Being an entrepreneur is not only about starting a business. It’s also about having the mindset of an entrepreneur, which can be taught to kids at any age. There are many ways you as a parent can help your child better understand business or start on their journey to success using their hobbies as starter ideas.
Step One: Teach your kid how to market themselves. Every kid has a skill or hobby they are good at, and they need to understand that this can be their own business one day. They need to know about self-promotion from an early age because as soon as they learn something new, the question of “how can I make money from this?” will come up.
Step Two: Teach your kid about peer-to-peer selling as a way to market themselves and practice what they learn in step one. Teach them that it is always better to ask for referrals rather than going out on their own with little or no knowledge of the subject at hand.
Step Three: Teach your kid how to ask for help and feedback from their peers, teachers, and family members.
They must understand early on that there are many people out there who may have more experience in a certain field than them at first, so being able to take advice will be an essential skill as they grow.
Step Four: Teach your kid how to solve issues that come up when they are working on their business idea.
When you teach them these skills early, it will be easier for them to work through any problems that may arise with their future clients or customers as well.
Step Five: Help your kid set goals and milestones for their future businesses.
Whether it is to save up enough money to buy the materials they need or simply saving $20 every week so that when they are older, they can invest it in a new business idea of their own.
Step Six: Teach your kid how important financial literacy will be when working with other people, especially if they are looking to work with larger companies.
Step Seven: Teach your kid the importance of networking and how it can lead to new opportunities or resources that may benefit them in their business ventures later on.
It is important not only for kids but also for adults so they know who’s out there, what they’re doing, and how they can help each other.
Step Eight: Teach your kid how to manage their money and save up for the future as well as invest in new business ideas or products/services that may be of interest to them one day.
They should always have a backup plan (savings account) and understand where and what they spend their money on, and if it is worth the investment.
Step Nine: Teach your kid about entrepreneurship-based courses for kids that are available online that they can join or suggest adding such a class to their schedule so they have more of an understanding once they eventually start doing this full-time or possibly working for an entrepreneurial company as an intrapreneur.
Step Ten: Learn about other Kidpreneurs and what they are doing to learn and succeed in their businesses.
This way, they can see what other Kidpreneurs are doing and learn from them as well as the older kids that might be mentors or just some of their peers who have more experience than they do at this time.
Step Eleven: Teach your kid how to work hard on something they enjoy and not give up when they hit a wall.
This will be the most important lesson to teach them throughout this entire process, because no matter what Kidpreneurship course you take or how much help you get from others, it is going to require hard work and determination for your kid’s business idea to turn into something profitable. Support their successes but more importantly, redirect their failures into seeing new opportunities. Coach them when they fail or have set-backs to always bring a set of optimistic eyes to the issue to find opportunity.
As a parent, you will inspire entrepreneurship by fostering the emotional and confidence skills your child will need, such as effective problem solving, and a positive attitude toward failure. You want to allow kidpreneurs to brainstorm. Some of the best products come from the wildest ideas, so don’t put your parental brain limitations on your kids, let them dream BIG.
Part of innovation involves creativity by seeing that problems can have multiple solutions.