Being your own boss is the ultimate career goal for many young kids. However, there are inevitably going to be a few obstacles that will get in the way – the most obvious being a lack of funds and experience.
But don’t let that put them off! While a quick internet search of ‘how to become an entrepreneur?’ will return thousands of results, it can be a challenge filtering out the most important information and advice.
Here are few tips from young entrepreneurs globally to inspire your kids to have a successful business
- Identify a gap in the market
This might be stating the obvious, but it’s perhaps one of the most valuable pieces of advice that’s often overlooked – especially considering the number one reason why startups fail is due to misreading market demand.
Identifying a gap that needs to be filled is not about doing something new, but doing something different. While it’s important that the idea should be a profitable one, it should also align with your kids’ own interests.
Kids may feel like they are stuck in the mud when it comes to reinventing the wheel, but perseverance and some brainstorming should bring them the light bulb moment. Helping your kids with what you already know from your own experiences can also help your kid come up with an original idea.
- Know your audience
Quick hint here – the audience will never be ‘everyone’. There will always be a demographic that the product or service is better suited for, so identifying who that might be is key. Market research will help your kids identify the wants, needs, behaviours and attitudes of their target audience and how their product or service will serve them best.
- Never underestimate the power of a solid business plan
Having a clear vision and focus while staying objective is paramount if your kids want to be taken seriously and have any chance of their startup getting off the ground (and staying off the ground).
- Road-test the business idea
This is where the fun starts! Road testing the business idea can really help your kid to get to know their business idea and what changes are needed before going public.
- Embrace feedback and learn from the mistakes
First of all, nobody is a born entrepreneur. We all learn by making mistakes and it’s being able to accept constructive feedback that’s key for helping your kid’s business to move forward and stay competitive.
- Build a strong network
From the friends to the school teachers, it’s important to recognise the value and experience they can offer for your kid and their startup. It doesn’t always have to be in a formal setting, encouraging your kids to make new friends can transform into a professional working relationship or contact. Surrounding themselves with a team that’s just as like-minded, hard-working, committed and driven as them is a winning combination.
- Have your finances in good order
Your kid might not have all the money (at the moment), but that doesn’t mean they can’t be smart with the funds that they do have when starting up their business. It’s important to have a sound knowledge of managing all financial aspects of the business and prepare for every possibility to help keep their business alive.
One of the biggest benefits of teaching your kids about entrepreneurship is that you are able to give them stronger respect for money. Some kids might believe you if you told them money grows on trees, but kids who are exposed to business operations know better.
Millions of companies and businesses all over the world have been created by entrepreneurs.
Entrepreneurship, if embedded early in the learning journey of kids, teaches kids to be creative, daring, and believe in themselves and in their business that what they are doing is very important to communities.
“Don’t worry about being successful but work toward being significant and the success will naturally follow.” – Oprah Winfrey