The 6 Attributes Shared by Young Millionaires
Zietz works with manufacturers overseas to select durable, high-quality materials for her products. The products themselves are made overseas and shipped to her for distribution to retailers and consumers. Buyers assemble the equipment themselves using a simple set of instructions.
Starting a line of more durable lacrosse equipment was a natural decision -- both because entrepreneurship runs in the family and because Zietz is a lacrosse player herself. She took a 33-week program called the Young Entrepreneur’s Academy, and at the end of it, pitched to investors her idea for high-quality lacrosse products. She won just over $2,700, and with it, worked with suppliers overseas to secure her first 45-foot container of goals and rebounders. That container can hold 250 rebounders and 500 goals, but it’s no longer big enough.
Zietz now needs full containers, which hold 500 rebounders and 1,100 goals, for her growing business.
Unsurprisingly, the company has experienced some growing pains. Given that she uses a factory in China, Zeitz once was unable to fill orders because she’d underestimated how long it would take for a product shipment to reach her.
She’s since learned to reorder when her containers are half empty. She’s also looking into a domestic factory and negotiating with other factories in China for additional products she is evaluating.The setback didn’t hurt sales, which reached $200,000 in their first year. This year, Gladiator Lacrosse is on track to bring in over $1 million.
Those revenue figures come from the sales of just two products. Not for long, though. “We’re looking to expand into the lacrosse ball market,” Zietz says. “We’ve been researching standards, so we’ll have balls with different colors.”
Also on tap is a line of compression socks.
Other future plans include working on an endorsement deal and looking into expanding into sports retailers such as Brine in Boston. The company is also a sponsor of the Orange Bowl Lacrosse Classic and other tournaments.
Moreover, Amazon.com users rate the company’s goals and rebounders, which currently retail at $120 and $200 respectively, as the best in their category, even above brand names that are better-known. It makes sense, then, that Zietz’s accomplishments now include being a finalist for the Greater Miami Chamber of Commerce's 2015 Entrepreneur Award for young professionals.
She lost the Under 35 Entrepreneur of the Year category to a 34-year-old, but she took home the “Rising Star” award. She’s not worried about the loss, since she has another two decades of eligibility.
Zietz’s siblings -- Jordan, 13, and Morgan, 9 -- might also have futures as entrepreneurs. Jordan is a recent winner of an elevator pitch competition at the Young Entrepreneurs Academy, while Morgan is constantly pitching business ideas to the family.
Even if someone with an entrepreneurial spirit doesn’t have a family history of taking that path, Rachel advises not letting that get in the way.
Age shouldn’t be a barrier either. “It’s never too young to start. I started when I was 13, and it was successful. Most people are afraid, but if you’re passionate about it, you’re never too young.”
Friday, 20 March 2015
ASPIRING ENTREPRENEURS SHOULD DO THESE THINGS BEFORE THEY QUIT THEIR JOBS INTO STARTUP
If you are thinking of making the switch from a big company to starting your own business as Entrepreneur, then this is for you? Even while you’re still working, there’s a lot you can do to prepare yourself for the jump.
HERE ARE 4 TIPS TO HELP YOU TRANSIT
1. Never eat lunch alone One of the best assets you have from your time at a big firm is an extensive network of professionals who (hopefully) think well of your work. In your final months in the corporate world, you should invest in tending your current relationships and even building some new ones. A strong network can provide leads for new clients, employees or service providers. Plus, you may never again have access to such a large group of people who are free to dine with you, only a three-minute walk from where you are sitting.
2. Learn new skills At a big company, even as an executive, you probably have a specialized role in one functional area. But in your own company, you will need to be a “jack of all trades” -- so use your remaining time at a big company to learn a new trade, on the company’s dime. You can join a cross-functional project that will increase your exposure to a new area, or take advantage of training and development classes. For example, my old employer offered a day-long introductory course in Agile Development open to anyone, regardless of job function. This would be a valuable investment of time for any budding technology entrepreneur.
3. Ask for advice on functions you don’t know about Don’t know anything about marketing? You’d think it would be a smart move to meet with a senior marketing leader at your company for a few tips as you start your new venture but you’d be wrong.
When you are starting out, what you really need is practical advice. The responsibilities of a VP of marketing at a Fortune 500 company are completely different from what you’ll be doing marketing your small business. She won’t personally use any of the software tools you’ll need, and the agencies she would recommend are likely to be well out of your price range. Plus, the right marketing for an unknown startup is vastly different than for a well-known industry leader. So what do you do instead? Seek out co-workers who used to be entrepreneurs themselves, and ask them about how they did everything. What services did they use? How much did they pay consultants? What functions did they do themselves that they now regret not outsourcing? And what turned out to be easier than they thought? You’d be surprised about how readily people will share this information, and it will be practical advice you can use.
