Cliché aside, a lemonade stand truly is the first step that many kids take into the world of business management and entrepreneurship. These childhood ventures teach us some very important elements of business that we still use today. While these are very basic business principles, many small business owners can still lose sight of how valuable they are. To help us get back to the basics all we need is water, sugar and a few lemons.
Basic Business Management Principles
1. Keep It Simple
The reason why many adults operated a lemonade stand growing up was because it was a simple business. You take a few ingredients mix them together and you have product people are willing to buy. For some reason, as we grow older we seem to end up making our businesses more complicated. It is the job of business management to keep the core focus of your business simple and strong. If as kids we could take water, sugar, and lemons and create a successful business then we should be able to do the same in similar endeavors as professionals.
2. Prepare Your Business for Success
We learned as little entrepreneurs to close business during bad weather, move to a better corner if traffic was not consistent, or add additional offerings (strawberry lemonade, anyone?) if customers were not connecting to the product. By taking into consideration the different elements that affect our business we will be giving ourselves a greater opportunity to succeed.
3. Business Communications
Having the right communication skills and strategy to work with customers and other business professionals is critical. Those early interactions with customers, by providing a cool glass of lemonade, gave that first experience in communicating with friendly neighbors and building a customer network. Every good business manager needs to have top-notch communication skills to run a successful business, and by developing those soft skills at an early age, you learned a little bit about the world of business and dealing with people.
While managing a business can be a very complex activity, as kids operating lemonade stands we learned the basics of good business management and entrepreneurship practices. For more advanced principles that we didn’t learn about on the local sidewalks, there is always opportunities to further educate ourselves and learn about business today. Remember when life gives you lemons, you make lemonade. How can you apply this type of thinking to your business or life?