Children do need to be children and enjoy their childhood, but as they grow they also need to learn about money, where it comes from and learn how to function in society, so that when they grow to be adults they live responsibly.
By the time they start sixth firm or college, many teenagers would likely be thinking about ways to make money outside of the Bank of Mum and Dad, and will be thinking of a Saturday job at the very least – often in the nearest fast food establishment. But would it be better for them to start their own business instead?
Here are five reasons why a business is better:
Saturday job: Yes, it teaches them responsibility – they need to show up for work and do a good job or face the wrath of the boss and colleagues, which may well be good for those who find everything that takes place outside of their bedroom a real chore.
Entrepreneur: Teaches responsibility as well – You need to work hard or you don’t make money. Unlike a Saturday job, where there may be other people to fall back on, a business want work if they don’t put any effort into it, which can be very motivating once they start to reap the fruits of their labour!
2. The value of money
Saturday job: They learn that time is money.
Entrepreneur: They learn that creativity and hard work is money, which wil p,ant a very important seed not their mindsets for the future.
3. How to market yourself
Saturday job: They learn how to fill out an application and go on an job interview to market yourself. But they may only do this once for a number of years until they move onto another job.
Entrepreneur: They have to market themselves and their business on an ongoing basis to spread the word about their business and what it has to offer. Therefore, this starts to be a great confidence builder – even the most shy soon learn ways to very one shyness if it means making those extra sales.
4. Customer service
Saturday job: Service with a smile or your boss may reprimand them…that said, these days this is very thin on the ground, and you’re lucky to be acknowledged when you walk into a shop, so don’t hold you breath on this one!
Entrepreneur: Service with a smile or you don’t get repeat business and their income drops…and they get a bad name and start to lose money.
5. Banking skills
Saturday job: They learn how to collect cash, or a cheque, or how to budget when they get paid.
Entrepreneur: They learn how to budget for advertising costs, pay tax and National Insurance, and expenses and weigh them against their profits. They also learn how to deposit money into the bank and manage their finances for any expenditures that the business needs to pay for. They learn how business works.
As you can see, both options have benefits, but your child will gain a lot more out starting their own business. Even if they decide to stop once they finish studying and work for an employer, they will have a lot more meat in their CV for a potential employer to chew on – initiative goes a very long way!