FP #144: How CEO Kids are Changing the Business Landscape – Sarah Cook with James Rick

You might be stunned to discover that your 4-year-old kid is selling on eBay instead of overseeing a lemonade stand. Many parents nowadays are seeing their school-age kids doing business online and making a success of it, thanks to the internet which is making this new phenomenon possible.

When Sarah saw that her then 8-year-old son was doing online business, she got interested in knowing what prompts kids to be entrepreneurs at such a young age. Thus, she interviewed more than 200 kids and their parents and put their stories on a website. She also wrote a book, The Parents’ Guide to Raising CEO Kids. In this interview, she talks about the CEO kids’ mindset, how they do it in the midst of their schoolwork, and how parents are adapting to their kids’ school-business balancing act.

HOW CEO KIDS STARTED OUT

• Some parents planted the seed in their kids’ mind and the latter started to develop it.

• Some kids started out with their own ideas. Their parents gave them support but took a hands-off approach.

• Some families have multiple business ventures started by the kids which later got the parents involved.

THE MINDSET OF YOUNG ENTREPRENEURS

• For most, it’s definitely not about the money.

• For some, it’s all about the challenge – ‘Can I do this?’ 

• Some are encouraged by the affirmation they got from their parents or their peers – ‘Hey, that’s a great idea; let’s see you do that!’

• For others, it’s about making a difference in the world as they find a cause to support.

• Some want to rise above their horrible life circumstances.

HOW CEO KIDS ARE RUNNING THEIR BUSINESS                          

• They are outsourcing.

• They attend to their business between classes and school activities.

• They delegate assignments (if they’re class assignments is anybody’s guess; not encouraged though).

WHY YOUNG ENTREPRENEURS ARE SUCCESSFUL

• They have a vision of where they want to go.

• They have the passion for what they’re doing.

• They have the right attitude for it.

• They take massive action on it.

• They see and take opportunities, improve on them and continue refining them.

UNIQUE CHALLENGES/CIRCUMSTANCES SURROUNDING CEO KIDS

• Many find that their age doesn’t matter for as long as they can deliver.

• Some get a lot of free media as people discover how young they are.

• Others have to break the belief of some clients who doubt that they can deliver.

• They try to solicit testimonials from clients whose trust they have earned.

• They find it hard to get venture capital.

• Their business is their playtime since they love what they do.

FIRST STEPS TO BEING AN ENTREPRENEUR (regardless of age)

• Determine what your business will be about based on what you love to do.

• Determine the scale you’ll do it – forever by yourself or with help from others?

• Do a lot or research on what to do and how much it will cost to do it.

THOUGHTS TO PONDER ON

• THE BEAUTY OF ENTREPRENEURSHIP

-          It is an avenue where kids who are gifted but are bored in school, or bright kids with learning disabilities can excel, be creative, gain confidence, and have fun.

-          It develops skills that affect every area of your life and gives it value.

You can learn more about CEO kids (and be as smart as them) at Sarah’s site: RaisingCEOKids.com. If you follow James on Twitter at jamesrick, or Sarah at sarahlcook, or her company at raisingceokids, you can have a chance of winning a copy of her book, Raising CEO Kids. All you have to do is copy and tweet this message from your Twitter account – Have you seen the show (www.fullpotential.com/sarah-cook)? @jamesrick or @sarahlcook #raisingceo kids? 

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