One of the best ways to teach teenagers about running a small business is to get them involved in eBay.
The great thing about eBay is that it is open to all- comers. It lets the market set prices. It is a true auction. So is the free market.
A little experience with eBay teaches people with no business background the basics of business: buy low, sell high. To get this skill, you need five things: (1) good advertising copy, (2) a product that someone wants, (3) a way to get information about the product to them, (4) a place for them to place a bid, and (5) a payments system. You get the last three with eBay. It's cheap.
A good place to learn how to write advertising copy is Victor O. Schwab's book, "How to Write a Good Advertisement." A great way to practice what you learn in this book is on eBay.
If you don't know enough to teach your children about eBay, get online and sell something. It doesn't matter what. Sell something that you don't want any more. You may surprise yourself. It may sell for more than you think.
The point is, learn by doing. Then teach someone else. That's the best way to learn anything new.
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