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Entrepreneurship Ideas for Children

When thinking about working and earning money, people rarely think of a child earning money. Truth is, it’s difficult for an adult to get a decent job today, let alone a child. In today’s fast-paced society, people are often looking for ways to help their children to grow and develop within the wonderful world of work. One way to ensure your child grows up with the right skills is to give them some entrepreneurial work to accomplish. If you want to instill an entrepreneurial spirit in your child, there are a few unique ways to do it.

Selling Things

There are multiple ways a child can earn money by selling things. Items a child may have outgrown, or doesn’t want anymore can be sold in a yard sale. Garage sales actually make more money than many people realize. Have your child put up flyers around town to let the general public know about their yard sale. People are normally looking for a great deal, so help your child set the prices of the items accordingly and get selling!

A bake sale can earn quite a bit of money if it is done properly. Decide ahead of time what you and your child want to make and how much you are going to sell each item for. Do the math to ensure you are making more money than you spent for the ingredients. This requires more parental supervision. However, it is often a rewarding experience to bake and sell those baked goods with your child.

If your child would rather make something special for all the dogs in the neighborhood, homemade dog treats are the way to go. Animal lovers often pay a lot for gourmet treats for their furry friends, so why not cash in on that if you have the skill and patience to work on it yourself? On top of that, it is a fun task to complete with your child. Making gourmet dog treats can be tricky when you are getting the hang of things. Patience and practice are always good to keep in mind. As always, when working in the kitchen, never leave your child unattended. It only takes a second for a child to seriously hurt themselves.

Selling chocolate to neighbours, friends, and family can help a child to understand the value of a buck; however, it is crucial that a parent is present for safety reasons. Alternately, a child can set up a garden and grow some simple vegetables (like peas and beans) and sell them once they have become ripe.

If you are one of those people who enjoy the classics in life, a child can always make fresh lemonade to sell. Squeeze lemons, add sugar, add ice, and sell your creation for a tiny profit. Put together a sign clearly stating what you are selling and how much you are selling it for. Ensure there is an area to collect money when you make a sale, and some change handy for breaking any bills that people pay with. To take things a step further, you can add a comment box to get some feedback on your business and how you’re doing.
Doing Odd Jobs

This is a little less repetitive, as these jobs may change depending on how many clients your child has and what season you are currently in. Odd jobs are not always the most glamorous. However, they can lead to consistent income and responsibility for your child.

Holding a car wash is a great idea. This will allow your child to soap up and rinse off any vehicles with owners willing to fork over a couple of dollars. This is probably one of the easiest methods a child could follow as it requires less responsibility and far less preparation.

Believe it or not, being environmental can also lead to your child earning some income. Collecting recyclables like cans, bottles, and newspapers and bringing them into the recycling plant will prove beneficial to the environment while teaching early entrepreneurial values to children.

Mowing lawns or removing the snow from the driveway and sidewalks is a great service a child can offer year-round to help reinforce the skills required to run a business. Always ask for permission before starting a new job as the property owners may not want their property touched. It may be a good idea to teach your child how to lift heavy objects properly before allowing them to try to shovel a driveway full of snow.

Dog walking is not a difficult task to complete. Dogs love going for walks, so if your child chooses to go this route, ensure they are aware they will have to take the dogs out for as long as necessary. A short walk that lasts a mere thirty seconds will not suffice.

Pet sitting while a friend, neighbour, or relative is out of town is easy and often a very rewarding experience. If your child takes really good care of the pets in their care while the owners are out of town they will surely have some happy people to greet when they return.

Is your child is not ready for that kind of responsibility? Not a problem. Housesitting is much easier than pet sitting because there is no living creature to take care of. All that is often required in this situation is light dusting, plant watering, and ensuring that the home is secured each night. This may be a good place to start with a child who has not had any previous responsibilities.

If your child is at least eleven years of age, babysitting jobs are available to them. These jobs require a lot of responsibilities as you’re dealing with young children. However, babysitting is probably one of the most rewarding jobs out there are for kids. To become a steady babysitter, your child should first become certified by the Red Cross. There really is no such thing as too prepared when it comes to dealing with children.

Teaching a Skill

There are some transferable skills in life that are beneficial to have early on. Computer skill is one of these important skills. Should your child possess some computer skills, they can teach someone else how to use a computer. There are lots of people out there that don’t know how to use a computer and would prefer not to learn. These people are the perfect targets as they are more inclined to spend money to get someone else to complete the project for them instead of doing it themselves.

