Kid entrepreneurs: the hidden benefits of growing up with self-employed parents
Children of self-employed parents should be at an advantage to their peers given they can be taught valuable lessons in entrepreneurship. We see how two teens have benefitted from an entrepreneurial environment and how it has changed their lives for the better.
Joshua Sargent, 15, and Edward Canfer-Taylor, 16 are living proof that age is no barrier to entrepreneurial success. Hailing from Ely and Shrewsbury, respectively, the young innovators launched their AI-powered business shortly after completing the Young Entrepreneur Smart Start (YESS) programme, a free initiative by the ActionCOACH Foundation UK. Their story shows when young minds are nurtured with entrepreneurial skills, they can have an advantage over their peers in life and work.
Josh and Edward met during the course and worked together on a business plan. Their idea went on to win the Best Business Plan Award – beating participants on the YESS programme as old as 22.
Fast-forward to January 2025, just weeks after completing the programme and the boys had already launched their own company – PhonAI. The business offers an AI-powered voice assistant service for companies, replacing human receptionists by handling customer enquiries, bookings and other essential tasks – for a fraction of the cost. Impressively, they’ve already secured their first client, with more in the pipeline.
“Josh and Edward’s success on the programme is an example of what’s possible when young minds are given the right support,” said Denise Pitot, ActionCOACH UK’s Foundation and Partnerships Manager.
But the impact of YESS didn’t stop with Josh and Edward’s business launch. In December 2024, Josh became a certified YESS facilitator, now guiding younger students (aged 12-15) through the same programme that helped him succeed.
“YESS was honestly life-changing,” said Josh. “It didn’t just teach me about business – it gave me the confidence to actually go out and start something! Plus, meeting other people my age who were just as ambitious was really cool, too. Now I want to help teach other kids all the great stuff I learnt!”
Why entrepreneurial teens thrive
If you are a parent or family member who freelances or runs a business, could you give a teen a head start?
The benefits of early entrepreneurship are long-lasting and undeniable. Studies suggest that teens who launch business ventures develop crucial life skills, including problem-solving, resilience, and financial literacy. A study by the Network for Teaching Entrepreneurship (NFTE) found that entrepreneurship education increases academic motivation and performance, as well as college and university attendance.
Pitot said, “The YESS programme is all about empowering young people – opening their minds to opportunities they might not have previously considered. Their story surely proves age is no barrier to entrepreneurship.”
Freelancing parents: the ultimate mentors
By nurturing the potential of our nation’s teens and young adults with an entrepreneurial mindset, we can create a generation of innovators, problem-solvers, and leaders. As freelancers, we have a unique opportunity to guide our children on this exciting path. Plus, it gives parents another excuse to spend quality time with their kids. So, it’s a win-win.
As a freelancer, you’re already a master of multi-tasking, self-discipline, and adapting to change. These are invaluable lessons you can pass on to your children. Here’s how:
- Involve them in your work: Let them see the challenges and triumphs of running your own business. Even simple tasks can spark their curiosity and teach them practical skills.
- Encourage their ideas: Create a safe space for them to brainstorm and explore their passions. Help them turn their ideas into tangible projects.
- Teach them financial literacy: Show them your bills and how to budget, manage income, and understand the value of money.
- Connect them with your network: Introduce them to other freelancers and entrepreneurs. Networking is crucial for building connections and finding opportunities.
- Support them in programmes like YESS: Programmes like the one Joshua and Edward attended provide structured learning, mentorship, and a community of like-minded peers.
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Why do A-grade students end up working for C students?
Interestingly, the traditional academic path doesn’t always predict entrepreneurial mindsets. In fact, many successful entrepreneurs were not straight-A students. Why? Because entrepreneurship often values grit, creativity, and practical problem-solving over rote memorisation. They may also question things more than others. This highlights that academic grades do not define future success. In the video below, it is discussed how sometimes students with C grades are able to succeed more in business due to their ability to take risks and learn from mistakes.
