Summer can be a difficult time for parents of teenagers. When your teen is on a break from school, they usually take this time to go to the beach, hang out with friends, play video games at home and lounge around. Unless your teen is preparing for the next school year, they’re likely on idle mode enjoying the extended break.
If your child has nothing better to do at home, encourage them to try out starting a business of their own.
Here’s why your teen should pursue entrepreneurship:
Helps – Build a Fund for College Tuition
Launching a business doesn’t mean that your teen will discontinue their enrollment in senior high school or abandon the pursuit of higher education. Your child can launch a start-up venture to help pay for the rising university or college tuition costs.
The cost of college has unfortunately gone up in the last decade. According to a report from CNBC, the cost of tuition at public colleges from 2008 to 2018 soared in all 50 states. The cost increased by 37 percent on average.
If you believe that a teen or a kid won’t be able to start a business and raise money to pay for their college education, think again. Look at the story of Caine Monroy as an example. This nine-year-old local business owner raised hundreds of thousands of dollars in scholarship money.
Note: even if your teen is unable to raise thousands of dollars like Monroy, that’s perfectly fine. The important thing that you’re giving your teenager the opportunity to earn their money and contribute to their college tuition.
Teaches – Failure as an Important Part of Learning
Life won’t be easy for your teen. They will eventually experience setbacks both in their personal and professional life. One of the lessons your teenager will learn when they start a business is responding to challenges and failure, as well as taking steps to overcome life’s adversities. They will realize that it’s ok to make a mistake, so long as they learn from it and bounce back.
Allows – Your Teenager to Discover Their Passion in Life
Some teenagers have no clue on what they want to do after graduating from college or what major they want to study. When your teen starts a business, they typically pursue something they’re interested in or follow their passion. If they are into fashion, for instance, they could launch a t-shirt printing business and see if this direction will work for them. Whatever path they choose for themselves, they’ll have an idea of the goal they want to achieve even before they graduate from college.
Teaches – the Importance of Hard Work
You’ve probably heard successful parents say the classic statement, “I worked hard and sacrificed a lot to get to where I am right now.” Chances are that you’ve probably said the same thing to your teen. So, why not instill the value of hard work in your child?
Entrepreneurship is a fantastic way to drill the importance of hard work into your teenager’s mind. They’ll have to allot a huge chunk of time, effort and energy into developing a product or a service, managing their finances and marketing to customers. Your teen will understand that they need to work hard if they want to go far in school and life.
Helps – Teenagers Understand Money Management
When you make a lot of money, you need to be responsible for managing it wisely. You don’t want to end up like those lottery winners, athletes and retirees who lose most, if not all, of their wealth within a few years by blowing their money.
When your teen launches a start-up venture, they will realize just how important it is to save and manage every single penny coming into the business. They’ll understand that the money they earn will help them build and maintain the future they want for themselves.
Teaches – Your Teen the Value of Networking
Entrepreneurship allows your teenager to form meaningful relationships. When your teen does networking, it opens their door for newer (and sometimes better) opportunities. They could, for instance, rub elbows with people who could help them launch their career or business and change their lives for the better.
Helps – Your Teen Stand Out
Launching a business at a young age is something that your teen can put on their portfolio or resume. This will set them apart from teenagers who choose to spend their entire summer doing nothing productive or fulfilling.
Don’t let your teen sit around all day at home during summer break. Encourage them to come up with a business idea and help them launch their startup venture. Even if they don’t do well the first time around, you’ll be there to support them in their journey.
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