Nurture Your Budding Entrepreneur This Summer
Summer vacation is here! For many of us, this brings back childhood memories of setting up a makeshift lemonade stand and eagerly waiting for a few thirsty passersby to give us a nickel.
Thanks to the internet, today’s kids have a world of opportunities beyond lemonade. So if your kid has been bit by the entrepreneurial bug, we have a few suggestions for how you can help.
Let them be boss – Allow your child to follow his or her passion and choose the business venture. You can provide guidance, but it’s your child’s business. If you do too much, you’ll be taking away much of the learning opportunity. And remember: Even failures can offer valuable lessons.
Help set goals and create a plan – Teach your child how to write a detailed business plan and then set actionable goals for the business. Not sure where to start? You can find sample plans and other helpful resources at bizkids.com.
Teach money management skills – This is the perfect opportunity to provide valuable financial literacy lessons. Seeing how business expenses can impact profits can help your child understand how to make smart choices later on. Set up a checking account in your and your child’s names and demonstrate how to keep a balance.
Encourage great service – Customer service is integral to any business’s success. Learning how to interact with others positively – even in stressful moments – may be the most important lesson your child can learn from their venture.
Looking for more great ideas and helpful resources? Check out bizkids.com and childrensbusinessfair.org.
