The lessons your child will learn by starting a business will be extremely valuable as they grow up. Sure kids need to have fun as children. But, as they grow older, they need to understand the value of money how to earn it and how to perform as a citizen.Many children get low level jobs and learn low level skills and life as an employee. If your child starts a business they will learn about life as a entrepreneur. Would you prefer that they learn how to listen to a boss and how to work with others (valuable)? Or also a host of other valuable lessons as an emerging entrepreneur?
Why not help your child to start his/her own business? They will learn:
Work or you will not earn.
- Value of money
With their own business they will learn that creative thinking, real responsibility and hard work produce revenue.money.
An entrepreneur learns to market him/herself and his/her business all the time.
- Customer Service
With a business your child will learn the real importance of that service with a smile
- Banking and saving
An entrepreneur learns how to plan for cash flow, the real meaning of runway and burn rate; how to consider expenses and compare them to cash reserves and profits. They end up understanding the essence of business.
- Business focus
Your child’s business should center on something that they enjoy doing.
- Business plan
A child can learn the basics of planning and setting goals; and how sometimes things do not work out as planned.
- Market research
Your child can learn the basics of a market; what customers thing they want.
- Financial Resources
You can lend your child a modest amount and help them learn how far it goes. Their business plan should be aligned with their financial resources.
Make sure that the learning required will not interfere with the possibility of success.
Safety must be paramount. For example, they should not have to go to dangerous neighborhoods.
Influence the business plan so that your child will have a good chance to make a profit.
Do not forget to offer plenty of encouragement.
Did your child have a valuable learning experience? Are they proud of their accomplishments?
Your child will learn by starting a business. Do you prefer that he/she has that advantage?