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V O L . X X V I N O. X V I 50 Fact Book / Doing Business in Maine O ur daughter Lily, 9, is a startup queen. A non-exhaustive list of her busi- ness ventures over the past 3 years or so includes: baking (Mini Treats), door-to-door sales (homemade sorbet), driveway-based sales (books and custom artwork), publishing (e Mabel I. Wilson News), not-for-profit (Seas and Trees), a band (the Cool Kids Cover Band), singing lessons (Sing! Club), private investigation (Kids on the Case) and theater ("Izzy, a Musical"). She will tell you with a straight face, a lot of these have been "fails." But a couple did well. is is to say that our family has learned a lot about kid businesses. So if your little ones are working on a lem- onade stand or other venture, here are a few tips we've learned along the way: Parents: 1. Let them try the unreasonable: Nobel Laureate economist Daniel Kahnemann said in a 2013 interview that, had they known the odds they were facing, most entrepreneurs who did big things would not have even tried. And that's why when Lily wants to start something new, we almost never stand in her way, even if we're pretty sure we know how it will end. e stakes are low when you're a kid, and the business lessons are much less expensive than they will be later. 2. Prioritize pace over perfection: Lily seems to have been born know- ing this, but it's something she's had to teach her mom, who is wired to refine and edit until she feels her work is worth people's time. Lily, on the other hand, is always ready to post pictures, design logos, make t-shirts, launch websites, order supplies, text all the parents and just in general get her businesses launched. Kids lose interest when the boring parts take too long, so the goal here is help them (or let them) get that minimum viable product out the door. 3. Get in the spirit: You don't have to spend a lot to have great swag — you can help your child and their business partners create custom T-shirts and hats using iron-on inkjet paper and a pack of plain white shirts from Walmart. All in, we've outfitted a few of Lily's workforces/ bands/teams for less than $20. ere are also lots of free beginner-friendly apps, like Canva for logos and flyers, and Adobe Spark for easy DIY websites. Kids: 1. Don't wait for an offer; make a proposal: Just because something isn't offered publicly doesn't mean it's not an option. It might just mean that whoever's in charge is too busy to think of it. Devise a proposal that gives the decision-maker an easy up or down vote. Make an appointment, make your pitch and make it complete. It's all about tak- ing the thinking off their plate. 2. Don't make it all about you: When you first roll out your idea or passion project, it's easy to rally support. It's fresh, it's novel and your friends are excited because they're excited for you. But if you want your business to last, you can't rely on a cast of supporting characters. e Mabel I. Wilson News was successful because it told the stories of kids all across the school. 3. Know that there's always tomor- row: With Lily's musical, the show didn't end up happening. But that's okay! Because one of the most impor- tant lessons you can learn as a business- kid is that when things go sour, you can use what you learned to make some- thing sweet tomorrow. It's all just part of the lemonade business. M i c h e l l e a n d Chris Philbrook a r e c o - o w n e r s o f Mishmash Marketing and Philbrook PR in Westbrook. ey can be reached at michelle@mishmashmaine. c o m o r c h r i s @ p h i l b r o o k p r . c o m 6 Lessons from the lemonade stand B Y M I C H E L L E A N D B Y M I C H E L L E A N D C H R I S P H I L B R O O K C H R I S P H I L B R O O K C O M M E N TA RY 46 Years of Building Maine B R U N S W I C K 2 0 7-7 2 5 - 4 3 0 4 I N F O @ P O U L I N C O N S T R U C T I O N M E . C O M HOTELS RESTAURANTS ASSISTED LIVING MULTI-USE OFFICE SUITES Visit Patrons.com to find an independent Maine agent near you. Business Property and Liability Insurance Products Cyber and Data Breach Liability Insurance Employment Practices Liability Insurance, EPLI & Equipment and Mechanical Breakdown I N S U R I N G M A I N E B U S I N E S S — I N S U R I N G M A I N E P E O P L E Innovative solutions for today's business challenges. We've been in business more than 140 years, and continue to innovate by providing you a portfolio that offers the kind of protection your business needs — today. B U S I N E S S R E S O U R C E S The Fluffernutter is a kids' staple at lobster shacks: Peanut butter and marsh- mallow Fluff on toast. Whoopie pie became the official state treat of Maine in 2013. 200 200 IDEAS FOR MAINE'S BICENTENNIAL

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