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Dad teaches entrepreneurship to daughter via Lemonade Stand

This post by Douglas Ingram is exceptional:

Lessons in Entrepreneurship via the Lemonade Stand

It came up on my Google Alerts, and, wow, it's got to be one of the coolest things I've seen this year. And I've seen a lot of cool this year, so that's saying something.

Douglas's whole approach is really, really cool. Some excerpts:

We use the Dave Ramsey school of thought with our daughter. Each week she gets a small allowance that she allocates (her choice) to four different envelopes (a) spend (b) save (c) invest (d) donate.

Building A Factory vs. Discovering A Goldmine

I've gone back and forth on how much an idea is worth a few times. At first, I thought ideas were worth a lot. Then, I thought it was all execution, and ideas are worthless. I've been thinking about it some more in light of some recent deals, and I've come around a little to believing in the value of ideas again -- with a caveat.

But first, let's check out the best post written on the subject. Here's Derek Sivers --

To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.

Explanation:

AWFUL IDEA = -1 WEAK IDEA = 1 SO-SO IDEA = 5 GOOD IDEA = 10 GREAT IDEA = 15 BRILLIANT IDEA = 20

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