Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/10/2012 (2 years ago)

Catholic Online (www.catholic.org)

Teach kids ethical business and money management with this project.

Freedom and entrepreneurship are quintessential parts of the American success story. A student of history will observe that most of the founding fathers were businessmen. Naturally, it follows they would establish a capitalistic society that would be amicable to business. Children need to be prepared for that society, and as soon as they're old enough to count, they're old enough to start learning about business. 

A lemonade stand will teach kids about business and responsibility while keeping them occupied. Just check the spelling on the signage...

A lemonade stand will teach kids about business and responsibility while keeping them occupied. Just check the spelling on the signage...

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

7/10/2012 (2 years ago)

Published in Living Faith

Keywords: Summer solution, lemonade stand, kids, activities, business


LOS ANGELES, CA (Catholic Online) - Today's summer solution is to build a lemonade stand (or some other similar concept). Hopefully your children can earn a few dollars while learning important lessons about entrepreneurship. 

Note this activity will require adult supervision since children will be interacting with the community at large. 

1.    Decide who will be in on the project, will it just be your child or children, or will you include kids from the neighborhood or parish?

2.    Create a business plan. This can be done any time before you start, but it should be done. Kids must learn that a successful business has a plan and sticks to it. Make all the important decisions in advance. 

How will the lemonade be made? Will you use real lemons or powder?
Where will you put the stand? 
How will the stand be constructed?
How much will you charge?
Who will take down the stand and close the business at the end of the day?
How will the profits be shared?
Who will handle each responsibility?

As you answer each question, encourage kids to do their own math and operate on a budget. 

3.    A budget for the project is important. Kids will quickly see that for a few dollars more they can enhance the project in some way. They must learn to make decisions based on limited resources. Fund the budget by either "investing" the money and expecting a return on the investment, or by allowing the kids to invest their own money from their savings. Or a blend of both. The lesson here is that it takes money to make money and any money borrowed has a cost. 

4.    Allow kids to take as much ownership as possible. Let them buy the product and make as many decisions as appropriate. Watch carefully for mistakes such as overspending or incorrect measures in preparation of the product. Use your judgment when to intervene. It's okay to allow a small mistake as long as it's not a show-stopper. Mistakes are part of learning, but should never be allowed to ruin a child's endeavor. Remember, you want to inspire a love of business, and "gotcha" moments and tough lessons will have the opposite effect on kids.

5.    Construction of the stand can be quite simple. A mere table with a sign will do. If possible put the stand in a shaded area. This will help keep kids and product cool. Also, make sure you choose a high traffic area, if possible. Putting the stand in front of your house will generate virtually no traffic. Consider a neighborhood park or beach area. A local store may also allow you to set up on their premises with the fair-natured stipulation that you will buy your supplies from there. Your parish church may also allow you to set up a stand on a Saturday or Sunday. If so, you may want to consider donating a portion of the profits to a cause at the church. Doing so may also help generate support from the parish community. Just make sure you have permission. 

6.    Make a bright and cheery sign to attract attention. 

7.    This is a good time to teach kids how to "hustle." Don't let the verb scare you! Any successful businessperson knows there is an art to making a sale. Some good-natured folks will approach on their own accord; others might have to be attracted. Swinging a sign, cheering, and simply offering refreshments to passers by all work to generate business. Do not chase people down, ever; that is bad business and will drive many people away. Also, if enough money is available up front, or if you have access to fresh fruit, you may want to offer other items in addition such as apples or cookies to the lemonade. Plain, cold water is also a way to generate a sale for folks who don't want lemonade. 

8.    Learn about rejection. Part of the hustle is the rejection. If a customer declines, be polite, and invite them to try a different offering if you have one. Otherwise, say thank you and focus on the next sale. Never be rude, even if the customer is rude!

9.    Have a few friends drop by. Not only will it boost your kid's morale and coffers, it will also pique the interest of others in the area. This is a common business tactic to drive adoption of a product. When people see others taking advantage of something, they tend to be more likely to try it as well. That applies to everything from iPads to lemonade. 

10.    It's okay to put out a tip jar. 

11.    Smile!

12.    Be aware of a couple caveats. First, kids need supervision when handling money. Discipline is important. Teach them how to accurately count back change, how to sort the money, and if the stand is profitable how to do a "cash drop." A cash drop is moving larger chunks of money into a secure location, usually a safe. In this case, as funds accumulate, take a portion and put them away safely. An adult's purse or wallet or somewhere indoors should be adequate, just don't lose track!

Also, local ordinances may regulate lemonade stands. It's unlikely your kids will have a license and a health-inspector's sign off. Despite the legalities, virtually everybody should turn a blind eye to a lemonade stand. However, if kids are obnoxious or rude, an extreme case can develop where someone complains. If an authority approaches, you want to make sure the area is clean and well kept. Offer free lemonade to local law enforcement (it doesn't hurt to put a sign out with the offering). This should keep the operation safe for the day. In any case, make sure your kids understand that you must comply with local law. If the stand becomes a regular fixture, it will eventually be scrutinized and probably shut down. This activity is not suggested as a long-term project. 

13.    At the end of the day, after all the cleanup is done, make sure that any profits are distributed fairly. An adult is essential to oversee this process, otherwise kids can develop conflicts. 

