For our first post of week 8, we were assigned to watch the following TED Talk by Cameron Herold where he discusses the concept of training kids to be entrepreneurs. We were to share our reaction, thoughts, opinions, things we agree or disagree with about what we heard and saw on the video.
I found this entire TED talk to be a familiar concept to me. As I was listening to him share his life story, I recognized myself in his story. I grew up in a household that embraced the entrepreneurial spirit. My dad did everything he could do to not have a boss. He started his own businesses, he did every network marketing business you can think of from Amway to Meleluca to Destiny Phone Cards. When I was 8 years old he had me standing at a white board in front of a group of people drawing circles and presenting the Amway business…..8 years old.
As Mr. Herald was sharing his life story, I recognized myself. I was raised to be an entrepreneur just as he was. And I have done it. I started my own business as a massage therapist and was very successful until I decided that the physical demand of that particular business was not what I wanted to continue doing. During those years, I developed that business and did all of my own marketing. I had a brand and my business was professional. I learned all of that from my dad because he trained me to be an entrepreneur.
“Allowances teach kids the wrong habit. Allowances by nature are teaching kids kids to think about a job. An entrepreneurs doesn’t expect a regular paycheck. Allowances are breeding our kids at a young age to expect a regular paycheck. That’s wrong if you want to raise entrepreneurs.”
I felt very validated when Mr. Herold made that statement. This is something that we have embraced with our kids. We are training them to become entrepreneurs. We don’t give them an allowance, we pay them commission. We give them a job to do and if they do it well, without complaining, we pay them for it. My kids are 5 and 6 years old and they come to us begging for something to do so that they can make some money. Then they take their money and split it up between three jars: save, spend, and give. We want our girls to learn financial management from an early age and this is one of the ways we are doing that.
I loved this TED talk and I think there are some amazing ideas introduced in it. Entrepreneurship is one of the foundations of this country and we should definitely be teaching our kids how to embrace it and become entrepreneurs.