4 Kid Entrepreneur Tips

How to help your kid become a sucessful entrepreneur.

ITCH your child's desire to succeed with these 4 Kid Entrepreneur Tips.

Recently ABC's Shark Tank offered 11-year-old fifth grader Ryan Kelly  $25,000 to invest in his homemade dog treat company - "Ryan's Barkery."


Ryan Kelly noticed how terrible commercial dog treats smelled and figured if he couldn't stomach the smell, why give it to his dog? The next time they took their dog, Barkley, to the vet, he and his mom asked what foods were good to give his dog as treats.

Armed with this doctor-supplied advice, he and his mom started baking their own treats for Barkley. The treats are all natural and Barkley loves them. He started selling them at his lacrosse games, where there were many other dogs around. He got them hooked by giving the dogs a free sample. ;)  Now he sells them at pet-adoption fairs.

Ryan Kelly gets $25,000 from ABC's Shark Tank for his all-natural dog biscuits.

My 10-year-old son Jaxon started his business last year when if offered to pay him $1 to clean/shine my car tires after the local car wash did a lousy job on them. I explained how the tires get dirty from brake dust and how it makes the car look so much better if the wheels are clean and shiny.

What can you do to encourage your child to cultivate a hobby into a way to save for a car (or college)?  Here are 4 tips to ITCH (Incentivize, Teach, Clue, Help) your kid's entrepreneurial desire to succeed:

1. Incentivize. If you give them all they want, they don't have a need to work. Is there a pair of basketball shoes, a new bike, etc. that they want? Instead of buying it for them, offer to match whatever dollar amount they can earn, whether it is via extra chores or outside the home.
2. Teach them how. The best way for them to learn is by seeing other kid entrepreneurs' success stories. My favorite show "Biz Kid$" airs on PBS and teaches business skills in a sketch-comedy format like Saturday Night Live.
3. Clue them in. Many kids don't realize that they can make their own money without their parents. There are some fun videos/tv shows/books that focus on the subject. My favorite is the YouTube animated series with Warren Buffet called the "Secret Millionaires Club."
4. Help them flesh out ideas and iron out snags.While I suggested free business cards from VistaPrint.com, he had to do the work of picking them out and ordering all by himself. I helped him with shipping by using his allowance. 

As with all parenting, it's fun to see the results of all your hard work. Recently Jaxon helped his little sister create HER own bakery business with her Easy-Bake-Oven, complete with her own free business cards for "Savannah's Baked Goodies".