Young Entrepreneurs Part #1 - Homeschooling & the Spirit of Entrepreneurship

Eric Ferguson, Medhi Farsi, & Reza Farsi, of State Bicycle.

I recently read an article in USA Today, "Millennial Entrepreneurs Bypass the Unemployment Line" by Ellen Lee  12-03-11.  The story featured three Young Entrepreneurs in Tempe, AZ, (my old stomping grounds) that have achieved great success.

Upon graduation from Arizona State University, instead of sending out resumes for a corporate job, they went into business for themselves.  "It's bleak for a lot of people out there. Jobs are hard to come by," said Mehdi Farsi, 27. But "there is another way to make it right now. You take matters into your own hands."

The three entrepreneurs turned a shared hobby of cycling into a business and began making gear-free bicycles.  In the course of two years, they now have three retails stores and employ 25 people.  Living proof that an entrepreneur makes a job - instead of takes a job.  Young people have been especially hurt by our poor economy.  According to 2010 figures from the Economic Policy Institute, unemployment rates for workers ages -16 to-24 years old is at 18.4% , which is twice that of all workers.

As I read this article I began to think about how important it is for homeschooling families to teach their children about Entrepreneurship.  By the time our children are out of our homes and into the workforce, we have no idea whether the economy will be better or worse.

I also began to think about how the educational values we hold so dear in homeschooling are a direct match with what it takes to be a great entrepreneur.  The traits for each is almost a mirror image.

• While schooled children are taught to focus on problems - homeschoolers are encouraged to focus on solutions and think outside the box. 
• While schooled children are required to follow orders and not question their teachers - homeschoolers are encouraged to ask questions and take risks. 
• While schooled children may be considered cheaters if they collaborate with others without permission - homeschoolers are urged to work co-operatively with others.  (Where there are no assigned grades or tests - there can be no cheating.)
• While schooled children have no idea if  their answers are "correct" until they receive a grade from the teacher - homeschoolers are encouraged to "do their best" without any fear of failing.
• While schooled children must adhere to a schedule designed for the masses - homeschoolers have the freedom to work at their own pace.

Two months ago, one of the greatest Entrepreneurs of the century passed away.  To me, Steve Jobs was the embodiment of  Mark Twain's famous quote - "'I have never let my schooling interfere with my education."

Steve Jobs was a college drop-out and yet he was also the mastermind behind Apple's:  iPhone, iPad, iPod, iMac and iTunes.  Jobs' passion and energy were the source of countless technological innovations that have enriched and improved our lives.

I urge all homeschoolers to take a look at their own family and evaluate whether you might be educating a Young Entrepreneur today... who will the business leader of tomorrow.  Is the next "Steve Jobs" sitting at your kitchen table?

Simon Sinek, the author of  Start With Why: How Great Leaders Inspire Everyone to Act (Penguin Group, 2009), says that for any entrepreneur who dreams of leading like Steve Jobs, they need to have the following characteristics:

1. Clarity of why you do what you do. To have this, you need a purpose, cause or belief that exists above and beyond the products or services you sell.
    
2. Discipline of how you do it. You must hold yourself and your people accountable to a defined set of guiding principles or values.
    
3. Consistency of what you do. Everything you say and do must prove what you believe. Every product that Apple made, all their marketing always communicated the same message: Think Different.

In the spirit of  entrepreneurship, I am dedicating several blog posts this week to this timely and important topic of Young Entrepreneurs.  So, with that, I encourage you to watch this short 2 minute video from the folks at Grasshopper.com - it's a great example of encouraging our kids (and ourselves) on the imporatance of pursuing the entrepreneurial dream.

Entrepreneurs can change the world