You may or may not know that Bubba and I are both entrepreneurs and have 6 businesses between the two of us…and 4 of them are mine! We often get asked how to start a business, and also often get asked how to teach kids to work hard and earn their own money. Today I’m killing two birds with one stone by giving you tips on how to teach your KIDS to be entrepreneurs, and in turn, you’ll get some great tips for yourself!
I made a video about a FREE kid entrepreneur book that I highly recommend, and thought I’d share a few additional tips with you here as well! First up, the video.
Watch the video online or click and watch below:
Isn’t that book great? Again, get yours at Kidpreneur.org. Now, onto some additional tips:
1) Earning money is only half of it.
As important as it is to teach our kids to earn their own money, it’s equally as important to teach them to MANAGE their money well! This includes saving, investing, and spending. (Yes, teach them to SPEND wisely, please!) The more money you earn, the harder it is to budget and manage carefully. Please, please, PLEASE teach them now so they make financial mistakes as kids and teens, rather than adults.
2) Let them fail.
As hard as it is to watch your kids stumble, fall, and even fail in life, it is very important to let them experience those things without softening their blow. Support and love them, give them encouragement and advice (when they ask for it), but otherwise stand back and let them figure it out. Teach them how to get up and keep going when you fail. Don’t do it for them. Don’t bail them out. Don’t enable laziness or cutting corners. Let them think it through, test things out, try, try again, and eventually, they will succeed! Again, failing as a kid and teen is much less painful than failing as an adult.
3) Start young!
As mentioned in the video, my 4 and 5 year olds did it, and yours can too! Don’t think that starting businesses are only for adults and teenagers. Young kids can be successful too! I have a post coming soon with more detail on how Hutch and Priya earned their money, so stay tuned for that.
I hope this inspired you to help your kids start their own businesses, and give them the tools for success in their future.
Have your kids started businesses? What worked and what didn’t? Share with us all below!
Have a great week!