We have come to a point where human knowhow and skills have expanded in depth and breadth - and for us to participate in an economy dictated by these, we have to pursue a high degree of specialization.

So what does this mean to parents? Amidst all the talk and attention given to exams and grades, knowing what the future economy entails is important so that parents are able to start off their young on the right path of specialization, which means that they have to realize the kind of TRADE their children will want to go into and the SKILL sets that are required to get there.

In this aspect, one of the most interesting insight is the fact that while different trades require different skill sets to be learnt at a young age, the value system that needs to be nurtured remains the same. This value system revolves around focus, discipline, dedication and hard work. These qualities enable a person to acquire and master a skill to the level that they are able to not just compete in a highly advanced economy, but also stand out among their peers in their chosen area of specialization.

Not having a productive skill to work on at a young age will nurture the opposite thinking/behavioural patterns, one that is based on idling, swimming in vast pools of knowledge and training without actually acquiring any expertise, taking chances and being dependent on handouts. In the advanced, 8 billion population kind of economy we are heading to, lack of expertise will mean that our young will be queing up as general labourers with very generic skills that will fetch zero margins in the labour market. It will also mean that future entrepreneurial ventures by these people will be beset with challenges and failures arising from the lack of the required expertise as well as values that are critical in achieving entrepreneurial success.

This is hence the time for parents to take stock of the changing environment, the challenges in the labour market and the complexities in the economy and merge these with the interests and abilities of their young to create a learning pathway that gets them ready to be masters in their chosen trade. Instead of pursuing generic education pathways that put everyone back at the same starting point upon graduation, parents should look into training their young in more specific subjects/areas of skill and provide exposure and knowledge into this areas so that they get a headstart when they start up.

More importantly, choosing a skill at a young age and getting the young to work on these skills will ensure that the value system necessary for long term economic survival (based on a high level of focus, discipline, dedication and hardwork) is nurtured and instilled for life because it takes all these values to perfect a skill. At the end of the day, regardless of cycles of growth and stagnation, waves of booms and busts, and regardless of advancements in technologies and lifestyles, the right value system will enable our young people to continuously learn, work hard, innovative and persevere against challenges in any new environment, ensuring that they become successful, economy-wise in the long run.

Here's a video discussing this topic in more detail.