entrepreneurship
Do everything you can to encourage their entrepreneurial ambitions by allowing them to share their ideas without fear of ridicule. Avoid responses such as ‘you’ll never make money doing that’, ‘you can’t make a career out of that’, or ‘that’s
As partnerships can have up to 20 members, decision-making can be slow and cumbersome if there are too many people involved. In the case of a private company, all directors have shared control of the business, and all decisions must
The registration requirements for a private company are quite onerous and the entity must be registered with the Companies and Intellectual Property Commission (CIPC) meaning that administration and set-up costs are higher and will include annual fees payable to CIPC.
Getting children to appreciate the value of money is an age-old challenge. That said, one of the surest ways of helping anyone appreciate its value is to allow them to work or do chores in exchange for money. Be sure
If you do need additional funding for your start-up business, there are a number of ways to achieve this, although start-up capital remains a major challenge for entrepreneurs. While it is possible to approach banks for a start-up business loan
As much as we try to encourage our children to make smart money decisions, it’s important that we allow our kids to feel in control of their financial decisions. While they are relatively young and the damage can be limited
If you set up as a sole proprietor, it is important to keep in mind that you have unlimited liability as the owner. Because you and your business are one and the same person, you will be legally liable for
A practical way to teach the art of delayed gratification is to use an Advent Calendar or something similar. It is also an excellent way to help your child understand the connection between time and reward.
Our children should know that successful people aren’t gifted. They work hard and then succeed on purpose. More than qualifications, there is no doubt that hard work, tenacity and resourcefulness are greater indicators of future success. Here are some things
