If your child is a budding entrepreneur, you are probably eager to support their endeavors. However, you probably also feel that it’s important to balance this with keeping them safe and focused on other important aspects of their life, like friendships, health, and education.
To help you, here are six dos and don’ts for parents of young entrepreneurs:
Six dos and don’ts for parents
Do Teach the Value of Money
Entrepreneurship is a great way to teach children about the value of money. From getting a good price on promotional gifts for marketing to understanding how to work out the profit made on a sale (and what to do with that profit), there are many great lessons to be learned from your child starting their own business. As their parent, you can teach them the financial basics and encourage further learning so that they can make their entrepreneurial aspirations a reality.
Don’t Squash ‘Out There’ Ideas
If your child has some really far-fetched ideas, it is so important that you don’t squash them. Even if the idea they have is not workable, their innovative way of thinking is valuable and something to be encouraged. If they don’t succeed as an entrepreneur, thinking outside of the box is a valuable attribute that could land them a career within industries that value those kinds of attributes, such as marketing, project management, and design.
Do Encourage Work-Life Balance
According to the CDC, 7.1% of children aged 3-17 years old have anxiety. Whilst it is fantastic that your child is going down the path of entrepreneurship, the fact is that it will create extra pressure for them to deal with. This could lead to stress and even anxiety. For that reason, it is important that you impress upon them the importance of work-life balance.
“I don’t think of work as work and play as play. It’s all living.”
– Richard Branso
Enjoyable breaks and time with friends are important factors. Hiring a high school tutor may also help them make the most of their study time, allowing them to look after their physical and mental health while achieving their academic and entrepreneurial goals.
Don’t Focus on Money & Fame
If your child fails with their business endeavors, they will be crushed. Highlighting what is being learned, the fun that is being had, and the memories made throughout the running of their business should be the focus, which means if the business does fail, those things are never lost. Instead, valuable lessons were gained.
Do Your Own Learning
If their product is able to go beyond the local community, the internet will become a central part of your child’s business venture. More than 7 in 10 American adults use some sort of social media site, but would you actually call yourself social media savvy? As your child is now launching their own business, it may be worth doing your own learning so that you can offer the appropriate guidance and support to them.
Don’t Pigeonhole Them
Kids go through all kinds of different phases, and although the top five dream professions for kids under 12 tend to be teacher, vet, doctor, engineer, or police officer, the fact is that most eventually change their minds. So, embrace your child’s entrepreneurship while it lasts, and encourage them without worrying about what the future may hold.
Enjoy Nurturing Your Mini Entrepreneur
Using the tips above, you can enjoy this time and support your child as they learn new skills to take with them into adulthood. While their business may or may not succeed, the lessons they learn will last a lifetime, especially with your support.