This article was last updated on 19th January 2024 to reflect the accuracy and up-to-date information on the page
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Entrepreneurship is not something that is limited by our age groups. We have seen entrepreneurs in their 30s ruling the world of business. Then there are entrepreneurs in their 60s who are revolutionizing the market. But what about the young minds that are brimming with entrepreneurial ideas and eager to create a difference?
Young entrepreneurs like Orion Jean, Rachel Zietz, Mercer Henderson, Taylor Rosenthal, and Mikaila Ulmer are emerging as inspirational figures for aspiring entrepreneurs around the globe. As per the survey conducted by Junior Achievement USA, 60% of teenagers prefer entrepreneurship over 9 to 5 job roles.
This data shows us how the average teen entrepreneur makes more money than an average adult entrepreneur.
Have you ever wondered how these children are minting money at such a young age while their counterparts are busy with academics and sports activities? And how you can support your child’s journey to becoming an entrepreneur and innovator. Let’s find out!
What is Child Entrepreneurship?
Kids and teenagers who display an entrepreneurial mindset right from the beginning can be considered budding child entrepreneurs. These kids are driven by entrepreneurial thoughts. They have this innate capability to identify problems, design apt solutions, and make money in the process of offering those solutions.
Different from the rest of the children, the action of these shows a certain sense of open-mindedness, logical thinking, and competitive spirit. Instead of working for others in the future, these children often dream of running their businesses someday. And they will be highly proactive in their approach toward turning those dreams into reality.
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Don’t know how to raise your children with an entrepreneurial bent of mind? We have got your back!
✅Teach them the basics of business
Walking your children through business basics should always be your priority. Make them aware of business basics in age-appropriate language. Help them visualize and write down their business ideas.
You can also guide them in choosing a suitable business name and logo. Help them in writing down all the expenses involved and determine profits and revenues.
For example, Moonpreneur, a business strategy board game, can help your child discover the entrepreneur in them. It is a fun way of introducing children to the basics of finances, business, setting up companies, etc.
✅ Foster their ideas, skills, and interests
As responsible and loving parents, you should fuel and nurture their ideas and interests. Do your children love to write and want to earn out of this service? Encourage them to write! Do they love baking and monetize this passion? Let them follow their passion!
Your motivation and support will always go a long way in establishing these kids as successful child entrepreneurs.
✅Acquaint them with money matters
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Teach your children the value of money. Help them develop their savings habits as well as teach them the significance of investment. Let them know the disadvantages of splurging unnecessarily.
Also, help them to divide their revenues into business investments, savings and allowances. This way, their hard work and creativity will never go down the drain, and by the time they grow up to be adults, they will already have a bank balance to fall back on.
✅Bring them up as responsible individuals
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An irresponsible person can never become a successful entrepreneur. Help your children grow up as responsible business persons. Inculcate a sense of commitment in your kids. Ask them to help you with weekly errands, watering the plants, taking care of siblings, tidying up the room after playing, and so on.
Such activities will make your children more responsible and prepare them for their entrepreneurship roles.
✅ Help them recognize opportunities
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Encourage your kids to identify promising opportunities. Help them to take the initiative accordingly. Whether your kids wish to sell lemonades or video games, whether they want to make some extra money by tutoring younger kids or reselling used belongings online, help your entrepreneurial kids seize the opportunity at the earliest.
✅Inculcate in them values like perseverance and hard work
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Perseverance and hard work are the two most significant driving factors toward the success of your children. Help them understand that problems and obstacles are part and parcel of the entrepreneurial journey.
Instill in them a sense of perseverance so that they keep working hard to overcome the hurdles. Also, encourage them to put in their best efforts to accomplish their entrepreneurial dreams.
✅ Encourage your children to take business risks
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Given that your children are already driven by an entrepreneurial mindset, they must be eager to take risks to get to the next level. As an adult, evaluate the situation and offer them the right advice.
If the risk is worth taking, then let your kids go for the leap of faith. Risk-taking abilities always help individuals become more confident and self-reliant. However, if the situation is not in favor, make your kids aware of the same and ask them to wait with patience.
Moonpreneur
Wrapping up!
Child entrepreneurship is not something new. Kids around the world are emerging as successful entrepreneurs because of their business sense and innate entrepreneurial skills. However, society needs to ensure that, in the process, the innocence of these children should not be lost. Child entrepreneurship is indeed a lucrative idea as it secures the future of your kids.
However, one must not push these kids for something that they are not prepared for yet. If your children have that entrepreneurial zeal within, encourage and support them unconditionally.
Moonprenur is empowering the young generation to become future innovators and entrepreneurs by providing them with the world’s education. Keep learning and follow Moonpreneur to get such informative content for your child.
Moonpreneur is on a mission to educate and ignite the flames of entrepreneurship through our holistically created online STEM programs, which will help kids master the futuristic sciences such as Robotics, Game Development, App Development, Advanced Math, Math-Quiz to test your kids knowledge and much more!!
We are also offering a free robotics workshop for kids between the ages of 8-15 which your child can access and enjoy.
Register for a free 60-minute robotics workshop today!
What are some successful examples of child entrepreneurs?
Mikaila Ulmer (Me & the Bees Lemonade), Moziah Bridges (Mo’s Bows), Ben & Jerry (Ben & Jerry’s Ice Cream).
What are some common challenges faced by child entrepreneurs?
Balancing schoolwork and business commitments. Accessing resources and funding. Marketing their ideas and products effectively. Overcoming ageism and skepticism.