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Encouraging Entrepreneurship in Teenagers: Here’s What to Know

If you follow these steps, your children will have a bright and entrepreneurial future ahead of them.

Parents worry about the future of their children and what sort of trade they will succeed in. Today, many parents are encouraging entrepreneurship in teenagers so these young adults will have beneficial futures with a fruitful career. There are multiple steps that parents and guardians can take to inspire entrepreneurship among their teen children.

Key Ways to Encourage Entrepreneurship in Teenagers

To ensure your teenage child gains skills needed in their future career, focus on key ingredients that boost the success of young adults, according to a concept paper from The Wallace Foundation. These elements include the following:

  • Help your child create a set of goals for their future
  • Encourage your teen child to have more agency in decision-making
  • Assist your son or daughter in developing a cohesive identity
  • Boost the competency of your children by encouraging them to take on more tasks, such as volunteering, taking on an after-school job, or doing chores in the home

Creating a list of objectives can help your teenage child understand where they may want to invest their time and what career trajectories they would prefer. When encouraging entrepreneurship in teenagers, have your son or daughter make their own decisions, such as the type of hobbies, after-school activities, or enrichment classes that they would like to pursue.

Sometimes a good way to help your son or daughter become more motivated to pursue entrepreneurship is by discussing the example of another teenager.

Advice from a Teen Entrepreneur

The teenager Brendan Cox is the founder of Cox Visuals, the All Up In Ur Business Podcast, and Cox Social Media Management, reports contributor Mary Juetten for Forbes. Juetten spoke with Cox and found some key tips he has for others looking to unveil a start-up business.

First and foremost, taking action is more important than spending too much time perfecting the wording of a business plan. Your children could lose months obsessing over every feature. Instead, they should get started on growing the company instead of merely talking about their plans.

Next, your teen needs to create a list of realistic goals. These objectives should be challenging to achieve but not impossible. For instance, they may want to grow their fan base on Twitter by 500 accounts in one week instead of 100,000 followers.

Another piece of advice that Brendan Cox provided is on the importance of social media. To grow a business, the connections and followers made through social media are essential. Cox described other key tips for teens interested in starting their own business, which are:

  • Don’t create a company solely to make money because passion is key
  • Make connections to ensure there are people to count on when you need assistance
  • Focus on your competition as a form of motivation for your company
  • Believe in your dreams and abilities
  • Take risks and re-invest your money

In today’s job market, it seems that encouraging entrepreneurship in teenagers should be a relatively simple task. According to the Harvard Business Review, today’s teens have more entrepreneurial spirit than their parents did during their young adult years.

Teens More Entrepreneurial than their Parents in Recent Years

Statistics show that teenagers of today are more likely to be self-employed. A poll of middle-aged adults shows that 60 percent had traditional jobs such as waiters, fast food workers, receptionists, or other office work positions. However, the poll takers stated that only 12 percent of their teenage children had traditional teen occupations.

As many as 70 percent of their children have jobs that can be thought of as self-employed. Some examples of these jobs include teaching piano, selling things on eBay or Etsy, and baking treats to sell out of their kitchen.

As such, your teen son or daughter would likely be happy to start their own small business to make extra money and pursue their passion. You can help your child become an entrepreneur by boosting their decision-making agency and assisting them in developing objectives as well as their overall identity. 

If you follow these steps, your children will have a bright and entrepreneurial future ahead of them.

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