59 min listen
271 | Future Proof
FromChooseFI
ratings:
Length:
67 minutes
Released:
Nov 20, 2020
Format:
Podcast episode
Description
In a world of uncertainty, how can we future-proof our skillset and also create an environment to help our kids thrive as adults? Growing up, Brad never thought about entrepreneurship, but as he has gotten more into this FI mindset, the concept has shifted for him and how he is a model and mentor for his girls. While Brad initially thought virtual learning might not be good, he has reframed it and now believes his daughters will look back on this year as a time when they were living their best life. Both girls have gone through The Simple Startup workbook, but Molly seemed especially taken to it. After spending a day last week cleaning out one of Brad‘s garden beds in her free time at home, his daughter Molly and her friend have decided they would like to start up a landscaping business. It may be that you just need to see the framework and behavior model for entrepreneurship. The business idea may not be as important as understanding the framework for building a business as quickly as possible. Brad sat down with Molly to help her think her way through what it is she is capable of and really wants to offer with her business. Whether or not her gardening endeavor ever takes off is less important than the thought process they worked through which can help her out the next time she has a business idea. Having these conversations with your kids is a great way to connect and future-proof their lives. While the majority of people in the world will never become entrepreneurs, it's good to start thinking like an entrepreneur and have evidence of what you have skills you have built. The Simple Startup still has openings for the Winter Challenge. One student from a previous course is 9-year-old Analise, who while hesitant at first, ended up crushing it with her business, Creative Card Designs. The concept behind Creative Card Designs are fun personalized cards you would want to send to someone to say hello, thank you, or for occasions like birthdays. Analise hand draws each card. She has some designs that can be personalized but also takes design requests. Her business mission statement is: To connect people by making quality, personalized cards for different occasions. Keeping her business under control, so far Analise has sold two cards. She wants to make it bigger, but sometimes she messes up and burns through her materials just making one card. So she's trying to scale her business by going digital. This will allow the cards to still be personalized, but make it easier on her. After coming up with the idea, starting the business, and creating different designs, Analise has set up a website for online ordering which goes directly to her Gmail account. Currently, she's charging about $5 a card and making a $2 profit, but by going digital, it will be easier to make the cards and allow her to possibly drop her prices. Brad thinks Analise will be able to test out the price for her cards and find the perfect per card price. Analise's motivation for starting the business was to make money, but also thinks it's good to learn how to take control of your own things and not always have to work for someone else. Andrea, Analise's mother, says the business has been going well and that her daughter has enjoyed learning and adding to her knowledge base. Andrea appreciates that someone is providing support and guidance when they have these ideas. Analise didn't go into the class with the card idea in mind. she had several ideas she was torn between and sought feedback from Rob and her classmates before settling on the personalized card business. Her advice to other budding entrepreneurs is that you have to come up with an idea for something people actually want, as well as something that will be profitable. She says that if you have a business, don't give up too quickly, and you have to work hard at it if you want to be successful. Analise isn't too afraid of failure. After drawing designs and spending all her money on materials, she realized she
Released:
Nov 20, 2020
Format:
Podcast episode
Titles in the series (100)
005 | Why Everyone Needs Dave Ramsey and Why You Should Ignore Him: In Today’s Podcast we cover: Dave Ramsey and Jonathan’s history following him Dave’s unyielding stance on debt: don’t do it Review and evaluate Dave’s teaching philosophies Baby Step 1: Get an emergency fund of $1,000 by ChooseFI