Teen entrepreneurs are using their social media savvy to launch their businesses leaving many parents worried about the risks involved.
Listen to what I had to say about teen entrepreneurs on Global News, Canada’s national nightly news.
Here are 4 ways to help your teen entrepreneur
1- Get involved in the decision making
Teen entrepreneurs need your guidance. Teens may be the experts in technology, but they often lack business knowledge. Your involvement is another way to connect and spend time with your child. This time is especially important in these years when kids are becoming more autonomous. Beware, this will be a time commitment on both your end and theirs.
2- Develop a contract together
This document outlines how much time, money, etc. is put towards the business. It guides everyone when there are competing priorities such as needing to study for an exam at the same time a major business deadline approaches. The contract is a working document and should be edited as needed. For example, it may have more lenient parameters during the summer than during the school year.
3- Think of the big picture
Starting a business as an adult is often much riskier a venture than starting one as a teen. Adults often have mortgages and student loans. Teen entrepreneurs are usually without these financial obligations. This freedom bolsters innovation and risk taking. Real life experience at a young age is often priceless in their career planning.
4- Capitalize on their motivation
Teens being motivated and inspired to put themselves out there, create something, and make money is something to build on. The exact business idea may not be ideal at first. Work together to find something you feel is appropriate and they are inspired by. Teens being productive and creative strengthens self-esteem.
Your involvement is needed every step of the way. The fresh, innovative ideas of teen entrepreneurs coupled with the experience and wisdom parents offer are a winning combination.