Whether you believe in being a business owner or not, I recommend you encourage your kids to start their own business in high school or college. It doesn’t matter how much they make, it’s the experience that is so extremely valuable!
Start Young
We can learn from those that have gone before us. We can also learn from the new generation coming up behind us.
Growing up, I learned like most to get good grades, get into a good college, get good grades, get a job in a good company, work hard and climb the corporate ladder, put 10-20% in the stock market and one day you will have created a big nest egg and can retire and start drawing down that nest egg.
Kids today like to be challenged but they also want to be doing something interesting to them. Many of the youth today do not want to spend years paying their dues doing something they don’t enjoy. I applaud them for that. They still need to work hard but I applaud those that try and find another way! Many times that’s an entrepreneurial way.
Went To Baseball Game
I went to the NLCS game between Dodgers and Braves in Arlington with my son, a friend and his son. None of us were really fans of the Dodgers or Braves. It was just a way for all of us to get out and spend time together. When I was in college, I studied hard, was very focused and committed to my future but I was also into the party scene and much of what I studied in business was theory to me because I had not been in business.
Both my son and his friend have both started businesses of their own already. My son resells limited edition sneakers and his friend resells baseball cards. It’s fascinating to me to listen and hear all the lessons that they are learning. They are learning profit margins, cost of carrying inventory, how to maximize sales price, opportunity costs, shipping costs, distribution channels, seasonality, reinvesting capital and the list goes on and on. I love business and I love seeing these young men just “get it.”
I am an entrepreneur and I hope each of these two decide to start their own business as well but no matter what they choose, I can see that the experience they received from starting a small business that they are passionate about is such an amazing experience.
I’m proud of these two young men and look forward to all the great things ahead in their lives.
Why do I share this story with you?
Think back at those that helped shape your lives. It was the individuals that encouraged you to try something you didn’t know if you could do, the ones that believed in you when you weren’t sure you believed in yourself. Those are the ones that stand out. Be that man or woman for your kids and their friends! Encourage them to take risks and believe in themselves. Investing in yourself is the best investment anyone can make.
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