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Encouraging your budding entrepreneur – Part One: Benefits

By JLP | June 16, 2008

A few weeks ago, JLP mentioned that he was giving his trimmer to his son, who is going to start his own business doing yard work for neighbors this summer. When I read this, I thought it would be a great opportunity for JLP to help his son gain valuable experience in entrepreneurship. In this post, I’ll discuss some of the benefits of entrepreneurship at a young age. In Part Two, I’ll offer some tips for encouraging your child.

The Benefits of a Business

There are a surprising number of teenagers who started a business that grew into a multimillion dollar company. In fact, Forbes ran an article earlier this year about five teen millionaires. I don’t know if JLP’s son will be joining their ranks, but hopefully he’ll learn some of the following things along the way:

What other benefits can be gained from a teen business?

Topics: Miscellaneous | 4 Comments »

4 Responses to “Encouraging your budding entrepreneur – Part One: Benefits”

  1. Luke @ Money & Fitness Blog Says:
    June 17th, 2008 at 11:03 am

    First off, let me state that I wish I had someone encouraging to be an entrepreneur. I hope to do some of the steps you mentioned above when I have kids and they get old enough.

    I think the biggest benefit that a teen can gain is a real sense of finances and how much things cost. If anything, it may help them be a little less dependent on their parents and how they always need money. You can just tell them to go mow a lawn instead!

  2. Luis Says:
    June 17th, 2008 at 6:36 pm

    I would add allowing for their first “failed business”. Most entrepreneur’s fail more than once and having this experience under their belt before they return 18 would teach them very value lesons while the stakes remain low.

  3. Cathy Says:
    June 17th, 2008 at 10:56 pm

    @Luke – Stay tuned. I’m about to post some discussion points.

    @Luis – Excellent point, I’m adding that to Part Two right now. Thanks!

  4. Matt Says:
    June 19th, 2008 at 9:22 am

    Aside from the sense of how finances work there’s a certain amount of responsibility that comes with owning your own business (especially when its service oriented). You get to learn what the real world values and that you are responsible for what you say you’re going to do.

    Another thing that JLPs son might learn is the value of good customer service and the power of a referral.