Kid Entrepreneurs: How to Foster the Next Generation of Business Leaders

t is often said that children have a natural knack for business. They understand the value of money and are often eager to learn how to make more of it. Children can be creative problem-solvers, making them great at coming up with new ideas or solutions to existing issues.

Additionally, they also tend to be quite comfortable with taking risks, which is an important part of a successful business. Children are often more open to trying new things and taking on challenges, making them ideal candidates for starting businesses.

With the right guidance and resources, children can be quite successful in the business world. It is never too early to get your child interested in the world of business - their inquisitive minds and willingness to learn can be invaluable assets.

By helping them understand the basics of money, entrepreneurial skills, and business operations, you can help them build a strong foundation for success in their future endeavors. Investing in your child's future is always a smart move - and with the right help, they could become the next great business tycoon!

This week I met Naisha who is the co-founder of the app Trumsy. Trumsy is an app for teens and pre-teens to build habits, set goals, and make better decisions.

Naisha turned out to be this lively 12-year-old girl who already had a clear idea of what she wanted to do and how to go about achieving it. She had already conducted market research and created a plan of action that she was confident would help her reach her goal.

Here are the details of meeting a kid entrepreneur

How did this idea of the app come up?

I was struggling to manage my time and keep my room mess free. I also realized that this is a problem many children of my age face. So, I discussed this with my dad and together we came up with the idea of Trumsy.

That’s amazing! How did you take it forward?

We started researching about it and learned about habits and how they can help us. My dad helped me with the other technical aspects and together we decided to create an app that can help children like me stay organized. After a few months of development, Trumsy was finally launched!

What is your role in this?

I have more of a marketing role, I help with the design of the posts and decide what colors would be apt for kids and parents.

She understands the Instagram algorithm, the needs of the people, and what kind of content appeals to the audience at this age. She says she needs to have posts for people to read the content and understand the product as well as reels for people who just prefer scrolling. She also has ideas to start working on collaborations and other marketing campaigns.

How do you manage schools and work?

I have a good routine. I keep aside some time for my studies and also for the app. This way when I am free, or during the holidays, I can work on the app more diligently.

Do you enjoy school or does your work ever interrupt your studies?

I enjoy school and I understand its importance. The best part is we do similar things at school like product designing and product it making so I use both things for my app. It’s like an extension of what I learned in school.

Do you see any progress in school after you started working on the app?

Yes, I have been doing better in English and writing. I am definitely climbed up the grades in those areas.

Is the app helping you personally?

Yes, I am conscious of what I eat. I have started eating my veggies. I also got the habit of keeping my room clean and organized. All this helps me feel more productive throughout the day.

I loved Talking to Naisha and learning all that she has learned at a young age. She understands herself so much, she knows her strengths and weaknesses, and she knows what areas she needs to focus on and make effort.

She understands that her schoolwork needs her attention and that she can balance her work at the same time.

She is conscious of her habits and she is motivated to work on her routine.

I remember struggling to wake up in the morning as a child and I could never understand the importance of it. Naisha, on the other hand, and many like her understand that it is important to stay organized, have a good routine, and work on themselves. 

She understands people and their needs. All this makes her a perfect example of how children can be great business owners if given the right guidance and support. 

Another example of a service business Idea by a young entrepreneur

Recently my niece participated in her school carnival where she had to put up a stall for her business. I was so surprised when I saw her enthusiasm and the way she was talking to people about ideas. She was running out of finance so she thought of a service business

She planned to have a game stall where kids could pay and play.

She was quick to analyse that having a game stall would not need much effort and setup.

I was really proud of her for understanding the basics of business and taking a step forward to start something so enterprising.

She managed planning the stall, organising it, registering the kids for the game, collecting money, and sharing it with her partner.

This is an example of how children grow to be great business owners if given the right guidance and support. They have the power to come up with creative solutions that adults might overlook due to their age.

She managed to make a good amount of money in that carnival, she did it without any help and that made me realise the potential of children in business.

This incident made me realize how children can be great entrepreneurs, with their creativity and enthusiasm, children can come up with amazing solutions.

It is important to encourage and guide them in the right direction.

What makes children so natural with entrepreneurship

• They have a natural curiosity and enthusiasm.
• They can think creatively, come up with ideas quickly, learn new skills easily, and make decisions quickly.
• They are great with technology and can use it to their advantage.
• They are willing to take risks, are open-minded, and have an innate hustler attitude that helps them find unique solutions.
• Children understand social media and can use it to their advantage. They also have a sharp eye for trends and know exactly how to capture the market.
• They are confident and clear about what they can and what they can’t do.
• They are not scared to fail and can bounce back quickly.

6 ways to teach your kids entrepreneurship early

1. Encourage Creative Thinking: Give your kids the freedom to explore and come up with creative solutions. Let them think for themselves and be open to whatever ideas they come up with.

