Kids these days venture beyond selling candy to friends in school or lemonade to people in their neighbourhood. Many have emerged as successful business operators, managing staff, analyzing profit and loss statements and making their first million before they are even old enough to drive. Scroll through for some key takeaways from the mini millionaires who practically make running a business seem like child’s play.
1. Mikaila Ulmer
Founder of Me & The Bees Lemonade
Image: Courtesy of Getty Images via BBC
Age: 14 years
Business: Mikaila was 4 and afraid of bees. Instead of shunning bees, her parents helped her channel her fear into a research project which led her to realize the importance of bees in the ecosystem. This sparked the launch of her business, one that sells honey-sweetened lemonade made from her family heirloom recipe. Now, she sells hundreds and thousands of lemonades every year and has struck a multimillion deal with Whole Foods Market in the United States. Me & The Bees is not only a business to make a profit but it also integrates social responsibility as part of the organization, funding research to preserve the bees.
Estimated Net Worth: More than $11 million
The Takeaway Lesson:
Do not get discouraged by life’s little things but get back up and spread your wings.Mikaila Ulmer
2. Alina Morse
Founder of Zollipops
Image: Courtesy of Chicago Tribune
Age: 14 years
Business: Zollipops are not your standard sugar-laden lollipops that are bad for teeth. They are good-for-your-teeth sugar-free lollipops that were born out of the moment when she was denied a lollipop from her dad. According to her dad, “she must have asked at least 100 times before I suggested she do some research and talk to dentists about what a healthier lollipop would contain.” (Forbes, 2016) While most children her age are busy balancing school and enrichment classes, Alina preps for meetings to surpass their previous record of $6 million revenue.
Estimated Net Worth: More than $6 million
The Takeaway Lesson:
Have an uninhibited mindset. Explore and ask questions like how a kid would, without being restricted by limitations.
3. Joelle Joanie “JoJo” Siwa
Singer, Dancer, YouTube Personality, Nickolodeon star
Image: Courtesy of Billboard.com
Age:16 years
Business: This multi-talented, business savvy teen icon successfully turned her face into a brand. JoJo rose to fame as reality television star, dancing on Dance Moms and Ultimate Dance Competition. She exudes her loud personality through singing pop tunes. Capitalizing on her huge social media following, she formed multi-platform deals, including television appearances on Nickolodeon and merchandise sold at American department store J. C. Penney, making her one of the most successful kid entrepreneurs.
Estimated Net Worth: $12 million
The Takeaway Lesson:
Think of where you can potentially be the best in the market. Place your focus on that and connect with it.
4. Ryan Kaji
Ryan ToysReview on YouTube
Image: Courtesy of knowyourmeme.com
Age: 9 years
Business: With 18 million subscribers, 28 billion views and counting, Ryan ToysReview needs no introduction in the YouTube world. Inspired by the likes of EvanTubeHD, Ryan now rakes in millions of dollars every year testing new toys and vlogging kid-friendly edutainment experiences. He is also tied to a television series, merchandise and an app, making him the highest paid YouTuber in 2018.
Estimated Net Worth: $40 million
The Takeaway Lesson:
If you can think of it, you can do it. Utilize the resources around you, and often, it does not take too much initial investment to launch a business. Think, Warren Buffett who started his first business buying chewing gum from his grandfather’s grocery store and reselling them for a small profit.
5. Caroline and Isabel Bercaw
Founders of Da Bomb Bath Fizzers
Image: Courtesy of beautyindependent.com
Age: 16 and 17 years
Business: What started out as a hobby and sold amidst a crowd of creative curators at an art fair has turned into a staple product sold in a major retailer with 1800 store branches. Their business model gives back by donating a percentage of their proceeds to help clean up the oceans in the world. When asked to share their key to achieving success, Isabel cheekily replied, “... being young and fearless.” The young entrepreneurs then added “… making calculated business decisions while still taking risks got us to where we are today.” (The Penny Hoarder, 2018).
Estimated Net Worth: More than $20 million
The Takeaway Lesson:
Overcome your fears of starting a business, take the plunge and just do it! Many successful businesses did not start with a plan but instead the heart. Then come the guts and luck, but of course, one needs the smarts to execute competitive strategies to succeed.
Perhaps the next time when your child suggests something that seems out of this world, give it a second thought. It may open the path to your first pot of gold. In the meantime, nurture your kids in a concerted manner and provide them with the right exposure to maximize their full potential. Our local early education industry is nothing short of adequate with many schools and learning academies, including the ones listed below, who are strong advocates of entrepreneurial and 21st century literacies to empower kids.
