Can a kid start a business?
Yes, all kids can start a business. No matter their age, every child has the ability to creatively think of an idea and act on it. When people age, they can adopt the mentality of being easily discouraged to go after new opportunities. As a child, this mentality is usually not present which allows them to think of ideas that an adult might not consider or attempt. This mindset is one of the key ingredients of being a successful entrepreneur. Not allowing others to tell you what is or is not possible. Some of the most famous entrepreneurs of all time were ridiculed for their ideas because people at the time could not comprehend the use of their product or service. For a child’s first business, the focus should not be on them creating the next unicorn startup like Snapchat. The focus should be on introducing a child to entrepreneurship and all the processes involved in starting a successful business.
Parents probably have the image of a child’s first business being a lemonade stand or car wash. While these are great first businesses, advancing technology has presented children additional opportunities. The internet provides a store front for kids to sell their ideas to people around the world without ever leaving their house. Website builders have simplified their interface where even a child can simply drag and build a custom design. Social media platforms like Youtube make it easy for kids to upload their videos to their own channel. Craft stores like Etsy allow kids to advertise their handmade crafts and jewelry. Other than online opportunities, children can quickly create products with 3D printing technology.
Kids can also learn from the vast amount of literature and video resources online that teach the basic principles of entrepreneurship. There has never been a better time in history for children to grasp the power of entrepreneurship at a young age.
Entrepreneur School highly recommends parents to always supervise their child during the startup journey. Until a child is 18 years old, they will not be allowed to setup a legal structure for their business. The business will have to operate as a sole proprietorship under one of the parent’s name. This means a parent will have full responsibility for any business actions or liabilities. Regarding accepting online payments, a child will need to have a parent connect their bank account.
Want your kid to learn more about starting a business?
Enroll them in the Entrepreneur School Kid Course.