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Entrepreneurship starts with drive and a strong work ethic. As a parent, you will want to foster within your child that spirit of independence and desire for success that motivates successful entrepreneurs. Of course, it is not always easy to pass on life lessons and this one may call for some amount of creativity on your part. Here are some tips for helping your children to become entrepreneurs:
- Put Them to Work
- Encourage Decision-Making
- Find Business Opportunities
- No Free Money
- The Value of Teamwork
- Marketing Skills
Teach them to write out their goals. This is one way to help them think in detail about what they want to accomplish and take serious steps to towards fulfilling their dreams. They should not only think about their goals, but also about the various steps they will have to take to get to them. They should start taking those steps as soon as possible.
Hire them at your business. If you are an entrepreneur yourself, this gives your children the opportunity to learn from one of the most important people in their lives. The fact that they are learning from you may help them to better grasp the principles on which business operates. Working for you will provide them with real-life examples of how entrepreneurship works.
Provide kids with the opportunity to make decisions. Being decisive and knowing the principles of good decision-making are essential for successful entrepreneurship. You can start out by allowing them a small amount of independence in managing their spending-money or ordering for themselves in restaurants. The goal is to help them to consider all the ramifications of a particular choice.
teach them to take advantage of business opportunities. Selling is the core of business and an entrepreneur will need to be comfortable with concept of commerce. The earlier you start teaching your children about selling, the better; they should be encouraged in small enterprises such as their own lemonade stand or a table at a yard sale. These things will help them to discover the basic principles on which all businesses operate.
Allow your kids to earn from chores. They should not be provided with an allowance for doing nothing; instead, pay them for being productive around the home or in your business. Not only will it encourage a strong work ethic, they will also be more careful spending money that they had to earn themselves.
Teach them the value of being a team player. Most of business involves working well with others; success often requires that an entrepreneur be willing to cooperate and delegate, and requires strong people-skills and leadership abilities. Skills at networking and developing contacts are needed to build a strong customer-base.
Teach them to market. Get them to pay attention to professional advertising efforts such as those used on television and the Internet; help them to see and learn from the various marketing principles used in those advertisements.
Most first time business buyers look for opportunities in an industry or marketin which they already have some operational knowledge. A first time businessowner usually becomes the chief executive of the acquired firm and it requires thenew owner to manage the day to day business operations. The ideal business foracquisition are firms that have a strong track record (say 10 years or more) ofsteady and rising cash flows.
The business you plan to acquire should ideally be in a fragmented market wherethere is no dominant market leader. This will offer you the ability to develop asustainable advantage within your own regional or targeted market segments.
First time business buyer can identify and evaluate both opportunistic deals as wellas geographical/industry focused opportunities. For getting useful information on thetopic, visit http://www.gaebler.com/The-Art-Of-Buying-A-Business.htm