll notice that YE stands for Young Entrepreneurs. The literal definition of an “entrepreneur” is a person who sets up a business, taking on financial risks in the hope of profit. Now you may be asking “How does this apply to my kid? They’re just a kid!”

Well, here at New Way, we want to teach your children about taking their learning into their own hands. To us, that is what a “Young Entrepreneur” does. To be a young entrepreneur, you are someone who is independent, motivated, and self-sufficient. We teach our learners about being responsible for their actions, understanding their emotions, and knowing that they are part of a community. Our young entrepreneurs know when to ask for help and when to help others. They are bold and unafraid to take positive risks. They are willing to be the best versions of themselves. We use our guiding pillars of SEL and our project-based learning in order to instill confidence, creativity and teamwork into our students.

So, what lessons should kids be learning early on to better prepare them for entrepreneurship?

1. How to manage money (even it’s small amounts).
Create good habits at a young age. Teach them how to save and how to spend.

2. The value of responsibility through chores
No matter what age, give your child the responsibility of earning a few HUF by doing some chores. Teach them the value of exchanging their time and effort for something in return.

3. How to spot the difference between good and bad customer service
Teach them what it looks like to be accountable for what they say they’re going to do.

4. Trading goods, and how they are bought and sold
Kids naturally trade their belongings, loan games to friends, or enlist the help of their peers in various projects. But, it’s important to show them the parallel between these actions and entrepreneurship in the real world.

5. The qualities of selling
Kids get new toys, clothes, and things all the time. But what if for every new item they receive, they have to sell an old one. There are websites like eBay and Amazon that allow you to put things up for sale. Let your child keep whatever he/she sells their toy for. It’ll keep the invested in their material items. They’ll be able to understand the value of money.

It's never too early to teach your child lessons adults learn in the real world every day. Because, one day they will be us. We want to help prepare your children for high school and ultimately beyond that. Be the best version of yourself. It’s never too early or too late.