MILLIONAIRE teen Jack Bloomfield started his first business when he was just 12 and has shared his tips for starting a successful business in your spare time.
Jack, 17, who lives in Australia, started out by launching an online gift card company and a medical data website.
He claims to have earned millions from his five e-commerce sites where he sells trending products bulk-bought from places like China and South Korea.
As well as being a successful entrepreneur, Jack is also still a student in his final year of school, and generates his millions in revenue in his spare time.
He also runs online courses via his website with tips and advice for budding entrepreneurs.
Those courses are paid, but thankfully Jack has shared some of his top tips for business success in a recent blog post.
He wrote on LinkedIn: “It is my honest belief that if a 15-year-old with just $500 (£274) and the internet can start a business, anyone with a will can too whether you are 12 or 56.”
The millionaire, who lives in Brisbane, wrote about his experience of launching a “side hustle” while still studying at school.
He added: “The internet has made launching a business, and sharing your product or service with the country, and the world, easier and cheaper than it has ever been before.”
JACK BLOOMFIELD’S TOP TIPS FOR BUSINESS SUCCESS
1. Passion trumps profit
If you’re launching a side-hustle just to make money, you’re doomed to fail before you even begin.
2. Know what you’re in for
Yes, the rewards can be great, but you need to be honest with yourself about exactly what lies ahead of you. Are you really willing to give it everything you’ve got? To work outside work hours and weekends to make your dreams a reality?
3. Begin at the end
The first side-hustle you launch, or your first great idea, probably wont work. And your second one might not, either. But that’s fine. Failure is a precursor to success.
4. Take it seriously
When you start your side-hustle, you’re running a business. You’re a CEO, no matter how big or small your business is. And you’re in charge.
5. No idea is bulletproof
For most entrepreneurs, their first idea is never their best idea. And not all ideas are successful.
6. Be unrealistic
Goals and business targets are a fantastic way of growing your business, but too often people aim too low, celebrating mediocre results when they could have had so much more.
Jack previously told news.com.au that he’s on a mission to make entrepreneurship cool and inspire other kids.
He said: “It’s on the same level as rapping and sports stars – but at the same time, no one really talks about it.”
The young businessman believes if other kids see him out there being successful then it will help inspire a new generation of entrepreneurs.
Jack has previously given a TedX talk on how understanding online income can empower your life.
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