The business lessons for 2013 from a 14 year old entrepreneur…

Previously I’ve discussed my teenage son, Michael, and his entrepreneurial exploits. If you’re not familiar with Michael or what he’s done in the past, you can read more here.

So, with the New Year upon us, Michael got the urge to start another new business. With the teenage rite of passage of obtaining a driver’s license looming in the distance, he’s motivated more than ever to save enough money for his dream car, a Chevy Camaro. He knows if he relies on mom and dad to
purchase him his first car, he’ll more than likely receive a 2001 Buick. So, let’s say he’s motivated.

Anyway, before I would entertain consulting him on his latest business venture, I required him to outline his previous business attempts in 2012. He had to define the nature of the business, why he started it, how much revenue was generated, the expenses, what he liked most about the business, and finally why the business failed or why he stopped working on it. To my surprise, that same night he handed me his report (Wouldn’t it be great if everyone we worked with acted with this much purpose?). What didn’t surprise me were the ‘reasons’ for business failure.
Ultimately, he admitted that while he loved the ‘chase’ of starting a new business, the mundane maintenance of the business did not excite him and in many cases the business died because his passion died. I’m so proud that at 14 he’s able to be honest with himself at a level that many adults don’t achieve. I know I wasn’t that honest with myself at 14.

Naturally, being the teacher I am, I will use this as an opportunity to drive home a point . Anyone can be excited for a short time, some people can be excited for an extended period of time, but the winners stay excited for as long as it takes. Being in business is difficult because if you’re not always on fire and ready to go, you’re going to continually fail. I think he got my message and he’s using this picture of his dream car to fuel the fire.

This was the first lesson, of the New Year; for Michael but it also reminded me of my company, Automated Business Results journey through 2012. We set out to build a system that applies all the principles I’ve learned and used to achieve amazing results for my own companies along with the practices of my private clients. Hence, it’s been a LONG ride.

When the project is complete, we will have invested over 600 man hours and thousands of dollars outlining the curriculum, video recordings, editing the video, transcribing the video , and doing our best to make me, a bald, gray bearded guy look as good as possible . But, I’m a person who likes to do things right, so we’ve built a state of the art, comprehensive membership site to deliver our message. We’ve searched long and hard for the best vendors to create a fantastic set of products and ensure on timely delivery. And during this journey, it was essential that we remained as excited on the last day as we were on the first.

Well that day is now upon us and soon we’ll be making an announcement that our baby has been born.

But for now, let’s learn with my 14 year old, Michael. His story is far from over, in fact there are a many lessons to still be taught, so, over the next few days I’ll be sharing some stories that will leave you, just like me me, shaking your head, thinking, did a 14 year old really just do that? He’s making me look bad. As Jonathan Goldsmith, the famed Dos Equis beer “most interesting man in the world” says, “Stay Thirsty My Friends”.

Building a better business, one exciting project at a time…

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