According to the World Economic Forum, the number of women CEOs in the U.S. Fortune 500 companies rose from 7 in 2002 to 41 by June 2021. By March 2022, the number of American women CEOs increased further to 74. Despite the good news, women now make up only 15 percent of U.S. CEOs. As of 2021, women comprised 26 percent of global CEOs. There is still a lot of catching up to do.
If you have a teenage daughter interested in going into business, how can you best prepare her to succeed? This article will give you tips.
Developing a Strong Work Ethic
First and foremost, encourage her to develop a strong work ethic. That means instilling the importance of punctuality, time management, and setting and achieving goals.
Help her set goals by sitting down with her and brainstorming what she wants to achieve, both short-term and long-term. For example, a short-term plan could be to get an after-school job or internship in her field of interest, while a long-term goal might be to start her own business.
Ask her to list down the steps she can take toward achieving both her short-term and long-term goals. Suggest putting these steps on a timeline, so she can see how to fit them into her studies and other activities.
You must also set an excellent example for her. Let her see you working hard and being successful in your own career.
Getting Good Grades
Encourage her to take challenging classes in school and to get good grades. A solid academic foundation will give her the knowledge and skills she needs to succeed in business. It will also make her more attractive to potential employers or investors.
In addition, good grades can lead to scholarships, which can help her pay for college. And if she does decide to start her own business, a good education will give her the background she needs to develop a sound business plan and make informed decisions.
Learning About Women in Business
Encourage her to read books and articles about successful women entrepreneurs. There are many great role models out there for her to learn from. Reading about how they built their companies will inspire her.
In addition to women who are already successful, let her learn about young women who are preparing themselves for a future in business. For instance, introduce her to the YouTube videos of women currently taking their MBA and women applying for MBA mentorship to help prepare for applying for an MBA. These are real-world experiences that will further fuel her dreams.
Learning Financial Literacy
Teaching financial literacy is also key. Help her understand things like budgeting, saving, investing, and credit. The more she knows about personal finance, the better equipped she’ll be to make sound financial decisions in her business ventures. This will give her a solid foundation on which to build her own financial future.
You can start by helping her create a budget. Show her how to track her income and expenses, so she can see where her money is going. Then, help her set aside money for savings and investments.
If she wants to get a head start on learning about credit, you can cosign for a credit card with her. This will help her build credit and establish a good payment history. Just be sure to set spending limits and explain the importance of paying off the balance in full each month.
This may make her want to earn extra income. Perhaps you can help her brainstorm a simple way to make money like looking for a platform where she can sell stuff she no longer needs.
Getting Involved in Extracurricular Activities
Encourage her to get involved in extracurricular activities, like joining a club or playing sports. Participation in extracurriculars can help teach teamwork, leadership, and other important skills that will be beneficial in the business world.
In addition, being involved in extracurricular activities can help her build a strong network of friends and contacts. These connections could come in handy later on when she’s looking for a job or trying to grow her business.
Set Your Daughter Off to a Good Start
So there you have it, some tips to help prepare your teen daughter for success in business. By instilling the importance of hard work, setting goals, getting good grades, having role models, and financial literacy, you’ll give her the foundation she needs to achieve her dreams.
And by encouraging her to get involved in extracurricular activities, you’ll help her build important relationships that could benefit her down the road. With your guidance and support, she’ll be well on her way to achieving her dreams and reaching new heights in her business endeavors.