How To Raise A Business-Saavy Teen

By BRUCE FREEMAN
Scripps Howard News Service

Dear Professor Bruce: I come from a long line of business owners, and I want to instill this same business sense in my kids. How can I get them interested in entrepreneurship?

Answer: Peter Bielagus, author of "Quick Cash for Teens" offers some great tips:

Find the "quick cash." The prospect of starting a business can be exciting for some, but daunting for others. If your child seems reluctant to write that five- page business plan for a car detailing business, maybe scrap the plan and help them find a car they could detail (maybe even yours) right away. They'll work for a few hours, pocket some money and soon realize that it wasn't that hard.

Stop the bankroll. Are you bankrolling their social life? If you are, then why not just keep asking for money from you? Set a date to stop the bailout money and let them know after that they are on their own.

Set up a lunch date. Sometimes no matter what you say, your kids won't listen simply because it is you who is saying it. If you can't sell them on entrepreneurship, find the "coolest" entrepreneur you know and set up a lunch date with that business owner and your child. Entrepreneurship is a wonderful way to earn a living and let them hear that from a living, breathing entrepreneur.

Bare your soul. Does your boss frustrate you? Do you wish you opened up that surfboard shop in college? Do you dislike your commute? Is your job just a job to you? All these things can help your child see the importance of starting a business. If you wished you had done it years ago share it with them. The more painful details, the better.

Make it easy. While you may not want to bankroll his social life, you can offer to become an investor in his startup business. Come up with an appropriate sum to contribute to get the business off the ground, and create realistic terms (in writing) that are equitable to both you and your child. In other words, feel free to charge him an interest rate or require that all money be paid back in five years, or even that you are entitled to a portion of the profits. He gets some startup cash and a great business learning experience at the same time.

For further information, please visit is http://quickcashforteens.com/.