Friday, 20 March 2015

ENTREPRENEURSHIP HAVE NO AGE LIMIT: IT IS NEVER TOO EARLY NOR TOO LATE TO START YOUR BUSINESS IDEA T

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.”

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