As the hot days of summer are coming to a close, it made me think about the small businesses that one sees around town. The one that pops into my mind and I believe has some of the best business lessons of all time is the small business lemonade stand! - all we have to do is take a moment to watch the kids who have little fear or reservation. Instinctively they know what to do, and can teach us how to be better in business ourselves.
Here is what Little Lemonade Entrepreneurs know or learn early on:
PRODUCT: They know it is important to have not just a good product, but a superior one. Many kids ask Mom for a secret family recipe, or what is the best brand. Additionally, when it comes to product, most kids stick to lemonade and possibly a snack or two. They don't try to offer you everything under the sun and dilute their brand.
CUSTOMER: They know their customer and what their customer will respond to. (Ice cold lemonade on a hot summer day, ummmm yeah!)
LOCATION, LOCATION, LOCATION: They know that you have to have a good location so your customers can find you.
SALES & MARKETING: If you watch kids running a lemonade stand, you will hear their delighted voice as they call out to you letting you know what they have to sell. Homemade signs decorate their booth, or may be posted around the neighborhood. They ask you to tell your friends. They believe in their product, they ask for the sale.
BIG DREAMS/GOAL SETTING: Kids go big and they are not afraid to dream of riches beyond their wildest dreams. Quite often they will set a goal of selling a certain # of glasses of lemonade and that is just smart business.
BALANCE: They may work hard but they are very much aware that they need play time as well.
EXIT STRATEGY: They have a plan and that includes quitting time!
Next time you are wondering about starting a business, look no further than your neighborhood lemonade stand and take a few cues from a real entrepreneur. .