Six Ways to Raise and Nurture a Young Entrepreneur: A Guest Post

 

By John Hope Bryant

Children are natural-born entrepreneurs. When they're toddlers, they make homemade mud pies and "sell" them to Mom or Dad. As they get older, they start to understand that adults will pay them small amounts of real money in exchange for goods or services, such as a cup of iced lemonade or walking their dog after school.  
 

In 2013, Operation HOPE launched a pilot program in four cities -- Atlanta, Denver, L.A., and Oakland -- to help schoolchildren in underprivileged communities learn the basics of financial literacy and entrepreneurship. In a competition, kids pitch their entrepreneurial ideas to a committee of business leaders, and the winners are given a $500 grant and help in launching their startup businesses.

 

As a result of this "Shark Tank for Kids," Princess, a 6th grader from Oakland, created Sweet Tooth Bakery, which sells homemade cakes and cookies to local shops. Froylan, a senior at Montbello High School in Denver, got funding for Froy's PCs, a computer repair business he runs out of his home. 

 

Their stories, and many others like them, show that kids, when given the education, opportunity, and guidance, can be entrepreneurial successes.

 

Since many schools don't teach financial literacy courses or offer similar opportunities, here are some ways parents can teach kids about money, financial responsibility, and entrepreneurship.

 

Show them how money grows. 

Show your kids why investing in two shares of Nike stock will benefit them more than buying one pair of Nike Air Zoom Flight basketball sneakers. Both cost around $160, but only one of those choices will be worth anything five years from now.

 

Support their natural entrepreneurship. 

A hot dog stand at the school football game, a car-care service, or a lawn mowing job teaches so much more than spending allowance money. When kids start small enterprises, they learn about earning, saving, budgeting, and so much more.
 

Teach them how credit works. 

Kids need to know about credit because it helps them understand how to plan for large purchases responsibly. A kid with little or no money can acquire something she or he really wants. For example, it might involve borrowing money from a parent and then paying off the loan each week with chores after school. 

 

Help them make a budget. 

Teaching kids how to budget gives them a realistic notion of the relationship between work and money, and how budgeting relates so many everyday outcomes, such as having enough for food; school supplies; clothes and shoes; birthday presents;  sports, music, and entertainment; tech toys and devices; and other important parts of kids' lifestyles.

 

Teach them to think big. 

In the most recent Gallup-HOPE Index, more than 87% of youth surveyed believed there was a correlation between how much education they completed and the amount of money they could be expected to earn. Help kids see that the harder they work at doing well in school, the more income and opportunities they'll have later on. 

 

Give them financial dignity. 

Kids who grow up in households where parents live under the constant threat of having their car repossessed or their utilities turned off intuitively see the relationship between finances and dignity. No one should have to make a choice between buying food and paying the rent. Help them understand that check-cashing joints or pawn shops take advantage of people who don't or can't belong to traditional banks or neighborhood credit unions. Help them start a youth savings account, where they sock away $5 a month.

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John Hope Bryant (www.johnhopebryant.com) is founder, chairman, and CEO of Operation HOPE, a nonprofit banker for the working poor and struggling middle class, which provides financial literacy for youth, financial capability for communities, and financial dignity for all. His bestselling book, How the Poor Can Save Capitalism: Rebuilding the Path to the Middle Class (Berrett-Koehler, 2014) builds a compelling economic argument for investing in America's least wealthy consumers--and presents practical, positive solutions, with case examples of individuals and companies doing it successfully.

Guest Post by Kay Winders

Tips for Creating a Successful Writers' Group 

by Kay Winders

A writer's group is a great tool for helping you grow as a writer. A good group can hold you accountable for producing more work, can inspire you to do more and to try new things, and can give you helpful feedback to improve your work. A bad group can waste your time and make you frustrated with the process. If you aren't able to find a writers' group in your area -- or you just aren't happy with the groups that are available -- you can start your own. Here are a few tips to keep in mind to ensure that you create a successful writers' group that helps to support and nurture your writing:

Recruit the Right People 

The most important criteria for your writing group is that you have the right people in it. These should be people who have compatible views about writing and who have similar goals for the group and attitudes toward work. In other words: You should agree about why you're there and what you're going to do while you're there. It also helps if you have similar writing styles. You can find the right people to join your group either through word-of-mouth referrals or through targeted classified advertising on sites like Craigslist or Meetup. Take your time recruiting your members: If you rush and select the wrong people, it could seriously undermine your group.

Limit Size 

Once you have a plan for selecting your members, determine a cap for the number of members you will accept. Large groups benefit from a diversity of perspectives and experiences, but they can become unwieldy and ineffective. Trying to fit too many members into a group may mean that not all members get a chance to share their feedback or to get feedback on their own work. Figure out a good number that works for you based on your goals for the group. There is no right or wrong answer, as it depends on your own personal preferences. However, as a general rule, most groups succeed if they have fewer than a dozen or so members.

Create a Schedule 

Writers may work best when inspiration strikes, but an effective group can't operate on whims. Create a detailed schedule to keep your group on track and to make sure that everyone gets their fair share of critique. Your schedule should include when each writer should submit work to the group and when critique will be given. Be sure to include some flexibility into the schedule. Even with deadlines, some writers may not turn in material when they are supposed to, or extenuating circumstances such as inclement weather or computer malfunctions may mean that a group can't meet or members aren't ready to provide feedback.

Determine Logistics 

You know who and you know when, now do you know how or where? Determine logistical details for your group such as where you will meet, how members will be responsible for distributing work (in person? through e-mail?), and how feedback will be distributed (are additional notes required to be e-mailed? Does a hard copy need to be handed back in person? etc.) Figuring out these details ahead of time will help the group run more smoothly and efficiently so you can focus all your energy where it matters: on the writing.

Set Ground Rules 

Now you're ready to meet. So how exactly will your meetings be run? Will there be an open conversation between writer and readers? Will the writer be asked to give a short reading or to explain some of the thought process behind a piece? Or will the writer be asked to remain silent during the course of the critique, only to respond to all feedback at the very end? Lay out these ground rules for writers at the beginning so you can all be in agreement about how to present and receive feedback. If you don't, the meeting may become a free-for-all that devolves into a rambling conversation or a heated debate. Like good writing, a good writers' group take thought and planning.

Use these tips to create your next writers' group, and you will set yourself up for success so you create a group that helps to support and challenge you as a writer so you can grow and hone your craft. Have you created or joined a writers' group? Share your tips for successful groups in the comments!

BIO: Kay Winders is presently the resident writer for badcreditloans.org, where she researches the best way for people to pay off their debts without damaging their credit. In her spare time, she enjoys freelance writing, the beach and gardening.