Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Thursday, September 21, 2017 09:18:51 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Young entrepreneurship

photo by

By
04th-Dec-2016       
Comments
Share your thought
Post a comment »
Read all () »

Julie Christensen :
Debbi Fields was only 20 years old when she became Mrs. Fields of Mrs. Fields Cookies. Ditto for Sir Richard Branson, founder of Virgin Records. But why wait until young adulthood to launch a company? Even young kids can start a business, and many are surprisingly successful. Take Henry Miller, who launched a successful honey business after he received a beehive for his ninth birthday, or Leanna Archer, who started an organic hair product line at age 11.
Entrepreneurship isn't for everyone, but for the ambitious child, the benefits are many. For one, running a business offers learning opportunities that a school setting can't, says Melissa Rose, president of Boxx Productions, a company that offers business strategies and ideas for young entrepreneurs. Owning a business teaches kids risk taking, financial competency, communication skills and a host of other "real-life" skills. "Entrepreneurship education has even shown to improve academic attendance and attainment while building a child's sense of self," Rose says.
Additionally, young entrepreneurs have less to lose and can be more fearless, says David Bakke of MoneyCrashers.com. "Kids who have started a small business, whether it succeeded or failed, will have greater freedom in adult life," Bakke says. "They won't be limited by the mentality that after they're educated, their only option is to find a traditional day job. They can also more easily start a small business on the side as an adult to earn more income, which also makes for more freedom." Check out these tips to encourage your budding entrepreneur.
Match an interest with a need. Whether you're 6 or 60, one of the secrets of running a successful business is choosing something you enjoy. But to make it profitable, you've got to provide a service that fills a need, Rose says. Six-year-old Duncan Christensen set up a table on the path leading to the nearby school to sell old toys. He didn't get many takers, but one girl commented that she would love to buy hot cocoa or snacks on the way home from school. Duncan liked baking with his mom, so he took the girl's advice and switched to selling homemade snacks. He had more business than he could handle. Think about what you're interested in and look around to find someone who needs what you have to offer.
Focus on customer service. Old-fashioned customer service is still the best way to gain and retain customers, Bakke says. "Many adults still don't understand the importance of quality customer service in a small business, so as a child, it's definitely important to focus on," he says. "Perform at a high level at all times, be punctual and courteous, and always thank your customers for their business. This is a great way to expand your business and build your reputation." Teach your child how to communicate with clients politely and respond to emails and phone calls.
Keep it simple. One of the great things about kids is their boundless energy and enthusiasm, but they often have bigger dreams than they can realistically accomplish. Encourage your little Donald Trump to start with one simple plan and execute it. You can always expand later, but it's better to start small and build slowly than back out of a project that's grown too large to handle. "Focus on what you do best and keep simplicity in mind with every aspect of your business, and you'll be much more likely to succeed," says Baake.
Find support. When it comes to helping a young child achieve a goal, most adults are happy to pitch in. Talk with teachers, friends and business colleagues about your child's ambitions. You never know where support will come from. Support comes in many forms, including financial backing, advice, used equipment or marketing tips. Encourage your child to learn from everyone.
Embrace failure. Almost every successful entrepreneur has experienced a few failed ideas. If one endeavor bombs, try another one. Each experience offers valuable educational opportunities and hopefully some fun as well.
Market your product. Young entrepreneurs usually don't have the funds to put together a full-fledged marketing campaign, but with a little help, they can come up with an effective strategy. Word-of-mouth advertising is a great way to start. Make business cards and ask customers to spread the word about your business. With a little help, kids can design fliers or even create a website.
Whether your child earns $20 or $2,000, the process of running a business should be fun and engaging. If it starts to feel like a chore, for either you or your child, it's time to reevaluate. If the business begins earning serious money, talk with a financial advisor to understand your child's tax obligations.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Suu Kyi`s speech cannot silence the critics


STATE Counsellor of Myanmar Aung San Suu Kyi finally broke her silence on the Rohingya refugee crisis Tuesday insisting that her country was not "afraid of international scrutiny." But her speech in Naypyidaw drew widespread criticism, such as; she did not denounce atrocities against Rohingyas and claimed the government needed ...

