Mike Farris:
Linda Raasch began her children’s venture into the world of entrepreneurship with a lemonade stand. Linda, on our last program, you explained some of the valuable lessons children can learn from this kind of experience. Can you give our listeners some suggestions on how to gauge the amount of responsibility to give their children?

Linda Raasch:
Sure. Running a small business with your children is definitely a family endeavor. On our website, Bizkidz.com, we endorse that parents become the chairpersons of the board for their child’s online store. A parent’s input is invaluable to the success of a child’s business. You have to want to help light that spark of ambition in your child by your involvement and attentiveness.

The amount of responsibility rests with what you know about your child. If it is a street-corner lemonade stand, your child has to be wise with regard to street safety and being near a guardian for backup support. My kids made cookies, posters, prepared the cashbox, decorated. If your children can communicate clearly and politely, know how to make proper change, and understand your established rules for safety, then they’re ready for their own business. Importantly, allow them the freedom to make a few mistakes. This will prepare them for learning new things and set them up for success in years to come.

Mike:
These are incredibly helpful suggestions, Linda. And until next time, I’m Mike Farris.