enterpriseforkids.com

Inspiring kids to be entrepreneurial.

Who Teaches Your Kids About Money?

June 20th, 2012

If you don’t teach your kids about money, then there are plenty of people out there who will! And not all of them will teach your children what they really need to know.

Kids are conditioned by media and celebrities.

Our kids are educated financially from many sources whether we like it or not. Everywhere they go and everything they look at is conditioning our kids around money.

Teenage kids, for example, are very influenced by their peers, TV and social media. They are pressured to want to have all the latest and greatest of everything! AND…they have to have it now! If you have a teenager in your house (or even a preteen!), you will understand this very well. They will tell you that they are the “only” ones in the “whole world” who doesn’t have one! And if you try to compromise with a cheaper version from Target,… well, forget it! Brand name or nothing!

Many parents fall into the trap of giving into their kids’ persistent demands. We have…..more times than we should have!… and the older a kid gets, the better they are at arguing their point. Some parents may lend their child the money with the view of having them pay it back when they can afford it, or some simply pay for the item fully and don’t expect their child to pay anything back.

But what is this teaching children?

Our son Flynn was preparing to go on a camp with his school. He claimed that ALL the kids would have iPods and that he wanted to buy one to take on camp.

He counted up his money and found that he was short about $100. He was very persistent in his request and we decided to sit down and have a conversation with him around the value of money.

Our dilemma was this – If we were to say an outright “NO, we can’t afford it” then we would be conditioning him with a mindset around “lack of money.”

If we said “YES”, then we would be conditioning him with the mindset to “borrow, then spend!”….and probably not appreciate it too much.

So……………we came up with a solution we had been taught in our mentoring course.

We said “YES”. He could buy an Ipod……however, we weren’t able to pay for it. We brainstormed ideas with Flynn on how he could raise $100. Time was of the essence as he was going on camp in three days.

We came up with ideas such as increasing the marketing of his honey that he was selling through his Honey Enterprise; sell some of his unwanted things such as his surf board; or do a deal with his sister and buy the items she had lined up to sell as part of her “New from Old” enterprise and then resell them with mark up.

The discussion gave him motivation, and we took the punt that if he was really keen for the iPod, then he would make it happen.

The point of all this is that we didn’t automatically say “No, we can’t afford it”…… and we didn’t say “Yes, and we will pay for it”. Rather, we put the onus on Flynn to work out a way to achieve his goal without getting himself into debt. We used this opportunity to teach Flynn about money.

Our Money Mindset Mentor, Paul Counsel, says that in our society, kids are conditioned to “earn, spend and borrow” from a very early age. This conditioning carries through to adulthood and ties people to a job. They need this job to pay for the interest payments on their “things”.

Sporting heros are used to condition people.

It is hard for our kids to avoid this type of conditioning. Their sporting idols appear on TV advertisements telling them what a great investment they are making if they buy x,y or z……and finish with a trusting wink!

Celebrities promote all sorts of things from insurance and jewellery to holidays. Retailers offer low cost, easy monthly payments for expensive items that people really can’t afford. There goes the “earn, spend and borrow” cycle again. Even airlines offer credit these days!

The education faculties don’t teach your kids about money either. In fact they will also put young people into tremendous debt by financing their higher education courses. Young people who spent five years working hard for a qualification, come out at the end with a massive debt!

Locked into debt before you can even begin!

Here is a hard fact… this year the total amount of student loan debt in the US hit the $1 trillion mark. Back in 2010, the amount of U.S. student loan debt surpassed the total amount of credit card debt, and it continues to grow. The trend in Australia is following that of the US.

We can look at life as being a game full of experiences! We are here on earth to play the game. Yet from an early age the odds are stacked against us to achieve personal and financial freedom when we are “conditioned” to earn, spend and borrow for unproductive things.

Can this change? Absolutely.

And who is the best person to teach this change to your children?

Well, if you have already achieved financial and personal freedom, then the best teacher is YOU!

