Inspiring kids to be entrepreneurial.

Young Bucks: How to Raise a Future Millionaire

August 16th, 2012

Cameron Herold

I was looking for conversations on Twitter about raising Enterprising Kids, when I came across a very inspirational guy called Cameron Herold. He is a very successful entrepreneur with an excellent message to parents wanting to raise kids to be entrepreneurs. He shares his own life story and makes reference to the book “Young Bucks: How to Raise a Future Millionaire” by Troy Dunn.

Cameron, now in his late forties, was once one of those kids who simply didn’t fit into the regular schooling mould. In fact, these days his hyper-activity would have had him labelled with the disorders of ADHD and Bipolar. Cameron admits that he had, and still has, these “illnesses”, and were he born into this modern world, would have been dosed up on Ritalin and given referrals to the school Psych in order to mould and conform him to expected “societal” standards at school. Cameron explains that it was these afflictions that made him what he is today… a very successful entrepreneur! He says our schools are full of potential entrepreneurs who are suppressed by behaviour programs and Ritalin.

“Bipolar is the CEO disease!”

Steve Jobs

Steve Jobs, Ted Turner and all three founders of Netscape have two things in common. They are/were successful CEOs AND they all have/had Bipolar.

Cameron says ‘Don’t medicate kids with Attention Deficit Disorders. Imagine if Steve Jobs was given Ritalin, the world wouldn’t have been blessed with the amazing advancements in the technologies of Apple!”

Cameron Herald was brought up by his parents to be an entrepreneur. He points out that schools rarely teach kids how to think like and develop the skills to be entrepreneurs. Schools condition kids to fit into jobs, not build businesses. Cameron wasn’t comfortable with school and ended up dropping out.

Being an entrepreneur is not an inherited trait, but a learned behaviour!

In America, fewer than 18% of households are headed by a self employed business owner, however, self employed business owners are four times more likely to be millionaires than those who work for others! On average entrepreneurs make at least 25% more in income than the general population. (T.Stanley Phd & W.Danko Phd in “The Millionaire Next Door”)

Entrepreneurs learn to become entrepreneurs through necessity, such as immigrants and refugees, or they learn through observation, such as Robert Kiyosaki. Very few entrepreneurs learn about these skills at school. So, if you want your kids to learn about entrepreneurship, someone in their family must teach it!

It is interesting to note that 62% of Entrepreneurs say they do not have a family member who is an entrepreneur ((North Eastern University School of Technology Entrepreneurship Oct 2006), so rely on other mentors to teach them the necessary skills.

So how do you teach kids to be successful entrepreneurs?

Cameron Herold

Cameron Herald offers many excellent suggestions. He presents an outstanding talk, that goes for about 15 minutes. If you are following our blog, then you are likely to be a parent looking to give your children opportunities and choices in life which would include providing them with the know-how to develop enterprise skills. Cameron Herald’s talk is a must see! So go make a coffee, then click this link and soak up his energy and words!

In his talk, Cameron makes reference to a book that he says has practical and age specific advice on how to access your child’s strengths and weaknesses so that you can pre-think ideas to suggest to your children on what kinds of money making opportunities they can do.

The book is called “Young Bucks How to Raise a Future Millionaire” authored by Troy Dunn.

Young Bucks: How To Raise a Future Millionaire

Troy Dunn is also a self made millionaire and successful entrepreneur. He also happens to be a father to seven kids (just like us!), so I guess he is qualified to offer guidance!

In his book he explains that the first pre-requisite is to give your child the “Gift of Want”. They must have a real reason to pursue being an entrepreneur. They must want something badly enough as this is what will give them the motivation to get started and to keep going when the going gets tough!

Dunn leads parents through a series of steps to assist their child in deciding, researching and setting up a money making business. He teaches key concepts like marketing, pricing, negotiating etc and he gives plenty of terrific “enterprise for kids” ideas.

Amazon sell “Young Bucks: How to Raise a Future Millionaire” for $19.95 as a hard copy.

Cameron Herold states that one can change the world as an entrepreneur! All that is needed is a single, brilliant idea.