Skills like transferring digital photographs from a camera to a computer are easy enough to acquire. However, many people would prefer to hire someone to do these types of tasks for them. If your child has this skill, it is a good idea to try to advertise it and encourage them to use these important skills as often as possible.

Tips and Reminders

Regardless of whether a purchase is made or not, it is a good idea to be polite. You never know when that person will be back and interested in what you have to offer. Get your child to ask around town to see which jobs are needed the most and try to help your child get into the business that is needed the most instead of selecting a random job.

Common Reasons that Startups Fail

Starting your own business may seem like a dream come true. You get to be your own boss, and you have the opportunity to become financially independent. However, you also take on a lot of risk. If business is bad, you may be looking at no money and a failed business.

Many startup businesses fail not long after they begin. In order to avoid becoming one of the statistics, it is important that you learn about some of the common reasons that startups fail so that you know what mistakes not to make.

Here are some of the common reasons that startups fail:

No Market for the Product or Service

In order to make money, you have to be able to sell a product or service, and you have to be able to sell a lot of it. That is a deceptively simple concept since there are many factors that contribute to whether or not you will be able to sell your product or service.

One of the top reasons that many startups fail is that there is no market for their product or service. In other words, these business owners did not take the time to research and find out if there would be a customer who wants to buy what they are selling. Maybe your levitating litter box is a really cool gadget, but your target customers may think it is overpriced, or they may not want to deal with tackling a litter pan every time it needs to be cleaned. Make sure you do your research before you decide to launch your product or service.

Not Enough Market Research

Extensive market research is essential to find out if a startup idea has any potential for success. However, many startups fail because they do not take the time to conduct this research, or they are not thorough in their study. In addition to finding out what customers may be interested in the product or service, market research also studies how much demand there might be for it and what competition is already in the market. You may find that you have a great idea with a lot of demand but that the market is already saturated and new businesses have little chance of succeeding.

Companies are available that can provide market research for startups, though their services are not cheap. However, the cost is an investment that can ensure the success of your business for many years to come.

Small or Unscalable Idea

Typically, niche products offer a great opportunity for startups since they meet a specific need and usually have less competition in the marketplace. However, niche products can also be the kiss of death for a startup since they are typically not scalable. What this means is that they only appeal to a small section of the population, and there is no opportunity to sell them on a large scale, thereby increasing profits and increasing the odds of success for raising venture capital.

Other products that may not be scalable include those that are labor- or material-intensive, such as handmade goods or custom items. It may simply take too long to product the items or the materials may be too costly in order to make a lot of the items or to make a large profit.

Not Enough Cash on Hand

Even startups with low overhead need to have a lot of cash on hand to get them through the first few years. The money covers salaries, product development, marketing and other expenses while you build your customer base and start generating profits. Many startups fail because they don’t raise enough venture capital to get them through this time, and they end up running out of money long before they start turning that profit or recuperating some of their investment expenses. When they run out of money, it becomes difficult if not impossible to convince venture capitalists to invest more, causing them to close their doors.

Not Enough Marketing

Even if you have a fantastic product or service and you have done all the research showing you that there are a lot of customers out there who want to buy what you have to offer and there isn’t a lot of competition already providing it, if you aren’t marketing yourself correctly, your customers will never know about your brand or your products, and you won’t make the money you need to succeed. Marketing is essential to your success, but many startups fail because they don’t invest the money they need in marketing, or they waste money on the wrong marketing strategies.

Many startups try to conduct their own marketing to save a few bucks. However, if you are not a trained marketing professional, this is a mistake. You need to hire a professional who can get you the results you need to ensure the long-term success of your business.

Poor Management

Not everyone can be an effective leader, and you need a strong leader in order to make your business a success. Without the right manager, you won’t find the right employees, to inspire them to do their best work or to make innovative decisions for your business, to effectively manage the finances, to ensure customer satisfaction and to build brand loyalty.

Again, just like with your marketing, if you are not a professional, do not put yourself in the role of manager. Having a good business idea doesn’t make you a good business leader. If you don’t have the management skills needed to make your business a success, be honest with yourself and hire a professional.

Lack of Flexibility

Even with the best market research and the most comprehensive business plan, you can’t prepare for every eventuality. You may find that a change in the market requires you to change the way you do business or the way you reach your customers. For example, real estate agents were not able to do business the same way after the housing market crash of the 2000s. Those who were able to adapt and to create a new business model were able to get through that hard time. Similarly, you have to remain flexible and be able to change your strategies as needed to make your business a success.

When it comes to business, there is never any guarantee. However, learning about what you can do to make your business a success can improve your chances of establishing your business for the long term.