And if you haven’t, then find someone who has achieved the type of financial or personal success you would like for your kids. You may even learn something in the process. 🙂

Portrait Artist in the Making!

June 17th, 2012

Kait with that winning smile!

Before we revisit Kaitlin and her Portrait Artist Enterprise, we wanted to share about the idea of manifesting what you desire into reality. We believe having a little understanding about this will make all the difference to achieving goals, dreams and enterprise for kids.

If you have ever watched the movie “The Secret”, which is all about understanding the Laws of Attraction, then you would have some understanding of Quantum Physics. The Secret explains how to manifest things that you desire into reality. It explains that you must firstly see and believe whatever it is that you want, then you evoke it (or emote it) into existence. If all goes well, the thing you desire will at some stage certainly materialise.

Kaitlin procrastinating!

The more we have been learning about Quantum Physics through the studies that we are doing at the moment with our Mentor, Paul Counsel, the more we have come to understand and believe that what the Secret portrays is all real and true, however, the movie doesn’t go into a lot of depth with one very important point (actually there’s another point as well, but that can wait for a later blog!).

For all of the above to actually happen a person needs to make what they want to manifest, their “highest value”. That means they need to put it ahead of all other things, making it their focus. With determination, will and focus, then and only then, will you be able to manifest what you want.

Now that sounds pretty easy, but I will be frank, it is easier said than done! If you are anything like us, you will have very busy, complicated lives and are over-run with distractions. Work, family, social life, worries etc. Your highest value, quite likely is one of these other things and as a result you would be having troubles pin pointing your focus on what you really desire.

Kaitlin’s enterprise plan that she shared in her home video is a very good one, but one that requires time management, focus and diligence. Once the article about her enterprise was posted on “Enterprise for Kids,” Kaitlin received two customers requesting her to do portrait drawings of their families. Kaitlin was delighted that people had actually appreciated her talents and were willing to pay for her service. This was a real opportunity for Kaitlin to follow a passion of hers and she was motivated to get started.

Kaitlin Sliding into Action.

She had bought half a dozen quality timber and glass frames from a garage sale, which would beautifully show the portraits… if her customers wanted them framed that is! She also had the $100 loan from me to buy the art materials required for her to run her enterprise.

So what has happened so far?……….

Distractions, distractions and more distractions!

Distractions!

Kaitlin, being a popular teenager has many demands put upon her and she certainly doesn’t have her focus set on attending to portrait drawings…..yet! It has not become her highest value to develop an enterprise, despite the fact that she really does want to have her own enterprise doing something that she has passion for.

Kaitlin on the Bali Green Supercamp

The list of distractions could amost fill a blog on their own! Kaitlin has been on the Country Week Camp, had sleepovers, caught up with friends, and is currently on the Bali Supercamp. She has had work commitments, baby sitting, sporting commitments, school, boyfriends, homework, modelling classes and family commitments that have all stolen her focus away.

To do portrait drawings, it requires a lot of concentration, patience and most importantly, a “distraction free” amount of time where she can get her head around it. Kaitlin understands that she needs to establish a time management plan where she can devote her focus to what she wants to achieve. Admittedly, Kaitlin doesn’t need to complete the drawings straight away. She has a few months…….but you could see how easily those “few months” could whittle away to nothing without a plan of attack, then taking action to bring that plan to fruition.

That being said, we all must do the same with our dreams and desires in life. Without making what we want, our highest value, with a written plan and then finally focusing all our energy upon it, then it is unlikely that those dreams will come about very easily.

We will keep you in the loop with Kaitlin in coming Enterprise for Kids blog articles. For my next post or two we will have a break from following our kids’ journeys and discuss understandings about developing a mindset for success. We’ll be looking at how we (and 98% of people) are conditioned to think in a certain way about money and how this conditioning may prevent us and our children from achieving success (and we are not just talking about the financial kind either :)………… Until then……………….

Being An App Developer is No Easy Feat!

