Want your children to understand business? The lemonade stand is the American classic for that first business experience. If your child is between 5 and 12 years old you can help them enter this annual INC magazine contest. Entries must be in by August 24th. Just start here — Lemonade Stand. And be sure to watch the twin boys who won last years contest. These little guys have a punch card program for regular customers and allow prospects to shoot baskets for discounts and prizes.
When I was 10 years old I would get up very early in the morning, pick the remaining sweet corn beyond what my Mom wanted for family use, and load a little trailer that I could pull behind our farm’s Ford tractor. After driving two miles into town I would proudly set up and sell that corn for $.30 a dozen. When my oldest son Kevin was 14 we sent him to a window tinting training in Atlanta. He then launched a very profitable business that funded his bicycle racing travel and expenses. When younger son Jared was 14 and looking for a summer income generator we made up fliers announcing his bicycle repair services. He provided free pick-up and delivery to our 438 house neighborhood as his unique selling proposition (USP) for a very profitable summer that did not require Mom or Dad driving him to his “job.” Both sons now head up their own businesses.
Are you teaching your children business principles? How to provide a product or service that people want? The experience of accepting responsibility, controlling costs and making a profit may be more valuable than sitting passively in one more class. It may also give them insulation from being fired, laid off, or downsized.