Teens’ Entrepreneurial Mindset Preparation for Franchising Business
Setting the proper entrepreneurial mindset on teens will help inspire them to start their own business. The right mindset is the root for willpower, drive, and courage. It can assist in carrying out money making ideas that might pop in their head. Furthermore, these ideas can help entrepreneurs choose the franchise business suitable for them.
They do not have to become the richest kid in the world. They also don’t need to become the next Mark Zuckerberg. What parents should teach their kids is to engage in entrepreneurship not just solely for the money, although money is one reason.
Your child might even ask about the range of an entrepreneurs salary. Of course, the profit is not high during the first phase of the business. Your children must be able to understand that.
Learning to be an entrepreneur has a lot of possibilities and opportunities. The establishment of a franchising business is a good fallback for an unhappy or unsuccessful 9 to 5 job. It is just one of the possibilities.
For this reason, teaching the right entrepreneurial mindset to your children prepares them for future possibilities. It ensures that your children will have financial security no matter what the situation may become.
Inspire Your Kids
The first step to getting the right entrepreneurial mindset is to inspire your kids. Teens may not feel inspired this time. They might say, “I need motivation!” or “Business is not my cup of tea.”
You children may not realize the importance yet. This is because they do not pay house bills and buy their own food yet. Do not wait before it is late. As early as possible, set your children’s entrepreneurial mindset by inspiring them.
It is possible to let your children do what they like while being a businessperson at the same time. In fact, having the passion for something is one of the keys for a successful business.
You can start by telling your kids stories about the life of famous entrepreneurs like Steve Jobs, Bill Gates, or Colonel Sanders. Tell them about these tycoons struggles before they achieved their success. Moreover, let them know the traits and the mindset of successful teen entrepreneurs.
Early in the morning, you may provide some inspirational quotes for teens that will guide them. However, you should practice what you teach, or they will not believe you.
Make them realize the rewards they can get when they have the right entrepreneurial mindset. However, you should make them aware of the risks along with it.
You may also teach them about business by buying the best entrepreneur books for teens like:
• Long-Term Thinking: The Snowball by Warren Buffet
• Playing Hurt: Obstacle is the Way by Ryan Holiday
• Outwitting the Devil by Napoleon Hill
• Atlas Shrugged by Ayn Rand
• Innovation and Entrepreneurship by Patrick Ducker
Teach Your Teens the Right Business Principles
The right entrepreneurial mindset comes from having the proper beliefs. Having these can hone their teen characteristics. Consequently, these can turn them into better people or entrepreneurs. Here are some of the principles believed by most successful entrepreneurs:
• Take advantage of the opportunity.
• Take risks.
• Utilize creativity.
• Be consistent.
• Network
• Diversify
These beliefs will not just help build your children’s entrepreneurial mindset. It will also help them manage their life.
Start a Small Business
Running a small business is a great way to train your children with useful entrepreneurial skills. You can start it for your kids and guide them throughout the process. There are many money making ideas to begin with.
The first thing to do is analyze your kids’ skills. From there, you can think of several business ideas for teens that can be fun for them.
For example, if your child knows how to drive, he or she can start by giving taxi services. If your child is smart in school, then he or she can offer tutorial services. Those are some home business ideas that your children can delve into.
Nowadays, setting up an online gig is the best small business to start. Your children can sell their artworks or handmade crafts on Etsy. They could also sell their services on Fiverr.
You may also encourage them to start their blog. There are many blog topics ideas! The sky is the limit. Your children can choose any topic to share as long as they love it.
Also, be by your children’s side if in case they failed in their first attempt. Make them understand that failing is part of the process.
Hone Their Practical and Communication Skills
Having the proper entrepreneurial mindset is nothing without the necessary skills. To remain competitive in the market, entrepreneurs must continually hone their skills and discover new information.
One does not have to graduate with a business entrepreneurship degree to learn the necessary skills, although it can help. A lot of people prove it to be true.
Some of the business skills for teens that you can teach are accountancy, business management, allocation of resources, marketing, and the like.
Life management skills are also applicable to learning the necessary abilities for business. Skills like time management and organization are some of the most valuable life skills for teens that are also applicable in business and people management.
You should also teach your kids the importance of business communication skills. A business will not thrive without communication. Additionally, networking is vital in a business. Networking is impossible without communication.
Teach your children the importance of innovation and entrepreneurship. Once a businessperson learns the necessary skills for the business, he or she has to develop these skills with creativity.
A lot of successful businesses thrive because of innovation. It involves thinking creatively in an out-of-the-box way to produce a product or service that is unique among the others.
Take Advantage of What Technology Can Offer
What is good with teenagers is their love in technology. For this reason, they can make use of what technology has to offer. One of them is finding the entrepreneurship apps to help them start their business.
It is better to start teaching entrepreneurship while they are young. It will prepare them for bigger responsibilities in the future.
This knowledge will help them manage their shop or franchise business. To make it happen, teach them the proper entrepreneurial mindset.
