Jack Liu founder of Teen Business Forum is hosting the Teen Business Summit!

Did you know every four out of ten teens are interested in business?  If you’ve come to this site, you’re definitely one of those four (or you have a tween/teen in your home interested in business! )

Something made you interested in business and being an entrepreneur.  But how do you actually become an entrepreneur?  You will hear so many answers on the Teen Business Summit!

This is Jack Liu and if you are a teen who is or wants to be in business or if you have a teen who is or wants to be in business definitely check out Teen Business Forum and register to reserve your seat at the Teen Business Summit!

How do you raise a financially savvy business owner?

It starts with the money lessons and examples you demonstrate to your child at home. I love reminiscing and sharing my own story with others of how my immigrant parents taught me the basics of how to be financially sound. They stressed to me the importance of saving money, living within my means, being the lender and not the borrower and most importantly being financially responsible in every decision I make.

These simple core principles have allowed me the freedom to do the things that love. Like most parents, my parents had a dream for their kids.

Prior to going to school every day, my brother and I heard the same message, “We send you to school to learn.” Every Saturday, my father would have my brother and I wash the family vehicles and check the tire pressure and oil levels with him. Little did my parents know that they were teaching us about fiscal responsibility. Every Sunday, the routine was the same: Get the newspaper from the front driveway, cut out the coupons and look for the weekly sales ads. We even cultivated a vegetable garden in our backyard. I could write a book referencing all the financial lessons that were demonstrated in my childhood. We also had money conversations at the dinner table which kept communication about money free and open. My parents would take us on family drives to look at boats and “fancy” homes in upscale areas which allowed us to envision what possibilities were ahead, if we just focused on basic core financial principles.

So, are you ready to raise your CEO child(ren)? Are you willing to teach them valuable money lessons along the way? Are you ready to teach them financial skills that they can utilize daily in order to save money within their own business? Are you excited to teach them valuable lessons to help make their business grow?

Here are few lessons you can start with:

• Earn more by mastering the skills the business offers, obtaining specialized credentials, or by providing excellent service.
• Be frugal on the expenses of the business by doing comparative shopping.
• Re-invest in the business through education, marketing, and creating additional products or services to offer.
• Negotiate to get the best business opportunities as well as products and services to make your business grow.

Don’t forget that sometimes you have to spend some money to make more money. It is wise to use some of the profits to reinvest into the business. It’s always a great idea to share some money to help the world!

Sarah: When did you notice that your kids were interested in making money and being in business?

Emily and Robin: It was never really about making money or even business in the beginning. We tried to foster creativity in the children and thinking outside the box, and let their interests and ideas lead us.

Sarah: How did you go about introducing them to mentors?

Emily and Robin: As we followed the progression of their ideas down the path of actually creating a business, there were different areas that were not in our skill sets. This was usually the point we would look for help, or mentors, that the kids could direct their inquiry to.

Sarah: Are you or your spouse in business and if so – do you think that has given you an edge in raising  CEO Kids?

Emily and Robin: We are both attorneys and have always tried to steer the kids toward following their passions and being their own boss, instead of working for someone else. Early in our careers, in an effort for one of us to always be home with the kids, we started several businesses Emily could run from home. The kids would often tag along to meetings or help out.

Emily and Robin: We try not to put too much pressure on the kids, but let them grow into the business at their own speed. We also let them continue the other things they love like hanging out with their friends, riding bikes, etc. Our goal was never to create a big business, but to let their interests organically find a productive outlet.

Sarah: What roles besides that of parent do you play in their business ventures?

Emily and Robin: We basically served as their advisors and legal team. They were too young to enter into contracts, open business accounts, get loans, form corporations, or apply for patents. We had to steer the ship and make sure that what they didn’t yet know wouldn’t hurt them. It was truly a family endeavor.

Sarah: What were some of the challenges that you all faced in helping them become the success they are today?

