Kids & Entrepreneurship: 5 Tips for Budding Business Owners

Tip #1: Find an idea by focusing on skills, passions & problems

  • Best business ideas come from what you know, what you enjoy doing and problems you identify in everyday life
  • Keep it simple. Don’t reinvent the wheel

Tip #2: Be customer focused

  • Great entrepreneurs keep their customers front and center. Talk to your customers to understand:
    • Is there a need for my product
    • What are people willing to pay
    • What is the best way to promote my product

Tip #3: Sell, sell, sell

  • You don’t have a business unless you make sales
  • Sales is a numbers game, focused on persistence. Great way to teach kids to rub off rejection and keep their eye on the prize

Tip #3: Cash flow is king

  • Kids are lucky because they can get money at the best possible rates from the Bank of Mom & Dad. But this is a great opportunity to teach kids basic money skills
  • Make sure what you are earning not only covers your cost of goods and other expenses, but leaves you something at the end – this is your profit.
  • Can you take this profit, reinvest it in your business to sell even more product and make even more money?  Now you are staring to think like an entrepreneur!

Tip #5: Be flexible

  • A plan is just a plan. Unexpected things pop up all the time in business.
  • Your business will evolve
  • Success can sometimes follow failure. Fail fast and fail cheap. And continue to adapt

The best business ideas leverage a passion, skill or fill a need.

Adults are always short on time. Here are a five businesses that make money by making life more convenient for grownup:

1) Sell old items on Ebay
2) Babysitting
3) Dog Walking
4) Lawn Mowing
5) Pool Cleaning

Are you a tech geek, great with a glue gun, handy with a spatula or an ace in school? Here are five ideas that can put your skills to work:

1) Sell a craft product on Etsy
2) Sell baked goods to neighbors
3) Teach grownups about surfing the web
4) Start a tech support business
5) Tutoring

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