Starting a business

Starting a business

The entrepreneurial mind is for everyone, but starting a business is not. Business basics have to be taught.

All children will benefit from having an entrepreneurial mind that is curios, creative, competent, committed and compassionate. This kind of mindset will give birth to vision, innovation, passion, determination, perseverance and motivation that will serve a child well in any profession or business.

However, if we are to raise entrepreneurs, we not only have to equip children with the entrepreneurial mind, we must also teach them how to start a business.

According to Dr. Eduardo Morato,

An Entrepreneur is someone who can:

1. contribute significantly to the economy by raising productivity;
2. create value by introducing new products and services or finding better ways of making them;
3. innovate products or operating systems; and
4. expand the business horizontally or vertically;

The goal of an entrepreneur is to start a “business venture”. This is defined by the American Heritage Dictionary of Business Terms as, “a commercial endeavor in which an entrepreneur risks his or her resources in return for an expected profit”.

Profit will always be the goal of any business endeavor, it won’t survive without it. However, I advice parents to tell their children that money should not be the only reason for starting a business. Ask any successful entrepreneur and they will tell you that the financial rewards may not materialize until after years of hard work. Thus, if the sole purpose is to make money, it will not be enough to keep him going when faced with the difficulties and challenges of starting and nurturing a business.

Business basics to guide the youth entrepreneur

Let me share with you some business basic to help your child think of his own business venture. Remember, every big business started small. You can guide your children to think about the following business basics:

A.   Hearth of the business: Begin with yourself

B.   Mind of the business: Think of a Plan

C.  Home of the business: Place for your venture

D.  Body of the business: Capital and Resources