Parents, does your kid want to someday run her own business? Think your kid might have what it takes to be an aspiring entreprenuer? Does he have a unique idea for a product or service? Want him to learn how to start and grow his own business? Want her to win $5,000?
If you answered yes to any of the above questions, you will definitely want to check out a very cool contest by CreditReport.com (the Credit Report People) and Warren Buffett where your kid could make $5,000 if he or she has the winning business idea!
The Grow Your Own Business Challenge can be found on the Secret Millionaires Club kid’s website. The site features cartoons, videos, teaching tools, resources, and more for teaching kids all about financial literacy and entreprenuership. The site even has a section where kids can ask millionaire businessman, Warren Buffett, for his advice on finances and business. How cool is that?
The contest is designed to encourage kids to think like entrepreneurs by figuring out a product or service to offer and who their target market would be, create a financial plan, then draw the product on paper or describe the service to be provided, choose a name, logo, and marketing message, and tell how the business would give back to the child’s community through supporting a community program or cause.
Kids ages 7 – 16 in the United States are eligible to enter, either as an individual OR in teams of 2 to 4 members. Parents and teachers are encouraged to help kids sign up and fill out the necessary entry information.
IMPORTANT: Entries must be submitted no later than this Friday, January 20th at 12 noon EST.
To enter kids need to sign up here: http://www.smckids.com/learnandearn/user/48160/edit
On the entry form, kids will be asked to answer the following questions:
How did you come up with your business idea?
Who and what will you need to get started?
Who will your customer be?
How will your idea work?
What goods or services will your business sell?
How much money do you need to set up your business?
How do you plan to raise that money?
How do you plan to prepare, sell, or market your services?
What makes your new business different than other new businesses?
What makes your business likely to succeed?
How can you raise money for community programs by creating your new business?
In addition to the grand prize, there will also be prizes for finalists, semi-finalists, and even teacher awards.
For more information, all the details, and official rules of the contest, please visit the Secret Millionaires Club site for kids.
I highly encourage parents and kids to check out the site and the contest. You’ve heard me talk several times on the Ask MomRN Show about the importance of teaching kids about money, financial literacy and responsibility and we’ve even talked about kid entrepreneurs who are already growing their own businesses. Here is an awesome opportunity for kids to learn and to have a chance at winning $5,000 to help them achieve their dreams.