Emily and Robin : One of the biggest challenges was our lack of knowledge about the toy industry and how difficult it is to get distribution. The kids had no idea regarding the intricacies of manufacturing and distribution and we couldn’t really help them. The same is true for the Flipoutz web 2.0 community. Our challenge was to learn quickly so that we could teach them.

Emily and Robin:If we had it to do over, we would retain experts earlier in the process and probably try to license the idea without taking on the expense and time of creating the product and manufacturing it ourselves. The kids would have learned just as much without the large investment.

Sarah: Share your TOP 3 – 5 tips that every parent of a CEO Kid should implement.

Emily and Robin:

1. Don’t be afraid to listen to your kid’s ideas and take them seriously.
2. Teach kids from an early age WHY you are getting up and going to work so they know that their lifestyle doesn’t just happen. It takes hard work that doesn’t have to be work if you love what you do.
3. Play creative games. Embrace and reward creative thinking and creative problem-solving.
4. Share work experiences and lessons.
5. Encourage your children’s passions at every level of development so that career choices will naturally flow from what they love to do and where they excel.

Sarah: If you could have had resources available to helping you in raising entrepreneur kids what would you have wanted?

Emily and Robin: A beginner’s (very elementary) guide to business that explains concepts that are difficult for kids to understand (supply and demand, how loans work, insurance, margins, etc.)

Children today are much different than when you and I grew up. Kids are different, the world is different, and therefore our parenting style needs to be different for the empowerment and betterment of our children — ­and for us parents!

Kids today need boundaries, and a compass to set sail with. They need to know and feel they can be themselves and still maintain a passion and desire for life — without upsetting their parents. They are going to push limits — they need to stretch who they are.

Boundaries are NOT designed to control a child or their life, but to create a space of love, safety and self-expression for children to explore their inner and outer world, and grow!

Often kids are punished for pushing boundaries; parents call them defiant. This is not always true! You want your kids to stretch their wings and push boundaries — within the realm of respect, of course. This is how they grow, how they realize who they are and what is possible in life. And most of, all it’s how they realize there are consequences, both positive and negative, to their actions.

Boundaries are created by the type of parent you are. Which of the 3 parenting styles do you fit into?

Dictator: A dictator parent takes away the power for children to be responsible by yelling, telling, lecturing and deciding what the child will do and when. How can they be responsible and use their own brain, if you’re telling them what to do all the time? The dictator parent stands above their child, not by their side.

Rescuer: “Why argue with my kids? I’ll just take care of it myself.” The rescuing parent takes responsibility for their child, fixes their daily life problems and messes, and then says, “I am Mom, that’s what good Mom’s do.” The rescuing parent stands between the child and the world, not by their side.

Consultant: The consultant parent guides and partners with their child and keeps the child’s problems their problems, and offers solutions and choices. The consultative parent stands side-by-side with their child and steps in only when needed, when the child is in danger or too young to know what to do.

To create responsible, respectful and conscious children, children need a consultative parent who provides choices and leads by example, through healthy boundaries. Providing choices activates a child’s brain, causes them to “think” about the consequences, and makes them responsible for their choices.

As a single Dad, I have set boundaries that my daughter loves and is accountable to:

1. I will respect you at all times so you know how to treat me.
2. Feel FREE to do anything you want as long as it is healthy for you and others, and does not cause a problem for anyone involved.
3. If you cause a problem, I will kindly ask you to solve it.
4. If you are unable or unwilling to solve it, I can solve it for you.
5. How I solve it is based upon the unique person and circumstance.
6. At anytime if you feel something is “unfair” or you have “upset feelings,” simply whisper in my ear, “Can we talk?” — and I will listen.

The role of an outstanding parent is to NOT teach your child life lessons, it’s to consult with them so they GET their life lessons. The more mistakes my child makes at home with me, the more responsible, respectful and courageous she will be when it comes time to enter the real world on her own. As parents, we are much more forgiving than the real world will be for them.

So stand as your child’s greatest fan, greatest partner. With parents who have enough faith, trust and belief in them, children truly can “think” ahead of their actions and choose wisely.

You can find more great articles and resources at www.everychildhealthy.com