14.    If the business "fails" it's okay. Ask kids why they think it failed and come up with ideas to try again. Also, there are other ideas besides a lemonade stand that will work. Ice cream, cookies, a bake sale, bottled drinks, all these ideas can substitute for lemonade. If a lemonade stand won't do, consider a different business idea. Mowing lawns, raking leaves, washing cars, are all good ideas too.

Good luck, and happy sales!

 

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for February 2015
General Intention:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Missionary Intention: That married people who are separated may find welcome and support in the Christian community.



Comments


More Living Faith

Making a Lenten Retreat with Pope Francis: Learning from Elijah Watch

Image of There is a mystery here, deep and profound, yet as simple as the broom tree encounter of our teacher Elijah. God is searching for men and women who will surrender their lives in love to Him in this hour. Often, it takes the depletion of all of our own efforts and resources before we are willing to give up - and give in - to Him. When we do, the life of true faith begins. It is there we learn to hear the God of surrendered love in the whisper of the wind. It is there that we learn the Faith of Elijah, under the broom tree.

By Deacon Keith Fournier

In many respects, our life on this earth is a classroom of love and a continual invitation to holiness. As we age, we are given the opportunities we need to receive the graces we need to empty ourselves of all that clutters up our life - so that we can be free to ... continue reading


Vatican deeply apologizes for Pope Francis' Argentina 'Mexicanization' comment Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Pope Francis did not mean any offense - but in a private email about his native land Argentina's drug trafficking issues, the pope expressed concern over Argentina's "Mexicanization." The Vatican is now trying to clarify and apologize to any parties that may ... continue reading


UPDATE: Two years after resignation Pope Emeritus Benedict said to be doing well Watch

Image of Pope Emeritus Benedict is said to be in better health since his resignation.

By Catholic Online (NEWS CONSORTIUM)

With Pope Francis in the spotlight, many wonder what is happening with Pope Emeritus Benedict, who is keeping true to his pledge to remain out of the public eye. For the curious, we have good news, Pope Emeritus Benedict is doing well, if not even better than before. ... continue reading


Beating swords into plowshares

Image of

By Tony Magliano

"In the days to come, the mountain of the Lord's house shall be established as the highest mountain and raised above the hills," writes the prophet Isaiah. "Many peoples shall come and say: Come, let us go up to the Lord's mountain . that he may instruct us in his ... continue reading


Andrew M. Greenwell: St. Bonaventure on Counsel Watch

Image of

By Andrew M. Greenwell, Esq.

In Bonaventure's analysis of this gift of counsel, there are three steps to sound counsel, which we may also call distinctions.  Counsel relates to whether something is permitted, and, if permitted, whether it is appropriate, and, if permitted and ... continue reading


Pope Francis wants you to pray to end Christian persecution. But will Catholics answer him?

Image of Christians face more than the Islamic State. Destitute, they lack sanitation, privacy, food and water, and their spiritual end educational needs aren't being met. A tremendous effort will be needed to restore these people. Let us pray.

By Catholic Online (NEWS CONSORTIUM)

With the mass kidnapping of over 100 Christians in Syria, it has become painfully clear that the Islamic State thinks nothing of targeting innocent civilians and children, threatening, enslaving and murdering anyone whose faith is different. We need now, more than ... continue reading


Saint Gregory of Narek to become 36 Doctor of the Church Watch

Image of An image of Saint Gregory of Narek on an illuminated manuscript.

By Matt Waterson (NEWS CONSORTIUM)

An Armenian monk and poet from the 10th-century has been named a Doctor of the Universal Church by Pope Francis, an announcement which may be timed coming so close before the 100th anniversary of the Armenian genocide, in which over a million Armenians were ... continue reading


Join Pope Francis and Christians around the world in a Global Day of Prayer to STOP the violent persecution of Christians at the hands of radical Islamic terrorists

Image of The world is asked to join in prayer to end the grave dangers Christians face around the globe.

By Catholic Online (NEWS CONSORTIUM)

We have come to a time of great trial and tribulation in the Church. Christians around the world face more persecution today than they did in ancient Rome. On a daily basis, Christians are being martyred only because they refuse to renounce their faith. It is time for ... continue reading


YCVF Reports - what your generosity did for Syrian and Iraqi Christians in 2014!

Image of YCVF has helped thousands in need. You can be part of this success too. Help now!

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

Your Catholic Voice Foundation 2014 Report - Last year, caring, devoted Catholics such as you made thousands of donations to care for Christians in Syria and Iraq. At this time, Your Catholic Voice Foundation would like to report how your donations made a difference. ... continue reading


First Sunday of Lent: Enter the Desert and Fight the World, the Flesh and the Devil Watch

Image of Jesus was driven by the Spirit into the desert, for us! There, he did battle with the world, the flesh and the devil, for us!

By Deacon Keith Fournier

Let us enter into the desert in Jesus and embrace the Lenten way of voluntary sacrifice, fasting, prayer and alms giving. In so doing, we will receive the much needed grace it offers - and be made ready to celebrate in even greater freedom the Victory Feast of ... continue reading


All Living Faith News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ezekiel 18:21-28
21 'If the wicked, however, renounces all the sins he ... Read More

Psalm, Psalms 130:1-2, 3-4, 5-6, 7-8
1 [Song of Ascents] From the depths I call to you, ... Read More

Gospel, Matthew 5:20-26
20 'For I tell you, if your uprightness does not ... Read More

Saint of the Day

Saint of the Day for February 27th, 2015 Image

St. Leander of Seville
February 27: St. Leander of Seville, Bishop (Feast - February 27th) Leander ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter