I worked in that business and would just say that I would avoid having my kids work in the entertainment or modeling business until they are much older.

While I do think it can be fun for the kids, those are adult workplaces with deadlines, pressure, long hours, etc., and they will witness a LOT of grown up behavior that kids really are not exposed to in their normal life (not just the true "adult" stuff - crewpeople talking to each other in grown up ways, that kind of thing).

Even the audition process for kids is pretty harsh = kids can be deemed "too chubby," "not cute enough," "too tall," "too many freckles," "big nose," on and on and on - because it's a business that is trying to achieve a particular result they are looking for particular things, and it can be painful for kids in a way that the adults really don't intend.

Theater/plays for kids to me is a different issue and can be a good way for a kid to find their way into acting and have a good time.

PM me if you'd like more detail or have specific questions!
Grif