You don’t want your kids to spend their free time on something unworthy. You don’t want them to be indulged in Video Games, TV or complain that there is nothing to do? Try to include them in some business ventures. Starting a business leads them to valuable life experiences, and deploys practical knowledge and skills among the children. They will look out for problem-solving, money management, and communication. If making money is your priority, then lookout for a short-span job rather than a business. But if your kid shows interest in business then here are a few ideas on how you should motivate them to start.
Help them pursue their interest
It is a must that your child be interested in whatever he is doing. Otherwise, he’ll be back to basics if he does not enjoy doing it. Find something the child is passionate about and comes forward naturally instead of being forced.
Ask them to find out some business ideas. If the child can not do so, ask them to make a list of their favorite things. If pets fascinate him/her, s(he) can look for a pet-walking or pet-sitting as an initial business option. S(he) can hold acting classes for kids in the neighborhood. Can take singing or dancing classes or design a website. If the child is creative then, s(he) can make portraits or candles and can sell them online. It is okay to go out of the box. Hold out against the thought that this particular idea won’t work, or nobody would pay them for this work. All that matters is the process and the experience your children get doing all this stuff. And the result does not necessarily mean so much at this point.
Set a goal
Let your child study about the business he/she is going to start and all that he/she requires. Let them gather all the nuts and bolts to turn this idea into a reality. Tell them to write down everything, including financial goals and anything s(he) wants to learn. This will be fun and will challenge the kid to work for the goal in the desired time. For example, if s(he) is planning to take music class, what instruments would s(he) require, what things s(he) needs to focus on to teach. If s(he) is going for pet-sitting, should s(he) take a first-aid kit beforehand?
Introduce Money Management
Setting up a small business is a great way to teach kids about money management. Make them aware of some complex topics like calculating gross profits and managing overhead expenses. Ask them to keep track of all the expenses and income.
Kids would require some funding to kickstart their business. Ask them to prepare a complete list and calculate the expenses. Promise them to give funds only when they agree to include portions of pocket money or allowances. To make them more aware of the funding and financial aspects of the real world, hold a meeting. Tell them to write down their ideas and pitch for an idea and outline the needs. In this way, they will not only understand the actual concept of business fundings but also think creatively on how to convince the investor.
Upgrade their communication skills
Being fluent and effective in communication skills and being a good listener are the most prominent skills an entrepreneur should have. Help your child in developing these skills and ask them to explain their business idea to you with all the key points included. Tell your child to value every opinion and listen to every person. Giving respect and value to everyone is a must. Tell them to think silently about the queries raised by someone and find solutions to them.
Tell them its okay to fail sometimes
Being an adult, you understand that failure is inevitable. Success comes after many failures, but the individual has to be motivated and never stop. Kids can be discouraged by seeing their failures. Being a parent, it is your responsibility to tell them that it is okay to fail sometimes. Tell them examples of entrepreneurs who succeeded after many failures. All they have to do is keep moving and never lose hope.
Conclusion
One important thing to keep in mind while encouraging your child is that the entire process should be fun. Starting a business is about learning from experiences, taking chances, making mistakes but not repeating them. Let them look for their interest and find ways to cultivate them in a better way. Start as early as possible, so that by the time your child grows into an adult, he knows how to handle the flaws.
