While kids of previous generations were more likely to earn spending money by babysitting or mowing lawns— after all, 90% of those with a yard think it is important to maintain that yard, but many people don't actually want to do the work themselves — today's teens are thinking outside the proverbial box and launching their own companies.
What's even more amazing is that these startups aren't lemonade stands. They are successful enterprises with thousands of dollars in sales, employees, and clients worldwide.
Take American George Mathus, a recent high school graduate who founded Teal, a company that sells commercial drones. In the past year alone, Mathus has raised $2.8 million dollars in seed funding, received $100,000 from a sponsor to skip college, and built a team of 15 employees and contract workers — all while finishing up his last year of school.
Then, there's Nova Scotian entrepreneur Sean Court, who runs an exhibit and display firm called Beaumont and Company. At 22, Court was invited to take place in the G20 Young Entrepreneur's Alliance Summit 2016 in Beijing, China. This annual convention happened in early September and was established with the goal of bringing together entrepreneurs from around the world to collaborate and share ideas.
Zandra Cunningham from Upstate New York launched her natural beauty line, Zandra Beauty, at the ripe old age of nine years old. Her line includes deodorants, sugar scrubs, lip balms, lotions, and body wash, all made from all-natural ingredients. At 16 years old, she has already re-branded once, and her company is worth somewhere in the low $100,000s. Plus, she donates 10% of her net profits to inspire and support girls' education across the globe.
Want your child to have the same successes as these teens? The Huffington Post breaks down three tips on supporting and encouraging your entrepreneurial child.
First, you must think mind over matter. Youth can be a great benefit in that your child hasn't learned the meaning of impossible. However, this can be a challenge for some investors as they note the lack of experience. Channel your child's optimistic attitude to create a business that will go far.
Second, focus on the competition. Look to enter your child in a startup contest, so they will be able to gain some experience pitching their company while seeing what their competition has to offer.
Thirdly, limit their Internet use. At the end of the day, your child will want to present themselves as professional in every aspect of their life. Things they post on social media can come back to haunt them, so help them understand the significance of what they post.
Who knows, your child entrepreneur may be able to fund your early retirement.
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