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!

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