Teen millionaires: the young entrepreneurs running successful businesses | 7NEWS Spotlight

Summary

This video highlights the stories of young entrepreneurs, such as Jack Bloomfield, a 17-year-old millionaire, and others like Ally Katinas and Morgan Hipworth, who have built successful businesses while still in school. They share their journeys of overcoming skepticism and challenges, balancing school with business, and defying traditional educational paths. The video also features insights from renowned entrepreneur Gary Vaynerchuk, who critiques the education system and encourages young people to pursue their passions, emphasizing that formal education isn't necessary for entrepreneurial success.

Takeaways

• 🚗 A young entrepreneur, Jack Bloomfield, balances high school and running several businesses.
• 💼 Jack started small by mowing lawns and selling lolly bags, gradually growing his ventures.
• 🌍 At age 17, Jack has five e-commerce stores, selling various products from different countries.
• 🎓 Jack feels the traditional education system doesn’t support young entrepreneurs, often discouraging their dreams.
• 💻 His first successful venture was selling gift cards and managing an online medical data website at 13.
• 🎯 Jack's drive stems from his desire to bypass the traditional route of university and a long career path.
• 👩‍🏫 Another young entrepreneur, Ally Katinas, founded a skincare company using recycled coffee grinds at age 15.
• 🍩 Morgan Hipworth started baking as a child and now owns a successful donut shop with 20 employees by age 18.
• 📚 Many young entrepreneurs in the video express dissatisfaction with how schools handle entrepreneurship.
• 🌐 Gary Vaynerchuk argues that the traditional education system is outdated, especially for aspiring entrepreneurs in a digital age.

Q & A

Who is Jack Bloomfield and why is he featured in the video?

Jack Bloomfield is a 17-year-old Australian entrepreneur who started multiple successful online businesses while still in high school, earning over a million dollars in sales. He is featured as an example of a young person rewriting the traditional rules of success.

What motivated Jack Bloomfield to start his businesses at such a young age?

Jack was motivated by the fear of following a conventional path that involved going to university, getting a low-paying job, and waiting decades to enjoy a higher standard of living. He wanted to start something immediately to achieve success sooner.

What were some of Jack Bloomfield's early business ventures?

Jack's first business was selling gift cards online. He later designed a website that stored medical data and then launched five ecommerce stores selling various products, including bow ties and iPhone cases.

How did Jack manage to balance his entrepreneurial ventures with his school responsibilities?

Jack ran his business from home, managing his ecommerce stores from his bedroom while juggling school, homework, and sports. He described it as an uphill battle but continued to work hard in both areas.

Who is Ally Katinas, and what business did she start at age 15?

Ally Katinas is another young entrepreneur featured in the video. At 15, she started a boutique skincare business that repurposes used coffee grinds into facial and body scrubs.

What role did Ally Katinas' family play in her business success?

Ally's family, particularly her mom, provided support and encouragement. Her mom eventually became her employee, working alongside her in the business.

What inspired Morgan Hipworth to start his food business at a young age?

Morgan Hipworth, inspired by cooking shows, started cooking three-course meals for his family at age 7. By age 10-11, he was making cakes for family and friends, which eventually led to his first business supplying a local cafe with baked goods.

What were the challenges Morgan Hipworth faced while running his business and attending school?

Morgan struggled to balance school and business. While running his shop, he often found school boring and irrelevant. He even considered leaving school but ultimately decided to finish his education, despite finding it difficult.

How does the video describe the relationship between schools and entrepreneurship?

The video highlights that schools often do not support entrepreneurship. Young entrepreneurs like Jack and Morgan felt discouraged or laughed at when they expressed their ambitions. There is a general belief that the education system does not foster entrepreneurial skills.

What are Gary Vaynerchuk's views on the traditional education system?

Gary Vaynerchuk argues that the traditional education system is outdated, especially for entrepreneurs. He believes that memorization-based learning is no longer relevant in the age of the internet and that university degrees are no longer necessary for success in many industries.