Business Ideas for Kids: Sparking Your Child’s Entrepreneurial Spirit
Business games for kids: The fun way to spark your child’s entrepreneurial spirit.
Sparking your child’s entrepreneurial spirit is for pushy moms and dads, right? Let’s face it, thinking up good business ideas for kids is tough, not to mention boring. Who wants their 7 year-old dressing like Warren Buffet, worrying where his/her next big idea is coming from? Not me that’s for sure, the thing is…
Understanding how business works early will set your child up for a lifetime of success.
Don’t worry. I’m not suggesting you take all the fun out of your kid’s childhood by pushing graphs and spreadsheets under their noses. Instead, you should explore smart ways of introducing your child to the world of business creation.
It’s all about channeling your child’s playful and creative nature in a way that teaches them some key business basics. And the clever thing is, for the most part they’ll barely notice they have started learning.
The most obvious way to get started is by introducing simple business games…
Useful business games for kids
There is an endless array of games for kids which can introduce them to ideas of spending, saving, investing and money making. Online video games, board games, and role-playing games are among them. Here are some of the best…
Online video games: There a wide variety of business simulation games which your kids can play online for free. Learn4Good has compiled a list filled with kids business ideas which is well worth a look. It includes games such as Restaurant Empire, Code Monkey Tycoon and Shop Empire.
It’s worth trying them first to see if they’re suitable for your child as each one varies in difficulty and complexity. Alternatively, there are many paid-for business simulation titles available across different platforms.
StartUp puts the player in the role of entrepreneur. The goal is for the player to make their fictional business a success – before their opponents do.
Alternatively, The Allowance Game teaches kids about the value of money management and work. It’s a fun way for them to learn about earning, spending and saving.
Real world role-play: For me this is the most fun and effective option. Instead of relying on existing games, create your own which introduces the idea of how to start a business for kids. You can either devise a game involving pretend money or perhaps you can link pocket money to your child’s entrepreneurial endeavours.
For example, when you’re cooking dinner, your child could play the host or waiter. They set-up the table, help prep any food and let the guests (the rest of your family) know how long dinner will be and whether they would like any refreshments while they wait.
Real-life business ideas for kids and teens
They’ve played the games, but can they succeed in the real world? There are many small business ideas for kids which are well worth considering. Of course, they can also develop their own unique concepts.
For inspiration, take a look at 14 fun business ideas for kids from The Penny Hoarder website. It features some of the stereotypical ‘child businesses’ such as car washer, garage stand seller, and babysitter. But it also includes advice on potential online businesses a child might start.
However, there is one thing I think you should do. Help your child plan. A business plan for kids should be a simple document which details how the business will work in practical terms.
It should include:
- The business idea – what it is and how it will fulfill a target market’s need or desire
- The equipment you need – and how much it will cost
- How your business idea will make profit
- How you will attract buyers – will it require marketing?
Check out this sample business plan for kids.
You can also take advantage of the FREE printed book that Kids love that teaches them about entrepreneurship in bite size nuggets (The Toren Brothers published this book), here at Kidpreneurs.org
The philosophy behind the Kidpreneurs book is simple. The future of our children begins with us! Most people say, “It’s never too late.” The Torens say, “It’s never too early.” The benefits for an early introduction to the basic principles and infinite rewards of entrepreneurship are massive. The Torens have managed to break down otherwise difficult concepts in to fun to read bites that any bright minded child can easily enjoy.
By getting them thinking the idea through, they will develop the concept of how marketing works. The product must be something that people want. And you must be able to reach that market. So, how do you do it? It’s an essential question that all business professional must answer throughout their careers.
And on this subject, you’ve just given your kid a head start. By the time they go to college they should be adept at starting their own side business. That’s right, no flipping burgers or waiting tables for your budding business mogul.
A final thought to leave you with… If your child is blurting out a stream of seemingly absurd business ideas, don’t be too quick to dismiss them.
I mean, whoever thought the concept of ‘Doggles‘ would take off?!