This takes me to my next point – to be an entrepreneur, we need to change the way we think. True entrepreneurs see obstacles and turbulence in life as  opportunities and in the midst of crises often create their own opportunities to solve the problem!

Cameron explains that teaching our kids skills such as leadership, tenacity, sales and attainment, help them to succeed. He says that we need to help them find the entrepreneur within themselves, and we need to make it cool! Kids who struggle at school need opportunity. His view is that we should be raising kids to be entrepreneurs, rather than lawyers! Don’t get me wrong, being a lawyer is an admirable profession, but for those children who have no desire or ability in attaining the results to be a lawyer, then entrepreneurship is even more important.

Cameron thinks parents should groom young entrepreneurs to hate the thought of getting a job! Don’t give kids pocket money as it conditions them to have/expect regular pay cheque. Rather, teach your kids to find things that need to be done around the house, then have them negotiate a fee for doing it. This teaches them to look for opportunities and to negotiate.

Teach kids habits to save. Have them use money boxes with three compartments. One for gifting, one for buying toys and one for buying assets such as money in the bank, gold or stocks.

Take opportunities to teach from real life examples in the real world. For example point out when someone is providing good customer service in a restaurant, or presents well as a salesman. Encourage your kids to sell their unwanted toys, to build inventions and to tell stories to the public.

Cameron Herold has allowed me, as a school teacher, to see kids in schools differently. I can see that there are some children who love the system and are more than happy to get a job and work for a salary, but there are an increasing number of children who don’t fit into the system, and perhaps unknowingly, are destined to be budding entrepreneurs. All they need is someone to release the “entrepreneur self” from within and then provide the opportunities for them to develop!

We need more people like Cameron Herold and Troy Dunn (Young Bucks: How to Raise a Future Millionaire) in our world. If you missed Cameron’s talk, here is the link again!

In our next post I have an invitation for those of you who live in Bunbury Western Australia!

Children Earning Pocket Money… the Candy Man!

August 12th, 2012

We thought it was time that we revisited our little Candy Man Chayse! When we last followed his enterprising adventure he had bought his lollies and bagged them up ready to sell.

If you missed that article, then click here.

Now he has to find a market for his product and learn to be a salesman. Before we share Chayse’s exciting adventure we thought that it would be interesting to consider the benefits of children earning pocket money through enterprise as opposed to children receiving a weekly allowance.

Children earning pocket money through enterprise will develop the mindset and skills of an entrepreneur! Giving children a weekly allowance conditions them to be “workers”. Robert Kiyosaki describes a worker as someone prepared to give their time for money, whilst an entrepreneur builds systems and businesses that produce a cash flow. Workers are more often than not time poor and cash poor, whilst entrepreneurs are generally time rich and cash rich.

Why is it then that the vast majority of us leave school and become workers?

A child receiving a weekly pocket money allowance is equivalent to a worker receiving a weekly salary. Relying upon a weekly allowance won’t encourage children to look for opportunities for enterprise. Their pocket money may or may not be aligned with doing household chores, just as a worker receives payment for doing work. Many kids leave school and slot into jobs for the rest of their lives because they have not been able to explore the entrepreneur within themselves!

Chayse with his box of candy!

Children earning pocket money through enterprise develop a whole different mindset. Parents of these children will encourage their children to look around to find opportunities. These kids learn to identify problems that they can solve and they’ll learn the art of negotiation. Enterprising children understand assets, liabilities, cash flow and profit. They will understand markets and customer service and they will develop the confidence to promote themselves.

Children earning pocket money though enterprise are more likely to value their profits and spend their money wisely. Weekly allowances are easily received and easily spent (knowing that more money will follow). This conditions kids to be reliant on a salary.

Enterprising children become self motivated to make money, and as they celebrate their successes, they quickly come to understand that they can in fact make a lot more money than their friends receiving weekly allowances.

According to entrepreneur, Cameron Herold (ted.com), parents wanting to raise entrepreneurial children won’t give pocket money to their kids. They will encourage their kids to go around their home or community and identify opportunities. These kids then make a plan and negotiate with either their parents or people in the community to provide the service or product for payment.

Getting prepared with his helpers.

Selling to customers.

