You have an aspiring entrepreneur in your house or classroom; the one setting up a lemonade stand and sitting out in the front yard until dark or the one that is making bracelets and selling them to their friends at school or the one that is always asking their neighbors if they can take care of their pets.
So how do you keep that entrepreneurial fire burning for the aspiring entrepreneur?
Here are 6 tips on how to help your aspiring entrepreneur child:
- Choose a business idea. If your aspiring entrepreneur child hasn’t chosen a specific business idea, they should chose and commit to one. You can’t start learning about how to start and run a business until you actually do it. If they need inspiration help them think about their interests, what they’ve learned and what they like to do in their spare time.
- Determine the goal. Once your aspiring entrepreneur comes up with an idea, have them come up with a goal. Is it just to have fun? Is it to earn money for something they want to buy? Is it to learn more about business and finances? Whatever it is, have them write it down and be specific. The more specific it is, the more likely they are to accomplish it.
- Create a plan. Once they have their idea and a goal, they need a plan on how to get there (otherwise your aspiring entrepreneur will just be aspiring and not an actual entrepreneur). They will need action steps to take to achieve their goal. These can be such things as how many people do I need to contact, how many products do I need to make, etc.
- What is the budget. They will need items to start-up their business and make their product or provide their service. Do they have money already saved up or will they need to borrow money from you? Have your aspiring entrepreneur put together a list of what they need and the costs so they can figure out how to get the money they need.
- Legal Stuff. They already have your approval but before putting it into action, you may need to check if any legal permits are needed. Each state, city & town has their own rules so it is always a good idea to check and see what is required. There may be free or reduced legal resources at your local business center or university or college so you might want to check on that.
- Just Do It! This is when the aspiring entrepreneur makes the jump to the real entrepreneur. Entrepreneurs learn while running their business and since entrepreneurship is about taking action, there is no better way. Be sure to keep track of your expenses, sales and what is working and not working. That way you can keep doing what works and make changes as needed.
Being an entrepreneur is a rewarding experience and I can’t think of a more fun way to learn and earn money as a kid!
Want more resources to help your aspiring entrepreneur? Here are a few to check out:
Julie Ann Wood is the author of More Than a Lemonade Stand and You’re Never Too Young To Start a Business. She runs E-seedling, specializing in youth entrepreneur curriculum, experiential activities and training for both youth, teachers and organizations. She is also the director of the Youth Entrepreneur Camp at the UW-Madison and teaches the entrepreneurship major at Grandparents University. To learn more visit eseedling.com