Business Ethics for Kidpreneurs

 

Kidpreneurs can have bubbling ideas to start new businesses, but to make the cut it requires real commitment to conduct business the right way. That’s why teaching business ethics is very important. Teaching them honesty, accountability, integrity and a caring attitude helps them become better entrepreneurs.

Defining Ethical Business Conduct for Kidpreneurs

Here are a few values that kidpreneurs must imbibe to become successful entrepreneurs:

• Honesty - Truthfulness in their interactions and operations.
• Fairness - Treating employees, partners, vendors and customers equitably.
• Integrity - Matching actions with values, doing the right thing without any compromise.
• Accountability - Admitting mistakes and correcting them. Being transparent about their business practices.
• Respect - Respecting everyone’s humanity, privacy, intellectual property and right to fair compensation.
• Compassion - Conducting business kindly. Caring about the well-being of people and the planet.
• Responsibility - Considering the broad impacts of the business. Avoiding unnecessary harm.

Creating a Kidpreneurs Code of Business Ethics

To uphold high standards, have your child jot down code of ethics for their business. Their code of ethics should outline the following:

• Producing safe and high-quality products 
• Truthful marketing and labeling 
• Treating customers and employees fairly 
• Sourcing environmentally friendly supplies
• Giving back to the community 
• Avoiding deceptive or anti-competitive practices
• Protecting customer and employee privacy 
• Being transparent about business operations

Troubleshooting Kidpreneurs’ Business Ethics Challenges

• Despite the best efforts most kidpreneurs can face ethical challenges because they are still learning. They should be ready to face the challenges with patience.
• If you find that your child has been dishonest in business, turn it into a chance to learn and grow. Explain why the specific behaviour was not right. Don’t shame them but focus on their learning.
• If kids tease your child for being too kind and not competitive. Remind them that having principles in business benefits in the long run. 
• Kidpreneurs might feel discouraged because running their business ethically can limit their profits. However, help them to see things from a different point of view. Doing good brings purpose.

Instilling Business Ethics can Last a Lifetime

• Some businesses can become rich and famous by being unethical. But encourage your child to stay grounded in their values and do the right thing.
• Leading a venture with strong morals can bring great fulfilment and success. Employees, partners, investors and customers flock to work with those they trust. Taking the high road wins in the long haul.
• Keep having honest conversations with Kidpreneurs about ethics, by sharing perspectives and experiences.
• The future depends on businesses that create enlightening paths. Ethical Kidpreneurs give much reason for hope. With your support their-value based approach to business can help make a better world.

Little Genius offers the best business management program that teaches management skills to kids. Developed by IIM’s MBA, our unique interactive program teaches the key fundamentals of business like entrepreneurship, marketing, financial literacy, advertising and promotion traits. It allows students to brainstorm and pitch ideas to solve real-world problems, empowering them to think innovatively, learn to overcome business obstacles and hone their business acumen. For more information, visit our website https://littlegeniusacademy.co.in/