Parent to Parent: Business minded kids

Michael Perez has a mind for business. At age 16, he's already the CEO of his own doggy day care business. Now he's onto his next big idea, Tailtimes.com, an online gourmet dog treat website.

Michael Perez, Tailtimes CEO
"With that idea, I was already standing out. It made my thing unique. People were like, 'This is the doggy-daycare guy'."

Parenting Expert Dr. Valerie Goode says learning to run their own business is a good teaching tool for children.

Dr. Valerie Goode, parenting expert
"Children love to work. They don't mind the work, and they like the money, but the money is really secondary to the work."

Dr. Goode says children should start a business that mirrors their interests.

Parents, help them set realistic goals. How much time can they commit? How much money can they really make? And, parents start small. Make sure it's something children can handle on their own, and encourage them to think outside the box.

Dr. Valerie Goode, parenting expert
"Not just think, 'Now I have a baby-sitting job once a week, now I have money, now I can go spend it.' No, how can you grow your baby-sitting service, what else can you do?"

Dr. Goode says teaching kids entrepreneurial skills at an early age can help them become more independent as they grow. Michael is always coming up with creative ways to sell his product and says other students should give it a try.

Michael Perez, Tailtimes CEO
"It gives them another way to make money that's not necessarily going out to find a job. They're creating their own job."

(Copyright 2008 Sunbeam Television. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)