Three Business Insights I Gained at Age Ten: A Lasting Impact
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Chapter 1: The Beginning of an Entrepreneurial Journey
What valuable business lessons can a child learn at the age of ten? You might be surprised to find that there are quite a few! My journey began with selling socks—special socks, to be precise!
"These socks are going to make us billions" — Probably what Nike executives thought.
At just ten years old, I noticed a trend at my school: kids were sporting stylish Nike Elite socks. These comfortable compression socks featured a distinctive stripe design at the back. Recognizing this trend made me wonder how I could capitalize on it. I craved unique socks that my peers didn’t have, which led me to explore various options. Different regions offered different Nike Elite designs; for instance, in Oregon, you could buy pairs that matched the local college colors. Living in Missouri meant our sock options were rather dull. Yet, I discovered that the more you traveled, the more exciting the sock selections became. Kids were shelling out between $40 and $60 for "rare" Nike Elite socks, and I realized that dyeing socks could create unique colors that weren’t available anywhere else in the U.S. As long as I achieved appealing designs, the sky was the limit.
Lesson #1: Riding the Trend Wave
Though I didn't know it at the time, I was engaging in what is now known as "trend surfing." I learned that if something is popular in my vicinity, it could also gain traction elsewhere—and I was right! Even today, Nike Elite socks remain one of the brand's best-sellers. Back then, owning a "rare" pair could fetch around $60, even though retail prices were only $14 to $17.
When trends take off, the market tends to expand rapidly. While supply and demand play roles, they’re not always the key factors in trend surfing, especially in 2023. Consider the fidget spinner phenomenon of 2017. What started as a few kids owning one or two quickly evolved into a must-have toy for every child, leading countless companies to profit massively from the trend.
The valuable lesson here is that trend surfing is a powerful strategy. It can guide content creation, product sales, and more. This insight has been instrumental in my success ever since.
Chapter 2: The Viability of Reselling
Many people, particularly in 2023, believe that reselling items isn't as profitable as it once was. When I began exploring ways to monetize my sock venture, eBay was my first stop. I was thrilled to find countless pairs of Nike Elite socks for sale there. People were buying these socks at local malls and then reselling them on eBay for two to three times the original price. The same strategy can still work today with a bit of creativity.
Recently, I came across a side hustle involving Facebook Marketplace, where individuals find free or inexpensive old furniture, refurbish it, and then sell it for a profit. Understanding when to buy and resell can lead to a successful venture!
Lesson #3: The Importance of Persistence
When I first embarked on this journey, I had little idea of what I was doing. My sole motivation was to find a way to earn money to play World of Warcraft with my friends. The desire to make money from my "sock venture" pushed me to persist, even when faced with challenges.
I started small, buying just one or two pairs of socks at first. To supplement my income, I did chores for family members. Every effort went into flipping socks. I had to learn how to navigate eBay and take quality photos of the socks I was selling.
Ultimately, my persistence paid off. I sold hundreds of pairs of socks and managed to profit from this unexpected trend. Although I began with losses and confusion, I gained valuable experience and satisfaction along the way.
Wrapping It Up
Reflecting on my childhood experiences, I am grateful for the lessons learned. This journey has been enriching, and I hope you find these insights valuable.
If you're interested in discovering 101 lessons I've learned throughout my entrepreneurial journey, feel free to download my free list of insights!