All successful businesses solve a problem at a profit. Movie theatres solve people’s need for entertainment by providing movies at a time and place that people are willing to come and enjoy them. They then create additional profits, by solving the problem of people wanting to snack while they enjoy a film by providing popcorn and snacks. They solve the problem of thirst by providing drinks at their concession. You get the idea.
Kids can be trained to spot problems and look for solutions from a young age, and you can help them learn that skill. Whenever your child encounters a problem, or a challenge, sit with them and encourage them to brainstorm solutions with you. Solving problems is a valuable skill and a learned behavior. When you start young, they will automatically look for solutions on their own as they grow up. It becomes part of their mindset.
While watching a recent episode of the TV Show “Shark Tank” a 12-year-old boy, Tripp Phillips brought forward a new business venture called “Le-Glue”. He came up with the idea when he was just 9 years old. His school teacher told the kids they had to come up with a business idea. His Dad explained the premise of all businesses was to solve a problem at a profit to be successful and suggested that Tripp think about a product that would do that.
Later that evening, Tripp was playing with a toy airplane he had made from Lego, but the wings kept falling off. He decided he wanted to create a product that would allow Lego pieces to be glued together temporarily. Together with his Dad they created Le-Glue that would create a temporary bond, and to unstick the bricks, all you needed to do was to soak them in warm water for 30 seconds.
During the TV Show, young Tripp struck a deal with one of the Shark’s who paid $80,000 for 20% of Tripp’s Business. A Valuation of $400,000.00 Not a bad start for a 12-year-old!
Have you Considered your Children’s Future YET?