You can guide kids to make good decisions, but don’t be overbearing. Don’t impose your vision on their dreams.
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10) Don’t push them. My kids have started businesses from freeze-dried candy to clay masks. You can guide kids to make good decisions, but don’t be overbearing. Don’t impose your vision on their dreams.
9) Don’t do the work for them. I’ve been guilty of this myself. I remember running freeze-dried candy errands for my oldest son while he was playing Fortnite. Doing the work for them is a disservice.
8) Small projects, small steps. Start with something manageable, and understand the risks. If they want to bake cookies or brownies, be aware food safety is important. If that’s too much work, focus on simple, one-time projects tied to an event. If they enjoy it, expand from there.
7) Will work for treats. When they’re younger, a good incentive might be a shopping spree at the candy store. As they get older, they’ll want things like video games or makeup. Align their work with something they truly want but wouldn’t normally get.
6) Build their confidence. Encourage them through wins and failures. When they succeed, cheer them on. When they fail, give a hug and focus on what they did right.
5) Let them take risks. This won’t be their lifelong business, so don’t be afraid to let them take risks. They will fail, but that’s part of the learning process. Keep risks small enough that failure doesn’t discourage them, but big enough so they learn.
4) Promote resilience. If your child is shy, have them set up at a public event. Assuming they know the basic math and how to make change for larger bills, make an excuse to go find a bathroom. You might be surprised at how well they handle things on their own.
3) Teach financial literacy. This is a great opportunity to introduce them to basic business principles. Ask how much they think it costs to make their product and how much they want to sell it for.
2) Loan them money, don’t give it to them. It’s an important lesson: if they need startup money, lend it to them. Use the same spreadsheet to track loans and repayments, and have them pay off the loan with a portion of sales.
1) People want to buy from kids. Adults love supporting kids. People pay $5 for a cup of lemonade from my kids just because it reminds them of childhood.
