Motivate Your Mini Moguls
Whether you're a business owner or wish you were, you've gotta admit -- there are obvious advantages to following your passion and being your own boss. If your kids have mastered the lemonade stand and are ready to move on to big business, here are some fun ways to encourage their entrepreneurial spirit.
Show them other successful kid entrepreneurs
It doesn't get more inspiring than watching other kids who have turned their interests into thriving businesses. Head online and show your kids these young entrepreneurs in action.
Encourage kids to follow their interests
Each of the successful young entrepreneurs mentioned above took an idea or interest and used it as a springboard to create their company. Help your own kids brainstorm for ways they might want to take a hobby and turn it into a business.
If your child shows an interest in becoming an entrepreneur, provide the encouragement and advice to get them started. Kids can do a lot on their own, but the most successful youth entrepreneurs usually have a parent giving them emotional (and yes, financial) support.
Let them fail
In your excitement to help your kids create a business, it's easy to try to protect them from failure. This is a mistake. As most entrepreneurs will tell you, it's those failures that taught them more than any business course ever could. If one idea doesn't pan out, be there to help your kids understand what went wrong and to move on to their next big idea.
Sharon Lechter of Pay Your Family First tells parents to help young entrepreneurs make a hobby a business. "Go into their world and find something that they like, then look at it from a business perspective... If they like to ride bikes, explain to them how they can turn that into a business — creating handlebar stickers to sell to other bike riders or offering to wear shirts from a local business when you ride in exchange for a small fee."
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