June 13th, 2012

Jai was super motivated and was like a bull at a gate with his new enterprising idea, which was to design, make and sell an app. For those of you who are not Geeks and are unfamiliar with the terminology, an App basically means Application Software for a devise such as an iPhone, Ipad or computer.

Jai contemplating a good idea.

He bought an Apple App developers license under his Mum’s name and downloaded all the software onto his school’s apple computer (a computer that he gets to loan on a permanent basis until he leaves his school… lucky boy!). He then poured through the various emails and instructions and did whatever was required to get himself underway.

There are ups... and downs!

The process proved to be very challenging and it wasn’t long before Jai was faced with a huge roadblock! He was stumped! The information and requirements were very complicated and technical and Jai really needed professional help to get him through it. I could see his spirits dropping fast, so we sat down for a chat about roadblocks.

To know about apps, you have to play the games!!

When you are “building up” an enterprise idea, it is important not to get bogged down by all the “What ifs”. If we all did that we wouldn’t get past first base. Whatever enterprise you choose to do will have its roadblocks and you will need to troubleshoot a way to get around them. Firstly it is important to come up with an idea and build it up, and then the next step is to work out a general plan for developing the idea into an enterprise. This would mean identifying each of the development stages. From there you think about all the detail and consider the roadblocks for Stage One.

So Jai and I considered his Stage One Plan. The plan was to become registered as an App developer, download the software, then become familiar with the software. Jai’s roadblocks were:

•   The software was not loading correctly onto his computer
•   The software was difficult to understand
•   He didn’t know how to get started with using it

So we planned a simple strategy to deal with these roadblocks.

We were to be in Geraldton for a holiday in a few days. Jai strategy was to pay a visit to our successful App developer friend and ask him to help him get started.

It's exciting to climb to new heights...

That he did, and when I saw Jai next I could see the spring back in his step. He now had new understanding and some direction, plus he had opened a line of communication with an expert, who could possibly become a mentor down the track. Having a mentor is one of the proven best ways to a successful business.

What Jai learnt was that for the software to work properly he needed to download another program onto his Apple computer. So when he arrived back to Burekup, he downloaded the program, which seemed to sort the software issues and it was looking like he was now finally ready to get going with it all.

He headed off to school that Monday, only to arrive home later that day without his computer and looking very frustrated!

Apparently when he went about his online school work, he found that all the school programs that he used were no longer compatible to his computer. He paid a visit to the school’s computer tech, who identified what had caused the problem… Jai downloading this new program! He wasn’t very happy with Jai. He said that the computer would need to be wiped clean and completely reconfigured, then reloaded up with all the school’s programs again. To top it off, he was told that it may take him a few days to get it sorted.

Not good news at all! More roadblocks!

What will Jai's next move be?

What will Jai do next with his enterprising idea? We will revisit his journey as an App Developer in a later blog. It will make interesting reading with some hard lessons learnt!

Next up we will touch base with Kaitlin and see how she is progressing with her enterprising idea.

The Dog Whisperer!

June 9th, 2012

Our kids are becoming Enterprising Children!

In this post we revisit Kit and his enterprising Dog Walking business. He was now ready implement his carefully thought out plan.

It was the school holidays and we were all staying with Kit’s Gran and Grandad in Geraldton.

His first client was a family friend, Pam, who owned a small scruffy dog called Elly. Pam had been prepped with a phone call that Kit would be arriving with his Grandad to ask if she would be interested in hiring his services. She was delighted to support Kit with his new enterprise and awaited their arrival.

Kit with Pam's dog, Elly.

Kit preparing for his walk with Elly.

Kit explained to Pam what his business entailed and the benefits that she and her dog would get if she hired his services. Pam agreed that his service looked to be very good and then she asked what his rate was. Kit said five dollars. Pam negotiated with him and they agreed on four dollars for the half hour walk.

A beautiful afternoon for a walk.

All dogs need a pit stop

Kit was pleased, but not sure how he was going to handle Pam’s little energetic dog. Grandad was an excellent coach and helped him with attaching the lead, offering the dog a treat and instructed on giving commands to the dog.

