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