What you need to know:
- Tell them why people do business, and that there is no appropriate time to start. The key to starting a business is starting and this can be at any age.
We are not all talented or skilled at business but we are all business people by nature. Everyone likes to do something that creates extra income.
We are always eager to add another skill or profession for additional value. That alone is a business-oriented mind.
However, I have seen people who say they are not gifted at business. They can’t even put a leg in there. Yet when you look at what they are involved in, there isn’t a difference.
It’s at this time that we create awareness in our children that business life is part and parcel of us. What then our children need is the inspiration to develop a business mind at a young age and hatch business ideas.
They need to know that business is any idea one has to create and make a profit or extra income.
Whether you call it a side hustle or a mainstream job, teach them business skills one at a time. Involve them in any activity or skill development to make more money.
Tell them why people do business, and that there is no appropriate time to start. The key to starting a business is starting and this can be at any age.
It all begins with having an idea in mind. Put the idea on paper and draw some sketch plan on how it can work.
Money should not be the priority but the idea to start something. Foster their business ideas and interests and encourage them to build on them. It’s easy to plan, but sometimes it doesn’t get started due to several reasons.
There could be fear of uncertainties, lack of funds, time, skills, competition, trainers, etc. You and your child may perceive these as realities, but foster that zeal for action and offer support. One day this child will come out of fear and begin.
Give children the opportunity to handle money and manage it. Educate them about money’s value, how to save and invest, how to plan and budget, spend within the budget, and make priorities, among others.
This creates a critical thinking mind, creativity, and innovation and helps them make informed decisions.
They need business ethics. A person who succeeds in business is honest, trustworthy, transparent, compliant with the law, has excellent customer care, respects his/her clients, is a person of integrity, and someone who does not cheat on himself/herself or others.
Teach them never to fear taking risks. It enhances their confidence to start or continue what they are doing. You should warn them, however, against taking unnecessary risks in situations where danger becomes evident, but you still decide to go there.
The risk should be well calculated so that it won’t result in a great loss or depression if things don’t work out.
Ask them to learn perseverance. It’s a virtue to practice in business. You can’t start something and a few weeks or months down the road you give up before even learning from it.
A lot of resources will be wasted and this may create too much fear and complete withdrawal from business.
Involve them in businesses of their interest. Where training is needed, let it be because adding knowledge and skills makes business life easier.
Where there is a need for a coach/mentor or apprenticeship, don’t hesitate to connect with them.
Dickson Tumuramye, Child advocate, parenting coach, marriage counselor, and founder - Men of Purpose Mentorship Programme.