Raising Entrepreneurial Kids

As we continue to discuss ways to teach kids about money, we come to the task of introducing kids to the world of business. And particularly to cultivating their own businesses. Since business management can teach children about working together as a team, giving direction, going on sales calls and managing money, developing entrepreneurial skill sets is almost integral to life. And it's really not as difficult as it may seem at first glance. Let's look at some business ideas that can help give your kids an edge.

Lemonade Stand

Although lemonade is often the first sales stand that comes to mind, kids can develop any sales strategy for their first business. Baked goods, candy bars, hot chocolate and other food goodies are also good options, depending on location and customer flow. I know many a child who has set up simple water and soda stands at their family garage sale to rake in some extra cash.

The key to affixed stands is to help your child develop an idea that will work. If Johnny decides that selling hot chocolate on a warm day in September is a good idea, it may be best to redirect his thought to a more customer-pleasing fare. Also, depending on your child's age, you might need to assist with any stand by making change and showing her the ropes.

Door-to-Door Sales

Another option for young children to begin a business is in the world of door-to-door sales. Many opportunities abound in this realm; even school activities may encourage a little sales action. Wherever the opportunity comes from, though, when your child signs up for a sales activity, turn your groan into a smile by embracing the opportunity to teach your kid about business.

Age is also a factor in learning sales here. Your younger child may need assistance selling cookies; a little prompting from you can go a long way in helping her develop a sales pitch. Additionally, safety may be a concern, so going along with your child on her sales calls may be a necessity.

Thinking Outside the Box

Once your kid has developed basic skills through these simple sales strategies, it could be time to up the ante. Letting your child develop his own business and business plan outside of the norm may seem like a recipe for disaster, but even the worst business experience can help children learn to succeed later.

Here are a few out-of-the-box business ideas for older children:

  • Snow shoveling enterprise
  • Lawn mowing business
  • Dog walking and pet care
  • Website development or blog
  • Cupcake catering
  • Sports mentoring / tutoring

As you encourage your child to develop her own business plan, it could be wise to be available to answer questions or provide guidance toward more lucrative paths. They key, though, is to allow your child the opportunity to take her previous business experiences and apply those principals to her new endeavor.

Teaching entrepreneurialism really doesn't have to be as difficult as it sounds. Taking the time to help your child develop business skills at an early age can help her make her own business at a later date.

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Anonymous's picture

MoneyCone wrote:

Thu, 02/23/2012 - 14:37 Comment #: 1

And don't forget to open a kiddie roth on your kids' earned income! They'll thank you later!

Christa Palm's picture

Christa Palm wrote:

Thu, 02/23/2012 - 16:25 Comment #: 2

Great tip, MoneyCone!

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