Lessons Your Kids Will Learn By Starting a Business

Starting BusinessKids need to be kids and enjoy their time as children. As they get older, however, they also need to learn to make money and function in our society as responsible adults.

Kids will often get a job at a fast-food burger place where they learn how to listen to a boss and how to work with others. But then they may also have to give up some extracurricular activities, study time and time with family. Not terrible things, but enough of a challenge that many families are helping their kids start their own businesses.

Why? Let’s compare the lessons your kid is learning working at a fast food place vs. starting a business:

  1. Responsibility
    Fast Food Place: Yes, it teaches responsibility. You need to show up for work and do a good job or your boss and co-workers will get mad at you.
    Entrepreneur: Teaches you responsibility as well. You need to work hard or you won’t get paid.
  2. The Value of a Dollar
    Fast Food Place: You learn that time is money.
    Entrepreneur: You learn that creativity, ownership of responsibility and hard work is money.
  3. How to Market Yourself
    Fast Food Place: Teaches you how to fill out an application and go on an interview to market yourself. You do this once and then you’re done.
    Entrepreneur: You have to market yourself and your business on an ongoing basis if you want to make any money.
  4. Customer Service
    Fast Food Place: Service with a smile or your boss may reprimand you.
    Entrepreneur: Service with a smile or you don’t get repeat business and your income drops.
  5. Banking Skills
    Fast Food Place: You learn how to collect a paycheck and how to deposit it into the bank.
    Entrepreneur: You learn how to budget for advertising costs, taxes, and expenses and weigh them against your profits. You learn to deposit your income into the bank and write checks to cover expenses. You learn how business works.

As you can see, both options have benefits. As for which option you’ll choose – that’s up to you and your child.

starting business, kids in business, life lessons

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