Kidpreneurs – you hear their stories and are left in awe. You watch their interviews and find yourself speechless!
HOW did they know what they want to do at such an early age?
HOW did they find the courage to pursue their dreams while so young?
And most importantly, HOW did they convince their parents?
Convincing your parents to let you start your own business while you are still studying can be one of the toughest things you will ever do. It can also be the smartest thing you end up doing because, while you may think you are the next Mark Zuckerberg, you definitely need someone to keep you grounded. And who can do that better than parents, right?
So, here are seven strategies you can use to convince your parents that being a kidpreneur might not be such a bad idea!
- DON’T get full of yourself
Instead of boasting about your plans and skills at full throttle, SHOW them that you know what you are doing. Talk about rational goals which can be met within a certain period of time. Don’t talk about the money that will start pouring in once you make it big and definitely DON’T talk about WHERE and HOW you will spend that money!
In other words…keep it real.
- Do your homework
Think your plan through, not once but a hundred times. Do your research and have your numbers ready for your folks. This will convince your parents that you are not doing something on a whim. Not only will this help gain your parents’ support, they will also prove to be valuable assets in getting your business off the ground. Be it hidden talent you never knew of, financial expertise or the right connections, they will probably be able to help you out with a whole host of things.
- Listen to their perspective
They are your parents so whether you agree with them or not, maintain respect at all times. Be firm if you disagree with their point of view but listen to their insights respectfully and then try and make them understand yours.
- Keep them in the loop
Shutting your parents out is the absolute worst thing you can do. You will always benefit from their insight and they will always help you when times get tough.
- Convince them of your passion
Show them how badly you want what you want. Most parents are open to reasonable passion and if you show them your zeal, commitment and inclination to work hard, they will admire your spunk and do all they can to help make your dreams come true!
- Be honest
They say ‘Honesty is the best policy’ but when it comes to business, it is the BEST policy. If you need your folks to invest in your start-up, then this saying becomes even more important. It is important to make your parents understand that no investment is risk- free and there is always a chance that it will not play out the way you want it to. If they are giving you their hard-earned money or worse, extracting from their retirement funds, be as transparent as you can.
It’s only fair to you and them.
- Don’t gloss over problems
Make sure they know the problems associated with your venture. Being open and factual is a favour you will do to yourself and to them. Chalking out the issues that may come into play at inception will show them that you know what you are getting into; that this is not some hare-brained scheme you came up with ; and, that you have thought about ALL the angels of going into business.
Your parents are the biggest pillars of support you have, so once you win them over, the rest of the journey will be easier!
Are you a young entrepreneur? Tell us about your venture in comments below!