In a family business, what parent wouldn’t wish their children to experience the similar entrepreneurial success? They may hope for their kids to take over the family business someday or create their own. But first, parents should teach their children many valuable lessons about being a leader, the value of money, how to build a successful business, and develop their confidence.
Need for teaching the value of money
In a family business, children need to be educated about money and gain some financial literacy at an early age. That will instill a financial foundation that children are not taught in schools. Give them an opportunity to earn their allowance through chores, helping you in your business, or in their small business. Teach them why they need to pay themselves first and then give back. Explain to them the concept of investing and how they can use the money they have today to create more wealth tomorrow. Educate them about how to budget their income and help them set up a bank account.
Let your kids watch the Warren Buffett’s Secret Millionaires Club – an animated series about a group of entrepreneurial kids that encounter various business and financial problems. It is created to teach the basics of starting a business and sound financial decision making.
Ideas for creating a business for teens
Many kidpreneur examples show us how they can run a business. It is not that common for a youngster, but it does happen. These are some ideas for creating a business for teens.
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Handmade gifts. If your kid has a creative streak, they can start making homemade gifts to make some extra money. Handmade gifts can include anything from tile coasters, mini frame magnets, decoupage soaps to hand-painted mugs, washi tape headbands, and so on.
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Pet sitting services. Pet owners who are planning a vacation or travel for business, frequently need someone who will take care of their pets while they’re away. Kids love animals and are great with them, so they can earn money as caretakers for pets by feeding, grooming, and walking them.
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Computer Tutor. When it comes to technology, today’s youth are in a significant advantage because they are growing up using devices that we didn’t have when we were children. They can be computer tutors because not everyone has the skills needed for navigating the Web, setting up an email account, troubleshooting, or signing up for RSS feeds.
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Jewelry design. If your child likes creative endeavors and has an eye for fashion, jewelry making can be a profitable and rewarding business. Some hot sellers, such as painted glass and hemp bracelets or wooden beads are not that complex to make. They can start their online shop or sell them at local trade shows.
Measuring success and examples in history
Some kids catch an entrepreneurial spirit at an early age, and today they are way beyond from having a lemonade stand. Take a look at some of the most successful kidpreneurs and see what your kids can learn from them.
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Farrhad Acidwalla, “Rockstah Media”
When he was 13 years old, Farrhad Acidwalla took the $10 his parents gave him and created an online community around aero-modeling and aviation. He sold it for $1,200 a few months later. Four years later, he took $400 from the amount he earned from selling the online community and founded Rockstah Media, an international web, marketing, and brand development agency. And he did it starting with only $10.
Robert Nay has neither business nor coding experience. However, he learned what he needed to know at a public library. It took him a month to learn and write 4,000 lines of code, and in December 2010 he launched “Bubble Ball.” The game got 1 million downloads in only two weeks of the launch. The resources we need for business are around us and are often free.
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Lily Born, “The Kangaroo Cups”
One day, Lily noticed that her grandfather was often spilling his drinks due to Parkinson’s disease. When she was 8, she wanted to find a solution for that inconvenience, so she made a cup from moldable plastic – the Kangaroo Cup. It was comfortable to hold and didn’t tip, and the ceramic version of the cup came about a year later. The container also helped her father avoid spilling disasters on his computer. A prime example of problem-solving which is at the heart of entrepreneurship – ingenious, yet simple.
Elaine King, CFP is an expert on family enterprise consulting, creating strategies for wealth planning, family governance, and financial education programs.