Kids may not be motivated to do this at first, especially if they have been used to receiving a weekly allowance. The trick here is to make sure they have a big “Why!” They need to want something badly enough. This then becomes their goal and reason.

So back let’s get back to Chayse’s enterprising story! Was he able to earn his pocket money through his Lolly Bag business?

He had his first opportunity to sell his lolly bags at his big brothers’ soccer games. During the game the spectators (his potential customers) mill around on the sidelines. So we primed him on what to say to customers. We also enlisted the help of his brothers, Amber and friends. It was all great fun and soon enough the customers came rolling in!

Now who could knock back buying lollies from a cute smiling four year old!

His lolly bags sold like hot cakes for two dollars each. Chayse couldn’t hold up the box because it was too heavy, so he managed the money jar, whilst his helpers held the box. He had to take his customers money and give change.

As word spread that there were lollies for sale, kids came racing in from all directions to buy Chayse’s product. The box became lighter and the money jar heavier…  but despite the weight, he wasn’t going to relinquish it!

Chayse looked after his helpers by giving them each a lolly bag. Hopefully they will be willing helpers the next time he sells something.

Chayse also paid back the money his Dad lent him as capital to buy the lollies and plastic bags from the supermarket.

All up he was delighted with his fifty dollars net profit! He is now well on his way to reaching his goal to buy toy Nerf Guns. In fact his business was so successful, that Kit has recently decided to partner with him for his next endeavour! And under their mother’s guidance, they will research and decide on a charity that could benefit from some of their profits. So, stay tuned for that one!

Chayse is one of those children earning pocket money through enterprise. It would have taken him five weeks, with a weekly allowance of $5 a week to save the equivalent to what he profited at the soccer grounds during a soccer game.

In our next Enterprise For Kids blog we’ll introduce you to a self made millionaire who has some excellent tips for parents wanting to raise entrepreneurial kids. Don’t miss this article!

Dale Beaumont – The Next Generation

August 9th, 2012

Part of what we love about this blog is that we get to share the amazing success of young entrepreneurs with not only our readers, but our kids. As we’ve been learning on Paul Counsel’s course, and what Dale Beaumont has reiterated, is that who you “hang with” is who you become like. Now that can be a scary thought or it can be an inspiring thought, depending on your peers and the people you spend the most time with.

Luckily we have wonderful family and friends, but for us, it’s also important to include peers who have achieved success in the areas we are lacking. Some of our family and friends fulfil those needs, but a sure way of increasing self effacy in these areas for us and our kids is to mix with other successful entrepreneurs.

Dale Beaumont is one such inspiring young entrepreneur. He doesn’t see himself as that young anymore, but his success started at the tender age of 19. Prior to developing his entrepreneurial skills, Dale was an accomplished gymnast and probably what you would call an overachiever. When Dale was 19 he co-authored a book called “The World at Your Feet” which was the basis of his successful program “Tomorrow’s Youth”. Here, he taught young kids essential life skills.

Dale started his journey when he was only 19.

Dale Beaumont wrote Secrets Exposed Series.











In 12 short years he has published 15 books in the “Secrets Exposed” series, built amazing relationships with other young successful entrepreneurs, business owners and “thought” leaders and has recently developed the Business Blueprint model which has amazing systems to keep you ahead of your competition in business and free your valuable time where you can concentrate on things other than work 24/7.

Dale with one of his children

Inside the Sistine Chapel







Dale is married and has two gorgeous boys, so his focus is actually on travelling with his young family to all corners of the world. He is only able to do this because he is financially free and has set amazing systems in place within his business so everything ticks along with or without him! So you could imagine how appealing that is to Trev and I!

I won’t talk about the whole workshop that myself and my good friend Sally went to in Perth, but I thought I would share some highlights with you that really stuck with me as he spoke.

Presenting at Business Blueprint

“Empty bank accounts don’t feed the people.”

“The poor can’t help the poor.”

Just these two sayings alone say it all. Some people in this world want money for money’s sake – so they can have nice things and show off to others how well they are doing. Others want money so they can have nice things, enjoy wonderful experiences, but also do good things in this world and make a difference to the lives of others. We fall into that category.

