Today's children and teenagers haven't a chance of following in Warren Buffett's footsteps unless their parents encourage them to take some risks, writes Alex Owens
LONG BEFORE HE became the world's richest man, Warren Buffett was possibly America's youngest entrepreneur. At the age of six, he rented pinball machines and placed them in barber shops, and sold Coca-Cola, making five cents on every six-pack. When he got older, he bought a car for $300 and rented it out for $30 a day. At the start of this year, he was ranked by Forbes magazine as the richest man in the world. He claims that his childhood business ventures taught him the vital lessons he still applies to his investments today.
So what happened? When was the last time you heard of a six-year-old entrepreneur, or a 12-year-old one, for that matter? You'd think that the example of the world's wealthiest man would be enough to win over parents, but no. Rather than encouraging Buffett-esque innovation and enterprise, some 21st-century parents are placing their kids in protective bubbles until they decide the time is right for their "child" to experience the real world. The result: programmes like I'm an Adult, Get Me Out of Here and a generation that doesn't know how to put on a wash.
Dr Patrick Ryan, an Irish psychologist specialising in children, argues that "good, responsible parenting involves letting teenagers make and learn from their mistakes, while being involved and knowing what they're up to".
Lenore Skenazy sparked a national debate in the US when her article, "Why I let my nine-year-old son ride the Subway alone", appeared in the New York Sun. She became a minor celebrity when she appeared on a MSNBC talk show called America's Worst Mum? to explain her parenting ideas.
In response to divided opinion, Skenazy has set up www.freerangekids.com. The site contains comments from hundreds of parents and concerned bystanders. Some are supportive: "Rock on! I don't even have kids, but I think you are right on!" Others are disgusted at her laid-back approach: "You are giving dangerous advice and gambling with your child's life."
Dr Ryan says that "every parent takes a gamble, and 99 per cent of the time, that gamble pays off". However, he concedes, "the society we live in does not allow, for example, children to play unsupervised in the playground".
Both Skenazy and Ryan identify the 24/7 news culture as a contributing factor to parental over-protection. "We now have direct access to the latest tornado, terrorist attack or abduction 24 hours a day," says Ryan. "We need to accept that we can't control the world, but only influence the community around us."
But beyond parental influence, how hard is it for kids, especially teenagers, to take responsibility for themselves in the workplace? Not very, it seems. In Ireland, for example, teenagers can work during the summer from the age of 14, provided they have at least two weeks' holiday. Over-14s can also work part-time during the school year, while work for a family business or farm is also allowed. But not every employer knows this - when I tried to get a job in a supermarket, I was told I was too young. It's frustrating because I know I'd be well able to work there.
Some teenagers find work through relatives. "My auntie owns a shop, so I got some work there. I really enjoyed it, and I prefer spending money I've earned myself," says 16-year-old Claire.
In terms of starting a business or following Buffett's footsteps, the law doesn't forbid it. Fortune favours the brave, and if your teenager wants to take the risk, Ryan recommends that you "give them the freedom and space to express and explore" (though perhaps not your credit card). The question is: do teens want to take the risk? Buffet's net worth of more than $62 billion might tempt them.
• Alex Owens is the editor of WTF?, the winner in the Junior category of this years Irish Times School Mag awards