By Mahlatse Tolamo
This past weekend was particularly memorable as I had the pleasure of attending my son’s school Entrepreneurship Day. As a mother of a lively five-year-old, witnessing my son and his classmates showcase their creativity, and entrepreneurial spirit was both heart-warming and enlightening.
The event was a vibrant celebration of the children’s hard work, which involved weeks of preparation where they, as a class, designed and created products to sell.
The school was transformed into a lively marketplace, with colourful stalls showcasing everything from handmade crafts to baked goods. The pride and excitement on the children’s faces as they presented their projects and interacted with visitors were truly inspiring.
The day highlighted the importance of integrating entrepreneurship education into primary school curriculum. In South Africa, where entrepreneurship is increasingly vital, early exposure to business concepts is crucial.
The 2023 Global Entrepreneurship Monitor (GEM) report notes that South Africa’s Total Early-Stage Entrepreneurial Activity (TEA) rate stands at approximately 12.3%. If one compares this to other African countries, this figure shows how low the country’s entrepreneurial drive highlighting the necessity for entrepreneurship education to begin at this level. It’s vital to nurture this interest from a young age can significantly impact the nation’s economic future.
Entrepreneurship education fosters creativity and problem-solving skills, encouraging children to think innovatively and approach challenges with fresh perspectives. These skills are not only useful in business but are valuable life skills as well. Additionally, managing a small project helps build confidence and resilience, as children see their ideas come to fruition and learn to navigate obstacles. This early experience instills a sense of accomplishment and prepares them for future challenges.
Financial literacy is a crucial aspect fostered through entrepreneurial activities. By participating in tasks like budgeting and pricing, children develop a basic understanding of money management. This early exposure to financial concepts lays the foundation for responsible financial habits in adulthood. In preparation for their sales day, they created a spreadsheet listing all item costs to assist them during selling.
We provided them with money, and they had to calculate costs and give us change, with their teacher's guidance, of course. It was delightful to see five-year-olds handling transactions with customers.
Furthermore, entrepreneurship education teaches teamwork and communication skills which is essential for success in any career. Collaborating on projects helps children learn the value of working together and developing leadership skills.
In the context of South Africa’s high unemployment rate, which stands at approximately 33.9%, entrepreneurship education is especially relevant. By fostering entrepreneurial skills from a young age, schools are preparing children not only to be future job seekers, but also to become job creators. This approach can contribute to economic development and help address unemployment challenges.
Reflecting on the weekend, the school’s Entrepreneurship Day was more than just a display of youthful creativity; it was a testament to the benefits of early entrepreneurship education. By nurturing their creativity, confidence, financial literacy, and teamwork, schools play a crucial role in preparing children for their future.
As South Africa continues to face economic challenges, instilling entrepreneurial skills early can help create a generation of innovators and problem-solvers ready to drive positive change. Watching my son and his peers engage in this process was a powerful reminder of the lasting impact of such educational initiatives.
Mahlatse Tolamo, Stakeholder Relations Manager at 22 On Sloane. Africa’s Largest Entrepreneurship Campus
BUSINESS REPORT