Home > Business for Kids, Entrepreneurs, Tips for Parents/Teachers > MrsMoney Gives Tips to Parents for Encouraging Entrepreneurship

MrsMoney Gives Tips to Parents for Encouraging Entrepreneurship

MrsMoney asks if your child is an entrepreneur and gives some great ideas that I’d like to pass on to you.  I’ve inserted a clip from it.  See the link at the bottom of this post for MrsMoney’s full post.

” 1. Ideas – Encourage any idea your child/teen might have, but help them do research to determine if it is feasible. Find out if lots of other people are already doing the same thing. If so, your budding business tycoon will need to do it differently and better. Determine whether the idea will fill a need. (Remember the old adage that says, ‘You can’t sell ice to Eskimos.’)

2. Resources – Determine whether or not your child/teen has the resources to implement their idea. Will they need special equipment to make their product? Must they stock inventory? Be realistic about start-up costs and determine whether you would be willing to ‘invest’ in your budding entrepreneur.

3. Expertise – Is the idea in line with your teen’s interest and expertise or will they require help with the project? If help is needed, who might be willing and will they need to be paid? It’s always best for young marketing entrepreneurs to start with a product or service that excites them Internet-based businesses are quite popular these days and kids are so internet savvy that these businesses are a breeze for them to set up and run.”

 MrsMoney’s Blog:  Is Your Child an Entrepreneur?

  1. September 3, 2007 at 4:20 am

    Basic business skills/acumen to kids …. should be accompanied by responsibilities such as a budget portfolio, and some social responsibilities; democratic meet ings …with a friend-partner or friend collaborator.
    Armand Rousso

  2. September 11, 2007 at 5:43 am

    I agree to Armand Rousso, a real life team and responsibility ac ting should be experienced by ids when they are lead to try to be entrepreneurs

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