The walk went very well with no dramas and Kit arrived back at his Gran and Grandad’s house after returning Pam’s dog very keen to tell his family all about his business.

Ending the walk.

Kit being paid for a job well done.

Kit continued his dog walking enterprise for the next two days whilst we were on holidays in Geraldton. He managed to make twelve dollars! Kit is now on his way to attaining his goal.

We, as parents, felt that more important than attaining his goal was the fact that Kit got “started” on his idea. What holds many people back from achieving their dreams is the inability to actually start! And of course, there will always be a myriad of reasons why not to – the time isn’t right, there isn’t enough money, there isn’t enough time, my family won’t approve, not ALL conditions are right yet…..the list goes on. These are the BUTS that stop people attaining their goals all the time, so it was refreshing to see one so young as Kit just “do it!”

Our enterprising children are now all busy with their individual kid’s enterprises. It will be time to check in with Jai and see whether his enterprise plan eventuated.

Until then……….

The Candy Man Entrepreneur!

June 3rd, 2012

Enterprise for Children can be a lot of fun, especially if it involves a four year old and a mountain of lollies! After you read this blog you’ll understand why Hansel and Gretal gave in to temptation to eat the witch’s candy house.

The Candy Man with his $50

... outside the supermarket!

"Let's eat!"

Chayse and I headed off to the supermarket with his $50 just as he had planned. We walked the Candy aisle and Chayse picked out the lollies he thought would be the yummiest. He bought everything from snakes, milk bottles to musks, liquorish and lollipops. Next he added to the shopping trolley 50 plastic sandwich bags and some packets of brightly coloured balloons. His whole investment of $50 was spent in no time. The check out lady asked him if was his birthday! Chayse nodded.

The production line!

Chayse’s brothers and sisters were at the car ready and waiting to escort him into the house and feast their eyes on all his lollies. Chayse was really enjoying all the attention! He bossed his brothers and sisters around as they bugged him for a lolly and offered to carry his bags.

It was all hands on deck. Jaxon and Mitchy from next door came over to help out and a production line was organised around the kitchen table. The lollies and balloons were placed into fifty piles and bagged up.

Chayse’s intention was to sell each bag for $2. So if all goes to plan he should make a 100% on his investment.

The production line team!

Cathy and I helped him with a sturdy box to display his product. We attached a strap to the box to help him hold it up and then made up a sign.

Mitchy and Jackson ran off home and immediately returned with money to buy a bag each. Chayse’s first customers! 98 candy bags to go!

Chayse’s brothers and sisters also wanted to buy a bag each with their pocket money. We had to put a halt to that as it was going to create troubles, especially as Chayse wanted to buy his own lollies too! So the compromise was that they were able to polish off the left over lollies… and of course Chayse was in charge of sharing them out to his drooling family.

Chayse's first customer, Mitchy.

Chayse’s enterprise for children business was now all set to go. His next job is to market and sell his product. We will share that story in a later blog.

Next up we’ll tune in with Kit the Dog Whisperer and see whether his enterprising idea has evolved!

Flynn’s Honey Investment Continued……

June 1st, 2012

You may remember from a previous blog that Flynn’s Enterprise for Kids plan was to buy honey at wholesale and sell at retail. All he needed was a good source of cheap quality honey that he could buy in bulk.

Flynn’s Grandad has kept bees for over twenty years and had a number of hives which he regularly harvested honey from. The honey produced from his bees is very light in colour and tasty as the bees forage over the Mid West fields of Paterson’s Curse and coastal gums. Flynn knew that he had a good quality product.

His plan was to pay a visit and strike up a deal with his Grandad!

Flynn’s Grandad saw that Flynn had thought through his plan. He was more than willing to support Flynn with his new honey enterprise. Flynn negotiated a good price per kg, however, the deal included Flynn having to help his Grandad rob the honey from the hives. Listen to Flynn explaining the deal he has made with his Grandad by clicking this link!

Flynn donning his gear.

