Today’s entrepreneurs are starting businesses at a young age, and some have managed to establish their own companies while they’re still in primary school.
There’s Maya Penn, who successfully launched a sustainable jewellery business called Maya’s Ideas when she was just eight years old.
Then there’s seven-year-old Ryan, who reportedly made $31 million online due to the success of his YouTube channel RyanToys Review. These kids prove that age doesn’t equal success as they were able to turn their ideas into thriving businesses.
If your child is thinking about launching their own business venture, you’ll need to teach them how to properly plan and manage it so their efforts will be rewarded in the future.
Moreover, they’ll need to develop certain skills in order to make it in the competitive business world. Here’s a guide to teach children about entrepreneurship.
Teach them to seek and recognise business opportunities
Your child may think that starting a YouTube channel may be the only way to launch a business during these times. However, teaching them to seek and recognise opportunities can help them to create a product or a service that may become essential to your community.
For instance, if there are lots of dog owners in your area, your child may want to consider starting a dog walking or dog sitting service. Or perhaps, they can start a school supplies delivery service to all home schoolers living in your neighbourhood. Encourage your child to find out what your community needs and from there, they can create a business plan to start their own venture.
Paying attention to every detail
Planning a business means paying attention to every detail to make sure that operations will go smoothly on a daily basis. For instance, before opening a restaurant, seasoned restaurateurs know that apart from having a good menu, the overall theme and decor can also have an impact on its success.
Moreover, they also know that having various seating options for individuals, families, and couples can also help to attract and retain customers.
Your child may not be ready to open a restaurant or a food truck right now, but even if they’re starting small with a lemonade stand, they need to plan everything down to the last detail, from where to buy their ingredients, to having an ample supply of cups and ice everyday.
Teaching kids to pay attention to the smallest details helps them to think ahead so that business-related problems can be prevented even before they occur.
Let them set long-term goals
Some kids put up small businesses with short-term goals in mind. Perhaps they just need to have regular pocket money, or they’re saving up for that new gaming console that’s out in the market. But if you think your child has bigger plans for their business, help them to set realistic, long-term goals, and make sure that they’re time-based so that they’ll be encouraged to meet them.
Perhaps they may want to grow their bead jewellery business by opening an online shop after six months, or maybe they’d want to invite their siblings or cousins to join their dog walking business so they can expand the business beyond your neighbourhood.
Have your child write down their goals, and once they’ve been met, celebrate your child’s success so they’ll be encouraged to keep up the good work.
Learning about entrepreneurship can help your child become responsible, resourceful, and independent while they’re still young. Encourage your child to hone their entrepreneurial skills and be there to support them every step of the way.