In this video I want to go over the business hadiah trajectory and we're going to talk about what really

happens.

And you know what really happens.

Most people even adults they quit.

They quit and they fail.

And so we're going to talk about how to avoid that.

And so we're going to talk about what should happen.

So the really unifying things that happen it happens across the board with kids and adults.

There is an exciting element.

Business Ideas exploration the exploration of possibilities potential brainstorming what if this happens

what if we add this feature or what if we do this.

My God it's going to be great.

Those are fine.

Those are great but the excitement isn't actually the process of building a business on what once your

excitement and business hey the exploration phase is over and it's over pretty quickly then it's confusing

where to start.

What's the next thing to do.

What's the second thing to do.

It all doesn't make sense how to promote especially if you are yourself not an experienced entrepreneur.

It's hard to connect the dots and it's hard to make a good plan and it's confusing.

And when things are confusing it's going to lead to you being frustrated when people are confused and

frustrated by no fault of their own.

They kind of feel bad about themselves and they feel stupid.

And just like to feel like they're not doing something right.

They're on the wrong track and that low confidence creates and if this kind of a snowball effect of

negativity and the results essentially in working on the business less the excitement is smaller and

it leads to quitting.

This is the number one reason for quitting.

It's just like no cohesion in the plan.

So with your child especially and for adults too there should be momentum for your children.

It should be fun and there should be motivation.

Let me talk to you about motivation.

There are two kinds of motivation extrinsic and intrinsic extrinsic motivation is motivation that comes

from the outside world.

For example you will say to your child after working on our business for an hour we're going to go get

some ice cream.

And if you don't work on the business we're not getting the ice cream.

So the child is incentivized to get the ice cream so they'll do what they need to do to get it.

That's extrinsic extrinsic motivation can be very different.

It can be.

Listening to music.

Going to see something having some reward.

All that stuff can be extrinsic motivation and it's fantastic because it's immediate and it helps to

get people to do something that you need them to do.

The problem with extrinsic motivation is that it needs to be consistently Fed.

And also it also has a attribute to it that all the time it needs more such motivation.

The same song is not going to motivate you.

A year from now the same ice cream is hardly going to motivate you every day of the year so you need

more and more and more.

And at some point the extrinsic motivation what the real value of it is is to help you create a little

bit of that.

If every month you do something fun after a little bit of work that little bit of work that becomes

a little bit of a routine and that little bit of routine becomes your intrinsic motivation comes from

inside.

You just wake up and you know hate is really important for me to work on my business today.

And that's the beginning of finding the right motivation building the right healthy habits for your

child.

Now when you have healthy habits in this case the habit is to make sure that you work in your business

everyday to build momentum.

Or if not every day then at least on a regular basis then you are going to move the business forward.

And what I you know you're not going to have this like effect of flaking on yourself right being excited

or going into this business.

And then like for a month not working on it.

That's what we're trying to avoid.

This happens to adults.

This especially happens to kids flaking on yourself.

Young people they want to do everything they don't do nearly as much as they want to do why they flake

on themselves and this momentum creation with healthy habits with intrinsic excretory with extreme aging

with extrinsic motivation creating intrinsic motivation.

It just makes it internal to work on the business and your job for your child is to create that start

with extrinsic motivation extrinsic motivation can be you're going to get that bike you go in and get

that video game or if you need something more current like motivation for today.

Usually short short shorter term some reward you can get more immediately can get a stronger immediate

motivation.

Right because it might seem to a child oh my god if I have to work for a whole month it seems like a

lifetime to get a bicycle.

But to get ice cream just one day it's a smaller things.

You have to get a sense of like what's going to what's going to motivate your child today and give them

those motivations to look forward to so that they can also have the healthy habits that building to

work on their business to get to get that reward.

And also was going to be really important is for you not to get frustrated.

For you to be able to guide your child is to create a small business plan a small schedule.

Nothing too crazy.

You don't want to go overboard and create a little bit of resource allocation.

So that's what we're going to focus on next is these three things that you can kind of don't even really

have to share this with your child as you're making them.

And when you share with your child you should kind of try to make it first perhaps and then introduce

it to your child as maybe a brainstorm together.

But mainly you should have all the answers so that you can guide your child through this because they're

not ready for such serious talk for creating such serious planning just yet because they have no grounding

in business whereas you will be able to create these and then introduce these to your child.

So in the next video we're going to talk about the business plan the schedule and resource allocation.