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Teen entrepreneurs are starting their own businesses like mowing lawns, running craft stores online through Etsy, offering social media consulting, or walking dogs in their neighborhood. But as a parent, how do you teach your teen about business if you’re not an entrepreneur yourself?
How to Teach Your Teen About Business
According to a recent Gallup survey, 41% of students in grades 5 through 12 say they intend to start a business.(1) If your teen is seeking your advice about how to start their own business, you might be feeling a little overwhelmed. Where do you even start?
Our research found that 76% of parents surveyed think it’s important for their teens to learn entrepreneurial skills, but only 23% feel qualified and confident to teach their teen those skills.
So, we created the Teen Entrepreneur Toolbox to walk you and your teen step-by-step through the process.
What’s in the Teen Entrepreneur Toolbox?
As the parent of a teen entrepreneur, this is your go-to resource as you help them pilot their new business. Your book is almost identical to the teen portfolio except your copy includes a ton of practical tips and questions to help you guide your teen. So when you don’t have all the answers, we’ve got you covered.
Local experts you can trust.
This is the heart of the toolbox itself. The teen portfolio will walk your teen through eight steps they need to know to get their new business up and running. They’ll learn things like how to come up with their business idea, how to talk to customers, and how to set goals for the overall good of their new company.
Get ready to be energized! In this 20-minute clip, Ramsey Personality Anthony ONeal will get your teen fired up about starting their own business! He’ll give your teen a solid foundation with a play-by-play breakdown of all eight steps of the teen portfolio.
Goal Tracker Poster
This resource is a visual aid to inspire your teen entrepreneur to reach their goals! They can jot down how much they want to save and what it is they’re saving for. This might be $6,000 for their first car or $400 to buy an iPad. Whatever their goal is, the Goal Tracker Poster will help them see their progress along the way!
These Q&A flash cards will get your teen thinking about the challenges they might encounter in their business and how they can grow. All you have to do is grab a few and get the conversation rolling! The right answers are listed on the opposite side of each card, so you can help if they get stuck.
Gratitude goes a long way. Sending out thank-you cards to their customers will set your teen entrepreneur’s business apart from the rest. Think about it: When was the last time a business sent you a thank-you card for being their customer?
Teen Entrepreneur Toolbox App
Inside the toolbox, you’ll find an access code to download the Teen Entrepreneur Toolbox app. This unlocks a digital audiobook, e-book and video to help your teen stay on top of their new business. The app will also help your teen digitally keep up with appointments and store client’s contact info.
But one of the best parts of the app has to be the Profit Potential tool. It helps them calculate what they need to charge in order to actually see a profit. They can play with the numbers to see how raising prices or cutting expenses can change their monthly income! It can also help them set realistic savings goals.
Is Your Child the Next Teen Entrepreneur?
Every successful entrepreneur got their start somewhere. Many of today’s biggest names in business were once bright-eyed teen entrepreneurs (or even younger)!
At 12 years old, billionaire Mark Cuban started selling trash bags door to door. Warren Buffett got his first taste of business selling packs of gum. And Ingvar Kamprad founded Ikea when he was just 17 years old.
The list of successful teen entrepreneurs goes on and on! Will your teen be next?
With the help of the NEW Teen Entrepreneur Toolbox, you can teach your teen how to become a successful entrepreneur. Get it today!