Recently, my 6-year-old son convinced my wife and me to let him set up a lemonade stand during our garage sale. We both enjoyed teaching our son about the risks, costs and payoffs of entrepreneurship. He learned about marketing (creating a sign and pricing the goods), investing (the cost of cookies and lemonade), selling (cutting prices and closing potential customers), making change and determining profit. It was a worthwhile and exhilarating exercise for him, with a result of $34 in revenue offset by $16 in costs.
To read the original article: What Lemonade Stands Say About American Innovation
