Lots of kids show an interest in pursuing entrepreneurship from a young age. Perhaps they take after you or other family members who run businesses. Perhaps they were just born with a curiosity for business.
Like any other interest or talent, an entrepreneurial spirit is something that can be nurtured even from childhood. It doesn’t have to be just Little League and dance classes.
Here’s how you can cater to your child’s interest in entrepreneurship.
1. Keep It Fun
Before anything else, remember that your child is just that – a child. While kids can and should learn about entrepreneurship, they shouldn’t be burdened with the constant pressure to make money. Their health and schooling should remain the top priority. Frame their pursuit of business as simply a fun extra-curricular that might make them a little pocket money.
Placing pressure on children to make money might cause social and emotional issues in the long run.
2. Teach Them Basic Money Skills
The end goal of any business is profit, or at least breaking even. It’s important that your kid learns how money works before they rush to open up a lemonade stand or a lawn-mowing business.
Depending on their age, teach them the basic skills they need to handle money. If your kid is in elementary school, you could teach them the value of cash and how to save. A middle schooler is old enough to learn about profit, loss and budgeting. A teen is old enough to learn the basics of bills, debt, credit cards and your local labour laws.
Related article: Start a Business with Your Kid: 6 Ways to Teach Them to Be an Entrepreneur
3. Teach Them How to Research
Your child needs to know that a successful business needs a lot of research to set up. The type of business, the location, the target market and more all need careful consideration. Emphasize that since this is their business, they need to learn how to get some information on their own. Mom can’t teach them everything.
Teach them how to make use of resources like the library, regulated internet, teachers, friends and family to learn new information. Teach them how to fact-check and not believe everything they hear.
4. Help Them Get Hands-On Experience
Anyone in business will tell you that many skills can only be learned through experience. Whenever possible, let them get some simple real-world experience.
Let younger children hand over money at the cash register for you so they learn how to count change. Older kids can make budgets for grocery shopping. Eventually, you can have them experience a real business. If you’re an entrepreneur yourself, have a few take-your-kid-to-work days. If not, they could tag along to the business of a trusted family member and watch the work processes. If you have a teen, help them find an age-appropriate summer job or internship to really grease their elbows.
Related article: Kidpreneurs that Rock: Zoe of Cakes Fly Dyes
5. Teach Them How to Handle Failure
Entrepreneurship is, by nature, is a risk. Millions of businesses fail every year, and your child’s may be no exception. Talk to them about realistic expectations. Nobody becomes a successful entrepreneur without falling down a few times. Since the stakes are low when they’re young, they can afford to take some business risks. Mortgages and employee wages are still far into their future.
Don’t forget to show empathy. Even if the stakes are low, a failure could still be a big deal to your child. Validate their feelings but teach them failure is acceptable and necessary to grow. Let every hurdle be a chance to learn a new lesson.
At The End of the Day,
Entrepreneurship is a great way for your child to learn some life skills. It may even be the beginning of their future career. Nurture their interest as far as it goes, but don’t forget to let kids be kids.
What business is your children interested in starting?
Cynthia Kinyera is a freelance writer specialising in women’s wellness. She uses her easy-flowing prose and digital marketing skills to craft engaging high-converting content. Find out more about her work at cynthiawrites.com.