The Youngest Entrepreneur – Part 3

One of the most fun and enlightening businesses ASBC works with is a young entrepreneur named Jacob who is forming Dizzy Skate Company (https://www.facebook.com/DizzySkateCo).  We have been meeting for several months now and Jacob has made a lot of progress in his business formation, strategy, and direction.  What I find amazing is that he is figuring out how to tackle the same problems that present themselves to an adult business owner, however he is seeing this from a very unique perspective.  I am actually learning how to be a better business advisor and consultant from him.  The teacher always learns more than the students and this is holding true in this instance.

Dizzy Skate Co - Jacob

While the actual opening of this business is about one year away Jacob is already figuring out how to market himself and his products.  He is doing logo design and has gone from a very complicated skull design to a simple concentric swirl that readily depicts a “dizzy” look and feel.  This cuts down on design costs, production costs, and follows the simplicity present in internationally known brands of sports apparel.  This from a guy who is 13 years old and just made straight A’s (one high B) on his last report card.  For him to understand the cash flow of an idea in the making is astounding.  I have adults who cannot grasp this concept.

He has also designed a comprehensive digital media campaign that will start getting the Dizzy name out into the main stream.  He is pioneering the use of social media applications I have never heard of and is pushing the #GetDizzy hashtag out under his company name.  Jacob also understands the use of local advertising for his locally based business.  He is devising a simple sticker that will promote his brand and his simple #GetDizzy idea.  His question at our last meeting centered on should he sell or give away these stickers?  Again, he was weighing the cost of manufacturing these stickers against the marketing value of them being in circulation.  After a discussion on the value of branding verses the value of the sale Jacob decided he would produce 100 stickers, keep 10 locked up for future sale when his brand is a household name, give away 50 to his friends and co workers, and sell the other 40 for $1.00 each.  Again, Jacob was grappling with a decision on how to balance his expenditures with his return on his investment.  His decision was based on sound marketing principals and on affordability of his needs.  Business 101.

Stay tuned for more updates on Jacob and his venture into the world of business.  This little guy is going to take over the world and ASBC will always be right beside him to help guide the way.

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