In an article by Melody Hahm from Yahoo Finance called “Parents want their teens to be entrepreneurs — but teens don’t want to” a majority of parents are ready to support their kids’ starting their own businesses. With our own kids, my husband and I express the same view. We encouraged our kids’ entrepreneurial spirit at a young age. Our son had interesting ideas and although he didn’t come up with a multi-million dollar start-up or app in high school like we’d hoped so he could buy us a beach house, he did work through high school as a tutor and website developer.
During a recent weekend together, we were brainstorming with him about start-ups. We had an enjoyable time playing “shark-tank” during a drive up to the mountains, coming up with a dozen practical as well as ridiculous ideas. I’m doubtful he’ll be starting a business anytime soon, but we hope someday he might.
We’re also encouraging our daughter to consider starting up a business after she’s gained some work experience. She’s creative and creates handmade gifts for her friends and family like mosaic picture frames, hand-painted gift boxes and wall hangings.
She reminds me of a friend, who’s a fellow parent and introduced our kids to mosaics during their elementary school years. This friend has a business called Hippy Sister Soap Company, LLC and her gorgeous products can be found in catalogues, on line and in stores across the country.
Here are some interesting facts from the Yahoo Finance article with a survey from Junior Achievement:
Eighty-eight percent of parents would be extremely or very likely to support their teens becoming entrepreneurs when they grow up. In contrast, a mere 30% of teens say they want to start a business, according to a new survey by Junior Achievement (JA) and EY.
They surveyed 1,007 parents of children ages 13-17 and 1,005 13- to 17-year-olds.
“Parents are seeing entrepreneurship as an exciting opportunity, especially because it’s embraced by society. While kids aren’t showing as much interest, this may change as parents encourage them to take risks,” said Ed Grocholski, Senior Vice President, Junior Achievement.
In 2013, startup activity was at its lowest point in the last 20 years. It has gone up for three consecutive years, nearly reaching the peak before the drop during the Great Recession, according to the 2017 Kauffman Index of Entrepreneurship.
Plus, hit shows like “Silicon Valley” and “Shark Tank” make the idea of starting a company accessible and entertaining, at least for parents. And young founders like Facebook’s (FB) Mark Zuckerberg and Snap’s (SNAP) Evan Spiegel have hatched small ideas into publicly traded companies.
Thirty-one percent of teens said their primary concern is that starting a business is “too risky.” Twenty-one percent said that there’s “not enough money in it.” Only 16 percent of teens indicate they have no concerns about trying.
Conversely, 53% of parents have no concerns about their teen starting a business as an adult.
“I do think there’s something to be said about being a risk taker and trying new things. Employers hire people with entrepreneurial mindsets. It’s not just about starting a business,” said Grocholski.
JA is trying to help young students make smart economic choices and realize the breadth of opportunities they have. The nonprofit reaches nearly 5 million students every year in 109 markets across the US. Grocholski said it’s his mission to support teens and continue to encourage parents to take the road less traveled.
We as parents see the world as wide open and believe that our kids can do anything. However, if we’ve been helicopter parents and made a practice of doing too much for our kids, they may lack the interest or belief in themselves as a consequence of our actions.
Also, there are so many studies and stories out there that the millennial generation is not doing the adventurous and often risk-taking things we did as kids. It will be interesting to see where they end up.
Why do you think that kids today aren’t interested in being an entrepreneur?