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Inspiring kids to be entrepreneurial.

Teaching Enterprising Teens How to Achieve Success (Part 2)

June 4th, 2013

After my son Jai and I discussed the first of Natalie Cook’s Five P’s, Purpose , in choosing a career path (in Part 1 of this series), I asked him to make a timeline of his life. He was to focus on his surroundings, and more importantly, on the people who would be with him.

People

You see, Natalie’s second P is People. Attracting the right people in life is key to building a successful kid entrepreneur. But whether Jai chose to be an enterprising teen or not, it was his mindset for success in whatever path he chose that was most important to me.

So, I asked him where he would like to be sitting five years from now and with whom? Ten years from now? Forty? I had him picture what was around him, his associates, and what made these kids so valuable to him right now that their presence remained visible decades into the future.

Natalie Cook discussed the value of surrounding herself with the right people, while training to be an Olympic Gold medalist. Around her were coaches, mindset mentors, professionals, and peers whose encouragement always lifted her up, instead of bearing criticism that tears a person down.

Jai contemplating the people he would like to surround himself with. People with Passion that will assist him with his enterprising teen journey.

At the same time, it is important, especially for enterprising teens, to hang out with the sort of people they want to emulate. Qantum physics and studies in neuroscience have discovered that there are mirror neurons in the brain that mirror or copy the brains around them. That is, a person becomes like his/her closest friends. This is besides peer pressure! They should be encouraged to make conscious choices of mates who will add to their mindset for success.

As adults, what I love about the new business that Cathy and I have become involved in, Isagenix, is that it is all about people. Natalie Cook understands this, too, as she is a partner in the same company. In fact, it really doesn’t matter what is your business or your kids’ enterprise for one reason: When being helpful to other people, your success increases. This is because helping people gives enterprising teens and adults an energy that attracts the right people into your lives, and who, in turn, help you.

Passion

People are also attracted to those who have a passion for what they do. Passion is Natalie’s third P. Natalie said in a Sparkmag interview that passion is

“required when times are tough. If you are not passionate about what you do and you don’t love the process and the product… it makes is much easier not to feel as emotionally involved, or eventually shut up shop and walk away.”

Now, Jai rightfully wanted something he could stick with for the long term. Having him visualize himself, his surroundings, and companions way into the future really took him to a place that I could see was his passion, something apart from what others were expecting of him, a desire that would not fade with time. His spirit guided him, instead of the social conditioning of his school, friends, and family.

Want to know more? The next P is inseparable from Passion, and that’s Perseverance. See you next week (Check out the very funny video of Natalie Cook giving our kids a message!)

If you enjoyed this article, then you may find this one just as interesting “How Do Entrepreneurs Think?”

If you could enlist three people in the world to personally be your friend and mentor you, who would they be? Mine would be Richard Branson, Robert Kiyosaki and Michael Clouse. Make sure you leave us a comment…

Network Marketing… A Brilliant Wealth Creation Vehicle!

October 26th, 2012

In our last article we shared our awesome, mind blowing experience at David Wood’s Break Through Training. Our article talked about David’s teaching of how to be tremendously successful and happy!

He teaches about attitude, mindset and overcoming fear, but he also explains that you need a vehicle (preferably vehicles) to build wealth. David Wood’s favourite wealth creation vehicle is Network Marketing! He has managed to generate tremendous wealth from Network Marketing, and although he has built several million-dollar Network Marketing businesses, today he is committed to the billion dollar company, Isagenix! David Wood is a professional Network Marketer and an exceptional trainer and mentor.

At the three day training seminar we became friends with many people with awesome energy! As it was primarily an Isagenix training, everyone there were Isagenix business builders. This common ground gave us all plenty to talk about. We had this tremendous belief in the company and the quality products that it has developed and won national awards for. We also saw the tremendous opportunity Isagenix offers for those who want optimal health and those who choose to use it as a vehicle to build wealth.

Network marketing is the business of the future! People referring people to use the products that they themselves are using and believe have excellent benefit. There are no shareholders expecting dividends, middle man taking his cut, or expense through having to run a down town shop. You don’t need to employ anyone, pay for stock or maintain complicated book keeping. Network marketing requires zero start up capital, no franchise fees, and has a unique business structure whereby you help others to build their businesses and become successful, and by doing so it actually builds your own!

Now isn’t that awesome… all you need to become successful is to help your friends become successful!

David Wood explains that finding out about people and what is important to them and how you can be of help to them is the key to being successful. Connecting with people on a genuine and personal level cannot be underestimated.

Network marketing provides a proven system that works, so stick to it and use the tools the system provides. More of David Wood’s wise words…

“Don’t be a tool, use the tools!”… and… “Systems are duplicable, people are not!”

He points out that it is our job to be great leaders… and great leaders aspire to inspire! If people are inspired by you, they will be drawn to your energy.

Network Marketing doesn’t require degrees, or fancy titles, or real expertise… anyone can get involved. What’s more, people can choose how much they want from it, whether it be simply using the products, paying off their car payments or weekly bills, to becoming financially free! There is no cap on income, unlike having a job.

Once you build your business up it will pay a healthy residual income for years to come without requiring giving up time. Really… it is a perfect opportunity for those who are ready for it!

