Author Archive for lugodn21

Mo’s Bows

Moziah Bridges was only nine years old when he founded Mo’s Bows, a high-end bow tie business based in Memphis, Tennessee. Mo’s grandmother, a retired seamstress, taught him how to make bow ties when he was young, and Moziah soon developed a strong passion for fashion. Mo’s Bows creates quality handcrafted bow ties and the business has flourished since its founding in 2011. Moziah is currently 20 years old and serves as the company’s Chief Executive Officer.

Originally, Mo sold his products on Etsy but, pivoting from his original model, soon opened his company with the help of his mom. To this day, all of Mo’s bow ties are handcrafted by him and his mom. After founding the company, the charismatic young Moziah began seeing massive growth and publicity. Mo appeared on numerous major networks, including The Today Show, Good Morning America, and the Disney Channel. Since its founding, Mo’s Bows has amassed over $700,000 in sales revenue and has an estimated net worth of $2 million.

In 2015, 11-year-old Mo and his mom appeared on Shark Tank for Mo to pitch his idea to the investors. This led to Shark Daymond John, an American investor and businessman, signing on to Mo’s business as Mo’s mentor. Additionally, Mo served as fashion correspondent for the 2015 NBA Draft and made custom neckties and bow ties for all NBA teams by 2017. Since 2012, Mo has used his income to help children in his hometown area attend summer camp. In 2019, Mo published a book for young entrepreneurs entitled Mo’s Bows: A Young Person’s Guide to Startup Success. In it, Mo talks about his journey as a young entrepreneur and how young entrepreneurs can succeed in their own businesses.

Moziah has honed his unique skills to create a brand with strong personality and distinctiveness. Mo’s story is a good example of ideation for young entrepreneurs. On Shark Tank, Mo gave this advice to other young entrepreneurs:

Figure out what you like doing and find out how you can make money doing it.

This is exactly what young Mo did. He took a skill he had and created a high-quality brand that has taken off. While not all young entrepreneurs may become as well-known as Mo, we can all be inspired by his persistence and innovation in a highly competitive market.

Jimmy Donaldson: YouTuber, Philanthropist, Millionaire

James “Jimmy” Donaldson, better known as Mr. Beast, is a 23 year old YouTuber and millionaire from North Carolina. Known for his funny and exciting YouTube videos, Mr. Beast is a great example of a young entrepreneur who used his talents and passions to create impact for many people.

Jimmy began his career as a YouTuber when he was 13 years old. For the next few years, Jimmy maintained a small YouTube channel, posting gaming videos and videos estimating other YouTubers’ wealth. Little did he know, Jimmy would soon be one of the highest-paid YouTubers on the planet. Jimmy’s following grew to over 30,000 subscribers through 2016, and by mid-2016, Jimmy dropped out of school at East Carolina University to pursue his YouTube channel full-time. In January 2017, Jimmy posted a video of himself counting to 100,000, taking a total of 40 hours. This video quickly went viral and Mr. Beast’s YouTube career took off. Mr. Beast regularly posts videos of funny or wild challenges, massive money giveaways, and unique philanthropic activities.

Mr. Beast soon branched off from his main channel and created several new YouTube accounts, including MrBeast Gaming, Beast Philanthropy, and BeastReacts. While Mr. Beast’s main account has over 73 million subscribers, all six of his channels have 128.47 million combined subscribers. Additionally, Mr. Beast has participated in other entrepreneurial collaborations and ventures, including MrBeast Burger, Backbone One, and Juice Funds. Fans from all over the world also regularly purchase Mr. Beast merchandise from his several online stores. Mr. Beast has become one of the most famous YouTubers, and estimates of his net worth vary from $8 million to $25 million.

While several controversies have swirled around him, Mr. Beast claims to be driven by a desire to create impact through his entertainment. As he states in his Twitter bio, “I want to make the world a better place before I die.” Consequently, many of Mr. Beast’s videos have strong humanitarian and philanthropic themes. For example, some of Mr. Beast’s videos are about giving money away to homeless people or assisting educational organizations. Most recently, Mr. Beast has partnered with the well-known YouTuber Mark Rober in a collaborative attempt to raise $30 million to fund the removal of 30 million pounds of garbage from oceans, beaches, and rivers.

Mr. Beast is an excellent example of how passion can be wedded with skill to create impact. Mr. Beast not only runs a YouTube channel—he uses his skills and wealth to create impact in other people’s lives in addition to entertaining millions of people. Young entrepreneurs can learn from Mr. Beast as they seek to have an impact in the world through their business ventures. Mr. Beast was not necessarily outstanding or unique as a student. However, he took the opportunities presented to him and fills a special niche that provides value for millions of people.

Mark Zuckerberg: Entrepreneur to Billionaire

There are some technologies and services that are so engrained in our lives and culture that we cannot imagine life without them. Facebook—the home of everything from shared memories to angry rants—would undoubtedly fall into this category. Mark Zuckerberg, the inventor of Facebook, was a successful young entrepreneur from whom we can learn a lot. In this blog, we will look at Mark Zuckerberg’s earlier life, how he founded Facebook, and his success since then.

