Biz Kids: Turning Ideas into Profit

It’s never too early to teach kids the value of money—and one of the best ways to do that is to encourage them to earn some. Whether walking dogs, mowing lawns, babysitting or selling lemonade, entrepreneurship not only fills empty piggy banks, it also develops important life skills.

Here’s what to know about encouraging and empowering a “kidpreneur,” including benefits, tips to get started and how to provide support without taking over.

Benefits of Children’s Entrepreneurship

There are many good reasons to support a child’s entrepreneurial efforts. First of all, kids earning their own money often appreciate it more, resulting in better money management and financial literacy. People tend to be less wasteful and take better care of their things when they have some “skin in the game”—and imagine how proud children will be after making their first purchase with hard-earned profits!

While some kids are big spenders, others may wish to save their earnings, donate to charity or further invest in their business. Discuss the pros and cons of each approach, but ultimately let them make their own financial decisions.

Beyond earning money, running a business allows kids to acquire a range of life skills, including problem solving, communication, risk taking and the ability to learn from mistakes.

“Kids that start businesses are going to learn to take risks, see opportunities where others see problems, develop communication skills, talk to strangers and develop self-confidence,” says Brian Weisfeld, co-author of The Startup Squad: You’re the Boss: A Kid’s Ultimate Guide to Starting Your Own Business

Weisfeld shares that one of the hardest things for kids when starting out is talking to strangers—after all, it’s something that they’ve been told not to do. He suggests coming up with a sales pitch, memorizing it like a line in a school play and delivering it to someone they don’t know. Teach kids to make eye contact.

How to Get Started

Instead of trying to come up with a revolutionary business concept, suggest that your child start simple. Weisfeld recommends choosing something they’re already interested in. Kids who love animals can offer pet sitting and dog walking services, or even design pet toys. Those who love sports can help younger children improve fitness and athletic skills. Aspiring cooks and bakers can sell treats at local events. (Note: Some venues restrict food sales, so be sure to check restrictions.)

Local Opportunities

The Children’s Entrepreneur Market in San Diego provides a safe, supportive space for kids ages 5–17 to deliver sales pitches and sell innovations. Products include everything from paracord bracelets and home-baked goods to 3D-printed toys and upcycled wind chimes. The nonprofit also provides an online curriculum guiding kids to develop their businesses and learn more about the free market. Upon registration, they receive a complimentary t-shirt, a book and the opportunity to apply for up to a $1,000 scholarship to grow their business.

“One characteristic that parents comment on is the confidence kids gain while participating in our markets,” says Elisa Araiza Le, manager of the San Diego Children’s Entrepreneur Market. “Another very visible aspect is their flourishing creativity and growing enthusiasm when they are selling their product; they come up with more ideas of how to complement their offer or better present it.”

To determine whether an entrepreneurial fair would be of interest, consider attending one of the local Children’s Entrepreneur Markets this month. Not only will children be inspired with new ideas, they’ll also have a great time. Learn more at ChildrensEntrepreneurMarket.com.

Upcoming Markets

Dec. 13 & 14, 3–8:30 pm Old Poway Park

Dec. 14, 10 am–3 pm Bates Nut Farm in Valley Center

How Parents Can Help

It may be tempting to help children as they launch a business, but take care not to become overly involved. It’s your job to keep them safe, but kids often learn best by figuring things out on their own. Participants in Children’s Entrepreneur Markets should be able to prepare their own goods for sale, with little to no help from parents. Kids also need to handle payment transactions, like giving change and accepting Venmo or Zelle. These skills can be practiced at home, with parent help. Children’s Entrepreneur Markets are family-centered events. “Parent involvement is crucial; we need parent volunteers to be able to run the markets, but we encourage parents to sit back and relax after helping their kids mount booths during check-in time,” says Araiza Le. “Kids flourish when they take charge, and it [appears] they sell more than [booths] where parents want to take over the customer service. It is truly remarkable to see how the kids get inspired by other kids’ pitches, products, displays and good attitudes.”

Araiza Le’s own kids—Selah, age 7 and Sage, age 4—have sold freeze pops, books and other items at local markets. Both love earning their own money— and spending it on other kid-owned businesses.

Advice from Local “Kidpreneurs”

“If you want to start your own business, then try it,” encourages Kamden (age 13) of Descanso. “You never know what will happen. It might turn out to be really successful and if not, find something else you’re interested in. Keep your hands busy.” His company, KC Chimes, sells upcycled wind chimes made from repurposed items like teapots, watering cans, model airplanes and vintage silverware. After participating in his first market, Kamden was invited to a three-day antique show. He also has pieces on consignment at a permanent store.

Valerie (age 16) of Valley Center, sells watercolor paintings and handmade glass bead bracelets at Children’s Entrepreneur Market events, describing the experience as a fun way to make money. To prospective business kids, she advises, “Don’t sell what everyone else sells. Find something unique.”

Whether your child wants to start a lemonade stand or become the next Bill Gates, Children’s Entrepreneur Markets are fun, supportive spaces to get started. Kids will not only learn about economics, they’ll learn about other people, their surrounding community, and what they’re capable of doing on their own. While their young business ventures may or may not ultimately succeed, the entrepreneurial mindset will last a lifetime. v

Lisa Pawlak is an award-winning contributing writer who lives in Encinitas with her family.