102 Business Ideas for Kids | Simple Startup with Arianna and Sheila
Episode 308
Episode Guide
Episode Summary:
Episode Timestamps
Episode Summary:
Rob Thielen returns to share insights on nurturing entrepreneurship in children, introducing 102 business ideas designed specifically for kids ages 10 to 18. The discussion emphasizes the importance of solving real-world problems and demonstrates how children can leverage their hobbies and skills into profitable ventures. From homemade slime to finger puppets, young entrepreneurs are encouraged to explore various avenues while gaining practical financial knowledge. The concept of 'super fans' is highlighted as a key to building a successful business by focusing on customer service and relationship-building. Practical exercises are suggested for parents, including reviewing business ideas and discussing potential markets. This episode serves as a valuable resource for parents looking to empower their children through entrepreneurship.
Key Topics Discussed:
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Business Ideas for Kids
- Introduction of 102 business ideas designed for children ages 10 to 18.
- Encourages kids to transform hobbies into business ventures.
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Problem-Solving in Business
- The necessity for any business idea to solve a problem for customers.
- Motivating young entrepreneurs to think creatively about solutions.
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Creating Customer Relationships
- Importance of initial customers and building relationships through excellent customer service.
- Discussion on the concept of 'super fans' and their role in business growth.
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Rob Thielen's Simple Startup Program
- Overview of the program that aids kids in launching their first business ideas.
- Emphasis on self-paced courses and group challenges.
Actionable Takeaways:
- Encourage kids to brainstorm business ideas based on their hobbies.
- Help identify everyday problems that kids can solve with their ventures.
- Facilitate understanding of pricing and profit margins involved in their products.
Key Quotes:
- "A business must solve a problem for someone else."
- "Your first 100 customers are essential to your success."
- "You can start a business at your own pace, on your own time."
Timestamps:
- Podcast Intro:
- Discussion on business ideas for kids.
- Importance of problem-solving in business.
- Creating customer relationships.
- Rob Thielen's Simple Startup program.
- How can I support my child's entrepreneurial journey? [FAQ]
- Related resource: The Simple Startup workbook available at thesimplestartup.com.
Related Resources:
- Access the 102 business ideas document at choosefi.com/idea.
- Sign up for the Simple Startup program at choosefi.com/startup.
Podcast Description:
Explore practical entrepreneurship for kids with insights from Rob Thielen on creating innovative business ideas that solve real-world problems.
Discussion Questions:
- What personal skills can you leverage for a business idea?
- How can children effectively identify problems in their environment?
Empowering Kids through Entrepreneurship: 102 Business Ideas for Young Innovators
Starting a business at a young age can be a transformative experience, offering valuable lessons in problem-solving, creativity, and financial literacy. This article provides actionable insights and recommendations to help you empower your children with entrepreneurial skills, based on the recent episode featuring Rob Thielen of The Simple Startup.
The Importance of Youth Entrepreneurship
Encouraging entrepreneurship in children is about more than just forming a business; it's about nurturing essential life skills that align with the principles of financial independence. By engaging in entrepreneurial activities, kids learn to identify problems, develop solutions, and understand the fundamentals of running a business.
Discovering Business Ideas
One of the first steps in nurturing an entrepreneurial spirit is brainstorming business ideas. Here’s how you can facilitate this process:
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Identify Interests and Skills: Encourage your kids to brainstorm business ideas based on their hobbies or skills. This could be anything from baking cookies to crafting homemade greeting cards. Suggest they list out their favorite activities and see if they can spot any business potential.
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Focus on Problem-Solving: Every successful business begins with a problem that needs solving. Ask your children what challenges they observe in their environment or within their peer groups. This practice can yield creative ideas for businesses that cater to specific needs.
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Use Available Resources: Prompt them to think about what materials or skills they have at home that could be leveraged into a business. This could involve using art supplies for crafts, kitchen tools for baking, or even skills like graphic design.
Actionable Business Ideas for Kids
Based on insights from Rob Thielen's business concept "The Simple Startup," here are 102 business ideas specifically tailored for kids aged 10 to 18:
- Crafting Businesses: Homemade crafts are delightful and relatively easy to make. Consider finger puppets, friendship bracelets, or custom greeting cards.
- Baking and Cooking: If your child enjoys baking, they can sell cookies or cakes in the neighborhood.
- Pet Care Services: Offering dog walking, pet sitting, or even grooming services can be a great way to earn money while spending time with furry friends.
- Tech-Based Solutions: Photography services or even managing social media accounts for small local businesses can not only be profitable but also a fun way to apply technology.
To access the complete list of business ideas, visit choosefi.com/idea.
Creating Customer Relationships
Building strong relationships with early customers is critical for long-term success. Here are some strategies for your child to build a loyal customer base:
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Super Fans: Teach your kids about the concept of 'super fans'—customers who are loyal and promote their business to others. These are often the first 100 customers they will need to impress with exceptional service and high-quality products.
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Seek Feedback: Encourage your children to proactively ask for feedback from their customers. This will help them improve their offerings and adjust their services based on real needs.
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Engage with the Community: Building a business is not just about selling; it also involves creating a community. Help your kids understand the importance of relationship-building and networking.
