Entrepreneurial Kids

Math & Communication Skills

Drafting a business plan and developing sales literature using word processing or layout programs will strengthen a child's writing skills, while using a simple spreadsheet or money management program, such as Quicken, will help him track expenses and income -- and teach firsthand the value of working within a budget.

And therein lies another critical benefit to exploring self-employment, says Rimm. "Children today often have much money at their disposal, and when they do something entrepreneurial and try to sell things, they discover that earning income is quite hard. That's good perspective for kids to have on the value of money," she says.

Once they start marketing their product or service, they will also gain valuable presentation and communications skills, whether they're doing interviews or actively pitching their business.

"My children are all more comfortable than they had been with speaking in public. The boys have been asked to give talks to classes of other children who are learning about business. That's good for their education and public speaking skills," says Leslie Milewski.