It’s never too early to equip your children with the basic tools and strategies to start, manage and grow a business.
(Also read our article: Bruce Whitfield launches the R10 000 Kidpreneur Challenge!)
The core principles that apply to adult business planning apply in similar ways to kidpreneur business plans.
In light of the Money Show's Kidpreneur challenge taking place at this year’s 702 Walk the Talk (with about 50 000 people participating), we interviewed Aurik Business Incubator Director and CEO Pavlo Phitidis about how children should go about completing their business proposals as well as how they should assess their opportunities.
Listen to the audio (scroll down) for more detail:
This year 702 decided that everyone should be walking for a reason, and Bruce and I decided to devote our walk for child entrepreneurs.— Pavlo Phitidis
Children can come forward with a business idea. The opportunity will allow school-going kids to market their businesses at the event. Whoever does best with their business at the event stands a chance to win between R5000 and R10 000.— Pavlo Phitidis
We’re looking for children with entrepreneurial savvy.— Pavlo Phitidis
We are looking for a personal value stack, where the entrepreneur has an understanding of themselves; their strengths and weaknesses.— Pavlo Phitidis
We are looking for someone who has used their resources well and found the opportunities.— Pavlo Phitidis
Don’t come up with an idea that is far from what you have access to or that you have no exposure to.— Pavlo Phitidis
Look at what you've got, rather than what you need. And build yourself up from that.— Pavlo Phitidis
A well thought out business plan is based on a model that identifies your customer and tests whether you understand the customer’s behavior.— Pavlo Phitidis
A business plan is best expressed on a single-sheet diagram and it speaks a thousand words.— Pavlo Phitidis
This article first appeared on 702 : Business planning 101: the kidpreneur edition