How can you teach kids about entrepreneurship?
Teaching kids as early as possible is best. When you introduce the basic principles at an early age, kids tend to lean on those concepts as they grow older. So, we can introduce the concept of profits. We can lead by example by showing a profit on anything purchased. My mom was a major contributor to my entrepreneurial spirt. She would take me to wholesale markets and buy costume jewelry and bed sheets. She would then turn around and sell them at a profit. I got to witness the process of a purchase then a resale at a profit.
What are some age-appropriate lessons you can teach kids about entrepreneurship at different ages?
At ages 5-8 we can teach kids the concept of earning money. Provide a service such as mowing the lawn or a product like a lemonade stand, and for those services or products they can get paid. Even normal chores around the house can be done in exchange for money. By doing this we are showing them how to earn money. At age 8 and up we can begin to teach them how to make a profit by buying and selling. A good example is to have them buy something they would like to sell and turn a profit. Sports cards or other collectables, cookies, candy, the list goes on. They are only limited by their imagination as they grow into their teens and dip their toe into larger economies.
How can you foster a love of entrepreneurship early in kids?
Introducing the concept of profit is a great way. The sooner you can get them to sell something and make a profit the better. It will also help build self-esteem and skills that children usually hold on to and are eager to replicate.
How can you teach kids about real estate in investing?
One great way to teach real estate investing is through my favorite board game, Monopoly. Monopoly has all the basic foundational knowledge of real estate investing. Kids can experience buying property, developing property, paying rent when you land on someone else’s property and collecting rent as well. You have the cash flow concept and property ownership all wrapped up in one game.
Your books depict a black entrepreneurial family. Why is it important for children of color to see examples of urban entrepreneurship?
My book is based on a true story about my family. We noticed the need to share our story with urban America because most images of black families in the media tend to be negative. We also wanted to share a resource that urban America tend to miss out on at an early age. This early exposure to real estate entrepreneurship can supply another avenue to create wealth as well as family legacies.