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I know for most people these days the idea of their teens starting their own business sounds crazy but I assure you it is anything but crazy. It can teach your teens so much and help them prepare for their future, it could even BE their future if their business takes off.
To help you understand a little more of how helpful it can be, here are some skills teens learn by starting their own business.
Considering it will be THEIR business, they would be their own boss and by having to do that it will help them develop strong leadership skills. Sure they may not have employees, but no one would be able to run a successful business without being able to be in charge.
Whether your teens business is selling products they make or lawn maintenance, they are going to have to make tough decisions and having to do it on their own they will learn quickly what it means to be a boss and a leader.
Your teen may not have to learn all of the little ins and outs of accounting or taxes, but there is no doubt that if your teen owns their own business, like any other business owner, they are going to need to understand budgeting basics. They are also going to need to learn things such as how to read a profit and loss statement and how to balance a checkbook.
Not only will they learn financial skills from this but also accounting skills. Which both are important life skills that will help your teen be able to manage their finances in the future.
3. Customer Service
Not everyone notices this with small businesses, but your teen will have to respond to angry customers, try to deal with a customer who is negotiating the pay, work for free, refund money, or let a customer vent.
These are all parts of running a small business that your teen will have to deal with if they have their own and in the long run it will teach them how to have great customer service skills, which is an important skill for everyone to have.
4. Time Managment
This is a very, very crucial skill to have in life. Teens who have part-time jobs have a set schedule so it makes time management easier for them. When a teen owns and runs their own business it requires a lot more responsibility because the time is much more flexible, there is no one making sure your teen is on task and there’s no one to tell your teen what time to do specific things.
They are going to have to figure out how to manage it on their own, which can be difficult but if it is something they really care about they will stick through it and learn.
Many teens run their own businesses these days and hopefully it won’t stop because it teaches them very important life lessons and skills that they need to have in the future and their business could even grow big enough that by the time they are out of school they have their future right in front of them.
This is a list of just a few of the skills teens could learn by starting their own business, there are so much more out there. Did you know any of these? Do you know of any that aren’t on this list?