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‘Build Your Social Biz’ contest, sponsored by Ernst & Young, is launched! Got an idea to build a business and help your community with the proceeds? Enter the latest Biz Kid$ contest, on our website, and you could win thousands!
Guess who’s made a guest appearance to launch the contest? Fast Buck!
Congrats to five young entrepreneurs, recently appearing in Season 5 of Biz Kid$, who will be honored next week at the White House. They all made the Empact100 List – a compilation of the top entrepreneurs in the US age 30 and under with revenues over $100,000. Here are their stories, as seen on Biz Kid$:
Back To The Roots – two urban mushroom farmers use left-over coffee grounds to build their business.
Fabulous Coaches – Ray expanded his luxury coach line to over 50 motor coaches because he only hires fabulous employees.
City Slips – two New Yorkers with a solution to sore feet from high heels, look for the right line-of-credit.
The Vault September 2012
You’re Never Too Young to Be a Biz Kid!
Think you’re too young to be an entrepreneur? Think again! Being a kid is actually an advantage. Without bills or mouths to feed, you have the freedom to take risks most adults would never dream of. You can make mistakes and learn from them without fear. Think big, make a plan, and go for it!
Why start a business?
The younger you start, the more time you have to learn. Running your own business will give you skills no school can teach you–like working with customers, handling money, and marketing your products. And you might even make some money to boot!
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Plan to succeed
What’s the difference between a business that fizzles and one that sizzles? A business plan! Making a business plan is super simple with our handy, FREE template. And you candownload it right here. Even if you don’t have a business idea yet, our template might inspire you. Give it a try!
Get inspired!
See some of our favorite young entrepreneurs in action in these awesome videos.
Man Can: Hart was only 13 when he started making man-friendly scented candles out of soup cans, by first donating the food to a local soup kitchen, then reusing the cans!
Twice Loved by Maggie B: 8-year-old Maggie makes jewelry from recycled materials and donates part of the profits to a local animal shelter.
Vending Machine and Laundry Entrepreneurs: JP owns laundry machines and Zoe owns a drink vending machine. They started their businesses with loans from Young Americans Bank.
Au de Joe: 9-year-old Joe launched a website that sells bath and beauty products.
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Start something big with the Biz Kid$ “Build Your Social Biz” Contest!
Do you have an idea for a business that could bring positive change to the world? Enter the Biz Kid$ ‘Build Your Social Biz’ contest sponsored by Ernst & Young LLP Financial Services Office.
We’re searching the country for the best new social business ideas from kids just like you. If you want to start a biz that will help your community but need funding, now’s your chance. You could win cash to put towards your new social biz, and be paired with a mentor from Ernst & Young LLP to kick things off! Here’s where you can learn more and enter to win!
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The Vault August 2012
Pro Sports: It’s No Game
Blood, sweat, tears, and glory–professional sports are full of excitement and drama. But behind the scenes, athletes, teams, and leagues are businesses like any other. They have to take in more money than they spend. Even with the big bucks some pro athletes make, it’s not always easy.
Exclusive Biz Kid$ video clips
The Harlem Globetrotters are known for their fancy footwork. But there’s nothing fancy about how Globetrotter Dizzy Grant keeps his finances in order. His bookkeeperalso happens to be his mom! Of course, you don’t have to shoot three-pointers to have a job in sports. There are lots of exciting jobs behind the scenes. Just take it from Caity Kauffman!
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How to lose $100 million
If you just had $5 million, you’d be set for life–right? The big payoffs are a big reason kids all over America want to make it to the pro leagues. Of course, the chances of making it areincredibly small. And even for the elite few who make millions, keeping those Benjamins is surprisingly hard. 78% of professional NFL players go bankrupt or experience money problems within two years of retirement. How does it happen?Check out this article from Bleacher Report to find out.
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The most valuable teams on Earth
Sports is big business—and we mean BIG.The Forbes list of the top 50 most valuable sports teams is topped by Manchester United, a soccer team worth $1.86 billion. A majority of the most valuable sports franchises are NFL teams, although Ferrari and MacLaren F1 racing teams also make the cut. Baseball doesn’t show up until #31–the Boston Red Sox.
