Think outside the box…WAY outside!
Have an idea for a business but worried it’s too far-fetched? Well, check out some of the ventures profiled in this issue of The Vault from Biz Kid$. These entrepreneurs prove that with a little creativity and a lot of hard work, you can turn a crazy dream into a real money maker. Sometimes, an oddball idea is just something that nobody’s ever thought of before—which means you have the market all to yourself!

Entomological enterprise—eek!
Some people might find insects creepy, but Kenny finds them profitable. He breeds and sells lobster roaches as food for reptiles and amphibians. He can even provide specific sizes of roaches as customers request them. He wants to expand his business into selling geckos. Watch the video here:https://bizkids.com/show.aspx?clip=/resources/flv/season_1/122D_LobsterRoaches.flv

Beautiful barbecue buggy
Kurt Beecher Dammeier owns an artisan cheese shop in downtown Seattle. After developing a barbecue recipe that wowed his employees, he decided to take it to the streets—literally. He had a local sculptor build him this amazing, one-of-a-kind steel hog from which to peddle his punchy pulled pork sandwiches. See the creation of this fine swine: http://www.maximus-minimus.com

Biz Kid$ tip: Do what it takes to stand out from the crowd. Kurt’s sandwiches are good, but his truck is genius.

Profitably practiced prestidigitator
Abracadabra—Adam turns his talent into gold. Years of hard work have made him an accomplished magician despite his young age. He takes his act all over the place, from schools to hospitals to birthday parties, making people smile—and making his business burgeon. See Adam in action here:http://www.youtube.com/watch?v=PRi1LP5Ddps

Smashing stress success
Japanese chiropractor Katsuya Hara gives frustrated folks a chance to blow off some steam safely by smashing porcelain dishes in his mobile stress relief center “The Venting Place.” He even recycles the broken tableware. See the video: http://www.youtube.com/watch?v=cDREuBAnf7M

More weird and wonderful businesses
From video game coaching to knife-throwing, here’s an article about 10 of the most interesting entrepreneurs around:http://www.nichegeek.com/10_weird_businesses_that_make_money_out_of_nothing

If you’re buying a pack of gum, you probably don’t need to put a whole lot of thought into it. But if you’re buying a car, a computer, or anything else big, planning and preparation make a difference.

Worst Deal Ever
In France in 1965, a lawyer named André-François Raffray offered Ms. Jeanne Calment, then 90 years old, a deal: he would pay her $500 a month if he could have her apartment when she passed away. Unfortunately for him, she lived to age 122—the oldest human ever, outliving him by two years.

Step 4: Get the deal
For a lot of larger items, such as cars and computers, only fools pay full retail. Always ask if you can get a better deal and make sure to shop around. Make sure you know what warranty they offer—but be wary of paying for an extended warranty, as it’s rarely worth it. Finally, make sure you know their return policy. Items like apparel are often returnable; electronics and cars are often not.

Step 5: Think again
Before you take the plunge, make sure you’re making a smart buy with a few simple questions: Do you need it? Can you afford it? Are you getting the best deal? There’s nothing worse than making payments every month for something you don’t want any more.

Money can be fun. It can help you buy things, take trips, and treat your friends. But money is also serious business—and there are certain financial mistakes that can cause serious problems in your life. If you fall into these traps, it can be hard to dig yourself out and even harder to achieve your financial goals.  So don’t be a chump—avoid these four financial mistakes. But first, let’s take a look at our Biz Kid of the month!

These young streetwear retailers learned a valuable lesson when they were just starting out. If you’re into collectible sneakers and street culture, check out their Web site at footraffik.com. We spoke with one of the founders, Johnny Nguyen.

Tell me what your business is all about.
We have a retail store called Foot Traffik, which is a sneaker boutique.  We sell limited edition sneakers, exclusive apparel, some collectible / specialty shoes, and consignment shoes.  We cater to a niche market, and are trying to provide an experience — ‘sneaker lifestyle’ and streetwear culture.
I started it with two other partners, and now we have a fourth partner.

What is one of the biggest mistakes you made when opening your store?
When we first opened the store we held off getting an alarm system.  We had a lot of consignment inventory that people had trusted us with, and my parents suggested that we get an alarm system.  The week before we were about to get a system, a burglar broke into the store, stole $10,000 worth of inventory and caused some damage.

How did it impact the team?
It was a real hit to the morale of the team — we were riding a high momentum, especially after having a successful launch of the store.  But we didn’t take into consideration that this could happen and it was a real shock.

How did it change the way you do business?
Now I give more weight to my parents’ advice!  And now we all hope for the best but plan for the worst — we are more realistic, and don’t take unnecessary risks with the business.  It was a really humbling experience.

How is business now?
Things are going well, and we are starting to create our own brand based on the store’s ‘Foot Traffik’ name.  We have managed to bounce back from the robbery by working hard and staying focused on our goals.

What is your advice to kids?
The slogan for street culture is to ‘keep moving’, so that’s what I would say to any kid who’s made a mistake.  Don’t let the mistake paralyze you — get up and keep moving.  Don’t give up — it will work out if you keep trying.

Financial Mistake #1: Overspending
With so much cool stuff competing for your attention and your dollars, it’s easy to spend more than you make, or just spend too much on things you don’t need. The only way to build financial resources is to spend less than you bring in and save the difference.

The cure: Make a budget and stick to it. Save what you don’t spend. And, don’t be a shopping zombie—think about what you buy and whether it’s really important to you or not.  <>

Financial Mistake #2: Too much credit
Credit cards and loans can be useful. They can also be a trap. Interest charges can really add up if you carry a balance. And too much debt makes it difficult to save anything because you’re so busy paying for what you bought yesterday. Missing credit card or loan payments can really mess up your credit score, which can affect your ability to do things like rent an apartment or get a mortgage.

