Raising Entrepreneurs

This month we profile a young entrepreneur who is just starting his career in business, and another young entrepreneur shares his thoughts about parenting kids to encourage their entrepreneurial spirit.

For more great information on similar topics, check out our website at www.raisingentrepreneurs.org.

 

Young Entrepreneur – Logan Edwards

This month we have a young entrepreneur who is not quite as far along the bell curve as the spectacularly successful Ben Casnocha – but then, he's a few years younger than Ben!

Jenny Ford, founder of Cash-Smart Kids, met Logan recently in Queensland, and heard that he had just made $1320 in the last three months on eBay. He had paid his own airfare from his home in Traralgon, Victoria, to learn a bit more about eBay from Power Sellers Matt and Amanda Clarkson. You can see a picture of them and read the story in Jenny's blog.

Logan's first money-making venture was a paper round, which he chose because there aren't many opportunities around to make money at a young age. He hated it – the amount of time it took, the weather, and the hard physical work, but he stuck at it long enough to earn the $250 he needed to buy himself a second-hand computer on eBay.

His mother was buying and selling things on eBay, and recruited young Logan to help her out with computer-related stuff (for a price, of course!). Once he saw the money she was making, and how easy it looked, Logan started considering trading on eBay for himself.

About that time, he saw a better computer, and suddenly the need for money shot up his priority list!

Please take note, because this is a very common pattern. Kids can seem unmotivated and disinterested – until they want something that nobody else is going to buy for them. Then it's quite amazing how well they can apply themselves!

It wasn't all smooth sailing, but he's learned a lot (as well as earned a lot), and we confidently expect him to do pretty well for himself in business in the future.

 

Interesting Resources

Let's Teach Kids To Sell! - blog post from young entrepreneur Dan McGuire

It's My Life - Mad Money  - Online game lets kids pick an item they want to buy. But, before they can buy the item, they need to earn and save the money to pay for it.

 

Raising Entrepreneurs

by Sam Rosen
Monday, 29 October 2007

Adolescence brings with it many challenges – for both parents and kids. Young people, still new to the world, are embarking on a journey to discover their passions, joys, and authentic self-images. More often than not, however, their journey more closely resembles an elongated stampede of enraged elephants than it does an innocent soul-searching endeavor. But no one said growing up would be easy.

And there are young entrepreneurs out there who see the world in a truly positive light. Sure, they have their ups and downs like most teenagers, but they are motivated, focused, and want to make a difference.

Who are these kids? How were they raised? What do they have in common with one another? At the risk of making some sweeping generalizations, I will paint the picture of the young, confident entrepreneur – with the knowledge that this over-idealized portrait often comes in many colors and hues.

While entrepreneurship was never common in my family, many young entrepreneurs had experiences early on in life that lead them towards an entrepreneurial path. In general, there are two possible ways young people feel compelled towards entrepreneurship: inspiration and avoidance. Both can act as powerful catalysts for taking action.

In the case of inspired action, the young entrepreneur most likely grew up in an environment where individuality, responsibility, and financial literacy were encouraged. Even if the parent made little money to support his or her child, the underlying message often centered around taking initiative and following one’s own path.

On the other hand, in the instances where avoidance is the primary motivator, the child usually wants to avoid becoming like their primary caregiver, who was most likely a negative influence. Friends of mind who have exhibited this type of motivation often have a very strong drive to succeed, yet, in part, base their motivation on what they don’t want to become – and must overcome even greater adversity in life.

In order to facilitate the spirit of entrepreneurship in your family, there are many steps you can take. While these steps are particularly geared towards entrepreneurship, they apply toward creating any harmonious relationship between parent and child:

• Teach your child in creative, ‘outside-the-box’ ways. In a recent article with 19 year-old CEO Cameron Johnson, he told a story about how his parents gave him stocks – literally, shares in a company – in his stockings for Christmas. There are many ways you can teach your child about financial literacy, entrepreneurship, and individuality.

 

• Make self-awareness and wealth consciousness the highest priorities. This entails a significant amount of soul-searching. And while many adults are adverse to the concept of change, often letting go of fear and facing your demons can be the most inspirational model for your child. I have a friend who, after years of living in a fear-based reality, she learned to let go and allow herself to forgive and love others. She has never enjoyed better relationships with her children.

 

• If your kid acts up, stand in your truth. Don’t beat around the bush or overreact. Of course, you want to be sensitive to your child’s feelings and come from a place of authentic compassion. But when it comes down to it, tell it like it is – they’ll appreciate it in the end.

 

• Give your child ample opportunity to discover independence for him or herself. It’s critically important that your child learns the process of creating one’s own experience of reality from a first-hand perspective. Sometimes this requires being more firm or lenient than one would like. Yet remember that you grew through making mistakes, and so will your child.

If you see your child exhibiting entrepreneurial behaviors, make sure you show your support throughout his or her growth process. And if your kid is struggling to find motivation, don’t worry – as long as you follow the guidelines above, you will instill the characteristics of greatness and, in due time, inspire the leader within.

About the author: Sam Rosen is a full-time college student at the University of Pennsylvania, entrepreneur, and author of the Succeed Young Total Success System. He founded Succeed Young Enterprises with the goal of empowering young entrepreneurs to get a head start in life and master the principles of success.

That’s all for this month! Hope you enjoyed this edition. If you have any suggestions, comments, or feedback, please drop me a line at info@raisingentrepreneurs.org.

Regards,
Carolyn Bowman