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How I teach my kids entrepreneurship
Whenever my kids ask me for money, I tell them...
There are two ways to make a money:
1) Get a job (which you're legally too young)
2) Start a business (which you can do now)
So they opted for #2.
This week they set up a "pet store" in our living room.
My 8-year-old daughter was the owner.
My 6-year-old son was the salesperson.
Daughter: "Hello sir and welcome to our pet store?"
Are you looking to get a pet or replace a pet that has passed away?
Me: "I'm looking to get a pet for the first time."
Daughter: "Well, you came to the right place. We have dogs and even an elephant.
*Points to the dogs*
"These dogs are siblings."
Daughter: "How many pets are you looking to buy?"
Me: "Just one probably."
Son: "Are you looking for a soft pet you can cuddle with?"
Me: "That sounds nice."
Son: "This elephant has soft skin like mine. *extends his arm so I can touch his skin.* See how soft it is."
Me: "That's awfully soft. But I don't know anything about raising an elephant."
Daughter: "We have a guide on raising elephants; we can give you."
Me: "That'd be very helpful."
Son: "Yeah, plus if you get one of the dogs you'd have to get all 3 or else they'd feel sad leaving their brother and sister."
Me: "That's a good point."
Daughter: "And since it's your first time here, we can offer you a discount. It's usually $4 for the elephant but we can give you for $3."
Me: "Wow, that sounds like a good deal. I'll take the elephant."
Daughter: "Great! $3 please." *extends hand to accept the money.
Thanks for stopping by!
Joe Escobedo, CEO of Escomedia