Flynn with Grandad

Flynn was up for the challenge! He donned a pair of overalls, gloves, boots and bee veil. Then he and his Grandad disappeared for the morning, returning later in the day with a heavy load of honey supers in the back of the ute. They were carted around to the rear of the house and quickly stacked in the garage. Already the local bees were honing in on the honey, hoping to pinch it for their own hives. The garage door was closed to keep the bees out.

Flynn slotting the honey combs into the honey extractor.

Extracting the honey from the honey combs.

Grandad sliced the caps off the honey combs with a hot special purpose electric knife and Flynn slotted them into a honey extractor. The extractor uses centrifugal force to extract the honey from the combs. It was Flynn’s job to spin the extractor, which proved to be a lot of fun. Although everything nearby became sticky with escaping honey, including Flynn!

Checking the temperature of the honey

Yummy raw honey - a great enterprise venture

Flynn’s brother Jai, and a family friend Jack, stopped by to lend a hand. Many hands made light work and before long, after warming and sieving the honey, it was sealed into 10kg buckets.

Angry bees don’t take too kindly to people robbing their hives. It was pretty amazing that Flynn managed to do all this work without getting stung! His Grandad and Dad weren’t so fortunate though!

Enterprising Flynn paid cash for 80kgs of honey from his Grandad. He loaded it all up in our car to take it back to his home. It was a large investment for a twelve year old and Flynn, knowing its value, took great care to ensure that the honey was well sealed and cushioned for the long trip home. He didn’t want it spilling, nor did he want any ants finding their way into his containers.

Pouring the honey into tubs.

Filling tubs with Grandad

Flynn wanted to sell his honey at retail. He had done his research and found that honey generally sold in shops for around $12 or $13 a kg. He had a unique product. It was tasty, raw and full of enzymes, which are generally destroyed during commercial pasteurization processes.

He had also searched online for plastic honey pots. We discussed with him that people would pay a premium for his product if it looked professionally bottled and not sold in recycled jam jars. New plastic honey pots weren’t cheap! The larger the order, the better the price.

Flynn made his order over the phone and bought five hundred 500ml pots. These were delivered by mail within a few days, arriving in a massive cardboard box.

Flynn ordered honey jars and lids...

....ready to be filled

So now he was all set to go with his enterprise for kids project. He had his honey and honey pots and had spent every cent that he had. It was a huge investment and Flynn had no choice, but to make it work. He had overcome fear and had taken a calculated risk with his business. All he had to do now was bottle, market and sell his honey. … and this will all be revealed in a later blog!

In our next Enterprise for Kids blog we check back with Candy Man Chayse and see how his enterprise has been progressing.

Pulling the Money Bunny Out of the Hat!

May 26th, 2012

Amber contemplating her enterprise.

Amber didn’t waste any time jumping into her New From Old money making enterprise. She bugged me to take her to the Dardanup Tip to see what she could find. So after her Saturday soccer game we paid a visit.

At the tip there is a salvage area where anything that could be recycled is put aside and sold.

Almost immediately Amber spotted an opportunity! She saw a damaged rabbit hutch. We looked over it and could see that it was generally in good structural condition and could easily be repaired. However, it did need a paint job. So Amber went up to the Tip man and struck up a deal. She bought the cage for $10.

Ten Dollars was a real bargain! We looked up the exact same cage sold online in kit form and saw that people were paying $180 for them.

Chayse helping Amber repair the rabbit hutch.

Amber fixing the door latch.

Arriving home there was a buzz of interest as the neighbouring kids headed around to see Amber’s rabbit hutch. They were really curious to see what she was up to. Amber bought a couple of paint brushes for $5, then using some old house paint she found in the shed, she and her friends, Darcy and Lauren, set to work painting. She also employed her brother Flynn and his mate Dan for $2 each to fix the broken part of the cage. They thought that would be awesome! Enterprise for Kids was now becoming infectious in the neighbourhood.

Amber employing Flynn to help her fix her rabbit hutch.

