We get it. You love your child! You want him or her to be the best at whatever initiative your child undertakes. Brilliant! You are always there to lend your support, create a fun, stress-free studying environment, offer morale boost and certainly give financial benefits to your child. In short, you would do anything to make life ‘super easy’ for him or her. It’s understandable.
This parenting quality comes handy, especially when your child is planning to start a business. Yes, it sounds challenging, maybe even like mock tests, for your son or daughter but it’s an exciting one; something that calls for your involvement and engagement as well! As Facebook founder Mark Zuckerberg once brightly stated, “All children are artists. The problem is how to remain an artist once you grow up.”
So the million dollar question is to ensure that your child hones those special skills to take a plunge into entrepreneurship. Is it really that simple to awaken the genius (like Zuckerberg) in your child? It is; but provided you keep in mind these easy ways:
Does the product in mind generate need?
In order to be successful, any business must have a motive and to fulfill that motive must there be a service or product. So ask your child the above stated question – Can that product or service actually fulfill customer requirements? Is it really that much in demand in the market?
As a small scale survey, ask your child to question his or her friends about the product in question. Does it create ample buzz? If it does, then your child is definitely on the right track. If it doesn’t, then perhaps you need to work on tweaking the product or service aspects a bit.
What’s the market size?
Okay. So once the product or service is sorted, next hurdle is to decide the market size. Ask your child what he or she envisions the product to be like? Is it something that would do wonders in a hyper local market or does it have the potential to soar new heights in the digital global world? This needs to be defined properly as the market size will give a better idea about the next step in the process.
Who is the target audience?
Okay. Your child knows what to sell and where to sell but an important question is “who will be the ideal target customer base”? Is it tweens, teenagers, young adults, middle-aged adults or oldies? Whichever group gives the maximum traction is the audience to focus on. Analyze carefully as to who the product or service would actually benefit!
Get funds and do a revenue-cost analysis
Hmmm…sounds a bit technical, isn’t? Well, it is! How does simply strategize to generate enough funds for the business to kickstart? It’s easy. You start networking with people or better urge your child to connect, network and meet people who can lend a hand in support. Yes, spending money is easy but generating moolah is difficult. So ask them how they plan to spend a particular amount of money on their business?
Does it cover the manufacturing costs? How many products have to be sold to reach a “break even” point? Does this amount also cover any additional expenses as well? Based on own research work and networking, your child should be able to come up with tentative costs. Trust us, doing so helps a lot.
Plan, pitch and execute
The most exciting part of the business is once the first batch of products is out and is making way to the testing area. Yes, this means customers will get to use it! You can help your child in organizing focus groups – starting with the target customer base right in the vicinity of your home.
It doesn’t need to be elaborate but it should be organized in such a way that it serves the purpose. Of course, let your child take all the decisions here. Let him or her be in-charge of the event and plan everything from A to Z. You can just help by being there and ensuring the going is easy.
As a parent, you need to spend time with your child to know what exactly he or she envisions to pursue in the coming months or years. It is extremely important for you to be around during such an important development in your child’s professional life. Adding to this, let us not try to undermine the important to studying well. Zuckerberg might have dropped out of college to create Facebook but it is certainly not a road everyone can take!
Hence, educate your child about the importance of studying, staying up-to-date with trends and constantly assessing himself – in every way and while you’re at it, don’t forget to be as smart as Zuckerberg himself – keep mobile options in mind always!
There’s a Zuckerberg in every child; only the potential needs to be tapped in the right direction.