Friday, July 20, 2012

Lemonade Stand: the Kids 1st Taste of Entrepreneurship

Last week, I saw an interesting story on teaching kids the value of a dollar. Instead of giving kids an allowance for doing chores, let kids come up with their own business and make money from that business. Interesting theory, right?

That prompted a discussion with my 7-year who loved the idea of making his own money.

And so "Jacob and Lauren's Lemonade and Lollipop" stand was created! (I know the sign isn't exactly stellar, but since this is his business venture, he wanted to create his own sign.  I am just glad he willingly included his sister!)

As you see to the left, the tip jar was a very important feature to the lemonade stand.

We live at the end of a cul de sac, so I wasn't expecting the kids to get any buyers.  But within 5 minutes of setting up their stand, they had their first customer.  (The customer, coincidentally, wasn't even a neighbor on our street - just a person visiting a neighbor on our street.)

After about an hour, the kids were so excited that they earned their first $6! They split the money equally and both put their earnings in their piggy banks. I was very pleased with their endeavors.

{Side note: It's just too bad I learned shortly after that without having a proper permit for serving food they could actually have their lemonade stand shut down. I am hoping that by living on a very quiet cul de sac they might be safe from authorities for now! But can you believe it is illegal to sell lemonade from your driveway? Ridiculous!}

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