Darcy lends a helping hand.

It was all great fun and in no time at all the cage was ready to be sold. Amber continued her research into what to sell the cage for. She spoke with Darcy’s Mum about cages and also to Nicolette from next door. Both had owned rabbit cages and understood their value. Finally Amber decided that she would ask $90 for the bunny hutch.

Her next job was to put a free advert on the local Buy and Sell Bunbury Facebook page. She put her ad up with a photo and waited for a response.

You wouldn’t believe it! Within ten minutes the cage was sold for the full $90. In fact two other people had their hand up to buy the cage if the first deal fell through. Amber met and thanked the man who came round to pick the cage up and eagerly took the cash payment. She really did pull the money bunny out of the hat!

Now for the picture for Amber's Face Book advert

Amber's finished enterprise idea

All up, an outstanding result! In only a few days, Amber’s profit was $71 after costs. She is well on the way to attaining her goal. With her money jar now looking very full, she was rearing to go for another visit to the tip! She has already begun developing an enterprise mindset around business and money and her financial IQ is growing!

We will let you know how Amber goes with her next “New From Old Project”.

Next up we will pay a visit to Flynn and see how his buzzing honey enterprise is going!

An Apple a Day Keeps the “Fremantle Doctor” in the Bay!

May 23rd, 2012

Jai, like many teenage kids, is fascinated by the internet, social media and gaming. If you allowed him, he would spend day and night on his computer, iPod or cell phone chatting to his friends, playing games or searching the net. We are careful that he is well rounded with a balance of activities such as kicking the footy and playing with his family, whilst at the same time allowing him the opportunity to immerse himself into his passion.

Jai leads a balanced life.

Jai loves technology

When we introduced the Family Project to Jai he knew exactly what he wanted to do. In fact his very grand idea was spawned by a family friend who has been able to develop a hugely successful company based around building Apple Apps for iPhones. Let me tell you in a nutshell his inspiring rags to riches story.

A friend of ours was originally from Switzerland and had worked most of his life in a newsagent. He also had a passion for windsurfing and would take every opportunity to visit the West Coast of Australia in pursuit of the consistent strong summer winds that make the WA coastline a windsurfer’s heaven!

In Perth, the capital city of Western Australia, the wind is named the Fremantle Doctor because it appears to come from the nearby coastal city of Fremantle, and it brings welcome relief from the summertime high temperatures.

Our friend then decided to leave his Switzerland home to follow his passion (and the Fremantle Doctor!) and set up home permanently in Geraldton (a small coastal city 500km north of Perth). He literally became a beach bum who spent his afternoons windsurfing and kite surfing and in his ample spare time he would play around on his computer.

He taught himself how to program apps for Apple iPhones and was able to make a few simple applications which he tried to sell online.

This is where his enterprise kicked off!

From the comfort of his backyard hammock, one of his Apps began selling. Sales exploded, and millions of people from all around the world downloaded it, and for each download he received a payment. He became an over night millionaire!

This entrepreneur has since built a multi million dollar company with three other partners, all from Switzerland, who incidentally, have also followed the Fremantle Doctor to Geraldton!

What this amazing man, with no formal qualifications, has managed to do in only a few years is mind blowing.

His story inspired my fourteen year old son. Jai’s enterprise plan is to build an Apple App and sell it online. How he will manage to do that is not known yet. All he has to do is have a goal and a rough plan, then focus on and tackle each of the steps one by one. Maybe Jai too will become an overnight success like our friend!

Jai often has "hair raising" ideas...

...but he always settles for what he's good at!

In our next blog we revisit Amber and see how she is going with her New From Old enterprise.

Kaitlin’s “Enterprise For Kids” Idea!

May 19th, 2012

I admire those very creative people who can draw!

Sadly, I am not one of those people, although there are some very artistic people in my family.

