The Young Boss: How To Groom A Kidpreneur

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photos courtesy of instagram/eandcpopcorn

There are 28 million small businesses in the United States and 543,000 new ones started each month. That number represents a lot of hopes, dreams and creativity. Having an entrepreneurial mindset can help your little one in many ways. Grooming a kidpreneur can help your child with problem solving, teamwork, boosting creativity, and start the path for good money-saving techniques. Even if they don’t become entrepreneurs as adults, it’s still a great skill set to have. If you want to help groom your little kidprenuer you can start with these steps.

A great example of kidpreneurs we admire? E & C Popcorn, a.k.a. Ethan & Collier Gourmet Popcorn, an Atlanta-based online retailer of homemade “gluten-free” gourmet specialty caramel popcorn.

Support creative time

Offer painting, clay sets, bead sets, instruments or anything else that is fun and creative and then wait to see what they may be interested in the most. If your daughter likes making bracelets then help her start a bracelet business. If your son likes making clay figures then he can make them and you can sell them at work or at a flea market together.

Jot the ideas down

Once you talk to them about their business and if they seem interested enough, show them how important it is to write their ideas down. Together you can make a to-do list of materials needed and even a goal date for having things completed.

Create a business plan

After you have the materials needed to help them start their entrepreneurial project, then sit with them and show them how to do a simple business plan. It will need to include the name of their company, a logo they can draw, the purpose of the company, what they will sell, who they will sell to, and how they will market the product.

Relationship building and professionalism

Tell them that one really important factor in building a successful business is having good relationships. Tell them that if they are nice to the kids in their class and play fair and treat people with respect, then when it’s time to sell their products those kids may want to buy something. Also, you never know who may be a repeat customer.

Expect ups and downs

Talk to them about how a small business might do well at times and sometimes might not sell anything. It’s important that they learn to view failure as just a part of the bigger picture. If they learn that it’s not a negative thing but something to learn from early in life then that’ll stick with them into adulthood.

Make an impression

Now that they know what they like for the moment and have a business and marketing plan, they need business cards. You can use colored construction paper and cut out even squares. Have them draw the logo, the name of their company and a fake phone number on the card or maybe even your email address that you set up just for their new venture. They can get in the habit of handing these cards out to classmates and their parents at school events. If your kidpreneur is a little older, you can purchase blank business cards from Staples, design them on the computer, and print them out.

Do you have a kidpreneur in the making? Tell us about them and we may feature them here!

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