Kid entrepreneurs are on the rise. In this fast paced world, having your own business at a very young age can be very rewarding and provide a life-time of opportunities. Having said that, there are a number of qualities that are needed in a kids-to-be to ensure that they are able to succeed in entrepreneurship at a young age. There are many entrepreneurs who were not given a clear direction or a clear path in their business ventures. And therefore, most of them are not really sure what direction they would want to take their businesses to. And so, they tend to fail.
Once they learn the basics of entrepreneurship, kids can apply these business ideas to real-life situations. For instance, some parents will think of a novel idea for their children and they will ask you to help them create it. When you start to help your kids with these simple but effective ideas, your kids will be much more likely to become successful at their own ventures. And so, the more you guide your kids in the creation of business ideas, the more likely they are to find success in their lives. It is also important to point out that most young entrepreneurs are not necessarily lucky.
Entrepreneurial Skills Your Kids Need to Succeed
Money Management: The first skill that kid entrepreneurs need to learn is money management. Learning about money management early on can save them a lot of grief later on. At a young age, entrepreneurs should also be taught the importance of budgeting. Many kid entrepreneurs think that they will have money to start their own business, but this isn’t always the case. Budgeting means knowing where your money is going, what it is used for, and what it is going to be used for.
Entrepreneurship: Another essential skill for kids who wish to become young entrepreneurs is entrepreneurship. The term itself can be a little confusing, but basically this refers to the ability to come up with business ideas. There are many books and websites that teach kids about entrepreneurship how to become successful kid entrepreneurs, and this is one of the most important skills to master if they want to be successful at running their own business.
Empathy: Teaching your kids to have empathy will help them in the future. You might never know what a small act of kindness can do for someone else, but they’ll surely be more grateful than if you don’t bother at all. Your children should learn how to look beyond people’s faults and see their good qualities instead; it may sound cliche’, but always put yourself in that person’s shoes before judging them as bad or “too selfish”–because we’re all human afterall!
Giving back: By encouraging your children to volunteer for charitable organizations and helping those in need, they will be more socially conscious. Set a good example by volunteering yourself!
Child Entrepreneur Success Stories
Robert Nay -14 | Naygames.com
The first iPhone game from Nay, Bubble Ball was downloaded over two million times in just two weeks of its release. The app knocked Angry Birds out of the number one spot on Apple’s free downloads list and required 4,000 lines worth of code to be written.
Nay says that his startup costs were a mere $1,200-$ an investment made by his parents for him to buy new Macbook hardware with software licenses included-and estimates he has recouped it 50 fold since launch last year
Mikaila Ulmer – 8 | BeeSweet Lemonade
When Mikaila Ulmer was stung by bees twice at the age of four, she became fascinated with their social structure and how they’re dying off. Now, as a eight-year-old kid entrepreneur running her own lemonade stand to raise money for bee conservation, it’s clear that this issue has become something much more personal than an academic curiosity.
Lily Born – 8 | Kangaroo Cups
After seeing her grandfather struggle with Parkinson’s disease, 11-year old Lily Born created a three-legged drinking cup to ease his worries about spilling. Raising over $6,000 on Kickstarter for production of the invention in hopes that others struggling from similar disorders will be able to enjoy it as well!
Conclusion
Finally, when you are guiding your kids in starting businesses, you should always keep in mind that hard work and determination are necessary traits for successful entrepreneurship. The more of these qualities that your kids possess, the better equipped they will be at facing the many challenges that they will face in the future. So, if you want your kids to become successful kid entrepreneurs, provide them with the right resources and encouragement, and let them use their brains and ingenuity to come up with great business ideas. You can help them on their way to achieving success.
