Usually, when thinking of starting a business as a kid, one would likely envision a lemonade stand, bake sale or perhaps mowing lawns for neighbours to earn some spare cash. Alina Morse, 16, had her vision set much higher. At age nine, she started America's fastest-growing company called Zolly candy.
Since launching the candy-making business, Morse's bio is more than enough to make most adults feel like underachievers. She is the youngest person to appear on Entrepreneur Magazine's cover. Moreover, the Inc. Magazine named her company as the fastest-growing company specializing in candies in America in 2020 after the company sustained a staggering growth rate of 865 percent. In Easter 2021, the sales were over 200 percent.
She previously partnered with NBC Universal's Dreamworks' on the film "Boss Baby: Family Business." She also delivered a TED talk in which she appeared to be the youngest keynote speaker ever at Advertising Week. Thus, InStyle Magazine named her as one of the 50 Badass Women Changing the World, which includes the United States' former first lady, Michelle Obama.
Many parents now wonder how to encourage their kids to start a business.
The business should be all about the child's interest
A child needs to be passionate about building a business to ensure they would not feel like they're already working at an early age. Ensure they will still enjoy the experience and make memorable learnings out of it.
Smith encourages parents to allow their kids to do things they truly enjoy. Let them bake cookies or cake, as they soon realize their talent and skills will make them earn money. If your child is an artist or painter, encourage and help them sell their artwork online or at shows. The list goes on and on, but remember that the main goal is to match the child's business with their interest.
Jen Bradley had five kids who started a lemonade business called The Lemonade Way. Bradley's company was inspired by the nationwide Lemonade day. The business was operating in front of a local Walmart. The mom of five added that not only did the kids sell their products and receive a positive response from the public, but they were also able to give roughly $200 to the Autism Research Institute.
Karen Aronian, PhD, parenting and education expert, told Parents that it's essential to have a business plan when planning to build your own's business as you also don't want to waste money. Although your goal is to make your child enjoy the company and earn from their business, you also want to teach them that hard work has consequences that would be very beneficial.
Introducing the concept of money management
When encouraging kids to set up their own businesses, first introduce the upfront costs, so they know how much money is needed. You may need to give your little kids money to start their businesses. Parents can offer to fund a particular amount as long as they contribute, even if that's money from their allowance or birthday money.
Moreover, parents can even hold an investor meeting where their children can discuss and pitch their own idea and outline their financial needs. A business is one of the ways to introduce your child to basic money management, including complex topics such as calculating gross profits and managing overhead, per Entrepreneur.
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