If you want you kid to be rich, heres a basic Litmus test you can test your child’s entrepreneurship while still being a great parent.
Use this whenever you notice he likes doing commerce. Maybe he said he wants to be a CEO of a business, has ever sold something, or has hustled once before (mine was trading Pokemon cards for cash on the playground).
Its really easy. Give him 100 bucks to spend a week to come up with ideas and if he pitched you an idea you like you can give him another $100 after he presents it. Consider this as seed money; money you won’t ever see again.
Don’t be upset if it goes one way or another. Give him 200$ total if he had a legit plan on time that you actually can understand. Sometimes it may be as simple as “selling something on craigslist” or “selling what he made on etsy”.
The early entrepreneurship litmus test
However, look out if your child’s drive is tested based on a deadline you set for him. If the child can’t set his own deadlines or presented this late, then that’s an indicator.
If his plan uses the money he got “paid to brainstorm” and any additional funds you gave him then its an indicator that he is personally invested (good sign).
If his plan is detailed offer extras. Reward incentives. Dont tell but reward with enthusasm. Encourage but dont guide. Have them test their idea.
If by your standards the idea is good to work with (legally and morally) then have them plan how they will get 1 customer and exactly what they will do for that one customer for whatever amount they’ll charge.
Encourage. And after he does try something exchange feedback. Learn from him and let him come to his conclusions with him asking why it worked or didnt work. This builds a feedback system that he can apply to any project he can get into in the future. Ask if this is a good idea or they would spend more time going this as opposed to doing what they normally like ie tv or playtime. Don’t have your child sink their time into something that obviously doesn’t work, but know there is a lot of lows after the novel highs wear off.
This mindset of starting and staying consistent while improving and thinking about improvement is key. The final key in the coffin is for them to walk away. Was it worth it?
Try this out. Worse thing to happen is that you find out your child is untrustworthy, with the best thing knowing they can always improve upon it!