Benefits of being a Kidpreneur and the role of their parents to bring success to their businesses
I know about the famous adage that charity begins at home, and I also know that Entrepreneurship begins at home. Since it starts there, it also must be nurtured at the same home. And, from what I have been observing, the nurturing part must be taken seriously. Why? Because continuity is guaranteed where there are constant support and education. With that being said, my message is around a kidpreneur in your home. They could be aged 7 years old, or 8, but also we look at ages above that and over 18. With them being kids, they surely begin everything they do at home. But no matter how brilliant their ideas could be, they require to be nurtured. And there are no better people to fill in this role than their parents. They are the people who make the child’s essential immediate environment when the business is born.
Therefore, how good is it to have a child who owns a business? And how good is it for a parent to stand in the gap and really fight for the success of their child’s business? I felt, and rightly so, that these two questions above must go together. It’s good to have a child that owns a business. And it’s great to have a parent that provides support for the child’s business to flourish.
We will then explore how exactly the child’s business benefits him and the family. And we will also look into how a parent can explore different ways to help the child’s business flourish.
How then does a child’s business benefit both the child and their parents?
- The child’s freedom to be creative grows – In doing business at such a young age, the child uses his/her creative genius. If you look around for child entrepreneurs, you will see what I mean by this. They all have business ideas that are exciting, engaging, and very relevant to their personal lives.
- Sense of self-fulfillment – Because they do what they enjoy, the children owning a business have a great sense of fulfillment. In fact, this is what helps grow their creative prowess because where there is fulfillment, there is the freedom to think outside the box.
- Financial benefits for the child and family – As a child, it is fulfilling to be financially rewarded, especially from your own creations. The family, too, benefits because the child’s money increases the net worth of the family.
- Kidpreneurs learn money management – Many children don’t know anything about managing finances. But as soon as yours owns a business, they will be required to learn about this. They will need to save, invest, and allow money to keep growing. If they harness these skills fully, you’re looking at a future millionaire!
- More education for parents – For parents, they need to learn more about financial literacy, and that is a huge benefit. If they can’t be financially literate, how will they help their child’s business?
- Creates more networking opportunities as parents help their child with meetings and more – Every time that parents of a kidpreneur help their child, they also meet new people. It helps them to create their own new networking opportunities. If they’re in their businesses, like me, they can get new clients and/or supply networks.
There are many benefits for a family with a child that owns a business. But how can parents help their child’s business?
Being a parent sometimes calls you to say ‘NO’ when a child wants something you think isn’t good for them. We do this all the time. But it must be different when it comes to business ideas. Don’t you dare say no to them? Never tell them that they aren’t capable of succeeding in the business they want to do. That will just break their spirits and confidence going forward. In order to bring the best out of them, offer your unconditional support; they need it.
The child will need tools; provide them
You’ll notice that your child comes with a business idea, but they know less about its dynamics. If, for example, your child wants to venture into a lawn mowing business, you know the tools that will make it better. Your child could just be looking at the mower you use in your backyard. But you can take him to the hardware store and show them some heavy-duty mowers! That way, they will know that they can expand their capacity and earn more!
The child will need technical support; provide it
Business goes beyond just an idea; for many things that must be included, a parent must provide. Help with online marketing and setting up a website. Help with hiring accountants to ensure the business operates professionally. This way, you give your child’s business a vital push.
Encourage as many family members to help
I am a boss, and I can tell you that I am superb as long as my team is willing to put in the work. Sometimes brilliant bosses look bad because their teams are disjointed. And bad ones may look good because they have excellent people around them. The same applies to your child’s business. As long as the family runs around to provide the help that he/she needs, that business grows.
You must provide your child’s first financial literacy lessons
Every parent that has a child that owns a business must be financially literate. If you think you aren’t there yet, hurry to get lessons – there are plenty of online resources you can utilize. Delaying this, or waiting until your child has more money to hire a business coach could result in their business’ early death. We don’t want that to happen.
In conclusion, your child’s business needs your support as a parent. This is not just casual support you must provide, but you must dig deeper into all facets of your expertise to make it work. Some of the help you must offer requires no knowledge, but your presence will mean a lot! Let’s go ahead and help our children become millionaires! Subscribe to our mailing list and learn more about helping your child’s business to grow.