Building Life Skills

The benefits of early entrepreneurship go far beyond income. Irene Levine, Ph.D., was thrilled by her son’s growth as he built his online domain business. “The nicest thing that happened for him is that it helped him develop his work ethic and entrepreneurial spirit. With the skills he has acquired, he is well-poised to enter the job market.”

And because parents play an important role in their teens’ businesses, it can enhance their relationship with their kids. “The business brought us together in interesting discussions about technology, finance, etc., when ordinarily he would have been involved with his peers,” says Levine.

Another essential life skill is time management. Teens have to learn to juggle school, extracurricular activities, a social life, plus the new business. “Being an involved full-time student with 15 hours and maintaining a grade point average to make the dean’s list, while managing a business is no easy task,” Austin says.

 

Dealing With Difficulties

But not every teen business is successful. Kids may slack off on their responsibilities, or even become involved in illegal activities like online gambling or porn. “Because the Internet is so vast and mainly unregulated, the opportunity for anyone, no less a teen, to get caught up in activity that can lead to trouble is very real,” McDonald says.

“If they are failing to deliver what they sell and they are stealing from their customers, they may well find themselves in serious legal trouble,” McDonald advises. He says it’s important to talk with your kids about their problematic behavior, but without freaking out. “If you can, take control of their computer access and put a stop to their business dealings. Let them know that they are putting themselves and you at risk of lawsuits and potentially going to jail.”

Illegal activities, like gambling, can be tougher to handle—and can lead to serious consequences. “A gambling problem can be a serious mental health disorder—it can consume not just your life, but the lives of all those around you,” says Keith Whyte, executive director of the National Council on Problem Gambling. About 5% of teens gamble online—but since online gambling isn’t regulated (or legal) in the U.S., these teens are dealing with offshore entities who aren’t governed by U.S. laws. “Credit cards can be stolen, businesses can be easily shut down, and your money taken with them,” Whyte warns.

Whyte recommends talking with your children about the dangers of gambling when they’re young, just as you would alcohol or drugs. “The science tells us, the earlier you start to gamble, the more likely you are to develop a gambling problem,” he says.

If you discover that your child has become entrenched in online gambling, organizations like the National Council on Problem Gambling or Gamblers Anonymous can help you and your teen deal with their problem.

 

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Issue: March 2008