Football »

Bayern`s Arturo Vidal is celebrated after he scored the third goal for Bayern during the German Bundesliga soccer match between FC Schalke 04 and Bayern Munich at the Arena in Gelsenkirchen, Germany on Tuesday.


Football »

A moment of the match of the Marcel Bangladesh Championship League Football between Uttar Baridhara Club and Feni Soccer Club at the Bir Shreshtha Shaheed Sepoy Mohammad Mostafa Kamal Stadium in the city's Kamalapur on Wednesday. The match ended in a goalless draw.


Entertainment »

Feels good that like-minded people are in CBFC: Vidya Balan


Last month, much to the relief of filmmakers and the audience, the Censor Board of Film Certification underwent a revamp in August. Padma Shri recipient and lyricist Prasoon Joshi replaced Pahlaj Nihalani as the chairperson and revered film personalities like Vidya Balan and TS Nagabharana became board’s new members. Hopes ...

Entertainment »

Leonardo DiCaprio announces $20 million environmental grants


Actor Leonardo DiCaprio has announced that his Foundation will give $20 million in grants to more than 100 environmentally focused organisations. The new grants, ranging from wildlife and habit conservation and combating climate change to the defence of indigenous rights, increase the organisation's total direct financial impact to over $80 ...

International »

Iran in UN spotlight as Trump threatens nuclear deal


AFP, United Nations :Tehran will defend itself on the world stage on Wednesday with President Donald Trump threatening to trigger a new international crisis by pulling out of the Iran nuclear accord.Iran's President Hassan Rouhani is to address the United Nations General Assembly, where worried world leaders are fearful of ...

City »

Residents of Dolaipar area in the city facing acute water crisis as water with bad smell has been coming from the WASA line. People have to collect drinking water from the only WASA pump in the areas standing in long queue.


Editorial »

Our inactive diplomacy is deplorable : We shall need armed support


IT'S almost a month since Myanmar has started to push Rohingya Muslims illegally into Bangladesh; creating a burden for an economically weaker country like ours. Our government waiting eagerly for the international power houses to act quickly and solve the problem for us. But all our so-called proven friends like ...

Entertainment »

Antora Azim`s web series Basic Ali


Sheikh Arif Bulbon :Few years ago, Antora Azim started her acting career through Adnan Al Rajib’s a play titled Middle Class Sentiment. Under his direction Antora also performed as a model in a TV commercial of Banglalink. Later she took break from media for her study. She again started shooting ...

Entertainment »

Bhoomi item song by Sunny Leone faces Censor scissors - fans to face disappointment


The Censor Board always has a last laugh because of the immense powers vested with it. And with power comes responsibility. The Central Board of Film Certification is a statutory censorship and classification body under the Ministry of Information and Broadcasting, Government of India. Bhoomi has been at the receiving ...

City »

BNP Standing Committee Member Amir Khasru Mahmud Chowdhury, among others, at a discussion on `Bangladesh`s Position in Rohingya Crises` organised by Bangladesh Youth Forum at the Jatiya Press Club on Tuesday.


International »

Trump expresses his hopes for peaceful settlement to ME crisis


AFP, United Nations :US President Donald Trump again expressed his hopes for a peaceful settlement to the Middle East crisis Monday as he met Israel's Prime Minister Benjamin Netanyahu.Netanyahu was the first leader to have a one-on-one with Trump at the US president's first United Nations General Assembly, an annual ...

International »

Hong Kong leader demands end of independence talk


Reuters, Hong Kong  :Hong Kong's leader urged an immediate end to independence debates in the Chinese-ruled global financial hub on Tuesday, warning that the issue was harming the city's relationship with Beijing's Communist Party leaders.Insisting that the government did not want to intervene on university campuses, Chief Executive Carrie Lam ...

Sports »

Canada`s Brayden Schnur (right) and India`s Yuki Bhambri shake hands after the match during Davis Cup singles tennis tournament action in Edmonton, Alberta on Sunday.


Editorial »

Rice crisis must be resolved — police action not enough


THE government on day before yesterday directed the law enforcement agencies and Deputy Commissioners (DC) to arrest illegal rice hoarders in the country. The directive comes in the wake of introducing open market sales (OMS) of coarse rice at Tk. 30 per kg, double the previous year's price, across the ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news