A GUIDE TO HELPING YOUR KIDS START THEIR OWN BUSINESS
If you’re a parent, you definitely need to listen to this. Your kids are always wanting more money... and they are prepared to work for it! Kids are always searching for ways to make some extra money. So, why not give power to your children to produce wealth by beginning their own business?
Aiding this kind of mentality from a young age will affect them for the rest of their adult lives, and further them in their future careers. Assisting your child in creating a business teaches them how to earn a living and work with others.
Throughout the years, us as parents have handed down unchanged information to our kids. Each and every kid has a young entrepreneur in them. However not all of them recognize it, or utilize their abilities. Owning a business can empower your child, extract them from their comfort zones, strengthen their leadership skills and exercise their creativity to improve their businesses.
Kids are known to be competitive against their friends. The earlier you involve your kids in business, the more positive and successful they can become.
If you’re anything like some other parents, you’re raising and teaching your children to become the best that they can be. It’s shown in family dynamics that making significant investments in your children can impact and benefit them greatly.
Your child is able to learn numerous life-lessons from having a business and of course taking pleasure in the rewards of bringing in the big money. This time is the ideal time to investigate business opportunities with your children. Discover what it is that they love, and what they’re engrossed in and how creative they can be at starting their own business.
Nowadays, more than ever before, you can give power to your child to establish a business and run it successfully. The information age has made this route a walk in the park for kids and parents. In numerous cases, you’re pretty much making money off of what your kid has already been doing online anyway...from building web graphics to structuring web pages, your child’s creative cleverness can spawn profits.
The following provides a few ways to perfect your child’s inner entrepreneurship and assist them in becoming leaders.
1) Talk with your child about their passions and what they’re already good at. There’s something there that they can monetize right now. Perhaps you have a genius kid on your hands who’s previously been throwing out some business ideas. Chat with your children regarding their business ideas and support them in pursuing their dreams.
For parents, it’s important to remain open-minded regarding your kid’s passion. It’s better to assist them in pursuing their dream than to force your dreams down their throat. Even though it may be difficult to wrap your mind around what it is exactly they’re interested in, and skilled at, but doing so will help the bond between you and your child, while being able to help them grow.
2) Keep an open mind. There are a lot of adolescent entrepreneurs whose parents are begging them to get a “real job.” However, if your child is displaying a passion to launch his or her own business—let them. They’ll learn figure it out. Let your children venture out and see what they’ve got. Support them and their decision by supplying them with business materials to help run their business better. Numerous triumphant entrepreneurs have received their first business loan from parents. Any action you take will impact your kid’s self-confidence, so introduce positive support into their entrepreneurial efforts and it will definitely pay off.
3) Invest in your kids’ dreams and teach them to invest as well. We devote time, money, and effort into books, conferences, courses and additional training material that improve your thinking and strengthen your skills.
4) If you own your own business, hire your child. Not only is this a great tax break, but you can begin teaching them how to run a business. Allow your child to discover the different areas of your business and expand a genuine interest. Do not force your dream on your kids, let them try something innovative if they want, they might want to unite with you as a partner or venture off on their own.
5) Open up a bank account for your little entrepreneur. Place the account in your name and theirs. Examine the bank statements with them monthly. Let them observe their money grow while they put away savings and assist them with tracking their spending when purchasing supplies or training materials for their business. This will offer them a sense of responsibility and find out how to invest back into their business.
6) Think about what you wish you knew before you started a business... Now, capture this opportunity to give power to your child, teen or young adult with all the information, opportunities and skills you wished you had, so they’re able to avoid the pitfalls and speed up their success.
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About the Author: Lalanii Wilson-Jones, MBA is a dynamic business leader based in Dallas, Texas who owns & operates multiple companies across several industries. Her range of talents and experience makes her an ideal candidate for strong economic partnerships all over the world, a great mentor and a great source of information that can change the mechanics of any sized company.
About the Firm: At Mogul247, we wish for our clients to be well-informed before partnering or partaking in any of our firm’s services. We hope your experience will be better once you know who we are, have more realistic ideals and goals about working with us, as well as understand what we are focused on doing for you and our community. If there are any other questions or concerns you may be having, please contact her assistant Jacqueline at (972) 707-0294