Mikey Wren. Sidney Keys III. Tamia Hawkins. Who are these names associated with? Kid entrepreneurs. There is no question that entrepreneurship is on the rise, but dreams are being chased at a much younger age now. Who wouldn’t be excited at the thought of doing what they love and make money from it?
What child wouldn’t want that?
Mikey Wren loves snacks. He loves making money. He expressed wanting a vending machine of his own and his parents made that happen. Sidney Keys III has always loved reading. Keys really found a love for African American literature once he was exposed. He also loves making money and now he has a subscription-based business/book club.
Tamia Hawkins loves baking. Hawkins has had multiple people near and far rave about her cookies. Tamia now has her own pastry venture. What do all of these ‘kidpreneurs’ have in common? They discovered their passion, took a risk of trying it out seriously and turned it into a lucrative idea. The key is that, at even at a young age, they went for it.
According to WeForum,
While young entrepreneurs face serious headwinds setting up their businesses, particularly in scaling, Asia’s 18-34-year-olds have one of the highest start-up rates in the world, with around 40% creating jobs for others.
But contrary to popular images of nascent Jack Mas and Zuckerberg, the tech revolution is still just a glimmer on the horizon for many businesses in the region. Only 1.3% of entrepreneurs (of all ages) said that their nascent firm was hi-tech or medium-tech. Young people in the region are still more likely to be starting small firms that are akin to plumbing or street-vending than building the next WeChat or Grab.
Up to 65% of entrepreneurs still borrow seed money from family, and a further 21% from friends or neighbors.
Asia’s youth cannot be expected to succeed alone. Entrepreneurship skills need to be built across age groups to deal with creeping automation and high levels of competition. To help them, we believe that we must institutionalize the “hustle”.
Essentially, if you are raising a budding entrepreneur, be aware that it will take support from you as well parent/guardian. Support will include but is not limited to taking on the role of the manager, spokesperson, customer service agent, and the list goes on. And of course, as you grow, you will want to invest in others to take over what aren’t your strengths.
But the key is that an enterprise starts from home. Continue to give yourself credit if you’re already advocating for your child’s gift. The payoff will show in the generational wealth you’re building, just be mindful that it is not a walk in the park.
- Family Benefits and Risks of Raising Youth Entrepreneurs - Tuesday, October 30, 2018
- Entrepreneurship Isn’t For Everyone and That Is Okay - Tuesday, October 9, 2018