Teaching Kids Entrepreneurship: Lessons Learned Running a Family Business
Teaching Kids Entrepreneurship: Lessons Learned Running a Family Business
Running a small family business like Life in Magnets isn’t just about creating a product or managing sales. For me, it’s an opportunity to teach my kids the ins and outs of entrepreneurship while building something meaningful together. It’s been a rewarding journey filled with lessons that go far beyond magnets. Here are some of the most valuable takeaways we’ve learned along the way.
1. The Value of Hard Work
Starting a business from scratch takes effort, patience, and dedication. My kids have seen firsthand how much work goes into each step of the process—from designing and packaging magnets to promoting them online. They’ve learned that success doesn’t happen overnight and that consistent effort pays off over time.
2. Creative Problem-Solving
Running a business isn’t without its challenges. Whether it’s figuring out how to make our product more appealing or finding solutions to packaging delays, we’ve faced obstacles together. My kids have had the chance to brainstorm ideas and solve problems creatively, which has given them confidence in their ability to think critically.
3. Financial Literacy
Understanding the basics of money management is a crucial life skill, and the business has provided a hands-on way to teach it. From setting budgets to calculating profits, they’ve learned how finances work in a real-world setting. It’s not just numbers on a page anymore—it’s their effort translating into tangible results.
4. Communication and Collaboration
Working as a team has been an essential part of our success. My kids have learned the importance of clear communication and how to collaborate effectively. Whether it’s dividing tasks or discussing ideas, they’ve developed skills that will serve them well in any future endeavor.
5. The Importance of Customer Relationships
We’ve made it a priority to connect with our customers personally, whether through our Facebook group or social media platforms. My kids have seen how building relationships with customers can foster trust and loyalty. They’ve also learned the importance of listening to feedback and using it to improve.
6. The Joy of Creativity
One of the best parts of running Life in Magnets is the creativity it inspires. From brainstorming marketing ideas to designing magnet layouts, my kids have discovered how rewarding it is to bring ideas to life. It’s shown them that work doesn’t have to be boring—it can be fun and fulfilling.
7. Resilience and Perseverance
Entrepreneurship has its ups and downs. We’ve celebrated wins together, but we’ve also faced setbacks. These moments have taught my kids the value of resilience and the importance of pushing forward, even when things don’t go as planned.
8. Pride in Building Something Together
There’s a unique sense of pride that comes from working together as a family to build something from the ground up. My kids take pride in seeing the magnets we’ve created displayed in customers’ homes or gifted to loved ones. They know they’re contributing to something special, and that sense of accomplishment is invaluable.
Teaching kids entrepreneurship through a family business is about more than just selling a product—it’s about instilling values, building skills, and creating lasting memories. At Life in Magnets, we’re not just running a business; we’re growing together as a family. And that, to me, is the greatest success of all.