Ways to Help Your Kids Start their Own Business

It’s that age old question that your children are asked in school, “What do you want to be when you grow up”.  Many times you hear doctor, lawyers, actor, athlete, and so on.  All great careers in their own rights but what do you do with the young entrepreneur?  What if they don’t see an example of what they want to do?  Here is how you encourage the children that desire to take a different path then what their classmates or school system may show them.

Having your own business is becoming more common in today’s society.  It offers more freedom and time to do the things you really want to in life.  So why not encourage that in your kids early on.  There are virtually limitless opportunities for them to do anything they want to.  As a parent, you have an awesome role and responsibility to nurture that gift inside them.  Help them to be free to pursue their hearts desire.

Here are 5 ways to encourage your kids to start that business that’s inside them.

  1. Let Them Explore

You can tell early on what type of things children enjoy doing.  Any activities that they enjoy pay attention to those things and look for avenues to develop them in those areas.  Allow them to be themselves and pursue their passions.  Of course as long as it’s not destructive.  The goal is you want to allow their creativity to flow freely.  Let them explore ideas and see what it takes to accomplish those ideas.

You children will need your help getting started.  Show them how to research and ask questions.  There are tons of videos and information available on the internet.  Subscribe to YouTube channels or search websites in line with their business interest.  Help them but don’t do all the work for them.  Allowing this freedom will boost their confidence and motivate them to keep developing ideas.

2. Help Them Set Goals

Your children may have tons of ideas.  Help them focus and get things done by setting realistic goals.  If they don’t feel that things are getting done they will give up and try something else.  They tend to get bored quickly and if they don’t have markers to measure their success it can be difficult to keep them focused on a particular idea.

Setting goals teaches them the discipline and importance of planning.  Not to mention how much it will cost to implement their ideas.  They may have to do extra chores or find other things to earn money for their idea.

Productivity Center has information on how to set effective goals.  Check out the following article for assistance on goal setting with the kiddos.

3. Encourage Them

Make sure that you constantly encourage them.  Children think highly of parents and often do things to please them.  If they know that they have your support it will help them soar.  You may think the idea won’t work or it is a waste of time, don’t tell them that.  Encourage them and tell them that they can do it.  They need to hear this from home because anytime you’re doing something new you have doubters that speak out against what you’re doing.  If you’re not motivated in your mind you may quickly give up.

Tips:  Money Crashers – How you encourage your kids to start a business.

You have to give them the opportunity to learn and discover their strengths.  As a parent you may already know your children’s skill set and things they will be great at.  You can encourage them in that as well.  Train them in a way that they can grow in their strengths.  Also get in a habit of saying daily affirmations with them.  Mental toughness is crucial in life.  They will need it to fuel them in rough times of life and business.

4. Find Them a Mentor

It will be great for you to find someone in your child’s area of interest.  A mentor could show them the ropes, what works and what doesn’t.  Let’s face it; sometimes children take tips quicker from others than their own parents.  Don’t take it personal.  Use what works.  You find a mentor that will have your child’s best interest at heart.

According to a blog from CNBC kids think their parents don’t know what they’re talking about.

5. Open a Bank Account

Set up an account where they can see their earnings.  As their business grows and generates income they will have the opportunity to see the fruits of their labor.  That would motivate them to keep working to reach their goals.  Another reason for opening an account is to have all business expenses come out this account.  They will learn important lessons on budgeting and saving.  Although you may start them off with funds they need to begin a business, they will need additional funds to keep the business going.

This is a great opportunity for you children to learn about money managing and investing.  Forbes Magazine offers many good tips on how to propel your children forward in business.

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