4. Take advantage of your big company benefits One thing that’s vastly different when you start your own business is the loss of corporate benefits. As an entrepreneur, you’ll need to have medical and dental, but your plans might not be as comprehensive -- and all other benefits go out the window. So in your last few months, schedule that elective surgery you’ve been putting off, max out your 401K contribution, take that class using tuition assistance or make those contributions to your alma mater while you can apply for company matching funds.
There’s nothing unethical about taking advantage of all your benefits as long as you are employed there. Making the jump from the corporate world to starting your own firm can be scary, but it is worth taking the plunge.
HERE ARE 4 TIPS TO HELP YOU TRANSIT
1. Never eat lunch alone One of the best assets you have from your time at a big firm is an extensive network of professionals who (hopefully) think well of your work. In your final months in the corporate world, you should invest in tending your current relationships and even building some new ones. A strong network can provide leads for new clients, employees or service providers. Plus, you may never again have access to such a large group of people who are free to dine with you, only a three-minute walk from where you are sitting.
2. Learn new skills At a big company, even as an executive, you probably have a specialized role in one functional area. But in your own company, you will need to be a “jack of all trades” -- so use your remaining time at a big company to learn a new trade, on the company’s dime. You can join a cross-functional project that will increase your exposure to a new area, or take advantage of training and development classes. For example, my old employer offered a day-long introductory course in Agile Development open to anyone, regardless of job function. This would be a valuable investment of time for any budding technology entrepreneur.
3. Ask for advice on functions you don’t know about Don’t know anything about marketing? You’d think it would be a smart move to meet with a senior marketing leader at your company for a few tips as you start your new venture but you’d be wrong.
When you are starting out, what you really need is practical advice. The responsibilities of a VP of marketing at a Fortune 500 company are completely different from what you’ll be doing marketing your small business. She won’t personally use any of the software tools you’ll need, and the agencies she would recommend are likely to be well out of your price range. Plus, the right marketing for an unknown startup is vastly different than for a well-known industry leader. So what do you do instead? Seek out co-workers who used to be entrepreneurs themselves, and ask them about how they did everything. What services did they use? How much did they pay consultants? What functions did they do themselves that they now regret not outsourcing? And what turned out to be easier than they thought? You’d be surprised about how readily people will share this information, and it will be practical advice you can use.
4. Take advantage of your big company benefits One thing that’s vastly different when you start your own business is the loss of corporate benefits. As an entrepreneur, you’ll need to have medical and dental, but your plans might not be as comprehensive -- and all other benefits go out the window. So in your last few months, schedule that elective surgery you’ve been putting off, max out your 401K contribution, take that class using tuition assistance or make those contributions to your alma mater while you can apply for company matching funds.
There’s nothing unethical about taking advantage of all your benefits as long as you are employed there. Making the jump from the corporate world to starting your own firm can be scary, but it is worth taking the plunge.
EVERY WOMAN SHOULD PLAN FOR THESE 5 FINANCIAL SITUATIONS BEFORE SHE IS 35 YEARS OF AGE
Let's face it, men and women are not the same.
They're built differently, think differently, and even save differently. And it should be no surprise that throughout their lives, women experience unique financial situations compared to their male counterparts.
While there's no such thing as a "one size fits all" approach to financial planning, there are certain stages in a woman's life she can expect and plan for. From living longer to having children to taking care of aging parents, here are five financial scenarios every woman should be ready to face. Saving for retirement It's no secret that women live longer than men. Five to 10 years longer, to be exact.
But with longevity comes the burden of saving for a longer retirement. On average, women make less money than men, are more likely to leave the workplace (more than once) to raise children, and often save or invest less aggressively than men. That's why it's crucial to get an early start.
Meet with a financial adviser early in your career to start planning. And if you plan on leaving the workforce to raise children, it's important to save as much as possible while you're working. That includes contributing to your company 401(k) plan (especially if your employer offers a match) and not being afraid to take risks with your investments. Financial experts advise women to work as long as possible, at the highest salary possible, to ensure they sock away enough for retirement. And it's not unheard of for women to re-enter the workforce after retirement to supplement their income, even if it's just part-time.
Building an emergency fund If you don't have an emergency savings account, it's time to open one ASAP. Financial experts recommend saving three to six months of expenses in the event that you suddenly lose your job or have an unforeseen medical emergency. The last thing you want to do in a time of hardship is worry about paying your rent or piling up credit card debt. The key is to start off small. A few hundred dollars a month can add up to a nice safety net a few years down the road. Consider savings options outside of your bank. Money market accounts and CDs offer higher interest rates and take several days to access, which will keep you from using the funds for impulsive purchases.
Getting married In 2013, the average American couple spent $30,000 on the wedding. These extravagant bashes have caused many couples to enter marriage with overwhelmingly high debt. To avoid this fate, it's best to create a budget with your partner, stick with it, and start saving immediately. Avoid maxing out credit cards and taking out loans. If you fall short of your budget, ask family members or even ask your guests to contribute some money.
