Supporting Your Teen Entrepreneur
As A Parent
There are several ways to help your kid start a business and learn how to run and manage it. Some may tell you to start by getting an LLC or filing corporation paperwork for your state; however, entrepreneurship education is very different from how real entrepreneurship and business probably work. At Target Evolution, we believe the best way to teach your kid entrepreneurship is with a product-based business, which helps them build habits and the character conducive to success in any field they choose.
Once they earn over $400 consistently over 3-6 consecutive months or decide they really like being young entrepreneurs, we suggest going through the legal processes according to your local jurisdiction. We highly suggest checking business laws in your city, state, and county and talking to an attorney and accountant because we cannot provide legal advice. To start, position your kids to begin selling a product and then help them develop communication skills, habits, and the character to be entrepreneurs. We have a low-cost Teen Biz Box and online course to help with this step. After this exercise, it'll be easier to decide which direction you should go legally and tax-wise with their business.
Over the last few years, we've seen thousands of kids and teens start a business, change their business, grow a business, and fail at businesses. The most consistent challenge we've observed is kids changing their minds. Change of mind can come with a change of product(s) and, oftentimes, a change of the entire business model. To keep yourself from being exhausted by the multiple changes your kid will go through during this entrepreneurship education process, allow them to be flexible and provide just enough support to see if they like the daily grind of it first. Before investing tens of thousands of dollars and helping them create a whole product line, ensure your kid has the habits, character, and skills to succeed. Next, make sure they like being an entrepreneur and are good at managing emotions and their time.
Target Evolution is here to help you and your kid navigate the opportunities, changes, and challenges of entrepreneurship along the way! Thank you for choosing us to support your child’s entrepreneurial journey!
By Crystal Victoria
Founder & Executive Director of Target Evolution Inc.
