Make Your Child More Entrepreneurial

Do you want your child to be the next Mark Zuckerberg or Steve Jobs? Cleveland has a long history of great entrepreneurs.

From John D. Rockefeller to Andrew Carnegie, hundreds of legendary entrepreneurs have made Cleveland their home. The current entrepreneurial climate of Cleveland has never been stronger. Entrepreneurship plays a vital role in the growth of the U.S. economy. Starting a new business teaches your child vital skills such as how to generate revenue, marketing, selling, and good money management, just to name a few. All of the skills your child will need as he/she starts a business or enters the workforce. Every school in America should teach entrepreneurship. Here are a few things you can teach your children that will help make them great entrepreneurs.

  • – We must teach our children financial literacy. From there first piggy bank to their first checking account it is never too early to teach children about money.  Schools often fail to teach even the basics about money so it is your job to give your child homeschool masters in finance. Do not forget a few lessons on how to budget their income and investing their money.

  • – Failure is only bad if you do not learn anything from it.  We need to teach our children to do a postmortem on any failure to identify what could have been done different to achieve a successful outcome.

  • – Do not always reinvent the wheel, study other entrepreneurs. Have your children interview successful entrepreneurs you know.  Read interesting business articles or chapters of books with your children.  This is a good bonding experience and gives you the opportunity to teach entrepreneurial concepts.

  • Eli as the boss

    – Marketing is a vital skill for every entrepreneur. Before your child can attract his first customers, he must have a good understanding of marketing. The best thing about marketing is that we are inundated with marketing messages every day. Play games with your children to identify the message, quality of the message and what is the call to action in web, TV and print advertisements.

  • – Sell, sell and sell some more. Selling permeates every type of business model, whether your selling products and services to customers, your child will need to master the art of selling.  The best way to learn how to sell is to sell. Motivate your child to sell their old toys, or other unwanted household items. Try selling these items on eBay. This is a fun activity that you can do with your child and teach them great skills like, pricing, negotiating, and asking for the business to closing the deal.

  • – Check out the book, “Better Than a Lemonade Stand” by Daryl Bernstein. It’s full of creative ideas for kids with very little start up costs.

Here is our Cleveland Moms Rock Little Entrepreneur To Do List:

  1. Facilitate some way for your child to make their own money, whether it is through chores, their own business or helping you in yours. Earning money teaches your child how to work for money and cash flow.  Check out the Moonjar Classic Moneybox. It’s a money box that is organized into sections designed to teach children to how much to spend, share, and save. There’s even a picture book to get them started.

  2. Set up a checking account. Get the debut card. It is never too early to teach your child about electronic transactions and how to track them.

  3. Set up a budget and let your child decide on how much they spend and save. A good rule is 10% spend and 90% save.

  4. Help your child develop her idea. Cleveland Public Library located on 325 Superior Ave. opened Ohio’s first ‘MakerSpace’ in a public library.

  5. Learn how to create a website. The web is going to play a big part in our future economy. Try Wordpress, as it is easy and fun to use. Search YouTube for “Wordpress tutorial for beginners” A Wordpress website can be set up for next to nothing on any of these hosting providers, Dreamhost, GoDaddy, or bluehost.

  6. Great American entrepreneur, Benjamin Franklin once said “If you fail to plan, you are planning to fail!” Therefore, have your child develop a business plan (Business Plan Samples) and start a business.  For more resources on helping your child start a business, check out U. S. Small business administration resources for young entrepreneurs.  (SBA LINK)

  7. Northeast Ohio has other great resources for entrepreneurs. Our hands down favorites are JumpStart Inc., Launchhouse, and Austen BioInnovation Institute in Akron. To find Entrepreneurial Programs and Support Resources in Northeast Ohio, check out JumpStart’s searchable map for education, space, advice, connections, capital and talent. (Link to Searchable Map)

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