At David Wood’s training there were plenty of everyday people achieving success, with some of them having built profitable businesses in only a matter of a few short months. The sky’s the limit, but it requires dedication, honesty, perseverance and hard work, just like any business. It’s just that with network marketing, eventually the residual income will allow freedom of time for you to do the things you want to do. If you are lucky enough to find a product that you believe in and can see make a difference in the lives of everyday people, then it is also a career you will love!

Network Marketing is also an excellent wealth creation vehicle for young people leaving school. Rather than getting a job, why not encourage your teenager to become an entrepreneur and build a successful business. By the time their peers have completed their university degrees and entered the workplace with a hex debt, a young network marketer could be making a six figure residual income. It is something we will look at for our own kids.

Robert Kiyosaki, Bill Gates and Donald Trump all describe Network Marketing as an excellent type of business to be involved in.

Warren Buffett himself invests in three of the top world network marketing companies.

Points to remember when choosing a network company as your wealth creation vehicle…

1. The product must be second to none. You must use it, love it and have had a great result from it, or there is no point trying to make a business.

2. Do your homework on the company. What is it’s annual growth? Who are the leaders in the company, what is their track record and what is their vision for the business?

3. What is the company’s compensation plan? Does it help all of it’s members and give opportunities to all, no matter where they are in the network? There are many differing plans, some much better than others. The “Binary Compensation Plan” is one worth considering.

4. Does the company have a bigger vision to help make a difference in the world. Do they follow through with what they truly believe in and direct some of their profits to the charities they support to make a difference on a global level?

5. Are the products sustainable and likely to be around in the future? Are they well recognised and credible, and is the company continuously developing and improving their products?

May be a book worth reading!

To finish off we’ll share some of David Woods quotes…

“We don’t stop playing because we turn old, but turn old because we stop playing!”

“How I do anything is how I do everything!”

“Take 100% responsibility for everything in my life and for everything not in my life.”

In our next blog we get back to our own kids journey with becoming entrepreneurs. We will take another look at Kit and Chayse and see how they have grown their enterprising business and helped a charity along the way!

Links…

Isagenix products.

Isagenix entrepreneurs.

Isagenix compensation plan.

Our Isagenix Business website.

Isagenix in the News.

A Financial Education for Kids… Asset or Liability?

September 3rd, 2012

Robert Kiyosaki, famously known for his book “Rich Dad Poor Dad” points out that kids need to be given a financial education and that they are unlikely to get a financial education from school!

Kiyosaki emphasises that by teaching kids to understand balance sheets, you are giving them the basis of a financial education. Balance sheets have two columns, Assets and Liabilities. Kids need to know the difference between Assets and Liabilities.

Kiyosaki’s simple definition of an asset is something that puts cash into your pocket and a liability is something that takes cash out of your pocket! Examples of assets are stocks, investment property, bonds, gold, businesses and valuable antiques. Examples of liabilities are cars, boats, houses, clothes, holidays, TVs and if you are a kid, toys.

Rich people start out by taking the money they earn from salary to buy assets. These assets put cash into their pockets. They take some of that cash to then buy liabilities. They also use some of the cash to buy more assets. Eventually their assets provide enough cash flow that they no longer need a “job”.

On the other hand, the poor and middle-class earn a salary, which they spend on liabilities with little or nothing left over to buy assets. As they go through life they buy more and more liabilities and have to work harder to earn more money to pay for them. Many will borrow money to buy more things.

When kids understand a balance sheet, they can then be encouraged to develop the habit of putting some of the money they get into buying assets before spending it all on liabilities. This habit will be the basis to them creating wealth as they grow up.

I had a good conversation with Flynn a while back. He has made a large sum of money from his Honey Enterprise and has already spent some of it on his goal, which was to buy an iPod.

Flynn has some mates who are mad keen on riding motorbikes and Flynn now has his sights set on buying one.

I explained that he could buy one, but first he must understand that a motorbike is a liability and will take money from his pocket (devalue, repairs, fuel, safety equipment etc). I then explained what Robert Kiyosaki teaches about balance sheets. Flynn took what I explained on board and as a result of our chat he now keeps three jars of money. One for gifting, one for his liability (the motorbike) and one for buying assets!

So what assets can a kid buy?

Chart showing Silver's value over the past 5 years

Well cash could be considered an asset (however, over time currencies generally devalue, so maybe it isn’t a true asset unless it is gaining a good interest from the bank!). Kids can buy collectables or small amounts of gold and silver. With their parents help they could also buy shares in companies, or put their cash into building their enterprise… as in Flynn’s case, more wholesale honey or even a bee hive of his own!

Flynn decided that he wants to buy silver. Currently its market value is about $30 an ounce and can be bought from the Perth Mint. Five years ago silver was only $9 an ounce. That’s a pretty good gain considering that the GFC was during this time! In fact, at one stage silver reached as high as $47 early last year!

Flynn is getting a Financial Education.

This conversation about silver is very relevant to my next guest I am about to introduce to you. Andrew Smith is an expert in Silver and Gold. He is a qualified mining engineer, who is involved with a company (www.orica-miningchemicals.com) selling chemicals to gold mines. He has been involved with Gold and Silver mining for many years and has an in depth knowledge of the fundamentals of gold and silver and investing in these precious metals. If you are interested in capitalizing on the precious metals’ opportunities and seeing Andrew present live in Bunbury, WA, click this link.

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!