Practical Exercises for Parents
Engaging in discussions about business ideas can be a fantastic way for parents to support their children’s entrepreneurial endeavors. Here are some practical exercises to follow:
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Discuss Potential Market Solutions: Review the ideas generated together and evaluate which problems they could solve. For each business idea, ask your child:
- What specific problem does this solve?
- Who would be the potential customers?
- How would they benefit from this product or service?
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Understand Pricing and Profit Margins: Teach your kids about pricing their products effectively. Discuss what costs are involved in creating their products and how they can set a price that covers costs while still being attractive to customers.
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Start Small: Encourage your child to begin with a simple, low-cost business model. This could mean starting with a limited product range to test the waters as they gain experience and validate their ideas.
Encouraging Conversations
To support your child's journey into entrepreneurship, regular conversations are essential. Here are some guiding questions you can use:
- What personal skills can you leverage for a business idea?
- How can you effectively identify problems in your environment?
- What resources do you have at your disposal that you could use to start a business?
By engaging in these discussions, you’ll empower your children to think critically about their business ventures and encourage a mindset of continual learning and adaptation.
Conclusion
Helping children embark on their entrepreneurial journeys is about providing them with the tools and confidence they need to succeed. By encouraging them to identify unique ideas, understand the importance of customer relationships, and engage in practical business discussions, you’re setting them on the path toward financial independence and resilience.
Encourage your young entrepreneurs to explore their interests and transform challenges into business opportunities, ensuring they have the skills to navigate their futures successfully.
Arianna and Sheila
What You'll Get Out Of Today's Show
- Do you have a budding entrepreneur at home? Help them bring their business ideas to life, learn the value of money, and gain future-proof skills.
- About a year ago, Rob Phelan, launched The Simple StartUp workbook and live coaching series aimed at helping kids aged 10-18 develop their first business idea. This episode will highlight lessons learned from his program.
- The Simple StartUp has given Brad a language to talk with his own girls about business and entrepreneurship. His daughter, Molly, has grasped the concept of affiliate marketing and how it might help her Gardening Gals business.
- Molly and her friend are now making slime and thinking about the costs of each component in the slime like little businesswomen. Rob says even if she doesn't become an entrepreneur, she is learning personal finance skills, problem-solving, how to break down costs, and return on investment.
- These are conversations every parent can be having with their child as we are all customers of different businesses.
- Rob has put together a document that parents and kids can use as a launch board. Access it for free at ChooseFI.com/idea.
- At the core of any business idea is something that will solve a problem for someone else. The Simple StartUp tries to help kids get past the idea that they need to come up with the perfect idea before they can start a business. In reality, you're going to go through multiple businesses or many iterations with your business. It does not need to be super creative or innovative to get started and learn about the process.
- In his document, Rob came up with 102 ideas that kids ages 10-18 can start at home right now if they have some skills and equipment available.
- The kids taking Rob's course usually start with assets they already have by thinking about their skills, hobbies, and interests. They go through a thought exercise of thinking about complaints people have and what solutions they propose for solving them. Can they solve it in such a way that people are willing to pay for it?
- Parents can prompt their children to go through the thought exercise themselves when they have a complaint about something.
- Everyone has something that they are marginally better at than the people around them.
- Annalise messaged Jonathan to let him know that her Easter cards have been released. In The Simple StartUp, she has learned what a powerful selling tool word-of-mouth marketing can be and is working to create super fans by reaching back out to previous customers like Jonathan.
- What Analiese is doing is core to business development. Like Kevin Kelly states, you can make a living forever if you have 1000 true fans. Recommendations from someone people trust are better than any PR you can pay for.
- Rob has made some changes to the course since last Summer and Fall. Parents have been requesting to have immediate access to the course to feed existing passion and excitement rather than wait for the next cohort to begin.
- Not every kid needs the structure of a group course. As an alternative, Rob has created a self-paced, on-demand course that any entrepreneur can start right now. It includes video lessons and an online community of course alumni.
- The next cohort course will be The Simple StartUp Summer Challenge, beginning at the end of June and running for six weeks.
- How can parents foster these conversations with their children and help them start? Use the 102 Business Ideas document as a starting point and ask them to come up with other ideas for solving the problem and then how it could make money.
- The Simple StartUp student, Arianna, started a finger puppet business after talking through the business idea with Rob. She began using free tools create awareness for her product and after receiving positive feedback, switched to Etsy which would direct customers to her. She has learned a ton in the process and had fun doing it.
- Arianna's mother, Shelia, began listing to ChooseFI to learn how to take care of her debt but when she heard about The Simple StartUp, she thought it would be perfect for her teen.
- Initially, Arianna wasn't thrilled about doing a program over the summer, but she reluctantly agreed. Nervous at first, she liked the videos and found everyone in the chat to be friendly.
- When coming up with her idea, Arianna knew she liked crafting, plus her grandmother had taught her how to sew.
- Outside of class, Sheila helped Arianna understand terms like profit and to use coupons when purchasing supplies.
- Arianna's lightbulb moment came from selling items in the video game Animal Crossing. She realized she could incentivize people to buy more with quantity discounts.
- Her business name is Plushet, a mash-up of plushie and puppet, and its mission is to bring the family together through imagination and puppets.
- Arianna discovered that she's pretty good at making logos after making one for a fellow classmate.
- Not only does Arianna encourage other kids to take the course, but says it's better than video games and she would also even like to do it again. Sheila believes the course opens the door to learning new skillsets.