Young entrepreneur

I met a young man recently who wants to be an entrepreneur. He's only 16.

I envy him because I didn't have a clue what I wanted at that age. I wonder if his inexperience is clouding his adolescent vision. Either way, his confidence is a breath of fresh air.

Not knowing what he doesn't know, he was smart enough to ask someone who may know. That's the foundation of mentorship and this kid's got it figured out at a young age.

He's going to be successful. I can feel it. He doesn't talk like I did at that age. I might be cheering for him prematurely.

He wanted to know what courses he should take in high school to get ready for a life of entrepreneurship.

He's in grade ten.

I suggested three courses:
Creative Writing
Accounting
Typing

Creative Writing will give him a skill that he can use in all of his marketing materials. The ability to move people to open their wallets starts with a compelling message. In today's nomenclature, the keyboard is mightier than the sword.

Accounting is a no-brainer, right? I know far too many business people who depend on bookkeepers and accountants to manage their books. Accounting isn't hard. It's another language. To be able to read a financial statement, understanding the basics can go a long way in business.

Typing was the single most important class I took in high school. I took it in grade twelve because I wanted an easy class to boost my grades that didn't have homework. And it didn't hurt that there were a bunch of pretty girls taking it too. Learning how to type got me through university papers, the constant surfing on line and even right now as I formulate my thinking into this blog.

Unfortunately, his school doesn't have an entrepreneurship class. He thinks there's a entrepreneurship club. That would be another good place to start.

His dad thought it would be a good idea to test the waters of entrepreneurship before making such a huge commitment. I can't argue with the thinking. Unfortunately it's tough to test something like this out without potentially losing money.

This kid is very bright. He's gonna go places. He told me a story of how he's making a product, retailing it at his school, turning a profit of $80 a week. He's developing different flavours to keep his existing client base buying more. If that wasn't enough, he opened a wholesale channel where he still makes excellent margin.

Here are the simple business rules I shared with this young man:
1. Don't tell your friends your trade secrets.
2. Keep the wholesale channels open.
3. Find more wholesale accounts. Work less, sell more.
4. Continue to develop your retail channel in your market (school).
5. Make your wholesalers pay for your product upon delivery.
6. Confirm none of this is illegal.

I was doing nothing compared to this kid at 16. I'm impressed TA. Keep up the confidence, the thinking, the searching for answers. You'll go places. Just keep your head on straight.

Whether you think you can or you think you can't, your right.   - Henry Ford