Financial Fluency: Saving Essentials

Written by: Cheyenne Simpson Board Member Profile: Dr. Marlena Robinson Meet Dr. Marlena Robinson; a founding Mason Makes Money Fund board member! With a background in education, she contributes to the organization by providing input to our programs through an educational lens. As an organization in service to provide entrepreneurial and financial education to today's youth, Marlena’s role is vital. She helps promote entrepreneurship for youth, by advocating during our grant cycle, and by providing an impactful experience to participants to propel their entrepreneurial endeavors. As a board member, Dr. Robison attends meetings as needed to discuss updates and important topics with the board. She reviews and vets the candidates applying for the MMMF grant during our three grant cycles during the year. WOW! That means Dr. Robinson has a lot of influence on how things run at MMMF. Here, Dr. Robinson has graciously shared some insight into what traits a prospective board member should have. “You have to be willing to do the work that supports the mission of that company.” says Dr. Robinson. “This requires more than just making sure you're checking all the boxes for your role.” Connections are important to have movement in any work or business relationship. Dr. Robinson is driven by the mission and purpose of MMMF which inspired her to be a board member. When asked to provide advice, Dr. Robinson states with a smile, “have fun!” “I’m honored to be a board member of this organization; it feels good to be shaping future leaders and business owners.”

Written by: Jenna Sherman, Founder of Parent-Leaders Teenage Entrepreneurial Adventure: Guide to Launch Your Own Business Embarking on an entrepreneurial journey at a young age is both thrilling and daunting. The path to success is paved with dedication, strategic planning, and a deep understanding of the business landscape. As you prepare to launch your venture, embracing certain foundational principles will not only steer you toward your goals but also enrich your journey with invaluable learning and growth. Dive Deep into Market Research Before setting the wheels in motion for your business, invest time in exhaustive market research . Understanding the nuances of your chosen market, who your potential customers are, and what your competitors are offering is pivotal. This knowledge arms you with the insight to spot both opportunities for innovation and potential pitfalls. It's about crafting a niche for your business that responds directly to the needs and desires of your audience, setting the stage for a venture that's both relevant and resilient. Choose a Suitable Business Structure Forming a limited liability company offers you protection from personal liability, meaning your personal assets are safe if your business faces legal issues. You'll enjoy tax advantages, as LLCs can choose how they are taxed, which can lead to significant savings. You can save by forming an LLC through Zenbusiness , a formation service. Develop a Comprehensive Business Strategy A meticulously crafted business plan is your roadmap to success. This document should clearly articulate your vision , strategies for achieving your objectives, and financial forecasts. It guides your decision-making processes and is a crucial tool for communicating your vision to potential investors or partners. F orge a Strong Brand Identity A compelling and memorable brand name and identity can significantly enhance your business's market presence. T he right branding resonates with your target audience, building recognition and loyalty. It encapsulates your business's ethos, values, and unique selling proposition, making your venture stand out in a crowded marketplace. Prioritize Organization and Efficiency Staying organized is non-negotiable in the fast-paced world of entrepreneurship. Effective management of your ideas, tasks, and progress is essential for maintaining focus and efficiency. Leveraging apps like Trello and Asana helps streamline your processes, ensuring that every aspect of your business is aligned and moving forward. As a teenage entrepreneur, you stand at the threshold of an extraordinary journey. It's a path that promises not just the potential for financial success, but the opportunity for personal growth and learning. By taking the above steps, you're equipping yourself with the tools and mindset needed to thrive. To learn more about Parent-Leaders, please visit www.parent-leaders.com.

Written by: Cheyenne Simpson A Day in the Life of a Young Entrepreneur Over the last 5-10 years, more and more kids are entering the world of business and finance. So what would a day in the life of a young CEO consist of? Do these kids wake up and go to school like everyone else their age? Yes. Are they spending their free time after homework endlessly scrolling on apps like Instagram and Tik Tok? Definitely not. Today we will take a dive into a few things young entrepreneurs might spend their time doing. Don’t beat yourself up if you're a young, future CEO and your schedule doesn’t match. This may also give you some insight on how you can change something that takes up your time, and ensure productivity. Take Sarah for instance, she’s 18 now and started selling rubber band bracelets when she was 10. “There were days I missed out on parties and getting together with friends because I had so many orders.” she explains. This is a perfect example of sacrifice. Young entrepreneurs are required to give up a lot of the things they'd rather be doing in order to grow and build their business. Luckily, this group usually makes the foundation of this business something they are passionate for. In a way, it’s the game of give and take, where the young CEO still wins in the end. They might have to give up extracurricular activities to attend business workshops, or speeches from other young entrepreneurs to inspire and motivate them. They still gain the skills, and determination needed to run any business. Sarah will graduate high school this summer, and she still has a stable clientele that orders her bracelets. She's even thinking about adding more inventory that’s outside of that. “I couldn’t have accomplished my goal if I spent time partying and being on social media. I would advise younger entrepreneurs to start by getting a planner and becoming organized. Make time to sit with your parents or mentor to discuss your business plan and goals, and then you can have fun.” That’s boring! I want to work on my business but I don’t want to give up on fun. Let’s not get ahead of yourself readers, fun is a necessity, whether you're young or old. MMMF offers tips through our newsletter where young CEOs can do both! We want you guys to meet like minded young entrepreneurs, not just for networking but who doesn’t like making friends? We mention multiple opportunities to do so, so stay up to date with everything MMMF. We also include information for free workshops like Kids Konnect to develop your business and even learn about marketing and branding, among other things. You can still have fun, and grow your business at the same time. It doesn’t have to be boring and hard to understand just because you're younger.

