How to Instill Entrepreneurial Spirit: One of the benefits of living in today’s society is the ability for anyone to start their own business and use their ideas and talents to build their own wealth. Many students spend their entire academic career preparing to enter the workforce where they can be employed by someone else and earn a salary. While that is a respectable goal, schools can seek to open their students’ eyes to other avenues to financial stability, such as owning their own business. Although business ownership always come with risks, it also comes with the reward of financial independence, the freedom of being your own boss, and unlimited growth potential.
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School administrators who are truly interested in teaching their students financial literacy, must include business lessons in their curriculum. These lessons should cover essentials such as creating a sustainable business plan, understanding the differences between an LLC and a sole proprietorship, marketing, and budgeting. Schools can even consider offering after school business clubs that allow students to work together to form their own business while receiving mentorship from business owners in the community. Schools that offer academic scholarships to graduating seniors, might also want to create a business scholarship to support and encourage their business minded students.
Educators can work alongside their kid entrepreneurs to help give them the foundation they will need to be their own boss, achieve financial freedom, and build successful businesses in their communities.