Entrepreneurs are known for being self-motivated, energetic, creative, visionary, and confident. People with an entrepreneurial spirit usually make good employees as well as business owners—and they're often able to sustain themselves financially, regardless of economic circumstances.
Clearly, helping kids develop an entrepreneurial spirit can reap lifelong rewards. And many of today's young people aspire to entrepreneurship: GoHenry research shows that 25% hope to be their own boss in the future. Plus, many of those who work for other employers will likely make extra money as an entrepreneur on the side, as one in three Americans currently has a side hustle.
Felecia, a mom of two girls in Atlanta, Ga., is helping her children develop a spirit of entrepreneurship and, along the way, they're learning to earn and manage their own money. Lessons like these can help set kids up for long-term financial success.
Setting an example
While she used to work in sales and customer service, Felecia eventually grew her own side hustles into small businesses. She now supports herself by breeding dogs and by buying, repairing, and selling used cars.
For years, Felecia's daughters have watched her establish and enhance her entrepreneurial endeavors, even when she was a full-time employee. “I always had something on the side going on," Felecia explains. “I prefer being an entrepreneur and working for myself, and [my girls] have always seen that in me, even when I had jobs."
In addition to setting an example of pursuing opportunities and taking risks, Felecia has also given her daughters opportunities to find their own entrepreneurial paths. When her oldest daughter, Shadae, wanted to start a hair braiding business at age 13, Felecia helped her convert a backyard shed into a salon.
Shadae paid rent every month for her shed. Gradually, the business expanded, and a local salon owner asked Shadae to join her salon. Today, at age 17, Shadae has taken over that salon. She will graduate from high school this year and go to college to study business while still running her very own business.
When Felecia's youngest daughter, Sanai, started asking to borrow her mom's debit card, Felecia searched for a debit card for kids. She found GoHenry, and it has become the ideal way to pay Sanai for completing chores around the house and for helping in Felecia's businesses.
Sanai also collects K-pop albums as investments for her future in addition to the work she does for her mom's dog and car businesses. She plans to hold on to the collectors' editions and sell them later when the value has increased.
Developing an entrepreneurial spirit means allowing yourself to be creative and take risks, and that can be scary. Parents can help their kids by being supportive and encouraging, Felecia says.
Felecia cautions her daughters to avoid trying something just because others are making money at it. Instead, she encourages them to choose pursuits they feel passionate about.
“It can be very scary [to start a business] because your money is not guaranteed like a paycheck," she says. “But if it is something you have a love for and talent and you know you probably could do something with it, do a little research and just do it."
As she tells her girls: "You've just got to put your foot in the water and do it," Felecia explains. "Don't be scared to take that risk because nine times out of 10, if you've got the love and the passion behind it, you're going to be successful at it."
Moms like Felecia are making a difference for their kids today and in the future by teaching them about entrepreneurship and finances.
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