Teaching Our Teens About Money – Part 2: Developing Entrepreneurs

My parents were in many ways great role models. In addition to hard work, my parents instilled within me the drive to seek out creative ways to earn money.

You might also be interested in my earlier posts, Lessons Learned from My Mother & Lessons Learned from My Father

When I was a little girl, my two younger brothers and I would periodically set up a lemonade and craft booth in front of our house. We lived in a small coastal community and our home was on a main street through town. The majority of our customers were tourists and I remember fondly, when one group of young cyclists offered to pay us with Canadian money – we were overjoyed! Their money was so different from our own!

We never made a lot of money but it was a fun way to pass the leisurely hours of the summer. The money we did earn we split evenly between the three of us and generally spent it on candy at Wilson’s Market up the hill.

Last week I spoke about how teens can earn commissions doing work around the house. Today, I wanted to share with you ideas for developing entrepreneurs.

Creative Entrepreneurs

Being a young entrepreneur doesn’t mean you have to think of a new idea to make money. It just means you need to find a way to make money doing something you love. You have to think out of the box a little.

You’re never too young to develop your talents and, in turn, make money from your skills. ~ Dave Ramsey

Teaching Our Kids About Money (free printable) @EvaVarga.net

Jeffrey is shown here constructing several Mason Bee Nesting Boxes. He was very successful at the Earth Day festival, selling his entire inventory.

At a local Earth Day fair earlier this year, the kids set up a booth to share with the community the efforts we had undertaken as part of our Roots & Shoots club. In addition to showcasing the projects we had undertaken (primarily our Bottle Cap Mural still underway), each of the kids developed a product that demonstrated their knowledge of and passion for the environment.

The previous year, our club had created Insect Hotels. Jeffrey shared that he had really enjoyed this project and wanted to make a difference for pollinators like the Mason Bee. He thereby reached out to his papa one weekend when we were visiting to procure the wood he would need to make a half dozen nesting boxes. He brought the cut pieces home and began to construct the boxes. He sanded down the rough edges, nailed the pieces together, and finally filled the interior space with nesting material.

Geneva had borrowed a book from the library some time ago, Terrarium Craft, and was intrigued with both the simplicity and beauty. When we began to plan our booth space for the Earth Day fair, she expressed interest in creating terrariums similar to those she had enjoyed in the book. She thereafter ordered a variety of air plants and a half dozen glass terrariums from wholesale vendors online.

Teaching Our Kids About Money: Developing Entrepreneurs @EvaVarga.net

As an extension of our nature studies, Geneva created several beautiful glass terrariums and was also very successful selling these at the Earth Day festival.

There are thousands of ways to make money doing something you love. As we listened to the book Smart Money Smart Kids by Dave Ramsey and his daughter Rachel Cruze in August, we spent time brainstorming more ideas for each of our kids – ideas that they were both capable of doing and that were of interest to them. Here’s just a few of the services and products that they came up with:

  • Babysitting
  • Pet Care
  • Insect Hotels
  • Terrariums
  • Yard Maintenance
  • Auto Detailing
  • Play Piano at a Dinner Party
  • Baked Goods (cupcakes, cookies, etc.)
  • Wild Organic Herbs
  • Create an iPhone App
  • Upcycle

Many of their ideas require very little startup costs. I am particularly impressed with their creativity. Regardless of what avenue they choose, I encouraged them to use a notebook to keep track of their progress.

After listening to Smart Money Smart Kids and our family brainstorm in early August, Geneva has grabbed onto an idea and has shown remarkable resolve. She won’t allow me to reveal what she is working on but I can share a few of the steps she has taken in pursuit of her new passion.

She set up a binder to keep track of everything including the name and the graphics she has created for her business, a list of products she plans to offer, market research she has done (comparable prices, etc.), materials needed, and of course, expenses.

As part of her market research, she created a survey using Google Docs and spent a morning at a local farmer’s market to poll the community. While she wasn’t able to use an electronic device as planned (no wifi), she sat down later and entered all their responses by hand into the document to create a spreadsheet of her results. As an introvert, I was very impressed that she followed through. I can’t wait to see how far she takes her project!

 

About Eva Varga

Eva is passionate about education. She has extensive experience in both formal and informal settings. She presently homeschools her two young children, teaches professional development courses through the Heritage Institute, and writes a middle level secular science curriculum called Science Logic. In addition to her work in education, she is an athlete, competing in Masters swimming events and marathons. In her spare time she enjoys reading, traveling, learning new languages, and above all spending time with her family. ♥