Millionaire in training: how to teach your kid to think like an entrepreneur investinyou (In partnership with acorns.)
To help explain his or her idea, your kid can even build a prototype to show to local experts, FIRST's Bossi suggested.Research the market
If you think your kid's idea has the potential to turn into a business, first research the market to see what the need is and assess the competition. Come up with a business model and, if it is a product, figure out how much it would cost to produce it. "If all those things look good … your kid could start to talk to angel investors to see if someone can fund it, taking it from prototype and concept to production and maybe a real business," said Bossi.As you guide your children through building and running their business, talk to them about profits and taxes, Henske said.
"Kids are just a sponge," Bossi said. "When you expose them to things like brainstorming and prototyping, they get it."If we don't teach our kids to be entrepreneurs, which really means having an idea and taking control of your own destiny, they are going to grip onto their first job and when it changes and goes away, they are not going to be able to deal," he said.
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