Should Your Kid be an Entrepreneur?

Your young child keeps bugging you to have a lemonade stand. Are they just bored or do they really have an entrepreneurial spirit? What are some ways parents can tell if this is just a passing phase or something more? And how can becoming an entrepreneur benefit your child throughout life?

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  • Kid Entrepreneurs with Ty Allan Jackson

    We all want our kids to be successful in life. But do they have that entrepreneurial spirit? How do you get their gears turning about the possibilities? Learn more from children's book author, Ty Allan Jackson.


Episode Transcript

Sunny Gault 0:00
Your young child keeps bugging you to have a lemonade stand. Well, how do you know if that's really something they should do? Or if they're just kind of bored, and they need to be doing something else? How do you know if they have that entrepreneurial spirit? I'm Sunny with New Mommy Media, and I'm here today with Ty Allan Jackson. He is a children's book author, as well as a motivational speaker. Hey, Ty, thanks for being with us today.

Ty Allan Jackson 0:23
Hey, Sunny, thanks for having me.

Sunny Gault 0:25
Alright, Ty. So a funny thing happened to me yesterday, literally, my kids did not know that I was going to be doing this interview with you today. And they came in this is probably a couple hours before they had to, you know, they were playing outside. And it was starting to get dark in a couple hours. So they had to come in and a couple hours. And my kids came inside and they said, Mommy, no joke. We want to have a lemonade stand. This just happened to me yesterday. And I'm thinking in my head, I'm going, Okay, it's gonna be dark into hours, people are coming home from work, they're probably you know, getting dinner ready. I'm like, Honey, this probably isn't the best time to have a lemonade stand. Why don't we do it on the weekend, you know, I'm planning in my head, I'm going, that's a good idea. I'm also thinking I'm talking to Ty about this very thing tomorrow. But I'm thinking, let's do it on the weekend, we'll set it up, we'll make science tie, they totally showed me up because there was another parent in the neighborhood, they ended up going in together with a couple other kids in one hour time, they made 40 bucks in an hour. Now that's, that's also big. I know, isn't it, but that's also because a really nice lady in the neighborhood gave them 20 bucks and said do good in school. But still, they made 40 bucks. And they were so excited. And and then, you know, I kind of felt bad afterwards, because I was kind of like shutting it down. But totally like, you know, you know, is related to what we're talking about today. So my kids yesterday, I still don't know, were they just bored? Or do they really have that kind of entrepreneurial spirit? So how do we recognize that in our kids?

Ty Allan Jackson 2:01
You know, I'm I have kids as well, my kids are a little older. But I remember at one point, my daughter wanted to do ballet. And so we went and got the tutu and everything. And we did ballet until she didn't want to do ballet anymore. And then she wanted to play soccer. And then we got soccer pads and stuff. And we did soccer until she didn't want to do soccer anymore. Apply that to karate and about 20 other things that it is that she wanted to do, until she didn't want to do them anymore. But, but the bigger point is, is that not only did I support what she did, I encouraged what she did, because I had no idea whether she was going to be the world's greatest soccer player, ballerina, Bowler, or whatever. But our job as parents are to enhance and encourage whatever it is that our kids want to do. Because she could arguably have grown up to become the world's greatest archer. But if I decided that like, No, I'm not going to do that, then, you know, I perhaps take away her gift, I think the way what may be her purpose. And so us as parents, that's kind of like our obligation is to encourage our kids, especially when it comes to something like entrepreneurship, because they may never do archery, but they're gonna deal with money in some capacity every day for the rest of their lives. So the more that we can encourage our kids to be entrepreneurs, or at least have a mindset of entrepreneurialism, I think then we are really setting our kids up for success. Because also the mindset of becoming an entrepreneur also opens up opportunity for maybe doing something else that it is that they want to do. They may not want to be an entrepreneur, they may want to be a government official or a dentist. But I think entrepreneurialship entrepreneurship kind of opens up the mindset for possibility. And it also helps encourage whatever special thing that they have inside of them that they want to show the world.

