If you think your child is too young to become an entrepreneur, think again. How old were you when you had your first lemonade stand? Chances are you were still watching cartoons.
That’s why it’s never too early to teach your kids entrepreneurship. The lessons you teach them now will plant a seed that could lead them to become the owner of the next Fortune 500 Company.
If you’re not sure why your child should learn entrepreneurship skills, consider these benefits:
1. Builds Confidence
In order to run a business, you need to believe in it and in yourself. The confidence-building skills learned through entrepreneurship are ones your child will carry with them their entire lives.
2. Sparks Creative Thinking
You need to think out of the box if you want to be a successful business owner. What better way for your kids to start than with a business they can call their own? They’ll take pride in what they’ve created, leading them to come up with all kinds of ways to make it boom.
3. Helps with Social Skills
A person who is successful in business is also often labeled as a “people person”. You need to get out there and sell your product and let people know why they need it. Not everyone is born a social butterfly, but when you become an entrepreneur, you learn quickly that you need to be if you want your business to fly.
4. Teaches Perseverance
It takes patience and perseverance to see a business thrive. Kids learn that through entrepreneurship. Guess what? They’ll need that skill throughout their life because we all know there are many, many bumps in the road.
Aren’t those all qualities we want our kids to have? As you nod your head yes, you’re probably wondering how you can get that entrepreneur ball rolling. Since we’re not all born Mark Zuckerberg, we could use some tips to get our kids going in the right direction. If you want to start teaching your kids about entrepreneurship, here are some ideas to get your wheels moving.
Step 1: Decide on a Product or Business
If you’ve ever watched the show “Shark Tank”, you know that all of the ideas presented by the entrepreneurs began with someone realizing that there was a problem that needed to be fixed.
As you begin to teach your child about entrepreneurship, this is one route to take. It doesn’t need to be an invention to fix the largest problem in the world. Some of the best inventions and businesses begin from something simple. Who better to find some of the simplest and most obvious things than a child? As adults, sometimes we try too hard, missing what’s right in front of us. Opportunities float right past us because we’re too busy looking for what’s next.
Ask your child what are some of the problems they see. Once they’ve identified something that gives them that “ah-ha” moment, it’s time to think about how they can improve the situation.
Also, consider buying a Boss Club business kit that has everything needed to start a real business. Choose from products like homemade dog treats, luxury bath bombs, or gourmet cake pops. Each box comes with all the raw ingredients, packaging, advertising materials, and 40+ page guide to get them started.
That’s one route to take, and here’s another that can work as well:
Step 2: Let Them Find Their Passion
Perhaps your child doesn’t want to invent anything new but just wants to start a business making or doing something they love. As they discover their passion, they’ll want to pursue it and watch it grow. If your child loves what they do, they’ll have that drive to work even harder and make it a success. Many people say it isn’t work if you love what you do!
Here’s one example. If they want to run their own cupcake business, ask them what they would do to make themselves stand out among other cupcake shops. Anyone can make a cupcake. Why would people want to visit their shop over the others? This hook will help them market their business and become successful.
Step 3: Help Them Develop a Vision
Every successful business person has a vision. This vision will help guide them in their business. Yes, even kids can have a business vision. Do they hope their business will solve problems? Make people happy? Change the world? Whatever it is, teach them that in order to have a successful business you need to have a vision and goals.
Many people will set up a vision board of their goals, or at least write them down. This is something you can help your child develop. Seeing the goals in black and white can help kids not only pinpoint what they are but also give them a sense of accomplishment once they reach them…and they will!
Step 4: Explain the Value of Money & Price Point
A big part of the entrepreneurship puzzle is learning how to price your products so that you make money. This is something that even adult entrepreneurs struggle with. That’s why it’s important to keep it simple. Give your kids a crash course in profit margins. Help them figure out how much it costs them to make a product so that they can price it enough to make money.
There are no hard rules about setting a price. But, according to Entrepreneur magazine many retailers set their prices using a 50% markup. So if a product costs three dollars to make, they’re going to sell it for six dollars. You can help your child decide if that’s right for their business. Some may want to lower the markup while others may be on board with 50%.
Shameless plug: The Boss Club curriculum that is included in every box has a thorough entry-level explanation of pricing and profit calculations. Read more about the curriculum here.
Step 5: Let Them be Problem Solvers
When a problem arises and you’re the boss, it’s up to you to solve it. There’s no one else who can do that for you. All entrepreneurs learn this, even pint-sized ones.
Instead of trying to bandage every problem that your child encounters, step back and let them figure out how to solve it. As a parent, this can be hard, but you may be pleasantly surprised at what they come up with. Many times parents don’t give kids enough credit or the opportunity to figure things out on their own. Since a big part of entrepreneurship is problem-solving, it’s good to teach them young. Besides using these skills in their business, they can also use them in everyday life because problems are everywhere! Solving problems can also come in handy in the classroom setting and with school work.
Step 6: Instill the Importance of Hard Work
Entrepreneurship is a marathon, not a sprint. The sooner your child understands that the more successful they’ll become. Being an entrepreneur takes hard work, dedication, and patience. While many kids have the hard work part down, it’s sometimes harder to remain dedicated and patient. Teach them that many businesses do not become overnight successes. You have to put the work in and wait for it to pay off. Unfortunately, some entrepreneurs fail at this and never see their businesses reach their fullest potential. But, with guidance from you and enough patience, your child can see their new business thrive.
Step 7: Let Them Meet Other Entrepreneurs
What better way to learn how to become an entrepreneur than to meet one? Explore your community and your network of friends. There’s bound to be an entrepreneur or two in the bunch. Set up a meeting so that your child can not only see the person’s business but also ask questions about how they made it a success. Chances are their story will be full of ups and downs, but will also inspire them that anything is possible and that they can achieve their dreams. Perhaps they can even shadow the entrepreneur to see what a day in the life of one is really like.
Step 8: Get Them Involved in the Community
A big part of entrepreneurship is also being involved in the community. Ask your child what types of activities they enjoy so that they can volunteer some time helping those groups. If they’re big animal lovers than perhaps they can volunteer some time at the local animal shelter. Successful entrepreneurs often give back to their community. As they volunteer their time, they can also meet new people which can always open up new doors.
Step 9: Get Your Child the Tools They Need
Once you’ve gotten their wheels turning, it’s time to get your child the tools they need to make their business a reality. A Boss Club business kit is the perfect choice because it comes with everything they need to start a business. They’ll get a complete guide that will walk them through everything from naming their company to marketing their product. They’ll also get ingredients and materials needed to make enough products to get them started. Advertising flyers, thank-you notes, and coupon cards are also included. As your child’s business expands, you can also purchase refill kits to keep them thriving.
By giving your child all the lessons and tools they need, you’re contributing to the next wave of entrepreneurs as they become their own boss.