Zuckerberg grew up in a New York Jewish family. In Zuckerberg’s younger years, he not only excelled in his academics but also had a distinct innovative prowess. The young entrepreneur would look for problems and creatively solve them—his solutions often being far ahead of his time. During middle school, Zuckerberg began learning basic computer programming from his father, who later hired a private programming tutor for Zuckerberg. In addition to designing video games for his friends, Zuckerberg—age 11—built a program called ZuckNet for his father’s dental practice. The program, which operated like a proto version of AOL’s Instant Messenger, connected his father’s office and home computers, enabling communication between his offices. In high school, Zuckerberg used his creative savvy to invent Synapse Media Player under the brand Intelligent Media Group. Frustrated by his music playlists stopping, Zuckerberg’s software would suggest and play songs based on a listener’s music tastes. Both Microsoft and AOL approached Zuckerberg asking to buy the software, though Zuckerberg turned down their offers.

Zuckerberg’s entrepreneurial outlook as a young person led him to become one of the most successful businessmen and CEOs in the United States. While Zuckerberg was enrolled at Harvard University studying computer science, he continued to design innovative software systems. In his sophomore year of college, he developed thefacebook.com, a social network for students at Harvard. His program caught on quickly and was soon expanded to students at other universities as well. In 2004, Zuckerberg moved to California and dropped out of school to focus on expanding his new company. By 2006, anyone with an email address could use the platform. The popularity of thefacebook.com—now Facebook, Inc.—kept growing, to the point where it currently has 223 million active users, employs almost 60,000 people, and generated $85.9 billion in revenue in 2020. According to Forbes’ 2021 ranking, Zuckerberg is the fifth richest man in the world, having a net worth of $97 billion.

In Zuckerberg’s words, “People think innovation is just having a good idea, but a lot of it is just moving quickly and trying a lot of new things.” The young Zuckerberg did this well. Not being satisfied with merely learning about things, Zuckerberg strove to put what he learned into practice. When he saw a problem, he used his skills to solve that problem. Zuckerberg’s innovative foresight was admired even by the leaders in the software and technological fields and led to him developing a world-shaping company, Facebook. For the young entrepreneur reading this: don’t be afraid to give your ideas a try! As Zuckerberg said, “The biggest risk is not taking any risk… the only strategy that is guaranteed to fail is not taking risks.”

Dude Perfect: One Shot to Fame

The crowd erupted into enthusiastic cheers as Tyler Toney appeared doing driving stunts in a monster truck. Almost 15,000 people—myself included—had waited hours to see the five Dude Perfect YouTubers make an appearance. Throughout the evening, the crowd only grew more ecstatic as the Dudes told stories, played games, and competed in a demolition derby. Where did Dude Perfect’s popularity begin? The story of Dude Perfect centers around five young college graduates who seized an entrepreneurial opportunity that became wildly successful.

While Tyler Toney is largely the most recognizable figurehead of the group, Dude Perfect’s magnetism is found in the collection of all five members—Tyler Toney, Cody Jones, Cory and Coby Cotton, and Garrett Hilbert. While some entrepreneurs enter their field with the goal of making a profit, such was not the case with Tyler Toney and his college friends. Dude Perfect was founded in 2009 when the college roommates filmed a video of them doing trick shots while playing backyard basketball and posted it to YouTube to show their friends and families. The next morning, the Dudes were astonished to find that it had gone viral overnight. After posting more trick-shot videos, it did not take long for their channel to explode and to accumulate over one million subscribers. After five years, all five members—several of whom were newly married—agreed to quit their jobs and devote themselves full-time to Dude Perfect. As one of the Cotton twins stated, “We just felt like we were on to something and we just wanted to keep making fun videos.” The YouTube channel soon expanded from merely trick shots into comedy, contests, and much more. Today, the Dudes have accumulated almost 57 million YouTube subscribers—one of the largest on the platform—; have created several other side YouTube channels; regularly go on tour, entertaining audiences in the tens of thousands; sell merchandise and books; and create social impact by working with children’s hospitals and groups such as Make-a-Wish Foundation.

The story of Dude Perfect comprises a unique and inspiring illustration of entrepreneurship. The young college roommates did not try to find a niche, but rather a niche found them. When they recognized the want for more content, they committed to it and fulfilled that demand. Further, they have helped fill a gap in the entertainment world, creating high-quality and family-friendly content that appeals to people of all ages. Like true entrepreneurs, the Dudes are constantly looking for new ways to reach more people. As Ty said, from day one, “Each video had to be better than the last, and that’s honestly been our philosophy ever since.” Every day, their electric personalities and competitive spirits intrigue thousands. If we can learn one thing from these young entrepreneurs, it is this: sometimes big opportunities can present themselves when we seize seemingly small opportunities.

Morgan Hipworth: Finding a Sweet Spot

At just seven years of age, Morgan Hipworth from Melbourne, Australia, had developed a strong passion for cooking and baking. As a young boy, Morgan had a fascination with cooking shows and loved to bake three course meals for his family on the weekends. Morgan used his uncanny culinary talents from a young age to create a unique and successful donut and baked goods company, Bistro Morgan. Morgan’s story strongly exhibits fundamental characteristics of an entrepreneur.

