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Kids with entrepreneurial skills are cashing in

Monday - 3/21/2011, 6:13am  ET

lemonade stand (Thinkstock Photo)
Many kids have lemonade stands, but they aren't always successful. (Thinkstock Photo)

Max Smith, wtop.com

UNDATED - Maybe you had a lemonade stand as a kid once, made a few bucks, and moved on. Kids these days though are going a lot further, starting serious businesses.

Some take advantage of skills like web design or art, while others want to mow lawns or wash cars, but whatever their passion, many are banking lots of cash.

One Texas teen tells The Wall Street Journal the car wash service he started with $20 worth of sponges and soap when he was just 14, is set to bring in $15,000 this year, just three years after he started it.

While some young entrepreneurs use the money to help family finances, he's hoping to have $50,000 in the bank when he leaves for college next year.

Two brothers that started a lawn care business in 2004 when they were 12 and 14 say they have more than $20,000 in the bank for college tuition.

If you want to give your kids a nudge in that direction, there are groups that urge young people to learn about business, and become entrepreneurs, including the Network for Teaching Entrepreneurship and the group behind Lemonade Day whose goal is to create a nationwide entrepreneurial movement.

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(Copyright 2011 by WTOP. All Rights Reserved.)