The cure: Always try to save up for major purchases rather than putting them on a credit card. And visit optoutprescreen.com to reduce the number of credit offers you get in the mail.

You can always have the latest thing…or you can shop smart and save a bundle. In this issue of The Vault, we present tips and tricks for spending less…and getting more!

A penny saved is MORE than a penny earned
If you pay 20% income tax, you have to earn $5.00 to buy a $4.00 sandwich. In that case, every dollar you save instead of spend would be worth $1.25! That’s why smart biz kids make their dollar stretch!

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What kinds of things do you do to stretch your dollar?
I love to use coupons and watch for special sales in the newspaper circulars and on the web.  I also shop at garage sales and use thrift store clothing to “upcycle” into fun, trendy and hip “make-over” wardrobe pieces.Why is it important to get the most bang for your buck, in your business?  
My customers always come back because my prices are the best available!

Do you also try to shop wisely as a teen, outside of your business?
Yes I ALWAYS do! Always look in the local newspapers and online on Craigslist and other sites for bargains. Do research before purchasing expensive items like computers, software, cameras and other machinery. Go to matinee movies, shop at thrift stores, and use coupons! Sometimes, I go online and print out coupons on the items that my mom buys the most. She will usually give me half of the money I save her with my coupons after shopping and helping with putting away the groceries.

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Do you really need it?
TV, radio, billboards, friends–everywhere you turn, people are trying to get you to buy the latest thing. It’s easy to just open your wallet every time something cool comes along…at least until your wallet is empty. Don’t be a fashion victim. If you really want something, wait a day or two–or a week or a month-to buy it. A lot of times, you’ll forget all about it. If you still want it, you’ll know it’s worth it.

Find the best deal
The Internet makes comparison shopping a snap. Many phones have apps that let you scan barcodes right in the store to see if you’re getting a good deal. When you’re checking out from an online store, look for discount codes at sites like retailmenot.com.

When you’re shopping bricks-and-mortar style, remember that you might pay a premium for going to a high-end store. It might be fun to go to the mall in Beverly Hills, but a regular department store might have the same stuff a lot cheaper. Also, consider buying it used. Not only is it good for your bottom line, it’s good for the planet, too.

Buying cheap won’t always save you money
It’s good to save, but the lowest price isn’t always the best deal. Cheap goods that fall apart quickly can end up costing you more in the long run than higher-quality but more expensive items. On the other hand, high-priced stuff can be junk, too.

The best strategy is to do your research. Use sites such as consumersearch.comor product reviews on online shopping sites to give you the scoop from people who’ve been there. While you’re at it, check out their return policies–buying something you can’t use and can’t return is the most expensive mistake of all.Be clever
Think outside the mall. Is this something you really need to buy? Could you borrow it from a friend? Could you make it yourself? Could you earn it a different way–say, in exchange for doing work around the house? If you want to save money, use your brain instead of your bucks.

You’ve probably heard the saying “think outside the box.” It means to look beyond the obvious to find a creative solution to a problem. But do you know where it comes from? Some people say it comes from this puzzle. Try to connect all the dots using only four straight lines. You’ll literally have to “think outside the box!”

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Students at the Massachusetts Institute of Technology are about to change the world of transportation with their new invention called The Copenhagen Wheel.  This is a great example of thinking outside the box. They developed a hybrid-electric wheel that can bolt onto any bike to help push the cyclist along. It also works with an iPhone to provide all kinds of useful fitness and location information to the user. Check it out!

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* Here’s a list of things you can do to make yourself more creative.

* Try these “lateral thinking” puzzles to get yourself thinking beyond the obvious.

* Read everything you can. The more knowledge you have, the more unexpected connections you can make.

Looking for a job can be tough–but the real challenge starts after you land one! Do you know what it takes to make yourself a valuable employee?

Your boss is in charge–but he or she is also just a person like you. It’s a two-way relationship.

Don’t have a summer job yet? Want to make a difference in the world? Why not work for yourself and your community by becoming a social entrepreneur? In this issue, we’ll look at some resources and ideas that can help you get your social venture off the ground.

It all starts with you
In business, an entrepreneur is an individual who sees an opportunity and grabs it. You can do the same thing with opportunities to make your community and the world better. You don’t have to start a big organization or raise millions of dollars. All it takes is an idea and the dedication to follow through with it.

To get started, ask yourself, what changes would you like to see in your community–or the larger world?

• Are there people in need of food, shelter, friendship, or opportunities?
• Are you passionate about specific a social or environmental issue?
• Is there a lack of opportunity for young people in your community?
• Do you have a skill that you’d like to share or offer to people?

Next, find some like-minded friends or relatives to help you out. Have a meeting to brainstorm some ideas for how you can achieve your goals. Build your resources by raising money or recruiting more volunteers. Then, go out and do it!

Talk to the experts
There are lots of resources out there. Youth Venture is one of the best–they help young social entrepreneurs with $1,000 grants and other assistance to get projects going. Their mission is “to change fundamentally the role of young people in society, such that society values youth as powerful agents for social change.” Now that’s a worthy goal!

Why be a social entrepreneur? 
Besides the impact you will have on the world, following an idea through to completion in the real world and leading a team will give you a sense of empowerment. It might take you outside your comfort zone in ways that will help you learn about yourself and grow as a person. And, it will help your resume or college application stand out from the pack.