Entrepreneurial Kids: Moving from Consumerism to Entrepreneurialism

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"You can have everything in life you want, if you will just help other people get what they want."
- Zig Ziglar

We are conditioned to be consumers. We get this both from our human nature of “me first”, what do I want thinking, and all the marketing and advertising that surround us preying on those selfish instincts. But how do we use those same instincts to create rather than just consume?

How well do you remember the short fidget spinner craze? Every kid and some adults had to have a fidget spinner to play with. I began seeing kids playing with them and within a week my son came back from his 2nd-grade class and told me that he really wants a fidget spinner. So we start checking them out.

We went to the store and after some difficulty, we found them for $19. We decided to check online and find them on Amazon for between $8 and $15.

Now normal consumer mode is, you go to the store, you see something you like, and you buy it. I wanted it, I bought it. Mission accomplished.

Advanced consumer mode is you see something that you want, you look around for the best price and then you buy it, congratulating yourself that you saved money, and ignoring the fact that you just spent money. So saving money really wasn’t a savings at all just a reduction of the amount you spent.

I wanted to show my son something else and so we checked out the Alibaba site which is a great place to pick up products from overseas wholesalers. We found fidget spinners that you could buy in large quantities at great prices, then we found one seller whose minimum quantity was 5 and the price was $1.75 each. Now we could have slipped back into consumerism and purchased a larger quantity and walked away feeling good about the deal we had gotten. But I wanted him to see the bigger picture.

I wanted him to take that instinct of “I want something” and understand how others wanted things too and so we had a conversation about other kids. Do the kids in his class want some of these too? We talked about him possibly buying these at these low prices and selling them to others in his class.

So, he decided to go for it. I placed the order and he went to his piggy bank and brought me $8.75 for the 5 fidget spinners.

Three weeks later they arrived and he obviously had fun playing with them. But the next morning he took them with him in his backpack. Now he had already told a few of his friends about them and so the first day he sold 2 for $5 each and by the end of the week, he sold a third one. He decided to give one of them to his sister and of course, keep one for himself.

This meant that while he had to wait for three weeks before he got one, he now had one for himself, he gave one away to his sister and he helped three kids in his class get one at a very low price compared to the stores. Plus, he walked away with a profit of $6.25.

Standard consumerism means he pays $19 for a toy. Entrepreneurialism means he helps others get one for much less then they would have and he walks away with a toy and a profit.

We talked about doing the whole thing again and making some more money. And this led to 2 conversations.
  1. Understanding the temporary nature of a fad. I talked to him about what a fad is and how they come and go, sometimes rather quickly and since he had seen this one come quickly but didn’t have enough life experience to see fads go, I told him stories about how other fads had come and gone. And we realized that this fad would fade in time.
  2. His natural market for selling these was limited and he realized that almost every one of the kids he knew now had a fidget spinner and trying to sell more, while it’s possible, would face increasing difficulty. There are times to take your small easy profit and walk away instead of always reaching for more and bigger profits.
Being an entrepreneur doesn’t always mean that you have to start a business. Sometimes it just means seeing a need and realizing that you can find a solution to that need for yourself and others. But it requires you to see beyond your own, me first, what do I want mentality and think about what others want. Because if you help enough others get what they want, you will be able to get what you want.

Today Christian still talks about fads and points out things that he wonders might be or become fads. He is still dominated by the “me first”, what do I want mentality, (aren’t we all?), but he is now looking at the world and seeing opportunity to make money while helping others where before he saw only what he himself wanted.

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