My 8-year-old daughter recently expressed an interest in starting a cookie business and has demonstrated relentless effort in getting started. Her research process has already begun. What can I do as a parent to help bring this idea to fruition?
--L. Finney Atlanta
Try to maintain a supervisory working relationship with her (think: chairman, safety inspector, quality control manager, etc.). She's the driver, so give her space to creatively and literally build the business to her liking. Of course, make sure she's learning business fundamentals along the way. Whether you give her the startup money or lend it to her, she will need to provide a business plan that includes how and to whom the cookies will be sold, manpower and supplies needed, and other pertinent details.
Set a timeline for her to pull together her resources, research and develop her product, finalize her price points, and generate a list of potential clients. And don't be afraid to hold the young CEO...