A kidpreneur is a kid entrepreneur in simple terms. Kidpreneurs are young entrepreneurs with great idea to innovate and commercialize their product. A kidpreneur is a kid that believes so much in their ideas and dreams, that they start a business in order to make a positive difference in the world . For example if a ten year old is interested in creating a business like a lemonade stand and is interested in growing the business to earn money , then that kid is a kidpreneur.
Importance of kidpreneur
It is so important to help kids grow their own micro enterprises from a grass root level , fostering their natural talent or interest and offering a gentle nudge to pursue what makes them smile. On a bigger picture entrepreneurship is the backbone of our economy .And our children are the future of our economy. So it does make sense that fostering entrepreneurial skills among children is vital.
How to be a kidpreneur?
The first step to be a kidpreneur is to set a goal. Help your child set realistic and easily digestible one . And don’t forget to make the goal visible and measurable. The next step is to find the right idea. Keep it simple; your offspring doesn’t have to come up with an idea that’s never been done before. The third step is to research the idea. When researching the idea, have your kid find out what resources are needed, what will be the cost of doing business and, finally, what to charge. The next step is to design the sales and marketing plan. Now it’s time for your kid to determine how to reach the target audience and share the message. Next step is to build a support team for your child’s business. As parents, you and your spouse should be your kidpreneur’s biggest support; but that doesn’t mean you’ll do all the work. Some of the greatest learning opportunities come from experiencing failure. Be there to support your child and work through any disappointment and setbacks. The next step is to start!! The most critical step of all is . . . just START. The intimidation of getting started is one of the biggest hurdles to overcome. The last step is to save . And at the same time one of the biggest pitfalls your child will face after reaching the desired earnings goal will be backing off from not spending it fast enough. It is also important to monitor your child’s performance frequently.
How to improve a kidpreneur?
The idea must be theirs not yours. If there’s one thing that kids have in abundance, it’s passion, and that’s how most kids run business and get started .Just because your budding entrepreneur is not yet old enough to vote, that doesn’t mean that they don’t have to follow rules. Make sure they get necessary permits for their business ,pay their taxes and protect themselves with small business insurance. Now if your child is an entrepreneur , he or she needs to do the work- the good , the bad and the ugly. Don’t gloss over the difficult parts , like managing money or dealing with dissatisfied customers. About the decision making power in your kid’s business, you can certainly point out the things they need to consider and evaluate the result of the choice . But the final decision should be theirs. Now would be a good time to share your knowledge with your kid if you are an entrepreneur yourself. And make sure your children are not raised with the sense of entitlement.
Those are the basic things one should know about kidpreneurs. These should be a necessary knowledge to have . Although the knowledge about kidpreneur is not widespread it’s importance is always there. So let’s start to raise kidpreneurs in order to have a great future ahead.
On a bigger picture entrepreneurship is the backbone of our economy .And our children are the future of our economy. So it does make sense that fostering entrepreneurial skills among children is vital.