Having your own business provides many excellent benefits that many of us have thought of starting one at some point in our lives. It lets you do what your heart dictates while earn a living, among many other reasons. However, there is also a variety of reasons many people are unable to do so, one of which is prioritizing financial stability.
Because of this, many become content with helping others build their wealth and forego their entrepreneurial dreams. The current state of the world is seeing a shift in how people see work and their careers. In addition, the proliferation of remote work has changed how we define ambitions and values, dramatically moving away from the established ways of working. As such, teens can see these as examples for when they become professionals in the future. If you want them to start early, here’s how to encourage an entrepreneurial mindset with your teens.
Gen Z and Entrepreneurship
A study conducted by EY Ripples and JA Worldwide found that Gen Z’s attitude toward entrepreneurship is encouraging. These are the people who had been born between 1997 and 2012, and they were found to be aiming for their own businesses within the next decade. And from that initial 53%, it jumped to 65% after having experienced being part of the workforce.
Statistics we found from the U.S. Census Bureau confirm this after receiving reports that many of the 3.4 million new business applications in 2021 are from Gen Zers.
How to Encourage an Entrepreneurial Mindset in Your Teens
Now that we’ve learned that starting them young is the key, let’s get to know how we can encourage the entrepreneurial spirit in teens.
Instill Confidence
Many people become wary of starting a business because they aren’t confident enough. They let fear get in the way, which is totally preventable when you instill confidence early on in your teens.
Identify Their Passions
The main point of becoming an entrepreneur is to be able to follow your passion and get paid for it. Identify what your teens are passionate about and find ways how they can turn them into something profitable. A teen who enjoys painting can be made to do commission work, but of course, starting with something minor, such as a community poster. The goal is to start them young and get them in the habit of coming up with ways to earn from that passion.
Find Ways to Monetize Their Interests
Now that you found what their interests are, it’s time to find ways to monetize them. Introduce them to the concept of advertising and getting the word around. It doesn’t have to costs a ton of money. A simple word of mouth can do along with other creative but cheap ways to spread the word.
Fund Them
As mentioned earlier, you don’t have to put out a huge amount of cash, but a small investment can help. You can also encourage your teens to raise their funds with after-school tasks or by doing household chores. Even the smallest amount of cash can help them get started.
Teach Self-Sufficiency
As early as their teen years, teach them that being self-sufficient can get them further. While getting help in any way can do wonders, it builds character to know that they can stand on their own.
Normalize Failures
Even if they start young, it does not automatically mean they won’t encounter hardships. Any business idea is a good idea, but if they happen to fail, teach them to pick up the pieces and move happily on. The main thing to point out about failing is that your teens should learn from it.
Conclusion
Encouraging an entrepreneurial mindset in your teens may seem hard, but starting them young gets rid of the many hindrances that the older generations have from being one.
