Five Trends of Young Entrepreneurs
Last Thursday I had the opportunity to attend the Celebration for Young Entrepreneurs through Young Americans. Children as young as six can enter this competition that searches for the best youth-owned businesses in Colorado. As I made my way around the room speaking with the young entrepreneurs and looking at their products, I noticed some common trends that are worth sharing.
- Keep it simple. The best products at the competition were simple ideas that fixed a problem. For example, one young lady created Reading Goal Bookmarks. These bookmarks have a die cutout at the top that grabs the desired amount of pages you want to read by a certain day. Simple, yet brilliant.
- Practice the pitch. These young men and women were incredibly well-spoken. If they were nervous, it wasn't evident. They spoke confidently and clearly to a room filled with adults. They had their pitches memorized and perfected.
- Know the product. I drilled these kids about their products and they had answers for everything. It was obvious that they knew their products inside and out.
- Passion is key. All of the kids sold their products because they believed in what they were selling. They knew their products were awesome, and it came through in their presentation.
- Integrate social Impact. Every product and business had some element about it that gave back to the community, donated funds, helped others or used recycled materials.
If there was ever a time for your son or daughter to develop an idea, it's now. If nothing else, the fundamental skills that go into creating and developing a product or business are life skills that we are attempting to instill in every child who passes through these hallways.