Secrets for starting a business

There are lots of great reasons to want to start a business: solving a problem, pursuing a passion, even making some money. It takes a lot of dedication and hard work, and even if you do everything right, it may not work out. But that doesn’t necessarily mean you failed — thinking through a business idea can build some really great skills! This week, we talk with a bunch of experts — kids and grown-ups — about turning an idea into a full-blown business. Plus, Jed bakes us some cookies! It’s our last episode of the season… and it’s gonna be yummy.

This four-panel comic first shows Patrice Banks looking at a computer screen reading "0 results for 'female mechanic' in your area" and the text "Identify a problem... that you're really passionate about solving." The second panel shows Patrice looking under the hood of her car and it reads "Get curious — and remember it might not happen overnight." The third panel shows Patrice talking with an older man and reads "Find a support system — someone who can help you out when you get stuck." Finally the third panel shows Patrice in mechanic's garb, watching other women mechanics work. It reads "Believe in yourself — and go out and do it!"

And now … tips for grown-ups listening to “Million Bazillion” with kids

Money Talks

Take a minute to recap the episode and review the key points. Here are some questions to get the kids going:

  1. What’s the business that Maya, our 8-year-old guest, started while she was quarantining with her family?
  2. Who did Maya interview on the episode, and what was the business that person started?
  3. Jed talked to Jessie Janowitz about starting a business, and she explained that you need to have what’s called a “business plan.” What does a business plan need to include?
  4. What great business idea did Jed ultimately decide to do?

(Click here for the answers)

Tip jar

Thinking about starting a business can be a useful lesson for kids, even if it’s all hypothetical. The process of identifying a need, focusing in on a problem they’re passionate about solving, then thinking through the elements of a business plan are important skills. 

Here’s some more great advice and a few resources from our guests and one other famous young entrepreneur:

Gimmie five

Thanks for listening to our first season of “Million Bazillion,” we couldn’t do it without you! And hey, we’re not going away — so if there’s something you still want to know, or a story you want to share with us, please get in touch. You can send us a message by clicking here.

Money talks answers

  1. A nail salon and car wash.
  2. Patrice Banks. Girls Auto Clinic, run by and for women.
  3. The idea for your business; your “hook” or why it’s a great idea; and what you need to get it going, from materials to capital (A.K.A.money).
  4. Making cookie dough.

(Click here to go back to the questions)

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