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Tuesday, December 6, 2022

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Entrepreneurial Kids Make More Money

Does your child have big ideas and even bigger goals? Do they think outside the box to meet those goals? If so, they may have entrepreneurial qualities that make them marketable to future employers or even customers.

My teenager has so many ideas that sometimes it’s hard for me to take him seriously. Every week it’s something different! If he stays with an idea for more than a few weeks, then I start listening. I often play devil’s advocate and we usually end up debating reasons why his idea may work or how it could be a colossal fail. His current obsession is to be a YouTuber. I must admit, I find it humorous to hear him talk with his friends about what their plans are to create shorts in order to get their first 1,000 subscribers. He says if he’s successful, he’ll make real money.

An entrepreneur is defined as someone who has an idea and works to create a product or service that people will buy as well as someone who builds an organization to support that effort. They think critically about problems they see around them and what they can do to create a solution. Successful kid entrepreneurs are able to work with others, ask for advice from others, and not take it as a personal attack if things don’t go as planned.

Kids who develop critical thinking skills early in life may be less likely to follow the status quo or be influenced by other people’s opinions. Entrepreneurial problem solving helps kids feel empowered and better equips them to resolve issues that arise in their daily life. Teamwork is another top skill employers seek from potential personnel. Whether your child is the founder of his company or is collaborating with peers as part of a start-up, communication is crucial in working effectively. Life skills required to be a kid entrepreneur include hard work, effective communication and resilience after disappointment.

My boys like to work together (well, most of the time!) and are always asking my husband if they can set up a lemonade stand, wash the cars or mow the lawn to make extra cash. Now that they are older, I’ve suggested they provide services in our neighborhood or in their grandma’s community. Building off of their entrepreneurial spirit, they can expand their talents by starting a service business and provide services within a short bike ride or within walking distance. Services kids can provide are pet sitting, mommy helper, lawn maintenance and doing odd jobs. Your kid will be more likely to stick with a project if they are passionate about it.

Teens and tweens can advertise by making paper fliers to hang around their neighborhood or they can ask their parents or grandparents to post their ad on a community web page to get the word out about their business. Once word gets around that there are hardworking kids that do a great job in the neighborhood, they’ll get referrals for more jobs. More work means more money.

Let your child’s entrepreneurial qualities loose. Allow him to pursue his big ideas. Be his biggest cheerleader, but also be prepared to have the parachute ready.

Nikki Ducas
Nikki Ducas
Nikki Ducas is a freelance writer and for the past 8+ years writes the money column for Fredericksburg Parent & Family Magazine. She has lived in Fredericksburg for 16 years with her husband and is a homeschooling mom to their two boys. Nikki enjoys hiking, knitting and her other side hustles of pet sitting and event management.

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