Tuesday, May 21, 2013
Kids need to be kids and enjoy their time as children. But, at the same time, as they get older, they also need to learn to make money and function in our society as responsible adults. I started my first business when I was six years old. We sold candy to other kinds in the neighbourhood.
Oftentimes, your kids get a job at a MacDonalds, 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 burger joint verses starting a business.
MacDonalds: 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 wonít get paid.
2. The Value of a money
MacDonalds: You learn that time is money.
Entrepreneur: You learn that creativity, ownership of responsibility and hard work is money.
3. How to Market Yourself
MacDonalds: Teaches you how to fill out an application and go on an interview to market yourself. You do this once and then you are done.
Entrepreneur: You have to market yourself and your business on an ongoing basis if you want to make any money.
4. Customer Service
MacDonalds: 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
MacDonalds: 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 will choose? That's up to you and your child.