Sara Says: Encourage Your Young Entrepreneur

Young Americans Center for Financial Education YouthBiz Leave a Comment

Know a possible young entrepreneur?

Know a possible young entrepreneur?

We all love making money, right? As adults, we have different ways of doing that through maintaining steady jobs, contract work, and entrepreneurship. Kids, however, tend to rely on holidays, birthdays, and parents for their money. Why not have your kids earn their own money?

Start encouraging

To encourage entrepreneurship in your child, it’s important to have him/her think outside the box. Kids are inherently creative and more comfortable taking risks, which gives them a distinct advantage adults may not enjoy. Use the following questions to help your child brainstorm:

1. What am I good at? What skills do I have?

2. What types of activities do I enjoy?

3. Do I want to make a product or provide a service?

Some of you will find your student struggling to think of ideas. If that’s the case, don’t worry! Embolden them to look at how their lives would be better. Do they want someone to do their chores? Maybe other kids would be willing to pay. Could they create a game to teach math to younger kids?

Get going

Once your kiddo has come up with some sort of idea, it’s time to put together a plan. I’m not referring to a full-blown, fifteen page business plan (unless you have an ambitious child); a simple guide will suffice. You can find a great one here.

In this video, I also recommend by favorite books to help aspiring business owners get started.  Watch here:

Take action

While we’re on this topic, I want to make sure you’re all aware of our Young Entrepreneurs program, which helps kids as they go through this process. If you’re interested in assistance, please email Maura McInerney here.

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