Written by: Cheyenne Simpson Interviewing 101 Working for yourself comes with its own challenges, one of the biggest ones being funding. Young entrepreneurs of today rarely have the experience needed to obtain funding from larger corporations or individuals to support their business. To date, Mason Makes Money Fund (MMMF) has funded six young minds, all of whom have not only had amazing businesses, but the skill sets, character traits, and the drive needed for MMMF to partner with them. Let’s take a look at some of these characteristics that our last grant winner has! One characteristic that helps with interviewing with potential investors is courage ! Sean Diggins is the founder and CEO of Kids Inspiration, LLC. At 10-years-old, he brought his business to MMMF, with no guarantee that he would be chosen, but it took courage to risk possible rejection. Through his courage, Sean inspires others, young and old to push past insecurities and fears of rejection. Okay, that’s obvious. I’m courageous and brave, but how does that get me the proper funding? That's what you may be thinking. Well ladies and gentlemen, let’s dive deeper into it shall we? Sean didn’t just have courage, he had mentorship as well. Sean could have spent his time on Fortnite like other kids his age but instead, he decided to participate in professional development workshops. He could have hung out with friends, but he spent time with his mentor, working on his business plan and goals. So after courage, let us add passion and determination . It takes passion to step away from everyday life and really apply focus to your goals, like Sean. These are characteristics you should showcase these traits while interviewing for anything, but especially for funding. Showing your passion and determination lets the potential investor know that their money will not go to waste if they give it to you. It shows them that you are serious about your business, about your goals, and about your partnership with them. Organizations want to make sure their money is going to self-driven individuals who push themselves through the highs and lows that come with being a leader and an entrepreneur. Finally, confidence is truly key, and always remember, “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” - Thomas Edison. To be courageous and confident like Sean, apply for an MMMF grant by clicking here . Show MMMF and the world what you’re made of; the deadline is April 1!

Written by: Mary May How to Handle Rejection The word “no” is something that everyone has been told in their life. Rejection can be especially hard when you present a business venture or idea that you are really excited about and invested in. Although hearing the “no” can be a real disappointment, it can also be inspiring and beneficial. Rejection is an inevitability that entrepreneurs have to face. The ability to take constructive criticism is a skill that can be developed. Developing this ability is essential because it allows individuals to bounce back from setbacks and continue their journey toward success. Setbacks happen in life, especially professionally, and learning from rejection can make someone’s business thrive. People will always have differing opinions, and these opinions can influence one’s business. When rejection happens, receiving feedback is an invaluable source of information to make necessary improvements. Even though being told “no” may seem like one step backwards, it is actually one step closer towards success. Hearing “no” can redirect you to actions that will lead you to “yes!” It is also important to remain professional and respectful when someone says something about your business. It is not good to burn bridges. With that being said, even if a business proposal is declined, maintaining a positive relationship with the decision-makers may lead to future opportunities. The ability to take rejection is something that every business owner has had to go through, either on a small or large scale. It is important to note that taking rejection should not be seen as a failure, but rather a surge to push yourself further. By remaining positive, and keeping your ideas flowing, eventually, that “no,” will easily turn into a “yes.”

Written by: Mary May How to Best Prepare for the Holidays as a Business Owner As a business owner, it is important to adequately prepare for different holiday seasons. This preparation can be seen as making a plan, having enough product, and maintaining a festive attitude. A game plan for each business is a great way to get ready for an influx of customers. By looking at past records and sales, business owners can predict how many customers they can expect. Companies can look to hire more people in order to work during the holiday season, to ensure that each customer is taken care of. Black Friday, the day after Thanksgiving, is a big shopping day and tensions can be high within the crowd. By sufficiently preparing employees to handle the crowd, it can save a lot of time and energy. Within a plan is the amount of product a business might need. Product, especially if it is centered around a specific holiday, is bound to sell out; there are a few ways that business owners should do their best to prevent this from happening. One way is by knowing your customers and the trends going on in real life. Learn and educate yourself on what people are looking for, and make those kinds of products available. Another way to prevent products from selling out is by looking at past sales. As stated above, it is important to learn from the past and format one’s business around it. The way that a business’s product is presented is another meaningful way to get customers interested. Having nice set-ups and designs will attract people and make them want to buy something. Finally, a great way to make customers feel welcomed during the seasons is by maintaining a happy and cheerful attitude. For employees and business owners, the holidays and constant working can be hard, but it is imperative to remember that you are making these people’s day. By helping them find the perfect gift for somebody, it can be a great feeling. Putting on a smile and wave while welcoming people into your store, can be the reason that they end up feeling comfortable there and buying something.

Read about the importance of customer service to your business!

Find out about the Sgt. Ford Academy based in Colorado!

What is a mentor? Why should you have one? How do you get one? Find out all of that and more with this week's blog post!