Is Your Kid an Entrepreneur?

Is Your Kid an Entrepreneur?

As a business owner, you are sure to see the value of entrepreneurship and likely want to instill those principles in your children. Even if they don’t become the next Steve Jobs, they will learn important life skills, such as critical thinking, creativity, perseverance, networking, budgeting, saving, spending, investing, and more. Here are some resources to get them started:

5 Famous Kid Entrepreneurs

If these kids could make it big, so can your kids! Check out these inspiring stories of young entrepreneurs:

1.  Ryan Guan

Ryan Guan, the face of the YouTube channel Ryan’s World (formerly Ryan ToysReview), made $22 million dollars from June 1, 2017 to June 1, 2018—up from $11 million the previous year. 

The kicker? He’s 8-years-old.

Ryan earned his fame by creating toy review videos with his parents. Now, he has a deal with Walmart to sell a toy line called “Ryan’s World.”                                             

2.  Mikaila Ulmer

Inspired by a recipe from her great grandmother and being stung by a bee, Mikaila Ulmer began making and selling lemonade at 4-years-old for a children’s business competition. Her unique lemonade recipe includes flaxseed and local honey and has turned into a full blown company—Me & the Bees. In 2015, Whole Foods offered Mikaila a reported $11 million deal to carry her lemonade. The business has since expanded into lip balm, a book deal, other merchandise, and different flavors of lemonade. A percentage of the profits is donated to various organizations who are fighting to protect endangered honeybees. 

3.  Moziah Bridges

At just 9-years-old, Moziah Bridges created his own bow tie business, Mo’s Bows. In 2017, he secured a seven-figure licensing deal with the NBA, and as of 2018, he had sold more than $600,000 worth of product.

4.  JoJo Siwa

Joelle Joanie Siwa, or JoJo Siwa, made a name for herself on the Lifetime reality show Dance Moms, and the series Abby’s Ultimate Dance Competition in 2014. Two years later, she released the single “Boomerang,” which was viewed more than 450 million times, and also a line of bows that were sold at Claire’s. Since then, she has also partnered with J. C. Penney to create a line of accessories, décor, dolls and books, gone on tour, and appeared in movies.

5.  Ryan Kelly

At 10-years-old, Ryan Kelly began making dog treats with his mom. Later, he appeared on Shark Tank to pitch their line of high-quality treats. Barbara Corcoran struck a deal with them and Ry’s Ruffery was born. 

3 Tips to Encourage Your Child Entrepreneur

As a parent, there are several purposeful things that you can do to foster the next generation of entrepreneurs:

1.  Encourage inquisitive thinking.

Humans are born naturally inquisitive. Think about the number of times your children asked you “why?” or “what’s that?” However, we often lose this trait as we age and rely on tools like Google to provide us with instant answers. Foster this inquisitive thinking in your kids by asking them about the world around them. There are no right or wrong answers, which is a nice change, and they will be able to develop their thinking skills…and maybe even a product idea.

2.  Nurture their interests.

Children thrive when they are free to be who they are and pursue their interests. This not only encourages creativity, but it also builds confidence, and acceptance of those around them—which are all important traits of great leaders.

3.  Let them network.

Children with strong social skills will grow up to be amazing leaders and communicators. Encourage them to spend time with their peers and make new friends. Meeting children on family vacations is also a great way to learn valuable communication skills by conversing with kids from other parts of the world.

Business Ideas for Young Entrepreneurs

If your child is interested in starting a business, but isn’t thrilled with lemonade stands or mowing lawns, suggest the following ideas:

Pet Sitter  If babies aren’t your kid’s thing, why not pets? Pet owners need sitters when they travel for business, go on vacation or work long days. Your son or daughter may be a great alternative to an expensive boarding center where the pet will spend most of its time in a cage.

Investor  Teach your kids patience and the magic of passive income by helping them become investors. You can offer them equity in your own investments or, if they have enough savings, help them make their own.

Car Washer  As long as we have cars, they’ll need to be washed. Car washing is a great way for your kids to stay cool and earn their own spending money this summer.

Baker  Cookies are always a hit, but your kids can totally use their creativity here. They could go non-traditional with dog treats, bread, bagels, pies, cakes, and more!

Device Expert  Does Grandma always enlist your kids to help her figure out her cell phone, computer, or TV remote? Your kids might make the perfect device expert. They can offer their services to the technologically challenged in the area for a small fee.

Holiday Card Maker  Store-bought cards are expensive. Artistic young people can utilize their creativity to make and sell handmade cards for holidays and just-because. 

Basketeer  If cards don’t pique their interest, your kids could become basketeers! Designing and assembling gift baskets is a great way to use creativity. They could sell standard baskets and custom options, depending on demand.

Pooper Scooper  It’s not the most glamorous job out there, but it’s something that needs to be done. All they need to get started is a Pooper Scooper and some trash bags!

Influencer  Older kids who are good communicators and understand social media, can become influencers for anything they’re interested in (clothing, toys, electronics, jewelry, etc.). Start-up costs are low to create a website and social channels, where they can blog about their chosen topic.

Entrepreneurship Lessons for Kids

Is your child interested in starting their own business? Do you want to encourage their entrepreneurial spirit? Check out the following online lessons and resources:

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