Sunny Gault 3:49
Yeah, yeah. So what do we as parents need to keep in mind and all of this especially I'm thinking about like the time commitment, like in my situation yesterday, I was thinking about the reality of all I'm like, it's starting to get dark or whatever, like now's not a good time. But in all fairness, I was also thinking, I've got a deadline, I've got to get some stuff. So I know that when our kids want to do stuff, it's not like they always just do it on their own. There is yeah, you know, we are the helpers, right? And so many different ways. So what would you say to parents that are like, Oh, my goodness, like this sounds like a good idea. But I'm already strapped with everything else going on in my life.

Ty Allan Jackson 4:27
Well, I also think that our children, amongst other things are also investments and the biggest investment that we have to make into our children are our time. And I do think it's important for us to kind of, you know, exercise that level of investment into our kids when they have a really good idea, especially something that if we can fit it into our schedule, then we want 100% Try to do it. I think some of the most profound times I've ever had in my life have been impromptu, you know, excursions with my kids, things that I didn't even foresee happening. Like, for example, the whole reason I became an author in the first place is because my son asked me if he could open up a lemonade stand, and he made $50 In three hours, not so much like you, did you guys ration down a lot better than we did. But it was it was his making $50 in, you know, selling lemonade that prompted him to ask what am I going to do with all this money? And it was that question that sparked my becoming an author, Rachel was books telling them what to do with money. So that opportunity, even though it might have not, I think it was a Sunday and the football game was about to come on. But you know what? That that investment in my child paid substantially greater dividends than any football game that I would have? Wanted to entertain? With that being said, I know, we are all parents that we have jobs and tasks, and sometimes we have to accommodate our kids. And sometimes you have to tell our kids, you know what, I can't do it today. But and you know, and like, you know, make alternative plans make them a priority. I mean, we do have to live in the real world, we can't always drop everything we're doing and pop up a lemonade stand, and we'll but I think we can encourage our kids to like, why don't we plan this out a little bit better, and make a really fantastic lemonade stand in two days, instead of throwing in a puff to one together right now. But whatever you do, make sure that you actually do that lemonade stand, or whatever it is that your kid decides to do this, it's just so important that we encourage and support our kids in any and every endeavor.

Sunny Gault 6:17
Oh, yeah. And you should have seen their faces afterwards. Like, I don't know what it is about kids holding even just $1 bills, or like, we're rich. Money and, you know, trying to figure out what they're gonna do with it. It just so happens that today is the Book Fair at schools. So now they're going to use some of their money to buy some books. And, you know, I mean, it really did, you know, work out really well. What would you say are some of the benefits of kind of, you know, getting our kids to think more about this, obviously, just a smile on their faces when they accomplish something. And that's priceless in itself. But what are some of the other valuable things that kids pick up on through entrepreneurship?

Ty Allan Jackson 6:55
Well, I think you just tagged on it, ah, independence, you know, self reliance, I mean, just from their own idea that they can see it on their own, and the money that they made, they now have the resources to get the things that they want. I mean, wow, that's like really mind blowing when when you think of it, but you know, it also enhances creativity for a child to come up with ideas and concepts, not only to make whatever endeavor that they're trying to go after, but how to make it better. And, and just the life lessons and experience from interacting with customers, how to be a team member, you know, self confidence and an alliance, there's just so many attributes that that will enhance and encourage our kids, not just necessarily be better entrepreneurs, but to be better citizens, you know, to like, you know, the know how to talk to people to know how to support one another, they vote to appreciate gratitude from being supported, you know, and, of course, the confidence of like, wow, job well done. I mean, those kids must have went to sleep with a smile on their face after achieving, you know, that goal, and, and, and maybe even more so when they actually are going to buy their own books with their own money that they earned themselves with their own hard work, and their own kind of idea and concept. I mean, it's a tremendous opportunity for life lessons abound. So yeah, awesome.

Sunny Gault 8:16
Well, it's great. I mean, my girls had like their money sitting on their nightstand. In fact, I think, in the middle of night, I'm like, what did they do? And they're like, counting their money like that. I mean, they were just so so proud of all of it. So that is awesome. Thank you, Ty. Now Ty has just released his new book, it is called "Make Your Own Money", so make sure you pick up a copy on his website, which is http://tyallanjackson.com. And while you're on the web, why not check out our website https://newmommymedia.com. It's where real moms talk about real life.

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