Teaching Your Children Important Business Lessons for the Future

Franchise consultant and father of triplets, John Smith, shares his insights on how to get kids involved in business and prepare them for the professional world. Smith emphasizes the importance of being a role model and leaving a legacy for children through entrepreneurship.

One key tip Smith offers is to encourage children to join school clubs like DECA and FBLA, which provide opportunities for students to explore different areas of business and compete in various competitions. Smith’s daughter, for example, found her passion for professional sales through DECA and went on to win state and national competitions.

Another suggestion is to start teaching kids about entrepreneurship at a young age. Smith recommends supporting their entrepreneurial endeavors, such as running a lemonade stand or car wash, to instill the value of hard work and earning income.

Smith also highlights the importance of facilitating mentorship connections for kids to gain real work experience outside of family businesses. By leveraging personal connections, Smith’s daughters were able to secure internships and mentorship opportunities in various industries.

Additionally, Smith emphasizes the importance of teaching financial empowerment and the value of contributing to the family and local community. By encouraging kids to pursue leadership opportunities in school clubs and organizations, parents can help build essential skills like conflict resolution and responsibility.

Overall, Smith’s tips provide actionable ways for parents to introduce their children to the world of business and entrepreneurship, setting them up for success in the future.