Morgan’s weekend dinners for his family soon expanded into something larger. When Morgan was 13 years old, he was encouraged to bring his goods to a local café, and soon became their sole supplier of baked goods. Before long, Morgan supplied baked goods to up to 15 cafés each weekend. However, Morgan was not satisfied with staying where he was, but wanted to create a permanent business. His parents compromised with him, allowing him to create a pop-up business, which turned out to be an enormous success. In the first eight days alone, Morgan sold over 10,000 donuts. Finally, when Morgan was 15 years old, Morgan’s parents agreed to allow him to start a permanent store in Melbourne. Thus, Bistro Morgan was born.

Bistro Morgan specializes in donuts and other baked goods, but also branches out into other breakfast, brunch, and lunch foods. Known for their unique and reinvented flavors, such as Peppermint Crisp with chocolate and Coco Puffs, Bistro Morgan quickly became a bustling business. Morgan has received extensive press coverage for his business, appearing on Australian radio and TV, and competing in Shark Tank. In addition, Morgan was lauded by Instagram’s CEO as a “one-in-a-million star.” Morgan maintains a strong social media presence, having accumulated over 118 thousand Instagram followers, and many more on TikTok.

Morgan is an inspiring example of a successful young entrepreneur and his story exemplifies three key entrepreneurial qualities: he takes opportunities he is presented with and runs with them; he demonstrates a strong work ethic, devoting over 60 hours each week to his business in addition to his schooling; and he knows how to be adaptable. During Australia’s strict lockdowns, for example, he continued his business by offering lockdown deliveries. Perhaps most importantly, Morgan does what he loves and loves what he does. He is a perfect example of someone finding their “sweet spot” (pun intended) and running with it. When asked on Shark Tank when he has time for fun, Morgan responded, “This is fun! This is what I absolutely love.” Morgan Hipworth serves as a great role model to aspiring young entrepreneurs—find what you love to do and discover a way to make money doing it!

Michael Dell: Revolutionizing the Computer Industry

Some entrepreneurs do more than start a business—they revolutionize an industry. Such was the case with young Michael Dell, founder of Dell Inc.  From a young age, Michael Dell exemplified the innovative spirit of a budding entrepreneur, finding problems and solving them in unique ways. Through his entrepreneurial endeavors as a teenager and young man, Dell became a major figure in modern history. Specifically, Dell’s innovation in the computer industry played a critical role in the reshaping of the modern personal computer market.

At age 15, Dell bought his first computer, an Apple II—one of the first personal computers available at the mass level—for the purpose of disassembling it to see how it worked. Dell’s intrigue with computers did not end here, however. In 1983, Dell began studying pre-med at the University of Texas, in accordance with his parents’ desire for him to become a doctor. In his freshman year, Dell further cultivated his interest in computers by repairing and upgrading his fellow students’ computers. Before long, Dell’s dorm-room business venture had morphed into something far greater than a hobby. Dell noticed a tempting gap in the computer industry at the time. While people were beginning to use personal computers, nobody was selling them directly to the consumer. Computers were being sold indirectly to consumers through a middleman, creating an un-personalized and unnecessarily expensive market. Dell stepped into this hole by offering customized PC computers at a fair price directly to consumers. The success of Dell’s somewhat simple innovation was immediate. In his freshman year alone, Dell made approximately $80,000 of profit. At age 19, he dropped out of school and began to work full-time for his company, PCs Limited. Within a single year, Dell accumulated a staggering $6 million in sales revenue. After beginning sales over the web in 1996, Dell’s company—by this time renamed Dell Inc.—averaged above $1 million in sales every day. By 2001, Michael Dell was a billionaire who employed over 35,000 people.

Michael Dell at 24
AP Photo/Rebecca McEntee

Michael Dell’s entrepreneurial pursuits did not begin in college. Dell was characterized by a strong work ethic from a young age, obtaining his first job at age 12. In high school, Dell created an innovative newspaper subscription service, making $200,000 in profits in the first year. Dell’s success as a young entrepreneur was driven by a strong customer-first mentality. He looked for ways to deliver a high-quality product with an outstanding customer experience. As he would later go on to say, “At Dell, we believe the customer is in control, and our job is to take all the technology that’s out there and apply it in a useful way to meet the customer’s needs.”

Dell’s innovation in the computer market changed the way people thought about and used personal computers. Instead of computers being mass produced by manufacturers and sold indirectly to consumers through salesmen, computers were sold directly to consumers, who were able to customize how they wanted their computer assembled.

Young Michael Dell personified successful entrepreneurship—when he saw a problem, he did what he could to solve it by offering customer-oriented, innovative solutions. What began as a small business in a college student’s dorm-room was transformed into a global business that has served millions of customers. As Dell said, “You don’t have to be a genius or a visionary or even a college graduate to be successful. You just need a framework and a dream.” Dell’s example is an inspiration to young entrepreneurs today. As a young man, he spotted potential problems and sought ways to fix them. Though certainly not every entrepreneur will be as successful as Michael Dell, young entrepreneurs can learn from his example and apply these lessons to their own pursuits.