Tips for Raising a Kidpreneur
My son Caleb started his dog walking business when he was just six years old. Fast forward three years, and he has a legitimately THRIVING business. I am a professor of Business & Entrepreneurship at Napa Valley College. The lessons I teach at the college are easily adapted for children.
Start with what THEY love. My son loves animals and took an interest in our neighbor’s dog. He began walking the dog regularly and our sweet neighbors offered to pay him. If your child loves art, let them draw or paint and sell their artwork. If you have a garden or chickens children can easily start by selling your bounty.
2. Teach them about marketing.
Caleb created his own flyer and I posted it on my social media. He also walked door to door and handed out his flyer in our neighborhood. What started as just a few clients grew based on word-of-mouth. Nowadays young entrepreneurs are consumed with social media and digital marketing efforts. I am teaching him that good old-fashioned ‘boots on the ground’ and word-of-mouth are just as important.
3. Teach them about banking. I created an invoice from a template off the internet. I made Caleb do the math. $5 a walk times the number of days he walked the dog. I would not allow our neighbors to pay him unless he invoiced them. I then requested that his payment was in the form of a check. He took his first paycheck to the bank and we started a savings account for him.
We don’t use the ATM machine. We walk into the bank. He is responsible for filling out his deposit slip and keeping track of his balance. I know electronic deposits and Venmo are more convenient, but nowadays people have no concept of the value of a dollar. It comes in and goes out without any thought. I want him to be conscious of his money.
4. Teach them how to “small talk.” I teach mostly 18-24-year-olds at the college. They have a very bad habit of just looking at their phones before class starts. They never small talk or communicate with each other outside of class. I’ve taught both my boys the art of small talk while banking. I taught them about safe topics and easy questions such as “how was your weekend?” This small conversation helped give my sons the confidence to look grown-ups in the eye and have conversations. This has also helped Caleb “network” and promote his business.
5. You want it? You buy it. One of the best lessons I have taught my children is saving for what they want and buying it for themselves. Caleb makes money fast and used to spend fast-- and would have nothing to show for his impulse buys. My older son is a saver and very methodical about how he spends his money. It took Caleb a few years to really understand that if he saved his money he could buy bigger ticket items. His first big purchase was a peddle gocart, something he had been asking for months. He took great pride in earning his gocart. Although he has outgrown it, he still cares for it and will not let me pass it on.
6. Teach them to invest in their dreams. Recently Caleb bought his own (refurbished) MacBook Air. True story. He specifically wanted a MacBook so he could create videos in iMovie. I supported his decision (You want it? You buy it). I encourage him to invest in his business ventures. Although he has parents that can help with his capital investments, I resist. At one point he asked me to loan him the balance of the money he needed to buy his Mac. I told him no. I don’t give loans. He had to work for it.
When I asked Caleb his advice for other kidpreneurs he said,
“Whatever you believe you can achieve.”
Encouraging kids to be entrepreneurs helps promote the growth mindset. Teaching them how to save and budget is a life skill that sets them up for financial success in the future. Giving them the tools to small talk helps build confidence.
Keep dreaming big Caleb!
About Claudette Shatto
Claudette has lived in the Napa Valley for 21 years. She is married with two elementary-aged children.
Claudette is a Professor at Napa Valley College. She teaches Social Media and Digital Marketing for the Napa Valley Education Foundation. She is also a contributing blogger for Napa Valley Kids. Her passion project is teaching leadership to first graders. She is currently writing children’s picture books incorporating the entrepreneur/ growth mindset.
Not one to sit still, during Covid she pushed herself out of her comfort zone and is now a part-time radio DJ. You can listen to her on 99.3 the Vine on Mondays & Friday from 3 to 7 pm.
Follow her on social @claudetteshatto
