Are kids natural capitalists?

November 29, 2017

by Ada Vaughan

I've been wondering lately whether all kids are natural capitalists. Because my 10 year-old daughter can come up with a money-making idea as fast as you can say make-rainbow-loom-bracelets-and-sell-them-at-a-swim-meet. What's the allure? Why do kids want to setup a lemonade stand or babysit at an early age? The idea of making a product and selling it, or providing a service and getting paid excites many kids (and adults!). The series Shark Tank has dedicated entire episodes to entrepreneurial kids.

Everyone's got an idea.
As the founder of a few businesses I can tell you that most everyone (kids and adults) has an idea for a product or business. It's part of the fabric of our modern American culture. And ideas are exciting!

But what about chores?
It seems like a simple thing. Just put your dirty clothes in the hamper, for heaven's sake! What does unloading the dishwasher have to do with being an entrepreneur? Well, it turns out having an idea is not enough. Starting a business and getting it to be successful is about 10% idea and 90% doing a ton of work. For all the kids that set up a lemonade stand or sell bracelets, only a tiny percentage will keep it up. Or start thinking about marketing, reducing costs, and scaling the business. Why? Because it's hard.

This is one of the reasons why we think Chore Check can be so valuable. It teaches kids that if they consistently work at something, they get the positive reward. It keeps the parents on track too. And, now we’re seeing kids dig in.

Kids have hustle.
Entrepreneurial kids have started to propose projects to their parents. After all the chores are done, kids are asking, "what else can I do?"  We get notes from happy parents saying, "my house has never been so clean!" In fact we're talking about building a proposal engine for Chore Check so kids can pitch ideas to their parents. Like "how about I reorganize my toy shelves for $2.00?"

Kids want to make money and reach their goals. And if we give them a way to do it that helps them become better human beings, that's win-win from my perspective. It's like sneaking zucchini into a chocolate cake.