2. Guide their Decision-making: Teach your children how to make decisions based on facts and experience, rather than risk-taking or guesswork.

3. Teach them How to Network: Encourage your children to build meaningful relationships with the people they meet and engage in conversations that help them understand different perspectives.

4. Recognize their Strengths and Weaknesses: Help your kids find what they are good at, instead of trying to make them someone else.

5. Educate Them on the Basics of Business: Introduce them to basic concepts like budgeting, marketing, and customer service so they can recognize opportunities when they arise.

6. Set Up a Mock Business: Role-play and create scenarios where your kids can put their ideas into action and learn how to manage a business on their own.

Small business ideas to help your kids start a business

If a child has an interest in starting a business, talk to your kids about the steps they need to take and the resources they need. Some children might have some practical skills like cooking, sewing, or crafts that they can use to start a business.

Here are some business ideas for kids:

1. Pet-Sitting/dog walking: Kids might choose to offer pet-sitting services to take care of people’s pets while they are away.

2. Lawn Care: They can offer lawn care services such as mowing, trimming hedges, and watering plants for busy families or elderly neighbours.

3. Tutoring: If they are good at a certain subject and they want to teach, they can offer tutoring services to help other kids with their studies.

4. Car Wash: They can set up a car wash service either from home or in an open-air area, like a parking lot.

5. Handcrafts: Kids can create handmade craft items such as jewelry, cards, and paintings to sell online or at fairs.

6. Online Tutoring: Give kids the opportunity to tutor students online. They can offer classes on specific topics like math, science, and language arts.

7. Baked Goods: They can bake cakes, cupcakes, cookies, and other baked goods for special occasions and sell them at local markets.

8. Selling Second-Hand Items: Kids can collect second-hand items like books, toys, and clothes, and resell them online or at flea markets.

9. Gardening: They can offer gardening services such as planting flowers and vegetables, weeding, pruning, and fertilizing gardens.

10. Babysitting: Kids can offer babysitting services to parents who need a few hours of help. They can look after the children, play games, and read stories with them.

1. Creative kids can be interested in creating online content, they might choose to create a website or make apps, or invent something that can solve a problem. My son at the age of nine can understand social media marketing,  search engine optimization, and basic coding.
2. Children can be encouraged to save birthday money and resist the urge to spend it right away. They should understand the importance of saving some money for future investments. Perhaps, you can open a savings account for them and reward them when they save up to a certain amount.
3. Children can spread their business with word of mouth, social media and their own website. Encourage your kids to research the market they want to enter, find out what the competition is like and how they can offer something better. It will help the child develop his/her communication skills
4. Many children have a clear idea in mind, they know exactly  how much they want to make and how much success they want to achieve in a project.

Isn't it a great opportunity for parents to mock an official company structure,  introduce their kids to the basics of business, calculate assets at risk,  tax returns, and calculate business expenses and upfront costs. ? It will also help to encourage them to build meaningful relationships with people in the business world and enter the workforce whenever they are ready. They can c

Sometimes getting profit from the business will take time but kids can learn the importance of planning and discipline, the fundamentals of economics, and personal finance.

Things to keep in mind as kids set on to their entrepreneurial journey

• Children can write down their goals, how they are going to achieve them, and what resources they need. Have your kids create a business plan or lesson plans for the business that they want to start.
• Children can make a list of their favorite activities and start brainstorming ideas. What do they like doing? Are there any hobbies that they are good at? Can they use those skills as a way to make money?
• Teach your children to budget their money, keep track of costs, and set aside some funds for taxes. Show them how to create a spreadsheet or use an accounting app to track their income and expenses.
• Encourage your children to look for mentors who can help them with their ideas, provide feedback on their projects, and be there when they make mistakes. A mentor can be a parent, an older sibling, or someone with experience in the field.
• Children can decide what they would like to do with the business money or invest in new business opportunities
• If children lose interest they can be encouraged to revisit these goals they have set.
  

This way children can get the taste of entrepreneurship and even if it does not work out as a business, they can learn from the experience and turn it into a useful learning opportunity.

Giving the experience of entrepreneurship at a young age can be made fun and educational for your kids. Let them experience the joys of entrepreneurship and the hard work that comes with it.

Help your child with what you know and guide them or find ways to get them the right help. If your child has an interest in starting a business but they are not sure they can always start with a small business venture like a summer business.

For younger kids starting a business this summer can be a great idea to help kids become confident. Many kids love to set up a lemon stand or start pet-sitting business or choose something as simple as dog walking and start making a business income.

Business for kids need not be a complex thing after all as parents we want them to enjoy it.  Encouraging them to save their money and make wise investments will also help them build financial literacy skills that they can carry into adulthood.

Read more about entrepreunership here https://www.joinprisma.com/blog/entrepreneurship-for-kids