As of 2016, it was estimated that 1 in 18 people worldwide own their own business. This equates to an impressive 400 million people who are entrepreneurs. Often times, the desire to run one’s own business comes at an early age. From becoming a photographer to running a 5-star restaurant, it is a common experience in childhood to dream about one day owning a business.
This is why fostering your child’s passions from an early age is essential for helping them grow and develop these possibilities later on in life. If your child has demonstrated a desire to one day become an entrepreneur, there are fun ways you can teach him or her about this career choice.
Help your child choose a fun entrepreneurial experience
From selling their handmade products online (with a parent’s assistance) to running a lemonade stand, the list of kid-friendly entrepreneurial experiences is endless. Discuss interests that your son or daughter already has, and see what options might be a good fit. From there, check into any necessary permits that are needed, and set up any online accounts required (if applicable).
Create a fun marketing campaign
Once your child has chosen what his or her business will be, it is time to have fun with marketing. No matter what kid-friendly entrepreneurial endeavor your child decides to pursue, educate him or her about the importance of marketing and branding. Have a conversation about what strategies would be most effective for their chosen business (e.g. posters, flyers). Once you’ve decided what types of marketing to use, decide on what colors, images, etc. he or she would like to use in the branding of their business. This is also a good time to think of a good name for the “business.”
Provide a way for your child a way to earn money for their “start-up”
Rather than buying the supplies needed to run your child’s entrepreneurial experiment, create an opportunity for him or her to earn the money to pay for these items. Create a chore list, and assign dollar amounts to each task that can be completed. Once your child has earned enough money from the chore list to pay for the items needed, then you can plan your shopping trip. This crucial step helps your child understand that it isn’t easy to start a business, and that hard work must first be put in to achieve one’s goals of being an entrepreneur.
In addition to the ideas listed above, one of the most meaningful aspects of this experience is to actively participate in it with your child. Even if he or she wants to run as much as possible on their own, have fun during this exciting learning experience. By doing so, you’ll create memories and lessons that last a lifetime.