Raising the next generation to take their place as the leaders of tomorrow provides a lot of inspiration, but it can also inspire a lot of anxiety. What are we teaching our kids?
There are so many lessons your children will learn from starting a business. I mean they’ll learn how to manage money, overheads, and taxes from an early age. That in itself is incredibly valuable.
Also, any problem solving skills they may be lacking will be quickly learned as working with customers can be especially challenging for the young. So, do you want your child to go into business too? How can you get them started?
Here’s what you can do to get them engaging with entrepreneurs and business owners early on in life…
1. Responsibility
Yes, it teaches responsibility. Children need to show up for work and do a good job. They need to work hard or they won’t get paid.
A successful business will not happen without taking responsibility for the product or service being sold. It is up to the owner to ensure that the product or service is of high quality and that customers are satisfied.
2. The Value of Money
One of the most important lessons you can teach your children is that money doesn’t grow on trees — and that if they want something, they’ll have to work for it
Children learn that time is money. They learn that creativity, ownership of responsibility and hard work is money.
3. Working with others
Most businesses require working with others, even if it’s just with family members or friends in the community. This teaches them how to interact with others in a positive manner and gain insight into different viewpoints and personalities.
4. Making decisions
A business requires kids to make decisions on what they’re selling, how they’re going to sell it and how much they’re going to charge. This teaches them that not every decision will be right and that mistakes are part of the process.
5. Banking Skills
Your children will learn how to budget for advertising costs, taxes, and expenses and weigh them against their profits. They learn to deposit their income into the bank. The learn how business works.
Conclusion
Starting a business will teach your children some valuable lessons in life. You don’t need to simply assume that you’ll be teaching them these things, either. In fact, sometimes the greatest success stories come from kids just following an idea that catches their fancy.