Innovation and Entrepreneurship – Why is it Important for Your Child?

A possible scenario from PWC predicts that by 2030, the number of workers in full-time employment drops to 9% while a report from the Harvard Business Review states that 50% of the world economy i.e. 1.2 billion employees could be impacted by automation. 

A World Economic Forum report says that with jobs being transformed by technologies of the Fourth Industrial Revolution, over 1 billion people will be required to reskill by 2030. Huffington Post has predicted that 65 percent of children who entered primary school in 2011 will end up working in careers that have not yet been invented. 

The blaring statistics are daunting considering that the future of work is going to change a few decades from now. Are our children ready for such a future? We already can feel the jolt of technology on jobs. 

This is where entrepreneurship and innovation play a vital role. Entrepreneurs and innovators are more likely to surf smoothly through this technological tide and lead the way. While many are realizing the importance of teaching entrepreneurship to children to overcome the future work crisis, many are yet to make up their minds. 

Innovation and entrepreneurship- these two words are usually reserved for adults. However, given the current scenario where technological advancements are changing things around us at a rapid pace, it’s only logical to say that children need to be prepared for the future.  

According to Smallbizgenius, there are more than 582 million entrepreneurs in the world. But becoming an entrepreneur is not as easy as it sounds. Several innovative business ideas are nipped at the bud and many, especially children, get little or no encouragement from parents and/or teachers. Small Business Trends highlights that only 28% of entrepreneurs were encouraged to start businesses when young. 

This emphasizes how many parents, or, for that matter, even teachers, are not supportive of the business ideas that children come up with. There is a good possibility, these ideas could become a big hit, and even if they don’t, the child gets to learn and explore the entrepreneurial world.

Innovation and Entrepreneurship

Children, today, are exposed to technology on a daily basis. Their curiosity about things around them and the way they learn is very different from what it was a decade or so ago. This is also the reason why we have so many young entrepreneurs around the world and the number is only growing. 

As parents, you should allow your children to explore their creative side and let them come up with ideas. Innovation comes naturally at a young age and with the right mindset and support, these small ideas can turn into something big. 

Innovation is not only about creating a new product; it can also be about coming up with an idea that can bring about a change or make people’s lives easier. This being said, innovation and entrepreneurship go hand-in-hand. How? 

Well, for an entrepreneur to be successful, they have to come up with ideas, products, or services that are different and unique. To stay ahead of the rest of the competition, it is crucial to continuously innovate and implement new ideas. In fact, innovations are considered to be an important part of any business strategy as they will assure steady growth.  

In today’s world, it is important to teach children about the importance of innovation and entrepreneurship as a part of future preparedness. An entrepreneurial mindset helps inculcate numerous soft skills in children that will be with them throughout their lives. 

Before jumping to conclusions on whether or not innovation and entrepreneurship are good, let’s look at how these two are synonymous with each other and how they can help your child when started right at a young age.

Helps in Identifying a Problem

Solutions can be sought only when there is a problem. In many cases, problems go unnoticed for a long time and by the time it is identified either it is either too late or the solutions become too expensive. In both these cases, businesses suffer losses. This is a common scenario. 

A successful entrepreneur is the one who can identify the problem as soon as it occurs and use their innovative mindset to come up with a resolution. An entrepreneurial or innovative mindset can help children in identifying problems at the onset.  

A Tool for Problem-solving

Innovation brings along with it the ability to solve problems. An idea that was relevant a decade ago is considered outdated in the present scenario and for the right reasons. 

To solve this problem, entrepreneurs need to come up with ideas that are far-sighted and would be applicable for years to come. Innovation comes when faced with a problem. Creative minds think of solutions that can solve the current problem and prevent it from recurring. For this, entrepreneurs have to think out of the box to come up with effective solutions.

Helps in Creative Development

Innovations are the result of a creative mind. It’s when you see a problem or for that matter an already existing solution and use your creativity to simplify it further. Some entrepreneurs consider innovation a business skill as it can help make things of value that can last a long time. 

It will push your child to think of new ideas and in return will enhance their creative development.

For example, Moonshot Junior’s Innovator Program helps children’s creative development with their product-based approach. Children not only learn about futuristic technologies but also create products based on their learnings from the program and finally, experience how these products are launched on crowdfunding and eCommerce platforms.

Entrepreneurial skills are a necessity in this modern world, and our approach and learning methods offer children to gain product-development and entrepreneurial experience. For example, with our learning kits, such as the Embedded Learner Board, we are helping students from 13+ countries learn to code and create their own projects using Raspberry Pi and Arduino. This gives them a hands-on learning experience,” Alok Jain, CEO Moonshot Jr said.

Staying Ahead of the Game

With growing competition, the key is to stay ahead of the game. With an innovative and entrepreneurial mindset, your child will automatically become better than their peers. Innovation is something that comes naturally. 

However, with children, their curiosity pushes them to find solutions which over a while diminishes, to say the least. Hence, it is best to tap into their creative minds right from a young age.

Craving for Knowledge

Innovation and entrepreneurship, both need in-depth knowledge. Just touching the surface of a subject and entering into this world would only guarantee failure. To come up with innovative ideas you need to be in the know. 

You have to be abreast with the latest developments, latest technologies, etc. for any innovation to be successful. Innovation and an entrepreneurial mindset will push your child to learn about new things and be in the know.

Ability to Take Risk and Face Failures

Taking risks and failing at your attempts to succeed are a part of running any business. Every successful business person has taken risks and had to face failures. As adults, we are scared of doing this but children are more susceptible to experiment and change. 

Failures should be looked upon as a teaching base as it is rightly said that you get to learn from your mistakes. More than success, failures can nurture you into a better entrepreneur.

Adaptability

Innovators and entrepreneurs are risk-takers, as we already know, but there is one more quality that they possess. They readily embrace change and adapt to it. Whether it is innovation or entrepreneurship adapting to changes is of utmost importance to stay relevant. 

For example, with the advent of computers, almost all entrepreneurs adapted to it as it was a make or break situation for them. Any technological change or anything else for that matter that can improve business functionality has to be embraced almost immediately. An innovative and entrepreneurial mindset can teach your child to embrace change. 

Innovation and entrepreneurship are and will stay relevant for years to come. It is innovations that bring about a change and as for entrepreneurship, it is not only one’s personal choice or needs, it also helps in boosting the country’s economy. 

Let your child become the innovator and entrepreneur that they want to be. 

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.