Can an 11 Years old Own a Business?
A young entrepreneur is a child or young adult who finds opportunities to start and operate a business. Through basic understanding of financial literacy, learning problem solving skills, you can turn your idea into business.
Here is an interview with Emma Lo who started her own Simply Key business at the age of 11.
So Emma how did you start your business idea?
I watch loads of youtube. I love to design and also to get my hands dirty. One day, I saw a Youtube video about making customised key for my gaming keyboard and I asked my dad to buy some raw materials to make the keys.
After I finished making my first set of custom keys, I only wanted to use them for my own keyboard. But then I still had some spare raw material left and I was not sure what to do with it. I then asked my dad what do, and he suggested maybe I could try to make some extra keys and to sell them in eBay.
How to you start your own business ?
In the beginning, I tried to use eBay to sell my products, however later on, I found out that eBay is not specialised for selling handcraft products. I then had to find an alternate platform to sell my products. At last, I found that I could open an online store on Etsy.
How to you promote your product?
I took some photos with my iPhone and set different display theme. I then used Canvas software to create my own label. My mum also helped me to create a business account on instagram and a business page on facebook. I tried to pay a bit of advertisement fee on Etsy, and then the business just took off. I got orders as far as from the US. My parents were very impressed that I could do my own packagng and print the label for custom declaration with postage paid all in one go!
How to you work out your profit and capture the money?
I had to calculate the raw material cost, postage cost and then add a bit of my labour time. I also research similar products on the market to make sure the pricing is reasonable.
For the income, it goes into my bank account which my parents open for me when I was 9 years old.
What is your advise for the young people who want to become an entrepreneur?
Look into the problems to solve, be resilient and perseverance with your dream, be motivated and be brave!
To find out more about my products, check https://www.instagram.com/simply_keycaps/
Interviewer: Sandy Lien
Interviewee: Emma Lo
Script by: Ethan Lo
Review by :Jonathan Lo
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