I received an email from an aspiring young entrepreneur in Florida. He has the same question, albeit with his own parameters, that we all have when trying to get started. Here is the summary of his question, and my thoughts:
Dear Mike,
How do I become successful at my age? I am 15 and I have been inventing products since I was 13 and I just can’t get a good break. My parents don’t have enough money to patent any of my ideas and I can’t set up a meeting with a company because either they think I am too young or I don’t have a patent. I also can’t get a job because I am not old enough either.
My products are realistic and I know that I have great profitable ideas. But how do I pull this off with my current situation. It would be amazing if you could provide me with a powerful answer that can lead me into the road of success. I want to be able to support my family and I want to start selling products that can be great convenience in people lives. It is extremely frustrating when I think of a great idea but all I can do is sketch it and put it in my folder and it just sits their I need to take action now. Thank you very much for your help.
Mike's Answer:
First of all, I am amazed that you have the wherewithal to be pursuing your own company at age 15. That is awesome! I understand it can be discouraging at times, but we all face this. Whatever you do, don't stop pursuing your dream. Don't stop!!!
In regards to your questions, I hate to say this, but I don't have a magical answer. And I bet nobody does. Regardless, here are a few tips to get you back on track:
- Check out the website of Cameron Johnson, he started his first company at age 7 and had four or five companies under his belt by the time he was your age.
- Patenting and manufacturing a product requires money. But it doesn't have to be your money. Maybe you can find a manufacturer that is willing to pay for the manufacturing for a stake in your company. Maybe you can go to extended family. There is always a way. Always. It took Walt Disney over 300 hundred tries to get financing. If you haven't tried at least 300 times, you haven't exhausted all the possibilities.
- Service businesses can be typically started with very little money. Can you spawn a service company, that uses the concepts you have for your inventions? Then down the road convert over to the product.
- Can you make it yourself? If you can build it with your own hands, you may be able to do it in your bedroom or basement. That's how one of our most successful Partners got started.
- Are you asking yourself better questions? A lot of us (me in particular) will get stuck in a rut of asking the same lame questions over and over in my head. The result is the same lame answer. Instead, we need to ask better and NEW questions of ourselves. Then just sit back and let our heads sort it out.
- Whatever you do, DON'T GIVE UP. Maybe these tips will help get you started, but they are not the end all be all. Be relentless, be tireless, and you will ultimately win.
And one more thing. On your eighteenth birthday, contact Obsidian Launch. You sound like the type person we like to partner with.
I wish you great success.
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