Author Archive for hodilrh17

Grandma’s Jam

Fraser Doherty is another lucky individual able to make a profit by selling his family’s special recipes. Doherty’s grandmother was always known for making delicious jams of multiple flavors. Fraser had always loved her jams and thought that others might love them too. After learning the secret family jam recipes from his grandmother, Doherty dropped out of school at the age of 14 and began to sell the jams full-time. More people began to order the jams than Fraser could make by himself. He then rented a 200-person factory a few days each month and began to produce his product on a larger scale. Back in 2007, Doherty was approached by a high-end supermarket that wanted to sell his products and Doherty now holds shelf space in around 184 stores across the UK. By 2007, the company made over $750,000 in sales, and the business continues to grow and spread across the UK today.

School is incredibly important when it comes to business and being able to work to have a good life, but some people are just meant to take another path. Sometimes it works, sometimes it doesn’t, but Fraser Doherty made it work for him. All it takes is a little bit of entrepreneurial creativity and courage.

Jack Kim- Benelab Search Engine

Jack Kim is a young entrepreneur that is still in high school in Seattle. He is the founder of a search engine called Benelab that is designed to make philanthropy easier by generating donations. Jack’s project is not-for-profit and he plans to donate all of the revenue generated by Benelab. Jack quickly learned the power of a search engine’s ability to generate wealth from very little traffic through his work with search engines in the past. After developing an outline for his idea, Jack got a team of his high school classmates together to start working on the project. So far, Benelab has been incredibly successful at generating wealth, and all of this wealth is then donated to different charities and organizations to help the less fortunate. Benelab provides an easy yet effective way of enabling everday internet users to participate in philanthropy, even if they do not realize it.

“Many people think of charity as something limited to the rich or “good”, but in reality it’s something that can and should be incorporated into anyone’s daily life – you just have to know how.” – Jack Kim

Garrett Gee: Lucky Hunch

Just before the Ipad 2 came out, a young university student named Garrett Gee had the hunch that there would be blog posts all over the web listing the top 10 apps for the new device. Garrett then came up with the idea that there should be much easier QR code software and apps to use with the new device. Because Garrett felt that he was on to something, he go to work immediately.Had to act quickly to be the first to implement his idea. After quickly getting an Ipad 2 into the hands of his ios developer, Garrett spent two sleepless nights developing his service before it was completed. He named his app Scan and recruited two fellow classmates to help develop the service further and it was finally launched in February of 2011. In the first year, Scan earned over 10 million downloads and made over 1.5 million dollars from venture capitalists such as Google Ventures.

In class we have talked about how many ideas originally stem from a lucky hunch like Garrett’s. When a hunch is taken seriously, it can lead to big ideas and successful accomplishments like the scan application. Hunches are able to develop by clashing with other people’s ideas and hunches. After getting the input of his two fellow classmates, Garrett’s hunch was improved and transformed into the extremely successful idea of Scan.

Willow Tufano: Entrepreneurial Foresight

Willow Tufano is a fourteen year old girl living in Florida with her mother who works in real estate. When the recession hit a few years ago, Florida was hit very hard and houses that were initial being sold at $100,000 were now being sold for only $12,000. Because of the low price of homes, Willow got the idea to purchase a house of her own! She had saved up some money by clearing houses and selling the included possessions online. When her mother found out that she wanted to buy a house at 14, unlike most parents, she was in full support (also in support of the rest of the needed funds). Knowing that the housing market would pick up in the future, Willow and her mother rented out the purchased house and charged $700 a month. They have already earned back their initial investment on the house and have even made a profit. In the future, Willow plans to buy her mother out and own the house alone. When the housing market picks up in the future, Willow is likely to see an amazing increase in her already impressive amount of profits.

Monroy Arcade- One Successful 9 Year-Old

Caine Monroy is a nine year-old entrepreneur that decided to set up his own arcade in his dad’s auto parts store. The arcade is in a makeshift state of cardboard currently but has been a relative success.┬áCaine’s success is mostly due to a video featuring him and his idea that went viral on Vimeo and YouTube.

Being the talk of the town, Caine’s arcade business is visited constantly by both television crews and enthusiastic children who are eager to take a peak at his development. Caine has attracted a lot of business with his extremely low pricing of $1 and $2 for tickets. The cheaper of the two tickets allows for a customer to have 4 plays while the second ticket allows for up to 500 plays enabling the customer to decide just how much time they are willing to spend at the arcade (price matters little). On the side, Caine also makes money by selling shirts that say “Caine’s Arcade” for $15 a piece. As of now, it is not clear how much money Caine has earned total, but he has made up to $212,000 in donations alone.

Caine’s business is relatively small right now, but is growing rapidly in popularity. He is also getting the name of his business out by selling shirts that advertise his business when worn by his satisfied customers. It goes to show, you are never too young to become an entrepreneur. You just need a cool idea and a market segment to sell it to.

ManCan- Manly Scented Candles

Hart Main is already a successful entrepreneur at the age of 14. With the help of his family, he has developed the ManCan which is a brand of candles for men. Some of the candle scents consist of fresh cut grass, sawdust, campfire, bacon, grandpa’s pipe and more. Today, ManCan candles are sold in over 60 different stores across the US, and around 9,000 units have been sold. Hart plans to devote as much time as he can into this growing business but must also focus on his schoolwork being 14.

Hart developed this idea after making fun of his sister who was selling more girly scented candles at a school fundraiser. Hart saw the problem that their were not enough candle scents that appeal to men so he began brainstorming ideas for manly scented candles. He put in an initial investment of $100 to get the business started and his parents put in another $200. What began as a small idea became something much larger and much more successful as this family began to develop their product.

Hart’s story is an inspiration to all young entrepreneurs in the world today. No matter what idea you have or how small your business seems in the beginning, there is the potential for growth if you keep thinking of ways to improve.