Young entrepreneurs have the ability to learn and practice basic small business principles at home. More often than not, the resources needed to support a youth business venture are available within most households. Utilizing the supportive network of parents, extended family members, neighbors and friends, a youth entrepreneur can start a business without leaving home.
The active participation of a parent is the key to the success of a youth enterprise. The role of the parent is to serve as an active partner and business advisor.
Here are a few suggestions for designing your own entrepreneurship curriculum to get started with your fledging entrepreneur.
The first step is to identify a business opportunity. Nothing happens in the marketplace until someone needs a service or a product. Your youngster can be taught how to survey families in the neighborhood about their wants and needs. Many adults are basically lazy and desire someone to help them with boring, labor intensive tasks around the house. And we know that younger customers tend to be product oriented and are motivated to purchase mostly novelty items.
Next, analyze the results of the survey together. In the evaluation of business ideas, it is important to consider the skills required to operate a particular enterprise and amount of money needed for startup.
Creating a realistic sales and marketing plan can make or break the new business. Make sure good sales prospects – family, friends, classmates, teachers are initially targets as customers. Early success in sales increases your young entrepreneur’s motivation to continue. A couple of dollars in the pocket early makes this new partnership a real business. Don’t be surprise if more questions are asked about topics related business expansion and profit potential.