The Young Entrepreneurial Spirit

Here are 10 tips on how to encourage your young entrepreneur in the real world.

Pick realistic jobs. Guide your child to see what his skill sets are and what would be a good potential job match. A nine-year-old who can’t see over the top of a lawnmower isn’t quite cut out to mow grass, but he might be great at pulling weeds and mulching.

Set realistic goals. Sometimes, what our kids think is a good idea won’t work in the real world. For example, one year, my two boys said they wanted to go around the neighborhood selling sticks to other kids (one stick for a dollar). I gently told them that would probably not work because sticks were lying around everything for anyone to take.

Have realistic rates. Help your child see what experience she has for a particular job and how that translates into an hourly or per-job rate. Explain that as a child gains experience, she can charge more for her services. For instance, no one will pay a 12-year-old babysitter at the same rate as a more experienced 16-year-old sitter.

Practice pitching to adults. Have your child role play talking to an adult about their services, including telling them their rates. They should learn how to look the adult in the eye and to answer questions in a polite, audible voice.

Pinpoint places to advertise. Neighborhood flyers and postings on bulletin boards at local pools or businesses are good ways to get the word out. Have your child design his own business cards too, and be prepared to hand those out himself to interested adults. Remind him not to pester, but to be polite.

Follow up on requests promptly. Teach your child how to follow up and keep a calendar of dates and times promised to clients. You will need to provide feedback on availability in a timely manner, so don’t let those inquiries slide.

Have a vetting process. We don’t want our kids going into houses where we don’t know the families, so talk about what to do with someone they don’t know calls for babysitting. For example, we’ve told our daughters, who offer babysitting and pet sitting services, to ask how the person got their contact information. Then I or my husband will take them over to the house on the initial visit to meet the adults/parents.

Provide guidance on money management. If your child starts earning money on a fairly regular basis, open a savings account at a local bank. Many have ones geared toward kids, and that can help your child or teen see the value in saving for specific items, equipment for the business, etc.

Be prepared to step in if necessary. While you want to allow your child or teen to do most of the work, make sure you check in about how things are going. Sometimes, you might need to discuss payment with the other adult or remove your child from a situation that has become unsafe.

Encourage your young entrepreneur to get out there this summer! For more ideas, read “How to encourage an entrepreneurial spirit in kids.”

To connect with Sarah and read more about raising kids, visit www.parentcoachnova.com.