Why are you an entrepreneur? Do you want your kids to know the rush of entrepreneurial success, to gain from big wins, and to learn from big losses?
I do.
Michelle Fabio wrote a great article called Beyond the Lemonade Stand. She offers some advice on getting started.
No matter what summer business you and your child decide to pursue, there are some basic things you can do to help get things started:
1. Draw up a business plan…
2. Know the law…
3. Get supplies and equipment together…
4. Help with marketing…
5. Lay off…
Read the article for specific ideas and more details.
All successful businesses are driven to success by entrepreneurial people. You may not fit the dictionary definition of an “entrepreneur,” but if you’ve got the bug, you know it. So how can entrepreneurial parents inspire their children to great things?
1) Be a good example
If you are a good entrepreneur, your kids will likely follow in your footsteps. If they see you taking risks and reaping rewards (or dealing responsibly with failures) they’ll catch on. Kids are like that. Imagine all the things you wish people had done for you, and then do that for your kids. Most entrepreneurs have to fight through lack of support from those around them
2) Encourage responsibility
Encouraging responsibility means two things: It means letting your kid win AND letting your kid lose. Let your kid make big wins on his or her own, and then teach them how to be responsible with the profits. And on the flip side, let your kid lose and deal with the consequences. Bailouts may be all the rage in Washington DC these days, but they have no place in entrepreneurial training! Think of it this way – do you want your kid’s first experience with entrepreneurial failure to come when they are out on their own, trying to feed themselves or their families? It’s better to learn the invaluable lessons of failure while living at home with your support.
3) Start early
There is a camp in the “child raising industry” that suggests you should shield your child from all “grown up issues” as long as possible. This is nonsense. There is value to protecting kids from the worst of the world, but teaching them the truth should start at the beginning. Does your 6 year old want a new toy? Offer them the chance to weed the garden for the money. Does your 10 year old want a new bike? Take them around the neighborhood to offer to rake leaves. Does your 13 year old want to go to that expensive summer camp? Suggest they start a business to earn the money.
If you invest the effort to nurture the entrepreneurial spirit of your kids, everyone will benefit – your kids, the community, and YOU!
About the author: Matthew Cook is a co-founder of the LaCo Business Blog. Matt owns and operates One Stop Seminars, promoting educational events throughout Lake County, Illinois. You may contact Matt directly at Matthew.Cook@OneStopSeminars.com.
So glad you enjoyed the article, Matthew; great further advice as well