How to Foster Business Thinking in Kids

I was watching Shark Tank recently when an 11-year-old boy pitched his idea, and I was blown away by how simple yet ingenious it was. It got me thinking—how many parents take the time to teach their kids business skills?

When we talk about preparing kids for the future, business thinking might not be the first skill that comes to mind. But it should be. Whether or not your child grows up to run a business, thinking like an entrepreneur teaches invaluable life lessons—creativity, problem-solving, and perseverance.

Think about it: every snack they eat, every app they use—it all began as an idea in someone’s mind. Showing kids this perspective not only inspires them but also empowers them to make a difference in their communities.

The best part? Teaching business skills doesn’t require expensive tools or complicated lessons. It starts with simple conversations. In this post, we'll be sharing practical tips to help you get started.

Start with Real-Life Examples  

One of the best ways to spark business thinking in kids is to share stories they can relate to—stories of other children who’ve started their own businesses. Real-life examples make the concept of entrepreneurship less abstract and more achievable.

Inspiring Stories of African Kidpreneurs

Take Gabby Goodwin, she started a company with her mum Rozalynn called Gabby Bows. It all started with a small problem of hair barrettes not staying in place. After many frustrated mornings, they created the Double-Face Double-Snap Barrette, which stays put all day. The company has sold over a million units across 16 countries. Today, her business is not just thriving, but she has also launched Confidence by GaBBy, a line of plant-based hair care products, and has gone on to win multiple awards.

Or think of Moziah Bridges, who started fashioning his own bow ties called Mo's Bow in his grandmother's kitchen. He never imagined it would grow be an internationally-recognized brand. He just needed an accessory to help him look sharp, but couldn’t find anything that suited his style or personality. He has appeared on top TV shows, including Shark Tank, and has won multiple awards.

Their stories show kids that even little and simple ideas can grow into something impactful.

Connect It to Their World

Kids often learn best when the examples are close to home. Take them to a local market and point out how vendors display their products or interact with customers. Discuss why some stalls seem busier than others. You could even challenge them to set up a mini-business at home or church, like a “snack corner”, where they handle everything from pricing to customer service.

The goal isn’t necessarily for them to start a full-blown business right away but to help them see how they can solve problems or turn their interests into value for others.

Encourage Problem-Solving  

One of the first steps in developing business thinking is teaching kids to see problems as opportunities. Every successful business starts with solving a problem, and kids are naturally great at asking “why” and “how.” Channel that curiosity into finding solutions.

Begin by helping your child identify small challenges in their daily life. Ask questions like:

• “What’s something at school that you think could be better?”
• “What’s one thing that would make chores easier at home?”

Here's an activity you can practice at home to encourage problem-solving. It is called:“Fix-It”.  At dinner, have everyone name a small problem they’ve faced that day. Then, brainstorm fun ways to solve it. For example:

• Problem: The family keeps losing TV remotes.
• Solution: Create a colorful holder for the remote using a recycled box.

This game helps kids see that solutions often start with simple ideas.

Introduce Basic Money Management

Understanding how money works is the foundation of business thinking. No matter how much money they make, if they don't learn the simple concepts like saving, investing, budgeting, and spending wisely, it won't make any difference.

The easiest way to teach money management is by making it a part of daily activities:

1. Pocket Money Practice: If your child receives an allowance, help them divide it into three parts. You can use the 50/30/20 budgeting rule:

• Save: They save 20% for their goals, like new headphones.
• Needs: They spend 50% on things they need. Little expenses they can take care of like airtime, data, etc.
• Wants: They spend the last 30% on things like their favourite and can also apportion some of that for giving too.

This teaches them the importance of planning and prioritizing.

2. Shopping Challenges: The next time you go grocery shopping either to a local market in the area or the supermarket, give your child a small budget (e.g., ₦1000) and ask them to pick a few things within that amount. They’ll quickly learn to compare prices and make choices based on what they can afford.

3. Use business scenarios 

• Give your child “start-up money”. Something small based on their age; and have them plan a simple business, like selling beads.
• Help them list expenses (materials) and income (sales).
• Let them calculate their “profits.” 

This activity builds their confidence in handling numbers while showing how businesses balance costs and earnings.

Provide Opportunities for Real-World Experience  

No lesson beats real-world practice when it comes to fostering business thinking. Giving kids the chance to apply what they’ve learned in actual situations helps solidify their skills, builds confidence, and teaches them how to navigate challenges.

Encourage Participation in Events

Look for local events, markets, or charity events where your child can showcase their products or services. For example:

• A child who makes bracelets can set up a small booth at a school fair.
• A budding artist can sell hand-drawn portraits during a local event.

These opportunities expose them to real customers, boost their confidence, and teach them how to handle money in public settings.

Shadowing a Business

If you or someone in your network owns a business, arrange for your child to observe or help out for a day. For instance, they could:

• Spend a few hours at a bakery to learn how orders are managed.
• Visit a supermarket to see how goods are arranged and sold.

We know this is a lot to take in, but as you have seen, you don’t need to be a business expert to help your child on this journey. Start small by encouraging them to notice everyday challenges and think of ways to address them. Celebrate their ideas, no matter how simple or wild they may seem. 

Equally important is teaching them the value of integrity and fairness. Business isn’t just about making money; it’s about building trust, respecting others, and giving back to the community. 

Who knows? Your little entrepreneur might just come up with the next big idea. Either way, the lessons they learn today will shape their tomorrow, and that’s a return on investment you can always count on.