Kids are natural entrepreneurs. They have big ideas and the creativity to take those big ideas to market. All they need to turn their big ideas into cash is a little help from us.
I thought about that last summer when it was 90 degrees in the shade and I saw two boys dressed in full Sunday attire – suit, tie and good shoes – selling lemonade.
Tate Wuerta and Kyle Lucki had a marketing edge: “Ice Cold Lemonade. Best Dressed!” Kyle and Tate thought that if they dressed up to sell lemonade they would look more responsible and people would be more likely to give them money.
The boys used to be in the lawn-mowing business, Tate said, but they could not compete with the big lawn-mowing services. So the boys decided to go back to basics and open up a lemonade stand – with a few twists.
In addition to dressing up, they offered customers the opportunity to “Buy 3 and Get 1 Free.” They set up shop at a busy corner and recruited their friend, Kyle Howard, to hold a second sign and wave people over in case they missed the boys in suits.
Tate’s mom, Laura Bailey, was sitting nearby. “The boys love making money,” she said. “I love the lessons they learn setting the business up as well as what they learn from the people who buy lemonade from them. People are so impressed with the boys’ approach.”
Lessons learned from customers?
“Most customers tell us that they like that we are dressed up – that it made them see us and come on over to see what we were doing,” Tate said.
Big idea. Creative execution. Good marketing. Nice teamwork. Clearly these boys are the very definition of entrepreneurs. But were they successful? You bet. In four hours, they cleared a cool $200.
If your child has an entrepreneurial spirit, help her figure out what she really likes to do (besides making money). Maybe she loves dogs, in which case a dog-walking business might be her forte. Help her think of ways to make it unique – charging by the block, perhaps – and then help her create the marketing flyer to advertise her business.
You might be surprised at how diligent your child will be when she’s earning her own money.
Susan Beacham is the founder and CEO of Money Savvy Generation (www.MoneySavvyGeneration.com), which provides products and services to help parents and educators teach children money management skills. Email her at Susan@MSGen.com.
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