Business For Kids – Encouraging Budding Entrepreneurs {Part 1}

how can kids make moneyMany of us have thought about starting a business of our own but how about a business for kids?  Your kids!  I know it may sound strange at first but seriously, have you ever considered helping  your child start their very own “kid business” but weren’t sure if it was too early or a good use of their time.

I mean, for most of us, our kids have a lineup of sports and other activities in the queue already — and everyone knows that sports are imperative for emotional stability, socialization, and learning how to work as a team, so how exactly can a lemonade stand possible prepare them for the future?

And what about the money?  Doesn’t starting a business, other than a lemonade stand, cost a pretty penny?  You never thought about yourself becoming a venture capitalist!  Or perhaps after giving the new idea some thought you’re worried about the blow their self-esteem would take if they poured their energy into something that doesn’t end up working out.

According to the Harvard Business School, 95% of all new businesses fail- if failure is defined as the inability to meet set projections.  If the failure rate is so high, is it smart then to let your kids explore entrepreneurship so young?

We think so and here is why – It is said that the best way to succeed is to increase your failure rate.

So why not get those failures out of the way while they are young!   By the time your child reaches adulthood they could, in theory, have a pretty good thing going.  Or, at least, have a huge leg up on their peers.

Their First Business:

David and I are nerds in that we’re always talking about business ideas.  We must own at least 20 domain names for businesses we might start someday.  The boys have apparently inherited our passion and often throw out ideas on how they can build a business and make some money of their own.

Our oldest son has always been particularly frustrated by the fact that he has to wait until he is fifteen before he can get a “real” job.  Apparently allowance isn’t cutting it!

Days before our big move a few years ago, and our official start to road-schooling, the boys came up with their first business plan.  They decided to sell their red wagon and use the proceeds to fund their first venture.  A water business we affectionately called “The Water Boys!”  They were 7 and 5 at the time and their idea was to buy water bottles, chill them, and sell them on sunny days at parks while we were on the road.

With their earnings they wanted to buy themselves tickets to Disneyland!  If you’ve checked Disneyland prices lately you know that tickets into the Magical Kingdom can be a small fortune.   We wondered if it was wise for us to support them in this goal or if we should try to lower their expectations.

Eventually, our entrepreneurial spirit won the day, we threw caution to the wind and let them get to work.

Read Business for Kids {Part 2} to find out what happened!  Also, I just added a kid’s business plan worksheet which you can print out if interested!

Emily Oak

 

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.