Things you need
- A business idea
- Pen and paper to brainstorm
- Word processing software, such as Microsoft Word (optional).
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.
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!
