Regardless if your young one will choose to be an entrepreneur as an adult or not, teaching entrepreneurship to kids will provide them a set of great skills for the future.
Communication, teamwork, being organized, and boosting self-confidence, are just a few of the skills that can be gained with the help of this discipline.
The truth is that our world needs innovative ideas and we need to have more doers around, so inoculating the desire to do something and to provide the basis needed to become a successful entrepreneur to our children are great ideas for a better future.
Thus, it is really worth considering this option when it comes to the education of your kids.
As a parent, most certainly you will ask yourself at what age is it best to start choosing entrepreneurial activities for kids?
Some say that starting entrepreneurial training in school is great, but there are ways to introduce your children to this particular sector even before they go to school.
Of course, you need special business activities for kids that are appropriate for their age, but with a bit of preparation, you can start a child training with ease.
The first step is to see what is your child passionate about or what he or she enjoys doing.
It is very important for the child to like what he is doing, for the training to be successful. So, before choosing entrepreneurial activities for kids, find a business that is enjoyable for your kid.
For example, a 6-year-old boy started making soap, under the supervision of his mother, selling his soap at the local farmer’s market and paying his 4-year-old sister for helping him out.
Once your kid found an activity he would like to do, like mowing the lawn, making soap, or anything else that could develop into a small business, set some goals together and make a plan on how to achieve the set goals.
Begin teaching your child about the concept of money management, talking about prices, gross profit, and how to manage the overhead.
If you need to give him some money to get started, make him think about all the costs necessary to start a business so that he’ll just how much money he needs.
You can even set up an “investor meeting”, where your child brings arguments about why he needs the money and how he is going to spend them on the behalf of his business.
It would be great if you could give him a part of the money, leaving him to contribute as well with his allowance or money he got for his birthday.
Don’t forget to talk with them about taxes and legal parts of a business.
When managing the budget of your child’s business, it may be wise to teach the child to set aside about 15% of his income for taxes.
Also, if you believe that the business of your child will take off and he will start earning more than $400, then he will need to file a tax return form and you may need to get any local licenses and permits necessary for the business to unroll its activity in a legal manner.