Starting a business provides an invaluable life experience for kids and it develops very practical skills like organization, money management, problem solving and communication. The future of work is rapidly changing now that kids are growing up surrounded by people just like them, who are starting businesses from their bedrooms and making money thanks to the explosion in digital opportunities.

According to youth Economy report, The entrepreneurial attitude of Generation Z means that 26% plan to be their own boss in the future, with one in five (21%) saying this is their career priority.

If you want to inspire the entrepreneurial side of your child, here’s how to help them launch their own business

1. Teach Them How to Recognize Opportunities

Entrepreneurship has always been about identifying and solving pain points. Entrepreneurs know how to recognize a problem and set about finding a solution. In cases where the problem is present but unacknowledged by society, entrepreneurs find ways to illustrate the concern — and the solution. In cases where the problem is known and the solution already exists, entrepreneurs find ways to make the solution better.

Practical application:

Practical Applications:

If your child isn’t a Impressed with, something, encourage them to think of ways to make it better. For instance; wearing suits on Sundays. If they hate dressing up in suits for Sunday, but they know they are not allowed to wear anything else to church (and they also know missing church is not an option), what can they do to make make the suits stylish or more descent clothes for church. Encourage them to think and come up with a solution.

2. Decide what business to start

If your child doesn’t already have a specific business idea in mind, have them make a list of their favorite things to do.

The key to helping your child launch a business is to make sure they are passionate about what they want to do. This means letting them develop a good idea so they will be motivated and more likely to stick to it when it feels hard.

Practical application:

If they love baking or cooking, as a parent you can encourage them by involving them in the kitchen work. From cutting tomatoes to adding spices in the food. Ask them what they want to eat and encourage them to go and make it themselves (with your guidance)

3. Make plan and set goals

Has your child think about all the nuts and bolts needed to turn their idea into a reality. What kind of equipment, supplies or training do they need? If they’ll be baking, what do they need? A cooker? Baking kit? Or extra support. How much do they need, How will they balance school with that passion and how often will they be in the kitchen.

They should write down their goals for the business, including both financial goals and anything else they want to achieve. It will be fun and educational to revisit these goals as they grow.

4. Teach Financial Literacy

Your kids are never too young to learn financial literacy. In the case of children, entrepreneurship is an excellent means to introduce it. Children need to learn how to save their money and invest it in things that matter. They also need to know that they can’t just expect money; they have to earn it.

And when they receive money as gifts (especially from grandparents, and especially in holidays), teach them that, money doesn’t need to be spent; it can be saved. Illustrate how it’s much better to set aside that $5 (10,000ugx) from grandma rather than blow it on biscuits and sweets. Show them that if they keep saving they can buy their favorite toy.

5. Show them that failure is normal

The pursuit of entrepreneurship can be a tough road, and setbacks are inevitable. It’s important for entrepreneurs to be resilient and bounce back from failures. Teach your child resilience by helping them to develop coping strategies for dealing with stress and disappointment. Encourage them to see failure as an opportunity to learn and grow. Praise them for their efforts, not just their successes.

As parents, it’s up to you to help your children understand that failure is not such a bad thing. Share an example of one of your brilliant failures; explain that every entrepreneur has probably had a string of miserable failures leading up to their massive success. Each attempt provides valuable experience and insight. I always remember the wonderful words of Girls Who Code founder Reshma Saujani and try to teach kidpreneurs to be brave, not perfect.

Conclusion

Are you looking for a perfect place to teach your kids entrepreneurship? Welcome to kidspreneurs Uganda, registered visionary initiative committed to cultivating a generation of young innovators and entrepreneurs. In a rapidly evolving world, nurturing the seeds of innovation and entrepreneurship among our future leaders has never been more crucial.

Click Here to Join a network of young kids building the next big thing! Email us on kidpreneursuganda@gmail.com

Register for the the biggest kids in business, The Africa Kidpreneur Summit 2024 happening in Botswana Gaborone from 14th-16th August.