According to the famous Shark Tank personality and billionaire investor, Mark Cuban, parents must guide their children when they show an entrepreneurial streak. In his latest book ‘Kid Start-Up’, he suggests that parents can guide their children by setting up an action plan and helping them define business goals.
Through an action plan, a parent can determine if the business plan is actually feasible as it will:
- Help in identifying the number of work hours to be put in per week,
- Source materials and other elements that are required, and
- Figure out how the product or service will be sold
How does this help kids?
To be an entrepreneur, three essential skills are required:
- Willingness to learn
- Focus on the end result(s)
- Interpersonal skills
Learning these critical skills while one is young can fast-track them into the path of success and help them be open to future opportunities.
How these 3 kids made it big through parental support!
- eDesign Technologies
The youngest web designer and the youngest CEO in the world, Ms. Sreelakshmi Suresh started her own firm at the age of 10! By developing a strong interest in design from a very early age, she has designed more than 100 websites for a number of institutions including the Bar Council of Kerala, Angels International, and more.
She was motivated by her parents to pursue her entrepreneurial dream when she came across a boy who used to design websites.
She has been the proud recipient of the National Child Award for Exceptional Achievement in 2008 and the Gold Web Award by the American Association of Webmasters.
Imagine a 7 year old being invited to the White House for her entrepreneurial venture! That’s exactly what happened when Alina Morse’s venture Zollipops rose to fame.
Her lollipops are unique as they are fruit flavoured and do not cause cavities!
She had saved $7,500 as savings from her grandparents which served as the seed money for her confectionery. Over the years, her brand’s presence has extended to SuperValu, WholeFoods and Amazon.
Coming from a rural middle-class family, Amit Agarwal did not let any obstacles come in his way of success.
He is the innovator behind the award-winning UpCart which has won top honours from the Ministry of Skill Development and Entrepreneurship.
The thought of coming up with this invention came about when his mother was not able to lift heavy bags while climbing a staircase. Over a period of a couple of years, he was able to develop and perfect his invention not only for lifting up heavy loads on staircases but also on rocky terrains.
Now, hear it from a student! Here’s Hyderabad Public School’s alumni, Mr. Pallove Kumar talking about how entrepreneurial opportunities in school inculcated valuable skills in him:
Startups, when run by kids, are flooded with vibrant and fresh ideas but when they are guided by parental support, it is a sure shot formula for success.
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