Business plan

If your child has an innovative mind, this is a great exercise for them. Get them to develop a mini business plan. This will encourage your child’s creativity and interests while giving them some practical tips on business basics.

Things you need

A business idea
Pen and paper to brainstorm
Word processing software, such as Microsoft Word (optional).

The challenge

If running their own business or creating their own product is something your teen might want to pursue in the future, they’ll need to have a good understanding of money and financial mathematics.
Ask them to develop a business plan for an idea they have, and record their plan in a word document. In their plan, get them to consider any aspects they’ll need to make the business run successfully.

Bonus activity:

Consider applying these ideas and skills to run a fundraiser for your local sporting team, club or favourite charity.

The conversation

What's the business idea? How will they make money? What are their overhead costs?
How much money would they need to break even?
How will they make their product or service better than the competition?

The career

Developing an understanding of what it takes for a business to succeed will help your teen lay the foundations of an entrepreneurial career in any market or industry!