During one of my many coaching sessions, it occurred to me that one of the biggest challenges facing successful business owners is having motivated, entrepreneurial children ready to step into their business.
Sometimes their children expect it, as an inheritance, with no intention of developing or expanding the business. This lack of commitment can be quite a let down, as the business owners hope that the company would give their children an opportunity to shine.
Check out this article highlighting the incredible talent of some successful young entrepreneurs, who started their own paths to success at the ages of 9, 12 and 14 … some even turning their businesses into millions by their 18th birthdays.
So what might be possible for your children? Are there ways you can look at your children’s talents and encourage the entrepreneur in each of them? Is the first step nurturing this spirit in yourself? Let me know your thoughts in the comments below.
— Marie-Françoise Dayan
For more information about coaching with Marie Book your free discovery session with her.
Are you ever worried that you’re too inexperienced to launch your own business? Although knowledge of your sector is important to start a successful venture, almost everything can be self taught.
That’s what these highly successful child entrepreneurs did: many were millionaires by the time they turned 18! Check out these stories and get inspired to start not just one, but many businesses.
In 2011, at the age of 24, Sean Belnick was the youngest millionaire ever to participate on the reality show Secret Millionaire. Belnick had been an entrepreneur for over a decade by the time he got on the show. At 14, Belnick created the website Bizchair.com, which is an online furniture retailer, with his stepfather, himself a furniture salesman. With just $500 to start, Belnick created a corporation: now it has 165 employees, with reported sales of more than $58 million in 2010.
Leanna Archer is the 18-year-old CEO of Leanna’s Inc., a natural hair-care products company. She got the idea for the company at the age of 9 from her Haitian great grandmother, who had a special, natural recipe for hair pomade. Her friends liked her hair products, and she started making free samples for them, which they loved. And thus began the journey to create her own line of products. Now, the company has gross annual sales of about $500,000.
When Lizzie Marie Likness was 6, she wanted to take horseback riding lessons. Unfortunately, her parents couldn’t fit the bill. Instead of being discouraged, she suggested she’d help pay for the lessons by selling cookies. Well, Lizzie went way beyond Girl Scouts: she created her own healthy food business. At 14, Lizzie not only runs Lizzie Marie Cuisine, which teaches children how to eat and live healthily, she also has her own show on WebMD. Talk about branding skills!
In 2004, which were the early days of MySpace, 14-year-old Ashley Qualls launched the website WhateverLife.com. The site offered web graphics and layouts for MySpace users. Soon she was earning $70,000 a month and the site had 7 million monthly visitors. In 2006, she even turned down a $1.5 million offer. Although WhateverLife didn’t last long after MySpace lost its popularity, it’s still inspirational that a young person could have capitalized on such a tech moment.
By the time Cameron Johnson was 22 years old, he had started more than a dozen businesses and had become a multi-millionaire. He started his first business at age 9, printing invitation cards for his family’s parties from his home computer. At 12, he sold beanie babies on eBay, starting with his sisters’ collection. He marked them up ten-fold and earned $50,000 in one year. His most successful business to date is CertificateSwap.com, which was one of the first places where people could swap gift certificates online. Even though he and his partner were able to raise $10 million in venture capital, they sold the business. We want to know whatever is in store for Johnson next!