How to Encourage a Budding Entrepreneur
If your grandchild comes to you and inquires about different jobs he or she could perform, you might just have the makings of a budding entrepreneur! It is important not to dismiss those budding entrepreneurial wishes, as your grandchild may be onto something that will be a part of his or her future.
If your grandchild comes to you and wants to find a job or start a business be sure to take the time to discuss the possibilities with them. While the final word won’t be yours, but their parent’s, you can help brainstorming ideas.
Let your Grandchild be Heard
It is important to set up a date and time where you can brainstorm together with your grandchild. He or she may or may not have an idea as to what the new business endeavor is. That could be the beauty in the whole discussion. Make sure you give the child free reign to come up with their own ideas. Do not discourage or dismiss any idea.
Go with the Pros and Cons
Make a list of different ideas and show your grandchild the upside as well as the downside of any and all ideas that he or she may have. This way, the reality of the notion of starting their own business, will be available along with the dream.
Also, list what is necessary to start the new business—such as tools, materials, and even money. If money is necessary to start the new business:
- Find out where the money will come from
- Ask how he or she will earn the money to start up the new business
- Work out a plan that you will meet your grandchild halfway for the start-up expenses
Discuss Finances at the Child’s Level
If your grandchild has a dream for a new business endeavor, that is wonderful news. However, the hard cold facts of finance must be discussed with the child. Support their dream, but let them know that managing finances is and always will be a huge part of life.
Help them create a document on the computer that will show their start-up expenses, their monthly expenses and their materials and supplies. Discuss the possibility of donating supplies to their business for the first month or two and then possibly taking out a loan from you to proceed. Make it clear that they will have to repay the loan from the profits.
Discuss finances at your grandchild’s level of understanding. Do not be afraid to have them sign an agreement of sorts so they will understand that integrity and commitment are part of owning and operating a successful business – even if it is a miniature business.