How to Support Your Teen’s Entrepreneurial Spirit

How to Support Your Teen’s Entrepreneurial Spirit
  • Opening Intro -

    When your child expresses interest in starting a company, you will have an incredible teaching opportunity as a parent.

    Even if your teen simply provides a small-scale local service, they will gain hands-on experience with financial management.

-------------------------------------

When your child expresses interest in starting a company, you will have an incredible teaching opportunity as a parent. Even if your teen simply provides a small-scale local service, they will gain hands-on experience with financial management.

Statistics show that 48% of high school seniors require more comprehensive financial education. A teen who takes the initiative to sharpen their business acumen in their own time will likely stand out from the crowd.

You can help your young entrepreneur succeed and get the most out of their first commercial venture by relaying these helpful tips, courtesy of Off to College.

Discuss Business Ideas

There is a surprising number of business ideas that are accessible to young people. While your teen might require a few more years of education or experience before they begin pursuing their dream career, there’s nothing stopping them from starting a simple side hustle.

There could be a demand in your local area or online that a young entrepreneur is fully capable of fulfilling. A few approachable business ideas for your teen may consider:

  1. Photography
  2. Tutoring
  3. Selling arts, crafts, or writing
  4. Live Streaming or content creation
  5. Lawn care
  6. Pet sitting and dog walking

Encourage Growth and Learning

Encouragement can go a long way when your child brings up the idea of starting a company. A teen may have a variety of motivations behind their entrepreneurial desire.

Maybe they have a dream of starting a small organization after college, or perhaps they just want some extra cash to fund their hobbies. Whatever the case, your young entrepreneur deserves encouragement so that they can reap the long-lasting benefits that come with the experience of running an enterprise.

Young business owners will likely experience hands-on situations that will teach them things they would not learn in school. They might understand money management and time management better when it affects them in their personal life.

Interacting with customers and potential partners will sharpen communication skills. Perhaps the most readily apparent benefit is that running a business could look great on a work portfolio.

Provide Education on Best Practices

It isn’t easy to know where to start with a new company, so your teen may require some guidance on best practices. Most successful enterprises are built on the foundation of a well-written business plan.

Your teen’s first venture could be a great opportunity to draft a simple business plan that outlines goals, budget limitations, and marketing strategies.

You can also take the initiative to educate your new business owner on legal structures. The way a business is formed affects liability, taxes, and other important aspects of management.

For example, forming a business as a limited liability company provides the benefits of tax advantages and less paperwork. If your teen is serious about maintaining their new business in the long run, consider checking your state’s regulations regarding LLCs to determine if this structure is the right option for them.

other valuable tips from our business blog (new win):

As a teen entrepreneur, it’s important to avoid late customer payments. One way to do this is by invoicing regularly for services. An online invoice generator makes it easier to quickly run invoices for services rendered, if your teen runs a lawn mowing business, for example.

This can help them keep their business running smoothly and prevent any financial problems down the road.

Education is often a contributing factor to a successful business. When your teen decides to become an entrepreneur, they are taking their education into their own hands.

You have the opportunity as a parent to foster the growth of your young business owner as they set out on a bright new path, possibly even paving the way for a college degree in business management.

Whatever new goals they may find in the future, your teen’s experience as an entrepreneur will surely be a valuable asset.

Image Credit: by twenty20.com

end of post … please share it!

-------------------------------------------------------------------------------------------------------------

end of post idea

-------------------------------------------------------------------------------------------------------------

Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.

facebook linkedin pinterest

Amazon Affiliate Disclosure: SayEducate.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. The commission earnings are used to defray our cost of operation.

View our FTC Disclosure for other affiliate information.

Categories: Small Business

About Author

SayEducate Admin

From the administrative staff at SayEducate.com. We hope you enjoy this managing your money and finances BLOG-magazine. Please forward any suggestions or comments regarding the posting or other elements of our site. Thank you.

Write a Comment

<

Time limit is exhausted. Please reload CAPTCHA.

This site uses Akismet to reduce spam. Learn how your comment data is processed.