BOOKS

• “Teen Business Blasts Off!” by Andrea Davis Pinkney and Amy Rosen – After researching, I found the book can be purchased for $5 here.

• “The Student Success Manifesto“* by Michael Simmons – For older kids (ages 15 – 21).

• “Kidpreneurs: Young Entrepreneurs With Big Ideas!“* by Adam Toren – For the 5 to 13-year old crowd.

• “Growing Money: A Complete Investing Guide for Kids“ by Gail Karlitz and Debbie Honig – For 8 to 15-year olds.

• “Upstarts!: How GenY Entrepreneurs are Rocking the World of Business and 8 Ways You Can Profit from Their Success“* by Donna Fenn – “…8 ways you can profit from their success,” has a negative sound to it (but it gets pretty high ratings on Amazon).

• “Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers“* by Alexander Osterwalder and Yves Pigneur

WEBSITES

The article closes out by mentioning several websites.

• lemonadeday.org

• allterrainbrain.org

• uspto.gov/kids

• studentcenter.ja.org/business

I have not read any of these books, nor have I spent a lot of time on any of the websites.

Do you know of any books or websites that you would recommend?

*Affiliate Link

I urge you to read the whole article. I want to focus on a few interesting bullet points:

• She took the LSAT twice to try to go to law school and failed both times.

• She worked several months at Disney’s Epcot helping to buckle seat belts for one of their rides.

• She went to work selling fax machines for Danka.

• She created Spanx basically by accident. She didn’t like wearing panty hose because they were hot but she liked the way the pantyhose covered her panty lines (can I say that on a financial blog?). So, she cut the legs off a pair of pantyhose and Spanx was formed.

• She used $5,000 of her savings over a two-year period to develop and launch her product.

• She wrote her own patent.

• She got her product into Neiman Marcus.

• She had no money for advertising so she went on a PR rampage.

• She shipped samples to Oprah Winfrey and eventually got Oprah to promote them on one of her “Favorite Things” episodes.

Interesting stuff.

What does this show us? One, you must have an idea. Two, you must plan. Three, you must go for it even though you may not feel ready.

I like to see people like Sara succeed.

Catherine and David Cook started myYearbook.com in 2005 when they were 15 and 16 years old, respectively, as a way to connect with their new classmates at Montgomery High School in Skillman, N.J.

Big brother Geoff Cook, then 26 years old, bankrolled the start-up with $250,000 he had made from selling an online-resume business he built as a Harvard University student.

On Wednesday, Geoff Cook, now the 33-year-old chief executive of myYearbook.com, announced the sale of the company to Quepasa Corp., a social network aimed at Latinos.

All it takes is a good idea, money, and proper execution. Pretty simple, don’t you think?

Of course it’s not that simple or we’d all be rich. But, this story does make me want to spend some time talking about entrepreneurship with my three kids.

1. This guy is my friend, and…

2. It’s a good story.

I went to school with Chad. In fact, I think we go all the way back to Kindergarten. Anyway, we had lost touch after high school until we became facebook friends while I was helping to put together our 20th high school reunion. We emailed back and forth and I found out that he had started his own business and had even written a book. I asked him if he would be interested in sharing his story with AFM readers. Here’s what he has to say:

Chad’s Story

Ten years ago I was a policeman in a larger city in the Midwest. I enjoyed the comraderie of the team I rode with and loved the idea that maybe someone would simply have a better day because I had helped them with their life for that short time.

I had always had a burning desire to start a business of my own and be my own boss. Don’t get me wrong, I loved being a police officer but the money just wasn’t there. I knew that if I wanted the life that I desired in retirement it was going to take more than a policeman’s salary.

Well, I had learned to strip and wax floors, clean carpets, etc., as a teen working as a custodian for our local school district. I had always enjoyed being able to take something worn or dirty (or both) and make it look like new again. I was the type of person who had to see the fruits of my labor. As a police officer that was sometimes hard.

So my wife and I took the plunge, started a commercial cleaning company and after about $800 and a few months of advertising we had our first customer. We started the business on the side while we were still policemen but it grew to where we were making more cleaning than as police officers. The rest, as they say, is history. Our company now does well and is growing, even in a recession.

The point I’m trying to make here is if you want something bad enough and want to make a change then stop making excuses and just do something TODAY to move you towards your goal. Just do one thing a day and after a month or so you may be surprised at what you have accomplished.

The first task when starting a business is GET YOUR FIRST CUSTOMER; not buying a bunch of office supplies and a desk. That is not going to make you money. Your first and only focus should be on getting money coming in the door. Look at what your competition is doing. Use their marketing as a model.

An e-zine I subscribe to has a mantra of “Ready, Fire, Aim”. This is absolutely the truth when it comes to starting a business. Get something going and then fine tune it after you get it rolling. Just get going!!

Granted, it may not happen overnight. Also, realize you’re going to make mistakes along the way. The trick is to correct yourself and keep moving forward.

Now is the time to launch. The economy is slowly showing signs of improvement and I believe we are on an upturn. It’s a new year. Use this new year to give yourself a new life. Just remember it takes a little time. Knock down the tasks one by one and you will be on your way before you know it.

A business consultant told me years ago I should write a book. My story was somewhat unique and the being a former police officer certainly is a “niche.” So I did. You can buy it here* and learn how I did it. It’s real, down to earth, and is EXACTLY how I built my business from NOTHING! It is basically a step by step blueprint on how I built a six figure business from scratch! I’m not an MBA from Harvard. I’m just a hard working guy trying to make a buck because that’s what it takes for ANY business. You just have to move one way or the other….

To your good future and good fortune!

Chad Burns
President
C & S Cleaning Inc.

*Affiliate Link

That said, today’s Houston Chronicle offered 9 tips for starting your own business (sorry, no link for these tips) that I would like to share with you (along with my thoughts on each one). All of these are awesome tips.

1. Identify your talents. What are you good at? Don’t know? Ask your friends and family? Take some self-assessment tests.

2. Consult with colleagues. BE CAREFUL with this one. If you have a good idea, you might be picky with who you share it with.

3. Research, research, and more research. Before you jump off the deep end, make sure you know how deep it is.

4. Know your money. Better have some up-to-date financial statements. A budget and net worth statement will help you get a good idea of where you are starting from.

5. Know yourself. In my opinion, this goes with the first tip.

6. Keep records. Make record-keeping a habit. You’ll need them for taxes and other financial decisions.

7. Talk about lifestyle changes. Before you take the plunge, make sure everyone in your family is on the same page. Nobody likes nasty surprises. Everyone in the family needs to know in advance what the outcome could be and the sacrifices that may be required.

8. Find necessary resources. Financing? Employees? Equipment? Suppliers? Where are you going to get the necessary resources?

9. Write down why you decided to become an entrepreneur before you start a business. This one made me laugh when I read it but it is SO TRUE! It’s kind of like the investment policy statement that you should refer back to when times are tough. Writing down why you are doing what you are doing will help you get through the hard times and help you stay focused during the good times.

According to the Chronicle article, these tips were provided by Score.org.