Did you know that a good number of successful entrepreneurs around the world started their journey in business as kids? Warren Buffet the world-renowned business magnate and philanthropist built his business acumen out of selling gums. Daymond John customized pencils for his schoolmates at a fee. Mark Cuban who owns Mavericks started by selling garbage bags. Sir Richard Branson at the tender age of 11 was making money by selling Parakeets to children in his neighborhood.
Why Encourage Kids to Be Entrepreneurs?
Unlike adults, kids have an innate desire to dream and to experiment with new ideas. With the right support, many kids have been able to turn their ideas into profitable opportunities. The path to entrepreneurship prepares the kids for success in their lives, workplace, and future businesses.
Kids learn very valuable life lessons such as:
- How to become more confident which helps develop their public speaking skills.
- How to separate and manage finances, both personal and business. It helps kids to learn about budgets, savings and spending money responsibly.
- How to handle rejection and failure because not everything will work how they had planned.
- How to budget and manage their time as well as how to plan and stick to schedules.
- The essence of accountability to their clients, investors and most importantly to themselves.
Encouraging an Entrepreneurial Mindset
Kids do not have to be born entrepreneurs; we can grow and expose them to an entrepreneurial mindset by:
- Creating a strong support system and encouraging them in their ideas even when they sound so outrageous or impossible to achieve.
- Helping them to identify areas they are passionate about so that they can greatly enjoy running their business.
- Create opportunities for them to make their pitches if they need funding. This will help them to become better in their communication and to understand their business better.
- Creating fun environments that change their regular routines and encourage their creativity to flow.
- Kids are not exempt from the legal requirements of running a business. It is therefore important to ensure that they acquire all the necessary permits and are fully compliant with all the city, county or federal regulations.
- Help them to create business plans and to understand their value propositions so that they are better able to sell their services to their clients.
Simple business ideas great for kid entrepreneurs
Whilst different kids may have different interests, below are some ideas that can spark or build on their entrepreneurial desires:
- Prepare and sell art pieces such as drawings, postcards or portraits.
- Learn how to crochet or knit scarves, hats, and
- Collect items for recycling and make products out of them.
- Bake cakes or cookies or prepare lemonade for sale.
Prepare Children for a Successful Future
Kids who engage in entrepreneurship gain several relevant life skills that never depart from them. The skills become relevant in all spheres of their lives – school, home and even in their careers. Adults have a big role to play in helping the children to take chances, make mistakes and learn from them and above to enjoy the process. It is never too early to raise kidprenuers!
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