My sister won first prize in Australia’s richest art prize. a $250 000 prize for an artwork she entered into “The Signature of Sydney”, which really kicked off her painting career. Also my grandparents and Aunt on my Dad’s side were respected artists. So it is not surprising that our eldest daughter Kaitlin has an exceptional skill with drawing, and in particular pencil portrait sketches. From when she was very little, she would draw for hours and over the years has honed her skill. Her Mum, Cathy, also has exceptional drawing skills and has encouraged and taught Kaitlin many of the skills she has today.

Kaitlin's drawing.

Kaitlin's portrait drawing.

When looking for an enterprise opportunity it makes sense to look at what one is skilled at, then see if there is a need or problem in your community where your skill could be put to use.

Up-skilling yourself in your area of interest and becoming the best there is in that field, will likely increase the demand for your kind of talent and services. As a result, customers will choose you over your competitors and are more likely pay a premium. I wrote a Enterprise for Kids post on this very topic a number of blogs ago, so if you would like to learn more about how up skilling creates enterprise for kids’ opportunities, then visit here.

Kaitlin’s talent with drawing is the basis of her enterprising idea and she explains her business plan in this short video.

Kaitlin loves drawing.

She plans on spending $70 to buy the drawing and framing materials she requires to run her business. She will draw people’s portraits from a photo and sell it either framed or unframed. She will market her service on Face Book. In our local area there is a classified Face Book Buy and Sell Bunbury. Her aim is to complete one drawing a week with a sale value of about $30. In her video Kaitlin considers the road blocks with her business and has looked at solutions.

So we have covered all our kids’ enterprising ideas except for one. In our next post we share Jai’s passion for electronics and gaming and how he plans to turn this interest into a money making enterprise.

Kit’s Pocket Money Idea

May 16th, 2012

Plenty of kids receive pocket money from their parents. The kids then either save it or spent it. When we used to give pocket money to our kids, they would spend it straight away. Usually they spent their money on “junky” things that didn’t last long. This was very frustrating as a parent, so we looked for ways to teach our children to use their money wisely and to build a money mastery mindset for them. From these early days we have come up with some fantastic ideas which we’ll share with you in a later blog. You may also be interested in our views on kids and pocket money.

Welcoming Kit and his Entrepreneurial Idea.

This particular blog is about Kit’s pocket money idea and how he plans to run his enterprise.

Looking for a need…

Kit saw that there was a need in his neighbourhood for dog walkers. Whilst many people in our community walk their own dogs, there were also many elderly or busy people who own dogs and either didn’t have the energy or time to take their pet for a walk. Kit figured that he could offer a service where he could take their pet for a walk on a lead.

At first, when he shared his idea, we thought that he had gone bananas! Firstly Kit has always been afraid of dogs and secondly, he’s only six years old. Allowing a six year old to walk the streets with other people’s dogs was certainly not looking like a good idea!

However; one thing we have learnt is to never stifle a child’s enthusiasm and condition him to think that his ideas are not good enough, so we decided to play along with his pocket money idea.

Road Blocks…

We talked through a business plan with Kit and investigated the road blocks that he may be faced with. Then we investigated the solutions.

The main issue was that he was too young to walk other people’s dogs, so we discussed that he needed an older person to go along with him. This would also provide reassurance to the pet owners that their dog would be looked after. So luckily his grandad offered to help out (he reckons he needed the exercise anyway!).

The other issue was that Kit wasn’t confident with dogs. So the plan was to carry a pocket of doggy treats to keep the dog happy and obedient. In addition Kit would provide his own dog lead. By offering doggy treats and a lead Kit was “adding value” to his service.

Dog Walking was Kit's Enterprise idea

Could this be the next "Dog Whisperer?"

The Fee…

Kit decided that he would negotiate a walking fee of $5 for a half hour walk and if he had one customer a day then he could pocket $35 a week.

So it was on. Kit was now officially a professional Dog Walker!

And who knows…..from these humble beginnings, he may even become the next famous Dog Whisperer!

In our next “Enterprise for Kids” blog we will introduce Kaitlin’s very creative, enterprising idea and her well thought out business plan. Stay tuned for that one….