4 Ways Parents Can Encourage Entrepreneurial Teens
As a parent, you want to ensure your child has the education and resources to reach their full potential. Perhaps some of your kids are interested in entrepreneurship in STEM fields, and you’re wondering how you can help them achieve their dreams. With these practical tips, you can actually help create future entrepreneurs right in your home.
The Benefits of Youth Entrepreneurship
Some people might think that teens are too young to pursue entrepreneurship. However, teens who start their own business can benefit from the experience in many ways. For instance, young entrepreneurs can work to save more money, gain access to exciting opportunities, and work towards their goals without facing the pressing financial burdens of adulthood.
Prepare Them for Adulthood
Teaching teens to be entrepreneurs isn’t just about increasing their odds for a financially stable future. It’s also about giving them the tools they’ll need for adulthood by prepping them for tasks they’ll face on a regular basis, from writing a check or doing their taxes. By covering these things now, you don’t just give them the opportunity to ask questions in a safe environment; you also subtly impress upon them your belief that these are tasks they’re capable of handling one day.
Business Models for Teens
Your teenage children might have a wide range of interests that could inspire their business ideas. If some of your children are curious about entrepreneurship, but they don’t know what types of companies they could start, you can provide some suggestions. Lendio states that teens can often be successful at running online stores, social media management companies, or providing web design services. Any of these models could appeal to teens who want to leverage their STEM skills!
Encourage your teens to write business plans. These documents will provide a roadmap to take a business from an idea to a reality. PDFs are a good file type to use for this, and a free tool will let you edit PDF docs online. This way, they can add and change their plans as they come up with new and better ideas.
For many new entrepreneurs, learning how to market their business can represent a major hurdle. Lots of business owners have great ideas for new products and services, but they don’t know how to reach their target audience! If you want to help your children advertise effectively, find ways to talk about marketing and social skills.
Depending on the resources and programs you have access to, you could teach your children about developing basic business apps, using social media for promotion, or creating a blog or email newsletter. You could even turn some of these ideas into projects, like launching a blog and giving all of your children the chance to write their own posts.
Pricing, Negotiating, and Advocating
Young business owners often face a steep learning curve when it comes to mastering the arts of pricing, negotiating, and self-advocacy. Instill negotiating and advocacy skills in your children by hosting debates and teaching them how to confidently assert their views with clear evidence. You could also have your children write on hot-button topics. Furthermore, your children can learn about setting accurate prices for products and services through math. Feel free to use math concepts that business owners need to understand, like figuring out revenue and balancing budgets.
Lots of teens want to become entrepreneurs, but they might not feel confident about taking the initial steps to start their own businesses. As a parent, you can help your children hone their entrepreneurial skills for business success. With these tips, you’ll be able to teach your children about all of the ins and outs of business ownership.