ANOTHER SUMMER SERIES EPISODE TO INSPIRE YOU AND YOUR KIDS!
Being an entrepreneurial family sets you apart from other families. Life is different for us because we see things differently. We see opportunities differently. One of the gifts we can give our kids is the vantage point of viewing the world through a different lens than other people. A lens that looks for possibility and opportunity not for lack and limitation.
Today, we’re talking about that from an angle of entrepreneurship for our kids and I’m going to talk through some ways you can start a business of your own. It doesn’t matter what your age or what experience you have. The power of starting a business is not just in the money; it’s in what you learn, who you become, how you grow and discover what you like or you’re good at. Just because you’re young it doesn’t mean you can’t do amazing things!
Let’s raise them up right!
IN THIS EPISODE, WE COVER:
[2:12] What is Your Passion and What is Your Why?
If you’re looking to start a business, the first thing you need to do is to think about what you’re passionate about and what your gifts are. Don’t come into this thinking solely about how to make money, because you’re going to burn out and probably end up quitting. Preserve that passion that you have and identify some of the sparks in you that interest you.
Then you have to start to think about what is the motivation behind the business. What are you most excited about in the vision you have for it and why do you want to do it? Having what people call a “why” or reason for showing up for it is going to get you through the tough times because guess what – starting a business isn’t easy. But if you know why you’re doing it, and you’re passionate about it, and you’re willing to continue to grow despite failures and struggles, then you’re going to push through it. So, make sure you know why this is important to you.
[4:12] There is No Such Thing as an Overnight Success
Another thing to remember is that there’s no such thing as overnight success. If you have parents that are successful in business or you have seen other kids start a business and make all this money, know that it didn’t happen magically and quickly. Their success happens because behind the scenes, because they’re putting in hard work. Overnight success is not a thing. It’s not going to happen that way. You have to be willing to put in the work and keep trying.
[5:04] Your Business Plan and Market Research
The first thing you need when you’re starting a business is a business plan. There are a lot of templates and tools online that you can use that can help you have an outline for a business plan, but it’s basically going to help you break down the elements of your business. How much are you going to charge? How much time are you going to put in? What is the business going to look like? This is all a really hard thing to do when you haven’t had the experience yet, so leverage the people who have. Whether it’s your parents or a teacher, or somebody you know that has experienced starting something of their own, ask them.
The next thing you want to think about and start to put into practice is doing some market research. You don’t want to create a business where nobody wants what you’re selling. So, you have to actually ask around, talk to the people that you think would like the thing you’re offering and get their feedback
[7:58] Investing in Your Business
You also want to consider keeping track of money. Do you need money to get this off the ground? Do you need to get a loan from your parents? Do you need to ask around and see if someone would be willing to invest in your business? Sometimes, to make money, you have to spend a little money.
Next, people need to know about your business so you have to market it. Are you going to use social media as a tool? Are you going to put fliers up at your school or your church? Start thinking about how you are going to put that business out into the world.
Then identify what you are going to need to make it happen. Do you need support? Do you need to hire one of your younger siblings?
You also have to think about how much time this is going to take you. You’ve got schoolwork, homework, sports, extracurricular activities, time with your friends. So, you have to think about how much time you can dedicate to this each day or each week.
[11:26] Finding a Mentor
Finally, find a mentor. Maybe it’s one of your parents. Maybe it’s someone else you know that has started a business of their own. Sometimes a mentor doesn’t even have to be someone that you’re sitting with in person. Maybe you start researching and you find somebody online that puts out YouTube or Instagram videos about how to start a business for kids. Maybe you find tools like this podcast where you can learn from afar and be mentored through that process.
If this episode spoke to you, go share it with your friends! I hope it gives you courage to go after starting a business of your own, becoming an entrepreneur and pursuing a life that a lot of people want to live but aren’t willing to work for it. Make sure you tag us and let us know what you think, what you want to learn more of and what you’re going through.
We would love it if you would subscribe and leave us a review! And come connect with me on Instagram at @elizhartke and if there’s a topic, a question or a guest you want to hear on the show or an idea you have for us, just reach out and share that.
We do this for you so the more you tell us the more we can serve!
RESOURCES FROM THIS EPISODE:
Episode 107: Raising Luminaries Summer Series: Pep Talk for Kids on Starting a Business
July 14, 2022
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