Couples have been known to forgo wedding gifts for financial support from family and friends to help pay for their wedding or honeymoon. Going on maternity leave Having a child is a joyous and exciting time. It's not uncommon for first-time parents to take extra time off from work.
Before that happens, it's important to plan with your partner how you'll support your family while on leave. While employers are required by law to offer parents at least 12 weeks of unpaid, job-protected maternity and paternity leave, statistically, mothers spend more time away from the workforce after the birth of a child than fathers do. Certain states offer paid maternity leave in the form of short-term disability, but that may only amount to a few hundred dollars a week for four to six weeks. That's hardly enough to supplement a growing family’s income for three months. Some employers offer voluntary short-term disability insurance to mothers, covering partial or full premium costs.
But if that’s not an option, you may need to look into getting supplemental short-term disability insurance. Just be sure to sign up well before you plan on having a child, as some insurance companies require policy holders to pay premiums several months prior to their getting pregnant before covering any pregnant-related expenses. The key to either option is to plan ahead. Taking care of aging parents Studies have found that daughters take care of aging parents twice as much as sons do.
Even if your parents have their retirement savings in place, it's important to plan on how you'll assist them when they get older – whether through financial support or at-home care. It may also be wise to consider getting long-term-care insurance to prevent future health costs from becoming a burden down the road. Learn more about life planning at Lincoln Financial Group's website. This post is sponsored by Lincoln Financial Group.
While there's no such thing as a "one size fits all" approach to financial planning, there are certain stages in a woman's life she can expect and plan for. From living longer to having children to taking care of aging parents, here are five financial scenarios every woman should be ready to face. Saving for retirement It's no secret that women live longer than men. Five to 10 years longer, to be exact.
But with longevity comes the burden of saving for a longer retirement. On average, women make less money than men, are more likely to leave the workplace (more than once) to raise children, and often save or invest less aggressively than men. That's why it's crucial to get an early start.
Meet with a financial adviser early in your career to start planning. And if you plan on leaving the workforce to raise children, it's important to save as much as possible while you're working. That includes contributing to your company 401(k) plan (especially if your employer offers a match) and not being afraid to take risks with your investments. Financial experts advise women to work as long as possible, at the highest salary possible, to ensure they sock away enough for retirement. And it's not unheard of for women to re-enter the workforce after retirement to supplement their income, even if it's just part-time.
Building an emergency fund If you don't have an emergency savings account, it's time to open one ASAP. Financial experts recommend saving three to six months of expenses in the event that you suddenly lose your job or have an unforeseen medical emergency. The last thing you want to do in a time of hardship is worry about paying your rent or piling up credit card debt. The key is to start off small. A few hundred dollars a month can add up to a nice safety net a few years down the road. Consider savings options outside of your bank. Money market accounts and CDs offer higher interest rates and take several days to access, which will keep you from using the funds for impulsive purchases.
Getting married In 2013, the average American couple spent $30,000 on the wedding. These extravagant bashes have caused many couples to enter marriage with overwhelmingly high debt. To avoid this fate, it's best to create a budget with your partner, stick with it, and start saving immediately. Avoid maxing out credit cards and taking out loans. If you fall short of your budget, ask family members or even ask your guests to contribute some money.
Couples have been known to forgo wedding gifts for financial support from family and friends to help pay for their wedding or honeymoon. Going on maternity leave Having a child is a joyous and exciting time. It's not uncommon for first-time parents to take extra time off from work.
Before that happens, it's important to plan with your partner how you'll support your family while on leave. While employers are required by law to offer parents at least 12 weeks of unpaid, job-protected maternity and paternity leave, statistically, mothers spend more time away from the workforce after the birth of a child than fathers do. Certain states offer paid maternity leave in the form of short-term disability, but that may only amount to a few hundred dollars a week for four to six weeks. That's hardly enough to supplement a growing family’s income for three months. Some employers offer voluntary short-term disability insurance to mothers, covering partial or full premium costs.
But if that’s not an option, you may need to look into getting supplemental short-term disability insurance. Just be sure to sign up well before you plan on having a child, as some insurance companies require policy holders to pay premiums several months prior to their getting pregnant before covering any pregnant-related expenses. The key to either option is to plan ahead. Taking care of aging parents Studies have found that daughters take care of aging parents twice as much as sons do.
Even if your parents have their retirement savings in place, it's important to plan on how you'll assist them when they get older – whether through financial support or at-home care. It may also be wise to consider getting long-term-care insurance to prevent future health costs from becoming a burden down the road. Learn more about life planning at Lincoln Financial Group's website. This post is sponsored by Lincoln Financial Group.
Saturday, 14 February 2015
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