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Advice for the Entrepreneur: Lee’s Tip #198

Lee's Tips,Seller Resources

I love that so many of today’s online entrepreneurs work from home and are able to be entrepreneurial role models for their children and grandchildren. It’s happening all around me, and it brings back an earlier time when you followed in your parents’ footsteps and learned a trade at their feet.

One important lesson to teach your children or grandchildren is to understand debits and credits. Although children cannot list items under their own name on eBay, they can help product source from time to time; through that, they can learn about the cost of goods sold, the risks, how much an item sold for minus eBay and PayPal fees, etc. You could make an agreement to share a certain percentage of the profits with your child. This works with lemonade stands, too.