Lemonade Stand: School of Hard Knocks For Young Entrepreneurs
While there's no standard education to become an entrepreneur, almost every entrepreneur gets an early education in the lemonade business. The kids may be cute, but that doesn't mean they're not cut throat. In fact, Inc. Magazine just announced the Best Lemonade Stand in America Contest Winner.
Running a lemonade stand embodies the most important issues in running a business: marketing (handing signs around the neighborhood), pricing (avoiding commoditization by banking on people's goodwill towards kids), and most importantly: location, location, location (it took me a couple years to figure out I could 10x my revenue by relocating the stand from the quiet street I grew up on to the busy street by friend lived on -- even after splitting the profits with him).
Next time you pass a lemonade stand, keep in mind that kid could put you out of business one day.
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But consider that kids can start anything you can. My eight year old started a business that is doing a steady revenue and she is interested in getting adult employees soon. Look at her blog to see everything she is doing. www.kidsroar.biz
Posted by: Ron at August 16, 2006 10:17 PM