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- Mar 7, 2016
- 9
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Hey Fastlane folks.This is something I meant to post a couple of months ago, but the message is still valid.
Back in April, I had the opportunity to judge at a high school business and marketing organization’s national competition. I was involved with it as a student 20+ years ago and have some wonderful memories, so I wanted to help foster that in the current generation of students.
The event I judged was essentially like a “Shark Tank” scenario, except that I was the only shark and I was awarding judging points instead of venture capital. All of the students presented their businesses in a manner that would entice an investor to partner with them. The kicker is that these businesses were not hypothetical or abstract in any manner. These are businesses that these young people were actively running and had to show proof of ownership. Family businesses were not eligible for entry into this competition.
Much as I tried to go in without preconceived notions, I expected 90% of the businesses to be drop shipping operations, ecommerce, apps, the stuff you would expect to see for sale on Flippa and the like. Boy, was I wrong. While there were a couple drop shippers (and skilled ones at that), the businesses ran the gamut throughout many sectors and scales. Some of the ones I can recall off the top of my head:
Outdoor / fishing apparel brand.
Virtual tutor platform.
Landscaping.
Auto parts resale.
Non-profit design service for local, small businesses.
Apiary / honey products.
Handmade dog accessories.
NFT mint & marketplace.
Rare & collectible sneaker resale.
There were quite a few other and they were all impressive from concept to execution. Not all of them were following the Fastlane principles, but all of these young business owners were learning invaluable lessons of entrepreneurship that will undoubtedly help them later in life. All of them presented well and spoke in a way that showed true understanding of their operation. At least one of the drop shippers had a sophisticated system with a solid grasp of product research tool and even a decent degree of automation with offshore virtual assistants.
The depth of involvement varied as well. Some businesses were in the fledgling stages and closer to a proof of concept than an ongoing business concern while some were making healthy profits from their efforts. One of the sneaker brokers had testimonials from professional athletes and was grossing well over six figures… as a high school student! Considering that these are all people between 15 and 18 years old, the creativity and capability on display had this so-called ‘oldest millennial’ floored.
Not to have this post drag on, but I just wanted to report that the spirit of entrepreneurship and creating value where a potential market presents itself is not lost on the up & coming generation. On the other hand, Elon, pls buy TikTok and delete it (lol).. If you have the opportunity to participate in organizations that foster business acumen in young people (ex: DECA and FBLA in North America), go for it!
Back in April, I had the opportunity to judge at a high school business and marketing organization’s national competition. I was involved with it as a student 20+ years ago and have some wonderful memories, so I wanted to help foster that in the current generation of students.
The event I judged was essentially like a “Shark Tank” scenario, except that I was the only shark and I was awarding judging points instead of venture capital. All of the students presented their businesses in a manner that would entice an investor to partner with them. The kicker is that these businesses were not hypothetical or abstract in any manner. These are businesses that these young people were actively running and had to show proof of ownership. Family businesses were not eligible for entry into this competition.
Much as I tried to go in without preconceived notions, I expected 90% of the businesses to be drop shipping operations, ecommerce, apps, the stuff you would expect to see for sale on Flippa and the like. Boy, was I wrong. While there were a couple drop shippers (and skilled ones at that), the businesses ran the gamut throughout many sectors and scales. Some of the ones I can recall off the top of my head:
Outdoor / fishing apparel brand.
Virtual tutor platform.
Landscaping.
Auto parts resale.
Non-profit design service for local, small businesses.
Apiary / honey products.
Handmade dog accessories.
NFT mint & marketplace.
Rare & collectible sneaker resale.
There were quite a few other and they were all impressive from concept to execution. Not all of them were following the Fastlane principles, but all of these young business owners were learning invaluable lessons of entrepreneurship that will undoubtedly help them later in life. All of them presented well and spoke in a way that showed true understanding of their operation. At least one of the drop shippers had a sophisticated system with a solid grasp of product research tool and even a decent degree of automation with offshore virtual assistants.
The depth of involvement varied as well. Some businesses were in the fledgling stages and closer to a proof of concept than an ongoing business concern while some were making healthy profits from their efforts. One of the sneaker brokers had testimonials from professional athletes and was grossing well over six figures… as a high school student! Considering that these are all people between 15 and 18 years old, the creativity and capability on display had this so-called ‘oldest millennial’ floored.
Not to have this post drag on, but I just wanted to report that the spirit of entrepreneurship and creating value where a potential market presents itself is not lost on the up & coming generation. On the other hand, Elon, pls buy TikTok and delete it (lol).. If you have the opportunity to participate in organizations that foster business acumen in young people (ex: DECA and FBLA in North America), go for it!
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