Tuesday, November 18, 2014

Day 1868 - Young Entrepreneurs

My son has just started his own business! 

Darby is ten and he's already devising ways to make money.   It seems upgrading skateboards and buying Pokemon cards isn't cheap.  So he came to us with a business plan.




Firstly he decided that there might be big money in Pokemon cards.  He could go out and buy packets and packets and hope that he got some really rare cards, then sell them for a lot of money.

We talked him through that business idea including the cost of product, the likelihood of finding something rare enough to make money and the fact that reselling the non-rare cards would bring him out at a loss. We explained it was a gamble (and then went on to talk about gambling).

Having said all that we didn't want to kill his entrepreneurial spirit.  He'd had an idea.  A great idea.  That is something to be nurtured.

So we made some suggestions about a lower risk business venture to start off with and he's decided to follow in Daddy's footsteps and open up his own EBay store.

Dad sells second hand comics, books, magazines and DVDs in his EBay store. It's that store that pays for all of our family holidays.  He's been running it for around 13 years or more.  It's his thing.

Darby has decided to do something similar.

For the last two weekends Daddy and son have headed to our local Trash and Treasure markets and bought items for Darby's store.  He has bought pre-loved sporting style t-shirts (Nike, Adidas, footy club supporter shirts etc), skater style flat caps and name-brand shoes (DC, Vans, Nike). Plus a few extra bits and bobs like books and DVDs. He buys the stuff at around $1-$3 per item, then lists them on the store from $5-$15 each.

Some of his stock including his first sale packaged up and ready to send

On the weekend he made his first sale! He sold a DVD for $10 for which he only paid $2.

Wahoo!!

Big celebration.

He is open for business. 

Tonight we sit down and create a spreadsheet that lists his products, what it cost him to buy them, the Ebay fees, PayPal fees, postage etc and then what he sold them for and what they paid for postage. Just so he can see what it means to run a business and get excited about the profit.

He is also learning about EBay. The need to mark the items as posted and to leave customer feedback.

The importance of good customer service if you want a good EBay rating.

At the moment Daddy is loading the products into the store. But already Darby is in charge of taking the pictures and storing the product (in a tub in his bedroom).  In time he will be doing it all himself.

I am just so proud that he is doing it.

I love that at the age of ten my son is already understanding what it is to run a business.

From little things big things grow!

My son - the entrepreneur. 

Do you have any budding entrepreneurs in your family? 

12 comments :

  1. Way to go, Darby. That must fill your heart with pride to know that he's taking initiative and getting creative with how to make money :) Those pokemon cards must really be special. We don't have any little entrepreneurs in our household yet, but if they're anything like my father who still comes up with crazy money making ideas on a daily basis, I'm sure it's only a matter of time. #teamIBOT

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  2. Wow! What get up and go. They're the people who become millionaires. We say someone talk (a Hollywood actor, maybe?) and they said that they'd always been working - they had no money as a kid so they were selling newspapers at 7 and it went from there....it's the drive...

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  3. Oh how darling!
    I will have to show my boys! They are built this way the boys aren't they!
    I want my 12 year old boy to start a gaming blog. He's a clever thing and totally wrapped up in the game industry. I must show him this - it might inspire him to act on it! :D

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  4. That is cool Leanne! I have my first work experience student with me this week - my aim is to mould her into a creative entrepreneur. I reckon it's the way of the future.

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  5. Congratulations to your son on his first sale! I'm sure he will have many more. What a great, practical education you are providing to him through his business. I suspect he will go far in life!

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  6. Wow! Good on Mr 10 for having the initiative to start and run a business! One of my friends does similar to him but with kids toys. A lot of the stuff she finds, it's as simple as putting new batteries in. It's amazing the things people throw out/giveaway.

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  7. That's awesome Leanne!
    My six year old has bee writing books lately on stapled together paper, and then he tries to sell them. Only to Boatman and I for now, but I'm sure he will hit up his grandparents. It's so cute, and of course I bought one. :)

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  8. Yeah for Darby. I love this so much. I bet it increases his confidence and it's a great way to learn how to run a business. Darby is blessed to have parents like yourself that nurture his ideas and his spirit. :)

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  9. Love it!! Such a valuable lesson to learn.

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  10. This is great, Leanne! No doubt you're proud. Bella made and sold bookmarks when she was younger, and she's now working on canvases.
    I love it when kids get excited about industry/
    Go Darby!!

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  11. Go Darby! I have a photo somewhere of my kids holding their first "garage sale" on our front footpath when they were small. Luckily we lived in a great neighbourhood and so they had customers - who then were very happy to give the item back (and get a refund) when the kids realised that actually, they couldn't live without a certain toy LOL ...

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  12. Oh man, how awesome is that. He will learn SO many valuable life lessons through this experience. And so nice that it is something that he can do with his Dad as well.

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