How to Encourage Your Budding Entrepreneur
A survey revealed that 72% of present-day entrepreneurs were not encouraged by their parents to think of entrepreneurship as a career path. And we know the difference parental support makes in a child’s life. New research shows that 41% of teenagers would choose entrepreneurship over traditional jobs. Without parental support, their entrepreneurial dreams will remain just dreams. Children whose parents support their entrepreneurial dreams feel more confident. Their business is likely to grow faster than those without support.
You have a budding entrepreneur in your household and you’re wondering how to help them achieve their goals? This article shares tried and trusted methods to keep the entrepreneurial spark burning in your child.
Ways To Help Your Entrepreneur Kid
Encourage their curiosity
Before a kid decides to start their own business, they must have had their curiosity around the subject satisfied. When your kids ask you questions about money, how things are made and so on, answer those questions. If you don’t know the answers, find out about them. If you’re an entrepreneur, talk to your kids about your business.
Kids who have their curiosity satisfied are more imaginative, creative and knowledgeable. The entrepreneur in your kid will only surface if they know enough to see themselves as solution providers.
Take them seriously
The biggest mistake a parent can make with their budding entrepreneurs is to dismiss their ideas. Even far-fetched ideas. If you dismiss, ridicule and reject your child’s ideas, you could discourage them from coming up with other ideas in the future.
Rather than telling them off, discuss the possibilities and limitations of their ideas. If they’re way in over their head, guide them to think realistically. It is important to make them feel listened to and supported.
Help them get started
The first challenge for any entrepreneur is turning their ideas into an actual product or service. About 69% of teens with business ideas say they are unsure of how to begin working in it. You are your kid’s first business resource. Whatever your child needs to kick start their business, as long as it is in your power you should provide it.
You could serve as their primary business adviser, chief financier and employee. You could help them do research or provide access to learning tools like online classes. If the resources they need are out of your reach, you could point them in the direction to get them.
Guide them to create a business plan
You can guide your kid entrepreneur through the process of writing business plans for their ideas. For some kids, creating a business plan is fun, others don’t find it so. But writing down their plans and goals is crucial. It provides guidance and seeing their dreams on paper will be all the motivation they need on some days
Help them be financial accountable
Your child will choose to start a business because it seems fun and will provide money for toys. They need to know that they can not spend all their profits. Especially if they want to continue the business long term.
You shouldn’t handle the business finances all by yourself. Get them a book and encourage them to record all the expenditures and revenue. Involve them in the process of calculating the profit.
Help them navigate social media marketing
Social media can be dangerous and parents naturally want to keep their kids away from it. But businesses can not afford to ignore the power and benefits of social media marketing. Introduce your kid entrepreneur to online marketing while teaching them how to be safe online. If you think about it, it’s a perfect opportunity to teach your child to use the internet without much resistance from their end.
Get them a mentor
Successful entrepreneurs usually have other successful entrepreneurs they learn from. According to a 2018 survey, 32% of entrepreneurs have an entrepreneurial mentor. Young entrepreneurs lack business experience and having a mentor can bridge that gap.
Encourage your child entrepreneur to pick out a mentor and if possible you can approach this person on their behalf. Emails, newsletters and online meetings are ways of fostering mentorship if the mentor is a stranger or distant. Also, take them to business events in their industry.
Keep it fun
As adults, it’s tempting to try to take over your kid’s business because you can do it better. But that takes all the fun away for your children. Let your kids run their businesses themselves, help only when you must. Keep the business fun and worry-free.
Do not stir your kid’s business towards more money and away from their interests. As the business grows, it should follow their passion. You should give your kid a chance to reinvent their business as they grow older and their interests change.
Help them build entrepreneurial skills
Being a successful entrepreneur requires certain skills. A lack of these skills sets an individual up for eventual failure. An entrepreneur must know how to negotiate, let your child watch and participate in negotiation with customers and suppliers.
Show them how to build good customer relationships, communicate emphatically and sell strategically. They should also learn management, resilience and other entrepreneurial skills. You can teach them these skills in the course of them running the business.
Conclusion
For 67% of teens who desire to start a business, the fear of failure is their major drawback. They fear wasting the time and resources of their parents. Your entrepreneur kid needs to understand that should their business fail, that they tried makes you proud.