1. You own a shoe shop. You buy shoes at $10 per pair, and sell them at $20 per pair. Your shop rental costs $1000 per day. How many pairs of shoes do you have to sell before you cover the cost of your shop rental?
2. One worker can work 10-man hours per day. It takes 2 hours to produce a pair of shoes. How many workers do you need to produce 100 pairs of shoes in 4 days? How about in 4 hours?
We may gotten it all wrong when we talk about teaching entrepreneurship to our youth.
Entrepreneurship festivals, talks and courses for youth are all well and good, but we need to aim younger. A lot younger. The thing is, we first need to teach simple money management and business concepts to children as young as those in primary school. And it only takes simple tweaking of the existing curriculum to do so, if we just change our teaching materials and classes to incorporate questions like those above instead.
The only problem is, the Singapore education system, and our educators, may not exactly be among the most entrepreneurial.
Change this, and we may yet see a whole new generation of entrepreneurs.
1. 100 pairs;
2. 5 workers, 50 workers.