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The Bottom Line: July, 2012

The Bottom Line is a series that was first introduced on the Shafer…Power! blog in April, 2012.  Whereas the business definition of bottom line is “the line in a financial statement that shows net income or loss,” here we do a brief recap of our progress toward our goals.  Since “Earn Some Spare Change” is our fourth goal, we’ll provide an update on our actual bottom line as well.

Our goals for Shafer…Power! as follows:

1. Have Fun: As I mentioned in a post earlier this week, Owen created his very own AdVenture without any assistance from myself or Kathleen.  I felt this was a real breakthrough and certainly a proud parent moment.  After all, he had come up with the idea for his own business including a product, pricing and even marketing collateral.  He was very excited to share the idea with me and  based on the smile on his face, it certainly seemed like he was having fun.

2. Learn Something: At the conclusion of the rock sale, Owen and I had a discussion about how we might do things differently next time.  I presented the concept of branding the stones and brought up the idea of magic or lucky rocks.  When he asked why we might do such a thing, I told him people might question why they should pay for rocks they could find in their own backyard.  Naturally, I wasn’t trying to belittle his rock collection sale but we talked about the importance of providing value and left it at that.  It sure is fun to learn with the little ones.  Their curiosity is a beautiful thing.

3. Share in our Success: Earlier this week, Owen and Malia’s cousin Nick passed through Austin and was able to spend two nights with us.  The kids really enjoyed having him around.  They were especially excited about playing with their cousin’s puppy Tucker, and in many ways, reminded me of puppies themselves with their boundless amounts of energy.  Since Owen still had several “lucky” rocks left over from the sale he held earlier in the month, he put together a package with eleven lucky stones for Cousin Nick – at no charge.  (Insert smile here.)  I told Owen what a kind gesture that was and asked him what he thought his cousin might do with his new collection.  He simply responded, “he’ll use them for decorations…probably for Christmas.”  It feels good to share in our success.

4. Earn Some Spare Change: The best thing about selling rocks from your backyard is there are no costs.  This means we added $16- to our top (and bottom) line.

How are we doing with our goals thus far?  Should we consider any additional goals?  What current goals are you or your children working on?

Next: Book Review: KIDPRENEUR$ (Young Entrepreneurs with BIG Ideas!)

Previous: July’s AdVenture (Owen’s Rock Collection)

3 Comments Post a comment
  1. Jen #

    It seems like teaching kids to be entrepreneurs at such a young age could be a little overwhelming for them, however, it does seem like you are keeping it fun for them. Maybe that’s the trick. Jen

    August 3, 2012
  2. Hi Jen, thanks for your note. I believe having fun is a key part of the equation. As long as the kids are enjoying themselves, I think they’ll stick with it longer and be overall more engaged.

    August 5, 2012
  3. M. Nieboer #

    I really like the bottom line and the way you track your income. It would be a fun exercise to have your kids do it with crayons on a piece of colored paper.

    August 27, 2012

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