Business For Kids – Encouraging Budding Entrepreneurs {Part 2}

how kids can make moneyHopefully you read Business For Kids {Part 1} and have had a chance to wrap your mind around why encouraging your kids to launch their own “companies” can provide a profound learning opportunity for them as well as set them up for success in the future.

Let’s pick up where we left off….remember that they had the Water Boys business idea but no money to launch it.  They decided to sell their red wagon to solve that problem.  Here is how it played out:

After snapping a few pictures of the boys with the wagon and helping them post it to craigslist it was a matter of hours before they had $20 of seed money in their little hands to fund their very first Kid Business project.

After we reached our first destination we stopped at the dollar store and picked up poster board for a sign to serve as advertisement and then dropped by Costco so they could buy some bottled water.

After doing some math with them and deciding which bottles they could sell for the most profit they decided to go with the flip top bottles because they seemed a whole lot nicer than the small ones with the standard screw top lid.  We discussed the importance in giving people real value so they decided that they would attempt to sell one bottle for $1 or sweeten the deal by selling three bottles for $2.

Marketing 101, check.

After making the sign and chilling the water they were in business!

kids business

I will never forget the looks on their faces when they came in with daddy after their first trip to the park as salesmen.  They were grinning ear to ear! They felt accomplished and their confidence soared.  They couldn’t wait to get back out there!

They talked about what strategies worked and what they wouldn’t do again.  Who seemed to be most interested in buying (grandmas) and what demographic was less eager.  They even bartered with other kids on the playground, and recruited a salesman (a young boy) along the way!  They paid him in ice cold water!!!

Did they make enough to purchase those tickets to Disneyland? No.  But they did make enough for tickets to Legoland-which for them was just as exciting{proud mama}.

If we defined the Water Boys’ success by Harvard’s definition of success(meeting set projections), which I talked about in {Part 1}, then the boys technically failed since they didn’t make enough for DisneyLand tickets.  But if you factor in the new skills they aquired along the way — it was a HUGE success!   These newfound skills will be foundational for them as they expand their horizons as budding entrepreneurs!  And I couldn’t be happier for them.

I look forward to seeing what ideas they come up with next and fostering those ideas into reality.

Next in this series, I’m going to give you my Top 15 Business Ideas for Kids, so stay tuned!

What is your experience?  Are your kids interested in a start up of their own?

Emily Eck Home Sweet Road

About Emily Oak

I am a Mother, a Lover, a Traveler, Entrepreneur and Blogger. I crave adventure, appreciate good leather, find old weathered wood beautiful, prefer french pressed coffee, and feel alive running in the rain (albeit at a snails pace)! I believe in living passionately, loving extravagantly, taking risks, forgiving often, and living for the audience of One. I am an introvert but you wouldn’t know that if you met me. I LOVE people.