As Black Parents Are We Teaching Our Children to Be Consumers or Entrepreneurs
7 Tips for Creating Future Black Entrepreneurs:
As a mother who enjoys budgeting and saving money. I try to teach my son these same financial values. So when he asked if there are many black-owned businesses, he caught me off guard. I realized that I was so busy explaining to him about saving money, but not nurturing him to make his own money. I did name to him prosperous black owners from the past and present such as George Washington Carver, Garrett A. Morgan, Fred Luster, Sr., Daymond John, Sean John Combs and so on. I even talked about my business and very two successful black companies in our hometowns such as Magnolia BBQ and Fish and Yolaine’s Enhancing Skincare. Soon, it dawned on me the list for Black entrepreneurs in America ran short in the global business arena.
It has come to term that America is a consumer driven economy, and blacks are leading consumers in this cycle. The reason for this is because as blacks we tend to spend money on material goods that illustrate our wealth such as clothes, shoes, and cars. As Black people in America, we are keeping big businesses like Nike, Michael Kors, Ed Hardy in operation and not investing more in Black-owned businesses. I read an article published by Kenney (2016) called “Number of Black-Owned Businesses Grow, But Still Lags-Behind Growth of Other Groups.” She discussed how “Black Americans account for roughly 12 percent of the population, yet own just 3.3 percent of businesses less than two years old. The numbers were even more dismal in 2014 when the annual census survey reported that Black-owned businesses made up just 2.1 percent of the nation’s companies with at least one employee.” It was to my surprise I could relate because I own my business and I'm also the only employee.
Now, is the time for us as black parents to change these demographics for the sake of our present and future generations. How? By promoting innovative thinking which leads to innovative creators.
The 7 Tips for Creating Future Black Entrepreneurs:
1. Teach our children how to be risk takers.
Why? We are so fixated on penalizing mistakes. It’s okay for children to make mistakes. Mistakes are a learning process. Just do not let them get in the habit of making the same mistakes over again.
2. Teach them how to be a team player.
Everything is not a competition. In today’s world, people mostly work in groups.
3. Create ways they can make their own money.
Such as fundraisers, lemonade stands, and candy drives.
4. Instead of buying them everything they want and not need….
Allow them to give at least three validating reasons the importance for why they want the item(s). It teaches them how to sell an idea or product.
5. Allow your children to watch how you run your business or create products.
If you work for a company, explain your title and duties.
6. Invest in their ideas.
Even if it is just listening to them. Time, is an investment.
7. Play business-oriented games
Such as Monopoly, Lean Start-Up, Go Venture and Know Opportunity. These games will teach them ethics, values, responsibilities, and good decision making.
