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Child Entrepreneurs

Help your kids find success early.

The heartwarming tale of Caine Monroy, a 9-year-old boy who built a cardboard arcade, is well known to many. Not only did he build his arcade, the young entrepreneur is now making money from it for his college fund, has set up a scholarship fund for other young business people and is making the rounds of museums in California.

 

For me this story holds even more importance. One of the reasons I homeschool my children is because I saw first hand how our modern school system is set up to churn out adults only suited for working for someone else. Innovation and creative thought are frowned upon because these are things that can't be tested and scored neatly by state and federal agencies. I want my children to learn independent thought so they can be leaders someday, not just cogs in a corporate wheel.

As parents we should encourage entrepreneurial skills in our children. Let them set up that lemonade stand this summer. Encourage them to come up with business and money making ideas. Guide their journey and encourage success while also using any failures as an educational opportunity.

 

My eldest first made money on his own when he was six. He churned out a ton of cards, book marks and note pads. We provided him with $20 seed money for his venture. He then sold his wares at craft fairs with varying success. We worked with him to set up an operating budget, with a portion of his profits used to buy more supplies and the rest put into his savings account. At almost 12, he is now brainstorming even greater ideas and working on a more detailed business plan.