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Behind the scenes
Becoming a pro ball player may not be a sure career path. But you can still turn your love of sports into a fulfilling career. Whether it’s in marketing, training, coaching, or journalism, talented people are needed in every aspect of the sports industry. Check out some cool options from Forbes.
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Biz Kid$ has just launched an exciting new activity for classrooms and local credit unions across the country: the Biz Kid$ Piggy Hunt! Students watch Biz Kid$ video clips, then answer questions about the episode. Once the students have successfully answered the questions, they are given a clue to search for a stamp hidden somewhere in the school. The last clue will reveal the location of the Biz Pig Piggy Bank! The first student to complete their worksheets and find the Biz Pig could win cash or prizes from a local participating credit union!
The Piggy Hunt is a creation of Josh Allison of Horizon Credit Union in Spokane Valley, Washington, and has already become a student and teacher favorite at local schools in Spokane Valley.
Hamlin Middle School partnered with Matt Trent of Northwest Credit Union for their Biz Kid$ Piggy Hunt. David Collins, Principal of Hamlin Middle School, praised the local Credit Union partnership: “The support from Matt was amazing and made implementation at the school level very easy. Students were engaged and interested and eager to work towards the prize. The community support was amazing!”
Gordon Grassi, Principal of North Pines Middle School, was the first Principal to bring the hunt to their school: “We just completed our second Piggy Hunt at North Pines Middle School. It was just as successful as the first hunt. Our students have responded in a positive way, the excitement is clearly visible in our classrooms and hallways. The hunt was a wonderful way to help students build financial awareness while engaged in a fun activity.” Grassi also highlighted the Credit Union partnership as being instrumental to the success of the program: “Our partnership with Horizon has blossomed and is extremely successful. The hunt is one way schools and business can reach out in the best interest of the students and their community. Our students love the concept of the hunt, staff get a chance to help be a gateway to student success and learning, and everyone enjoys the process.”
The Biz Kid$ Piggy Hunt presents an opportunity for credit unions to partner with local schools to bring financial literacy into classrooms in an impacting way. Matt Trent of Northwest Credit Union remembers the final round fondly: “When the winner found the piggy bank, the other searchers applauded him! It was such a great moment, and that positive energy extended through the all class assembly that honored the winner. He also donated money to a local charity that feeds the hungry and talked about how that charity has fed his family through the years. It was very touching.”
Would you like to launch a Piggy Hunt at your local school? The resources are FREE and can be downloaded here. Be sure to keep us posted on our Facebook page on the success of your adventures in financial literacy!
One of the biggest challenges for any young entrepreneur is the money problem. How do you take your idea from dream to reality while making barely enough money to pay for gas for your car or tickets to the movies? This week we’re giving you the 411 on three paths to startup success.
Bootstrapping
The first and most common method of funding your startup is called “bootstrapping.” The concept is simple: spend less money, use fewer resources, and make smaller batches of product in the beginning until you have enough money to make more. This was the method of choice for Toms Shoes. Founder Blake Mycoskie made just a few dozen pairs of shoes in the beginning, loaded them into duffle bags, and sold them to friends and family. When he had sold those, he had more made. Then more. And more again. Eventually, Blake was able to fund large orders of shoes just by using the cash he had made off of the last set of sales. Bootstrapping requires you to think strategically. You may have planned to purchase a big industrial oven to bake your cookies, but in the bootstrapping stage it may be wiser to rent a commercial kitchen at night to avoid upfront costs. Ask yourself: what can I do now with the resources I have on hand? It may seem like a small start, but it’s a wise start.
