Teaching Kids Entrepreneurship: Vikki Nicolai La Crosse Wi Shares Lessons And Benefits Learned From Running a Family Business
Running a family business is often portrayed as a balancing act—a delicate dance between personal relationships and professional responsibilities. But beyond its challenges, it provides an incredible opportunity to teach children entrepreneurship. Successful businesswoman Vikki Nicolai La Crosse explains that by involving kids in the family business, parents can impart valuable life skills, foster a strong work ethic, and ignite the entrepreneurial spirit in young minds. Let’s explore the lessons and benefits that children gain from experiencing the world of entrepreneurship firsthand.
The Value of Real-World Learning
Kids are often taught theories in school, but a family business offers a platform for real-world learning. Concepts like budgeting, customer service, and inventory management come alive in ways no textbook can replicate. For example, a child tasked with managing a lemonade stand within the family business learns about pricing, profits, and customer interaction.
When children observe or participate in daily operations, they absorb entrepreneurial principles organically. They see how decisions are made, risks are evaluated, and problems are solved. This hands-on experience builds a strong foundation for their future, whether they pursue entrepreneurship or another career path.
Lessons in Responsibility and Accountability
According to Vikki Nicolai La Crosse, one of the most impactful lessons kids learn from participating in a family business is responsibility. Assigning age-appropriate tasks—such as stocking shelves, handling social media, or greeting customers—teaches them the importance of their role in a larger system. They understand that their efforts contribute to the family’s success.
Accountability naturally follows. When a child forgets to complete a task, the consequences are visible and immediate. For example, customers may be dissatisfied if they neglect to update the website inventory. Experiencing these outcomes firsthand fosters accountability and problem-solving skills.
Building Resilience Through Challenges
Entrepreneurship is not without its challenges, and involving kids in a family business exposes them to the realities of setbacks and failures. Whether it’s a delayed shipment, a customer complaint, or a marketing campaign that doesn’t perform as expected, these experiences teach resilience.
Victoria Nicolai La Crosse explains that when children witness adults navigating tough situations with poise and creativity, they learn that failure is not the end but an opportunity to grow. Encouraging them to brainstorm solutions or participate in damage control empowers them to approach challenges with confidence and a problem-solving mindset.
Cultivating Communication and Interpersonal Skills
A family business often requires frequent interaction with customers, vendors, and team members. Kids who participate in these interactions develop excellent communication and interpersonal skills. Greeting customers, answering questions, or making sales pitches are opportunities to practice articulation and active listening.
These skills extend beyond the business world. Whether it’s a class presentation, a college interview, or a future job, communicating effectively and building relationships is invaluable.
Encouraging Creativity and Innovation
Entrepreneurship thrives on creativity and innovation, and kids bring a fresh perspective. Parents can nurture their creative thinking skills by encouraging children to share their ideas. For instance, a teenager’s suggestion to use TikTok for marketing might bring unexpected success to a family business accustomed to traditional advertising methods.
This openness to innovation benefits the business and builds children’s confidence in their ideas and capabilities. It teaches them that their voice matters and that thinking outside the box is valuable.
Financial Literacy from an Early Age
Understanding money is a crucial life skill, yet it’s rarely taught effectively in schools. Victoria Nicolai elucidates that running a family business lets kids practically understand financial concepts. They learn about revenue, expenses, profit margins, and reinvestment by observing and participating in financial discussions.
Parents can take it further by introducing concepts of savings, budgeting, and investing. For example, a portion of the business’s profits can be allocated to a college fund or reinvested into the business, teaching kids the value of planning for the future.
Strengthening Family Bonds
Working together in a family business strengthens relationships. Shared goals and collaborative efforts create a sense of unity and mutual respect. Family members celebrate successes together and support one another during challenges.
These shared experiences foster open communication and deepen familial bonds. Knowing they are part of something bigger instills a sense of belonging and pride for kids. It also helps them develop empathy as they witness their parents and other family members’ hard work and sacrifices.
Instilling a Growth Mindset
Entrepreneurship is inherently about growth. Whether expanding a product line, entering a new market, or improving customer service, the focus is always on progress. Kids involved in a family business naturally adopt this growth mindset.
They learn to see challenges as opportunities, embrace lifelong learning, and celebrate incremental successes. This growth mindset is beneficial not only in business but also in academics, sports, and personal development.
Preparing for Future Opportunities
Even if children decide not to take over the family business, the skills and values they gain will serve them in any career. The ability to think critically, adapt to change, and collaborate effectively are qualities highly sought after in the modern workforce.
Moreover, the entrepreneurial spirit they develop can inspire them to start their ventures. Whether it’s a tech startup, a non-profit organization, or a freelance career, the lessons learned from a family business lay a strong foundation for future success.
Practical Tips for Parents
- Start Small: Introduce kids to simple tasks and gradually increase their responsibilities as they grow older.
- Encourage Questions: Create an environment where kids feel comfortable asking questions and sharing ideas.
- Set Clear Expectations: Define their roles and responsibilities clearly to avoid misunderstandings.
- Celebrate Contributions: Acknowledge and reward their efforts to keep them motivated.
- Lead by Example: Demonstrate the values and work ethic you want them to adopt.
Final Thoughts
Teaching kids entrepreneurship through a family business is a rewarding journey. It equips them with essential life skills, instills a sense of responsibility, and nurtures their creative potential. Beyond the professional benefits, it creates lasting memories and strengthens family bonds. By involving children in the family business, parents are not just preparing them for a career—they are preparing them for life. And in doing so, they are leaving behind a legacy far more valuable than profits: the gift of knowledge, resilience, and an entrepreneurial spirit.
