Recently my oldest teenage daughter started her own Company and Website on Weebly, where she is both a Dog Toy Maker and Dog Treat Baker. She's filled the days of summer vacation by making business cards, fulfilling treat and toy orders, strengthening communication skills with customers, and most importantly learning about budgeting and managing her money. It's a reminder for us all to encourage our children's curiosity and determination, to show them that hard work can be rewarding, and to help them set goals and remain accountable. The Harvard Graduate School of Education and the National Foundation for Teaching Entrepreneurship found that , "Youth who are taught about entrepreneurship show a positive change in attitude and strong success orientation, are more likely to be focused on academic and professional achievements, aspirations, and leadership." I've put together a list of 5 ways we can help encourage our kids to be entrepreneurs:
1- Encourage your kid's to journal their ideas and dreams, let them tell you what they are passionate about.
2- Help them create a business plan to determine the feasibility and type of structure that the plan will require.
3- Help them read and understand bank statements and teach them to use bank apps to track the budgeting/profits etc..
4- Coach them through any set-backs or failures, help them to look for new opportunities. These learning lessons can help aid in their growth.
5- Be present and take an interest, kids notice and it will build their confidence and can help them to be better leaders as they grow into adulthood.
I hope this article shines a new light on the next lemonade stand and kid entrepreneur you encounter- it's never to early to mentor and encourage our youth!
*The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss.