Entrepreneurship is a lifestyle; a way of thinking. The very best way to teach your child the ways of the entrepreneur lifestyle is to help them learn to be “business minded.” Here are a few ideas on how to get started:
- Make a list of extra chores that need to be done at home. Let them negotiate or bid on how much they will charge to do the job. Be sure to detail exactly what your expectations are for the job like what you want done and a time frame you would like it finished.
- Show them how to figure out the cost of a baked item they would like to sell. Make sure you have a chart of units of measure handy!
- Ask your neighbors or family if your child can sell an item they create at their next yard sale. It could be anything from homemade jam, bread or cookies to handmade crafts like jewelry.
- Give them a household item (packaged foods or toiletries work well) and tell them to create a commercial to sell that item. No copying commercials seen on TV for that item! Video tape it and let them watch it later.
- Younger children really enjoy setting up their own ‘store’ to sell items from their toy box. If they don’t have a play cash register, you could create something with play money from a game. Family members can ‘shop’ for items… but they inevitably will want it all back.
- Watch one of the many entrepreneurial shows found on TV right now. The Profit is excellent as well as the well-known Shark Tank. Watching it with them and discussing how it could apply to something they have thought about doing can reveal parts of their personality you may not know were there!
- Stay alert for complaints that you could ask them to create a solution for. The essence of entrepreneurial thinking is recognizing a problem and creating a profitable solution. Abbey Fleck from St. Paul, Minnesota, was only 8 years old when she created Makin’ Bacon, a microwavable bacon cooking plate. She had no idea it would be worth millions!
- Do you have a formidable garden? Let your child set up their own produce stand or sell extra produce door-to-door.
When Warren Buffett was interviewed about his series of videos for kids, The Secret Millionaires Club, he was quoted as saying:
There was a study many years ago questioning how to predict business success later in life. The answer to the study was the age you started your first business impacted how successful you were later in life. Teaching kids sound financial habits at an early age gives all kids the opportunity to be successful when they are an adult.
From: http://www.smckids.com/episodes/
There are countless ideas to be found online simply by googling ‘business ideas for young entrepreneurs’. Here is one list to get you started:
https://smallbiztrends.com/2016/11/business-ideas-for-kids.html