Friends & Family
Depending on how your family views money, the idea of borrowing from friends and family either sounds like a dream or a nightmare. But for many young entrepreneurs, taking out a “personal loan” from friends or family is the only way to get the money they need to launch their business. There are pros and cons to this method. First, you are putting important relationships in a vulnerable spot. It’s one thing if you default on a bank loan; it’s another to have your default hanging over your head at the Thanksgiving dinner. Be wise with your inquiry. Have a backup plan to pay it back if the business doesn’t work out. And give your family or friends an incentive to lend, such as free product or a share in the company.
Kickstarter
Kickstarter is a relatively new method of fundraising that is catching on like wildfire. Simply put, it’s a website that connects people with ideas to people with money. Entrepreneurs, aspiring film makers, and charitable visionaries alike can post their ideas on the Kickstarter website with incentives for donors to contribute. The most successful example of Kickstarter funding is the Pebble Watch. The Pebble is a watch that connects to your Smartphone and displays info like incoming calls and texts. The watch was posted to Kickstarter before it was even created, to raise money for manufacturing. Their goal was lofty: $100,000. The result? As of today, they have raised over $10 MILLION. That’s right: ten million dollars. Obviously, you can’t expect to raise $10 million by posting any idea on a website, but if your idea—and your incentive to backers—is compelling enough, you may just raise enough money to launch your business.
So Biz Kids, how are you raising money to put your ideas into action? Have you had any success? Let us know in the comments below!
Today we bring you a very special guest post by our beloved Biz Kid$ Host, Kaelon! Kaelon recently traveled to the Emmys with Biz Kid$, and is giving you a look behind the scenes. Take it away, Kaelon.
Well in case you weren’t aware, Biz Kid$ was nominated for 3 Emmys!! The awards ceremony was held on Sunday June 17th in Los Angeles. Because I live in LA the executive producers/directors invited me to attend. What a trip! The night began with everyone milling around the entrance to the ballroom where they had set up a couple red carpets and Emmy backdrops for pictures. Then all 1300 or so people in attendance filed in and took their seats. It was incredibly surreal to actually be sitting there with all these talented directors, actors, producers, editors, etc. from TV shows that I’ve watched numerous times. I felt incredibly lucky to have just been invited, not to mention that I was there because I was part of an Emmy (winning) and nominated television show. The show got underway and Emmys were handed out. At one point Elmo took the stage to give away a few awards! About halfway through the show, Biz Kid$ was up for single camera editing and sound mixing, both of which we, unfortunately, lost. The final Emmy of the night was for outstanding children’s series, and we were beat out yet again, by The Electric Company. Sesame Street and The Electric Company seemed to be taking home quite a few awards! We were all disappointed with the losses, but at the same time, it’s an honor just to be nominated. To see all these other talented shows that had worked so hard over the year was encouraging in a way. Being nominated means that we have created a show that the academy feels worthy of an Emmy. That is quite something.
All in all, the night was a blast. Everyone was dressed in his or her best and for one of the first times ever, I was able to experience some serious glitz and glamour, the kind that only Hollywood can produce. Go Biz Kid$!
Biz Kid for life,
Kaelon Horst, Biz Kid$ Host
Today’s announcement is big news for educators, volunteers, and parents with an affinity for all things Biz Kid$!
We have completely overhauled our teachers page with you in mind. We listened to your feedback and have made big improvements to the page’s navigation, episode listings, and more. So what can you expect? Let’s take a look.
Improved Sorting Options
You now have multiple options for sorting episodes. You can view our episodes in a compiled list or easy to browse icons. Next, choose to sort by category, grade level, or season.
As you can see below, you can now easily browse our episodes by subject, such as Credit & Debt, Careers, or Entrepreneurship. Hover over an episode for an instant description.
…or view the episodes in a list!
Looking for a lesson plan in Spanish? Use the new “Episode Categories menu” to view our lesson plans available in Spanish!
We hope our new teacher page makes it easier for you to navigate Biz Kid$ resources and focus on what really matters, shaping young mind and changing the world, one kid at a time. We’d love to hear your feedback. Leave comments below.
The Vault July 2012: Family business
If you’re a kid with a great business idea, chances are your family will figure in somewhere. Whether it’s an investment from your parents or a partnership with your sibling, BizKid$ presents tips and tricks for navigating the family business.
