As a parent, it’s crucial to instill in your child the concepts of needs versus wants, the worth of money, and the significance of entrepreneurs in modern society. Fortunately, while most parents understand the benefits of early learning of adult concepts and skills, some do not know where to start when they want to teach their children the principles of entrepreneurship and marketing.
Luckily, there are many curriculum options you can look out on the internet for your guide.
Free market principles for children as an introduction to economics are great resources for parents regarding teaching their children the importance of building the skill sets of good entrepreneurs and marketing experts. You should decide to teach your child the fundamentals of a successful free market and business planning if you’ve done any research on the subject. Many books on the subject and other online resources provide excellent insight from both personal experience and information from other expert sources to be your guide in teaching our child.
1. Start with the basics
Once you’ve decided to teach your child business and marketing principles and basics and how to do it effectively, the first step is to educate yourself on the topic. The next step is to find a suitable partner or mentor willing to spend time with you on this matter. This mentor can be your child’s teacher, a relative, a business partner, or a friend who will show you how they teach their children business principles and methods. Not only that, but several different resources will hold your hand through this process if you so desire. Of course, you can send the little one to age-tailored classes and courses on entrepreneurship, marketing, digital marketing, business planning, etc.
2. Make marketing fun
The goal of teaching your child marketing principles and how to do it effectively is to make the process fun and engaging. It involves planning and creating activities that will capitalize on your child’s existing interests. Figure out what your child loves doing and what they can relate to – it will be vital in helping them. Let them understand the importance of marketing and how it can benefit their life and future earning potential by engaging them in real-life examples, from the logo of their favorite milk brand to “targeting the audience” of a summer garage sale.
3. Teach them how to think like a marketer
Marketing is all about thinking like a marketer. Teach your child business and marketing principles, such as where to find free information online and who their target audience will be based on demographics and age. It will be effective through creative brainstorming exercises that ask the children to create and run their ideas.
4. Teach them how to speak like a marketer
Marketing is all about verbal skills. Teaching your child marketing principles is one way of preparing them for this step. Although, you can also take advantage of habits they already have, like public speaking, speaking in front of crowds, the school’s play, etc. When your child’s teacher has a class presentation, you can work with your child to prepare them for it. All you need is to practice.
5. Teach them the value of genuine relationships with customers
“Make marketing personal. Build a genuine relationship with your customer. Grow it over time, the same way you would a friendship.” Isn’t this the motto of all good marketers and client-oriented brands and businesses?
You can accomplish this goal by setting up a business for your child – selling cookies, for instance – and using storytelling in your product or service so it becomes more than just a sale or transaction. For example, you can show your child how to acquire new customers through referral marketing by asking them if they know anyone else who could benefit from their offer.
6. Teach them about ROI or return on investment
Whether you’re talking about a business’s profit and marketing side, one crucial thing is the return on investment (ROI). Whenever your child is knowledgeable in school or any educational kits, they will eventually understand the concept of EARNING something vs. SPENDING something to earn something else. So keep this in mind when teaching your child the basic marketing principles. In addition, how to do it effectively is essential so they can develop good financial habits early on in life.
7. Teach them how to build credibility
Credibility or building trust with others is essential to the education you teach your child business and marketing principles. It is said, “What others will think of us determines our reputation and our return on investment. Others will judge every action, word, and deed.”
8. Teach them how to troubleshoot and solve their problems
It’s important to teach your child entrepreneurship and marketing principles and how to do it effectively so that they know how to operate in a business environment by themselves and work with others. It is critical to teach your child how to troubleshoot problems without the assistance of a professional. They will be able to deal with bad days, setbacks, and roadblocks that they may come across.
9. Teach them about budgets and savings accounts
Teaching your child how to budget money is essential, but this does not have to be a difficult task. One way of doing it is by creating a price book where your child can track all the prices they encounter regularly. By keeping track of these prices and keeping them in their price book, they will be able to see when certain items are on sale and if coupons are available for them. Another great tip is to have your child set aside 5% – 10% of their money into a savings account.