Money management lessons are so important, but if we don't teach kids how to make money - they'll never have any money to manage!
Here are our top 10 activities which will help you teach your kids how to bolster their bank accounts and hone their entrepreneurial skills:
1. Advanced Kids Business: This is our gold standard activity because it helps your kids to effectively plan for and implement their own small business. The business planning sheets lead children through the brainstorming, planning, implementation and evaluation of their business venture. Though the plan is simplified it will still ensure that your children know the process involved in starting up a business of their own, a skill which could ensure their future wealth and success!
2. Host An Event: Planning and hosting an event is fun, less time consuming than running a business over an extended period of time and it helps your child develop important leadership, time management and organizational skills. In this activity kids are encouraged to organize and host an event and charge admission/sell concession/ and or sell t-shirts and accessories. Some great ideas for an event your child could host include: an art show, a talent show, a sports tournament, a skateboard tournament, a play, a rock concert, a dance party, or a martial arts demonstration. Essentially your child picks something he/she loves to do and creates an event around it!
3. Movie in a Field: Another great event your child could plan and implement is hosting a movie in a field. Kids could set up a projector, a screen, a laptop computer, lawn chairs, and a concession stand then make a some money while doing something fun and unique with friends and family!
4. All Terrain Brain: This website has several fun games, activities and resources to encourage and engage your budding entrepreneur. I am a big fan of the Business Builder Tool, this is a simple and attractive spread sheet you can use with your kids to help them build a business, price their products/services, and figure out their break even point. What I also like about All Terrain Brain is that it doesn't just focus on helping your kids start a business it also helps them build confidence, leadership, persistence and creativity; all of which will help your children to be more outgoing and successful in all of their undertakings.
5. Lemonade stand: There is nothing wrong with a classic! This is an idea that most kids will come up with on their own, but why not encourage your children to take it to the next level. They could advertise, locate their stand next to a softball tournament on a hot summer day, they could offer a delivery service, or they could sell hot chocolate/coffee at outdoor sporting events in the spring and fall. Teach your kids to take a look at a classic idea and put a twist on it. This will help them to stand out and to be more creative in their endeavors.
6. Dollar a Glass: This is an online simulation game brought to you by the biz kids. In this game kids start up a virtual lemonade stand and serve this tasty beverage to their customers. Along the way kids will be asked questions and given different scenarios and depending on how they answer they will make a profit for the week or loose money for the week. This game is a lot of fun - and it's pretty addictive!
7. Understanding Profit: From the creator of Rich Dad Poor Dad and Rich Kid Smart Kid, comes this engaging online game. In the game "Jessie's Ice Cream Stand" the main character starts up an ice cream stand and works to create a profit. The game has several different versions for different age groups and teaches things like what is profit, price elasticity and how to operate a small business. The Rich Kid Smart Kid Website also has some great age specific resources in the "Grown Ups" section.
8. Sales Pitch and Elevator Pitch: In these activities kids put together and present a sales pitch and then distill it down and make an elevator pitch. Any business your kids start up will require them to do a little sales. The ability to create a sales pitch is not only invaluable for their business, but it also increases their confidence and public speaking skills.
9. Stone Soup : This is a wonderful book to read to your little entrepreneur. It is the story of how a soldier rallied a whole community to create something from nothing! It is an inspirations folk tale that will help kids focus on the opportunities around them.
10. Be your own boss: This online resource breaks down the steps involved in starting up a dog walking business, a comic book publisher business and a car wash business. It encourages kids to get a partner, get organized, plan, advertise, deal with unhappy clients, and use value added sales.
Making money doesn't have to be a chore, and starting up a business doesn't have to be complicated. By encouraging your kids' inner entrepreneur you are enabling them to always look for an opportunity to serve their community better and then to profit from their efforts!
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