Just weeks after Lemonade Day, it seems that my son has caught the entrepreneurial bug. After going through the toys he's outgrown and putting them up on Craigslist, Matthew decided he wanted to launch his own business, but he wasn't sure what he wanted to do.

Filing it in the back of his mind, he stumbled onto something on YouTube that gave him an idea. He saw a video about how to make a wallet out of duct tape.

Matthew watched the tutorial, went out and used his own money that he earned from Lemonade Day to buy supplies. He picked up different colored duct tape and a Friskars cutting mat (normally used for sewing) that helps him cut the tape in straight lines.

The wallet is designed with slots to house credit cards, a billfold, and even a clear plastic slot for an ID.

The first two wallets he made were for my wife and me. He custom made me a Fun 107 wallet complete with logo, and he made my wife a wallet with her school's logo on the front.

There is no doubt in my mind that Lemonade Day helped Matthew understand the cost of expenses, his labor and how that translates into setting prices for products.

To be fair, the markup on his first few wallets was pretty steep, but that is only because he knew that his product was in high demand with his customer base (his mom, his dad, and his grandfather). He priced the customized wallets at $15 and miraculously (sarcasm) was able to sell all three without a problem.

I will keep you informed about how his wallets perform on the open market.

Townsquare Media Michael Rock