Dale supports “Hands Across the Water” project in Thailand and it was inspiring to see him obviously making a difference to the lives of many boys and girls there. He even takes other entrepreneurs there with him, so they can have more purpose in their lives and help use their money in useful ways.

New Rules of Business Seminar

The internet has changed business forever and if you don’t embrace that change, your business will get left behind. A classic example of this was the Borders Bookstore. They were a wonderful “physical” resource, but chose not to keep up with how fast the internet was growing and actually sold their software of selling books online to their competitor, who did see the potential of the internet. That competitor was Amazon……..and I think most of you will agree that it has gone from strength to strength, whilst Borders, sadly, had to close their doors.

What I loved about Dale’s seminar is that you don’t have to do it all yourself, in fact, you would be crazy to. There are ways of making your business and your life easier and Dale spells these out with the amazing systems he has in place.

Dale shared with us something he learnt when he was just starting out in  business.

The Coffin or the Hourglass.

The Coffin or the Hourglass

Basically many people starting in business spend more time on taking action than they do strategising or planning where they want their business to end up. Now taking action is important, but you don’t want your business to be like a coffin, where little time is spent strategizing, heaps of time is spent taking action (but sometimes not very fruitful) and the results then speak for themselves.

The hourglass on the other hand, is all about putting the time in with the planning, strategising, and “thinking” stage. With well thought out plans in place, the action you take is more focused and the results are more fruitful.

So what would you prefer? A business with the “coffin” model or one with the “hourglass” model?

I think what has made Dale so successful in such a short amount of time is his ability to let go of the things that could be done by someone else (outsourcing), and focus on the things he needs to do to be effective within his business. Dale uses particular software to help systemize his business, so his time is leveraged and far more productive.

Office Autopilot

Office Auto Pilot... an excellent automated system

One such program is called “Office Autopilot” and has an amazing array of uses and ways of streamlining the processes that you must go through to keep your businesses ticking along nicely. I’m sure there are others programs or software, but having just purchased this particular one myself and seeing first hand how Dale uses the software to enhance productivity within his business, I am more than happy to list a few of it’s features below.

Office Autopilot” Software allows you to split test, track and automate emails through their Email Marketing function. Order forms, memberships, subscriptions, refunds and automated card handling are all made easy with it’s Web Payment Processing system.

The Contact Database is all in one place for the history, purchases, referrals, files and notes etc. The Software covers Market Automation, Affiliate tracking, and Direct Mail Postcards (where you can personalise your business).

I love the If-Then Rule System where you can easily write extremely flexible and powerful rules to automate what happens next in your business. So basically, the system will have your rules “if this happens, send this email, if that happens, sent that email. This is such a time saving feature of the Office Autopilot.

The Software has a WordPress Integration system where you can set up a Word Press site in seconds. You can build a totally integrated membership site in minutes and add smart forms or order forms with a click of the button.

The program builds leads with drag’n’drop landing page creator and can split test pages for marketing purposes. Event Management from events, webinars to teleseminars make follow up easy and with Task Management processes and great Customer Service and Training, what more could you need.

As mentioned earlier, there are many programs out there, but this one is a good email marketing system combined with a good CRM system. Many are just one or the other.

So, how does all of this relate to Entrepreneurial Kids, you may ask.  Well, for any business that our kids choose to start, using the internet will be a given, especially when they are young adults. If we want our kids to be competitive in today’s markets, we need to show them the way by taking the time ourselves to invest in “cutting edge” programs. They in turn, will follow our lead and already have the mindset that says “Get savvy! Learn…learn…learn!”

Bed time reading!

Generation Y (anyone born after 1980) are already building and creating things that will improve efficiency in their lives. Why spend time on something that takes 6 hours if you can streamline it and do it in one hour! That’s what our children are going forth into when they build their businesses.

And we agree totally. Life is not meant to be all about work. We want to work to live, not live to work……and we want our kids to get this concept too.

But in the meantime, if you are looking for an inspiring mentor and stimulating bedtime reading why not get stuck into one of Dale Beaumont’s books. Each of his books are either authored or co-authored by Dale and cost less than $10 from Amazon. His Secrets Exposed Series of books are the perfect gift for someone to kick start their entrepreneurial journey.

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Inspiring kids to be entrepreneurial.