Business idea trajectory + child motivation: Intrinsic vs. extrinsic motivation

Lesson Details:

Video Transcription: In this video I want to go over the business idea trajectory and we're gonna 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 gonna talk about how to avoid that and so we're gonna talk about what should happen so this video is brought to you by Appy Pie’s Academy they're really unifying things that happen that happens across the board with kids and adults a Lakes there's an exciting element business ideas exploration the exploration of possibilities potential brainstorming what if this happens what if we add this feature what if we do this oh my god it's gonna be great those are fine those are great but excitement isn't actually the process of building a business on what once your excitement and business idea exploration phase is over and it's over pretty quickly then it's confusing where to start what's the next thing to do was the second thing to do it all doesn't make sense how to promote especially if you're 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 if they kind of feel bad about themselves and they feel stupid and just like 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 it 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 in our business for an hour we're gonna 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 incentive to get the ice cream so they'll do what they need to do to get it that's 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 gonna 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 a habit 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 a little bit of a routine becomes your intrinsic motivation it comes from inside you just wake up and you know hey it's really important for me to work on my business that 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 every day to build momentum or if not every day then at least on a regular basis then you are gonna move the business forward and what I you know you're not gonna have this like effect of flaking on yourself right being excited.

Oh I'm gonna do this business and then like four-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 accessory with extrinsic 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 your gonna get that bike you're gonna get that video game or if you need something more current like motivation for today usually short short shorter term some a 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 thing so you have to get a sense of like what's gonna 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 gonna focus on next is these three things that you can kind of you 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 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 gonna talk about the business plan the schedule and resource allocation.