Bonnie Foshee
Is Your Child an Entrepreneur?
Entrepreneur definition: An innovator of business
enterprise who recognizes opportunities to introduce a new
product, a new process or an improved organization, and who
raises the necessary money, assembles the factors for
production and organizes an operation to exploit the
opportunity.
Hmm, sounds complicated and certainly not something a child
or teen could accomplish. Business is for adults, right?
Wrong! These days, talented young people are showing the
world that the word entrepreneur can pertain to them.
Junior entrepreneurs are springing up everywhere and we're
not talking lemonade stands on a hot summer day! Thanks to
the internet, it's easier than ever for middle and high
school-aged kids to start their own business and manage it
to the point where it is quite successful and generates a
regular income.
The First Steps Toward Success
If your child seems to fit the entrepreneur definition and
they show a keen interest in developing a new business,
there are a few things they'll need to devise and think
through in order to be successful.
1. Ideas - Encourage any idea your child/teen might have,
but help them do research to determine if it is feasible.
Find out if lots of other people are already doing the same
thing. If so, your budding business tycoon will need to do
it differently and better. Determine whether the idea will
fill a need. (Remember the old adage that says, "You can't
sell ice to Eskimos.")
2. Resources - Determine whether or not your child/teen
has the resources to implement their idea. Will they need
special equipment to make their product? Must they stock
inventory? Be realistic about start-up costs and determine
whether you would be willing to "invest" in your budding
entrepreneur.
3. Expertise - Is the idea in line with your teen's
interest and expertise or will they require help with the
project? If help is needed, who might be willing and will
they need to be paid? It's always best for young marketing
entrepreneurs to start with a product or service that
excites them Internet-based businesses are quite popular
these days and kids are so internet savvy that these
businesses are a breeze for them to set up and run.
What Comes Next?
Once you've settled on a product or service, there's still
lots of work to be done before you can kick off a new
business. Writing a business plan is most important. For
any entrepreneur to be successful, a well-thought out
business plan is an absolute necessity, even if the
business seems simple. Think about things such as start-up
money, amount of sales needed to make a profit, overhead,
etc. Your teen will also need to put on their marketing
entrepreneur hat and determine the best way to promote
his/her product or service.
Set Your Child Up for Success
Not every child has the drive that it takes to be the
epitome of the entrepreneur definition, so reward yours for
his ambition by helping as much as possible. Failure can
quickly discourage a child, but if parents are willing to
use their knowledge to help ensure success, the child/teen
will be more likely to stick with the project and perhaps
even undertake more new businesses in the future.
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Bonnie Foshee, Parenting Expert
Discover how to help your entrepreneur child at
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