Sunday, November 25, 2012

Start Teaching Entrepreneurship To Your Kids Now!!

Growing up as a child you always want to do big kid things. Such things as playing big kid games and handling your own money. What better way to help kids express this than to teach them entrepreneurial skills now?

There are many ways to help kids become entrepreneurs. The first way is to teach them how to pitch, which is persuading someone to buy your product and convincing their buyers that their product is worthwhile. In the pitch, kids have to include why their product is the best product they could buy.

Another way to teach your kids entrepreneurship is to help them think quickly. For instance, they will have to come up with good answers quickly to questions about their products, must be able to do mental math instantly, and are generally one step ahead of their competition. This is where basic math skills are essential to understanding money and figures.

Budding entrepreneurs must have a target audience of who they are marketing or trying to sell their products to. Most kids would probably market items that would be beneficial or liked by other kids. A perfect example is candy. A kid entrepreneur could purchase a bag of candy from the dollar store for $1.00. If the bag has a total of 20 pieces of candy in it, costing 5 cents per piece, the kid entrepreneur could sell each piece for a dime which would cover the cost of their investment and double their profit. The kid entrepreneur paid $1.00 for a bag of candy and made $2.00 back. 

One last strategy to have in mind is to make sure they have as many opportunities as possible to make money. It could be something as simple as setting up a local car wash for the neighborhood, selling old toys they don’t want, or even household chores. There are so many ways to teach kids entrepreneurship, but the fact is, it is up to us to teach them.

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