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How to Support Young Entrepreneurs: A Guide for Parents

When a young man graduated from university, his wealthy father asked him a pivotal question: “What do you want to do next?” The young man confidently replied that he wanted to start his own business. When pressed about the type of business, he requested time to think it over.

After seeking advice from a friend, he came up with an idea and presented it to his father. Unfortunately, his father was unimpressed. The idea didn’t align with the level of financial support he was prepared to offer. Disappointed, the father withdrew his backing.

This scenario highlights a common challenge: how can we expect someone with no exposure to the world of business to come up with a well-thought-out plan?

Even Steve Jobs, one of the greatest innovators of our time, admitted that he was intelligent but not initially business-savvy when he co-founded Apple. In fact, many successful entrepreneurs didn’t plan to own a business – it happened organically.

So, how do successful businesses come to life?

Six Ways Businesses Are Born

1. Turning Passion into Profit

Some entrepreneurs transform their hobbies or interests into thriving businesses. Mark Zuckerberg, for example, didn’t set out to create Facebook. It naturally evolved from his passion for technology and connection.

2. Solving Problems

Many businesses emerge from a desire to address specific issues. Uber was born when two friends struggled to find a ride after a party.

3. Innovation or Trade

Others develop a love for creating new things or engaging in buying and selling, which sparks their entrepreneurial journey.

4. Inheriting Family Businesses

For some, entrepreneurship begins with taking over and growing the family business, blending tradition with innovation.

5. Financial Motivation

The desire to achieve financial freedom and a specific lifestyle often drives people to start businesses.

6. Professional Evolution

Some careers naturally transition into entrepreneurship. For example, doctors or architects may eventually open their own practices.

The Role of Mentorship

Instead of pressuring young people to “figure it out” immediately, parents can create an environment for exploration and learning. At Huggers’ Youth Mentorship, we equip young people with the skills, confidence, and mindset to navigate their unique paths. This program fits seamlessly into any routine, ensuring participants grow without feeling overwhelmed. By equipping our youth with knowledge and creating job opportunities, we inspire healthy living and nurture individuals who make meaningful contributions to society.

Practical Tips for Parents

Here’s how you can actively support your child’s entrepreneurial journey:

  1. For Family Businesses: Tell your child, “I want you to apply what you learn to our family business.” This encourages practical experience and builds their confidence. Their knowledge will greatly impact your business and help them find their purpose.
  2. For Talented Children: Motivate them by saying, “I want you to learn how to turn your passion into income.” Help them see their talents as opportunities for growth. This will help them stay focused and maximise the opportunity they have while learning.

Your child might even secure a job while still learning – earning as they grow and gaining invaluable real-world experience.

At Huggers’ Youth Mentorship, we believe every young person deserves the tools and support to explore their potential. Whether they’re pursuing a career, starting a business, or developing their passion, we’re here to guide them every step of the way.

Ready to invest in your child’s future? Sign them up for our mentorship program today and watch them grow into confident, resourceful, and impactful individuals. Get started now >> Huggers’ Youth Mentorship.

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