How to Get Your Kids Thinking Like a Business Owner

kiddie-tax-origRunning a business requires many skills and often times a different way of thinking.

Luckily these skills and many of the thoughts can be taught.

Even better yet is these are not all hard concepts that you can’t already be teaching your kids.

How do you go about teaching your kids to think more like business owners and learn the necessary skills to run a business?

Here are four approaches to begin getting your kids on the entrepreneurial road.

Start Your Own Business

Kids learn from watching others, especially their parents.  So if you have ever thought about opening your own business, now is the time.

You can share with them what you are doing and at the same time they can just observe what you are doing.

Not only will your kids get to watch you run a business, but they can help out in your business.  They can even get paid for work they do for you.

Watch Shark Tank

My son has always been on the entrepreneurial side, and I had never thought of showing him Shark Tank.

Then one evening I was watching the show while cooking, and my son became enamored with the show.  As I was thinking about it, it is the perfect show to have your child to watch and learn about business from.

The sharks ask hard questions about everything from the finances, to marketing, product production, competition and much more.  The show makes you look at the functioning of an entire business from a different perspective – the investors.

This is also great for you to watch if you are starting a business.  The lessons you can learn are countless.

As a bonus to get your child’s mind working around all the issues you can “play” Shark Tank.  I did not think of this one, my son did.  One night he asked if we could play Shark Tank, I agreed as it is a great way to teach but also because I just had to be the Shark.  Have your child present their idea and then ask them questions such as profit margins, where they are selling it and competition.  Don’t know what to ask?  Watch the show and write down a few of the questions!

Read Business Books

Reading is a great way to learn just about any topic.  Having your kids read business books will teach them many different areas.  You can even have them do book reports to make sure they understood the concept.

Some good ones to start them on are: The E-Myth, The $100 Startup, Good to Great,

Have Your Kids Start A Business

Experience really is the best educator.  So while all of the above will help your kids think more like business owners there really is only one way to really learn – to do it!

The business does not have to be a big production as they can learn the basics, especially on with the financial management on any size business.  The most important aspect is to start and remember to learn from every mistake.

While not every child will end up owning a business, the earlier you start them thinking like a business owner the better their chances of being successful at it will be.

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