Setting up a successful business at 15 and selling it for $30 million at the age of 18 isn’t the norm. Yet it certainly happens, so what’s really stopping any child from achieving this level of success?
We’ve had a look at the opinions from some of the world’s most successful young entrepreneurs to see what they think makes up the magic recipe.
1. Influence from parents
We don’t need to explain to you, parents have a huge amount of influence over our children’s attitudes to life. Nick D’Aloisio, one of the world’s most successful child entrepreneurs stated in an interview with Bloomberg that his parents’ frugal lifestyle has had a lot to do with his own success.
Perhaps making your children aware of your own attitudes as a successful parent will influence their attitudes when it comes to their own successes. “…Ron Howard made a point of telling his kids how bummed he was when one of his films got overlooked during Oscar season. Then, of course, they got to watch how he dusted himself off and started the next project.” (Huffingtonpost.com)
2. Traits and attitudes
Many studies sight certain attitudes and personality traits that entrepreneurs share as the main reason they go on to achieve huge successes:
- Natural leadership – This doesn’t mean they necessarily organize group games, or are even that social. If your child sets their own rules and doesn’t necessarily follow the pack, this could be a sign they are set for great things.
- Comfortable with risk – If they have a flair for taking risks, but you can see them weighing up pros and cons and learning from risks that didn’t pay off, this could be a sign that they have what it takes to set up their own business and take risks that others would shy away from.
- Questioning the status quo – “because I said so” may not sit too well with a future entrepreneur. If you have a son or daughter that asks you the most obscure questions and expects a detailed answer and then questions that, it might be worth learning to appreciate it.
- Relentless optimism – The ability to view failure as an essential part of success. We all know that getting things wrong is integral to learning, and this relentless optimism is a quality that the majority of successful entrepreneurs share.
- Innovative money-making tactics – Many entrepreneurs say they were always finding new business ventures as a child. Zara Terez Tisch, founder of Zara Terez, a successful US clothing brand, talks of her first venture. “My earliest entrepreneurial venture was picking up rocks in my backyard and turning them for about $1 on my corner.” These painted rocks turned a profit.” (alleywatch.com)
3. A different perspective
Jordan Casey, 15 year old Irish entrepreneur, is adamant that the usual route of staying in school and going to college wasn’t going to bring him success. As parents we have certain ideas about how our children will eventually succeed, and it can be difficult to adjust our own expectations. But standing by your child’s decisions may well prove rewarding. Jordan Casey’s parents have come to do just that. “I used to think university was essential to succeed,” his mother, Louise, said. “But since Jordan has gone on this path, I’ve come to recognize that there really are different ways to get to where you want to be.” (nytimes.com)