Videos of the month
See what would happen if a certain black-helmeted space lord had pitched his family business a bit differently to his “rebel” son. Next, check out a family funeral business and learn about why they made a plan to keep the hearses rolling after the founder passes away.
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What is a family business?
The strict definition of a family business is a business where two people from the same family have a controlling interest. But for BizKid$, it’s any time a family member is involved. That can mean:
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Advantages
A strong family can make for a strong business, and families can grow closer as they work toward a common goal.
Challenges
Family and business can both be stressful—and combining them can make them even more so.
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Famous family businesses
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What do you think the major difference is between Biz Kids with great ideas and Biz Kids who have turned their great ideas into a trail of success? Any ideas? If I were to take a guess, one huge difference is in their ability to communicate their ideas in a way that captivates people.
I just finished a book by Nancy Duarte titled, “Resonate.” Duarte’s book is a treasure trove of secrets to effectively communicating your ideas in a way that transfers your excitement and passion to your friends, family, audience, or customers.
One of my favorite quotes from the book says, “If you can communicate an idea well, you have…the power to change the world.” In business and entrepreneurship, this often means explaining what your product or service offers to the world. There are plenty of bad ideas that have caught on because they have been communicated well. That is not or goal. But neither is to have an excellent idea that fails because the customer doesn’t understand its value.
There are countless examples of communication making or breaking an entire situation. Presidential speeches can calm nations or insight wars. Celebrity tweets can win fans or result in joblessness. Presentations can earn investors or lose customers. Effective communication is vital to your business’s success. One such presentation piece is referred to as an elevator pitch.
“Elevator pitches” are 10- to 30-second descriptions of what you offer. If you can’t communicate what it is that your product or service improves in a person’s life in that amount of time, you need to devote some time to working on it. Your elevator pitch should make people hungry for more information. They should be captivated.
If you are a Biz Kid with a great idea, the first thing you should do is decide how you will communicate that great idea. How will you transfer what is in your heart and gut to those who have never heard about it? It will take practice and it will take work, but it will be well worth your time.
So what can you do today? First, write down what your idea has to offer. Make bullet points. Next, write a paragraph. Then, practice that out loud. Practice until all of the “um’s” and “likes” are gone. Practice in front of friends and family and take their feedback to heart. When people are left in awe, you are ready to start communicating your great idea.
Take it from businessman Paul J. Meyer: “Communication – the human connection – is the key to personal and career success.”
Have you ever heard of the “hedgehog principle”? The term comes from one of the best-selling business books of all time, Good to Great by Jim Collins. In it, Collins describes his research defining what it means to be a “great” company.
One of the concepts that stood out most to me is the idea of the “hedgehog principle.” The phrase refers to a hedgehog’s ability to roll into a ball and defend itself better than any other species, resulting in success. So what does this have to do with entrepreneurship? The author argues that all great companies have this in common: they know what they can do better than anyone else, and they stick to it.
Think about this for a second, because it isn’t as obvious as it sounds. Many entrepreneurs will try to offer a variety of different products and services to try to stay afloat in difficult times. They think that if they just offer enough variety, surely they will attract some customers. But Collins says that the opposite is true. Companies succeed when they offer something with a quality that no one else can match.
I was traveling a few months ago, and went into a coffee shop that had recently opened. This was a classic example of a business that didn’t know who it was. It acted as a jazz venue on Thursday nights, had a pasta feed on Wednesdays, and had just added pizza to their coffee menu, which could be eaten beneath their tiny wall of prints that they called an art gallery. These were all good ideas, but none of them were done well. A successful coffee shop would focus on perfecting its core competency: coffee.
So there should now be one question that you should ask yourself: what can you do better than anyone else? Do that and do it well. There will be plenty of opportunities to become distracted with unrelated opportunities. Don’t dilute your product or service. Instead, remember why the hedgehog succeeds.
Want more tips on starting a business? Check out our episode, “Crash Course on Starting a Business.”
