The Importance of Child Entrepreneurship in Developing Essential Skills
Child entrepreneurship is not just about starting a business; it’s about nurturing the skills necessary for real-world success, including entering the job market and leading a company. Georgina Castañeda, Director of Academic Innovation at Pinion Education, explains that entrepreneurship is more than building a business or opening a venture—it’s a mindset that shapes how one approaches situations, providing strategic thinking and understanding of circumstances.
Soft Skills in High Demand
In celebration of Children’s Day on April 30th, Castañeda emphasizes that child entrepreneurship fosters crucial skills such as problem-solving, critical thinking, teamwork, assertive communication, and more—all of which are highly sought after in today’s professional world.
According to the World Economic Forum (WEF), 39% of skills will be impacted in the next five years, necessitating updates or rendering them obsolete. The WEF also highlights that technological advancements drive the need for soft skills like analytical thinking, resilience, flexibility, agility, leadership, and creative thinking.
With the rise of Artificial Intelligence (AI), children will grow up competing with these AI systems. It’s crucial to prepare them for a world where human skills differentiate us, as these are not easily automated by algorithms,” says Marcos Velázquez, founder of Dekids.
The Entrepreneurial Mindset and Resilience
Encouraging an entrepreneurial mindset enables children to identify opportunities, be resilient, and learn from mistakes. Children are more likely to propose ideas, pursue their dreams, and bounce back when things don’t go as planned.
“While not all children will become entrepreneurs, we believe everyone should learn to think like one because it means seeing opportunities where others see obstacles,” Velázquez adds.
Castañeda also stresses the importance of learning from mistakes, as it’s an ideal time to fail and understand that setbacks are part of the process, building resilience.
Mistakes provide analytical insight and skill development. If a child’s prototype doesn’t solve a problem, they reassess and explore alternative solutions,” she explains.
The Role of Parents
Parents are the first mentors children encounter, helping them realize or abandon their dreams.
Velázquez emphasizes that parents don’t need business expertise, but they should believe in their children, as the initial “yes” comes from home, not a panel of judges.
Parents are the first mentors and emotional investors. They provide the emotional permission to fail, as many children hesitate to embark on entrepreneurial journeys due to fear of disappointing their parents,” Velázquez notes.
Technology as a Catalyst for Child Entrepreneurship
Design thinking—a creative problem-solving methodology—and technology inspire children to develop innovative solutions addressing social issues.
For instance, in Pinion Education’s Pioneer Challenge, primary school students created a stress-reducing booth using colors to combat anxiety. Middle school students identified social isolation as a cause of depression, leading them to develop a board game promoting social interaction.
Dekids’ children, aiming to tackle women’s safety concerns, invented a silicone bracelet that activates an emergency call upon pressing, with adjustable volume levels.
Velázquez shares that children often address daily challenges, like a child struggling with social skills who created an interactive chick book that talks about emotions, soon to be available for purchase.
“Childhood is the most potent incubator of talent, vision, and purpose. Our goal isn’t just to form entrepreneurs but to shape individuals who believe in their abilities and grow into adults passionate about their work.”
Key Questions and Answers
- What is the significance of child entrepreneurship? It cultivates essential life skills, including strategic thinking, problem-solving, and resilience.
- Which skills are in high demand due to technological advancements? Analytical thinking, resilience, flexibility, agility, leadership, and creative thinking.
- Why are parents crucial in a child’s entrepreneurial journey? Parents provide emotional support, belief in their children’s abilities, and the initial “yes” needed to pursue dreams.
- How does technology inspire child entrepreneurship? Design thinking and technological tools empower children to create innovative solutions addressing social issues.
