The countdown has started to find the next winner of the Grow Your Own Business Challenge for children.
“Once a kid gets that bug, that idea, they become excited,” said the CEO of Kids for Kids, Norm Goldstein.
This challenge is one of the parts of a program that the Oracle of Omaha put together called Warren Buffett’s Secret Millionaires Club. The overall purpose of this club is to teach children at a young age the basics of owning a business and finances. The competition – held nationally online – kicked off on Monday at a special event launch party at the School of Education & Human Development at the University of Miami’s Launch Pad.
In the Miami-Dade County area, over 100 middle and elementary school students were part of the announcement for the annual challenge entering its fourth year.
“I’ve made thousands and thousands of dollars off of this product,” said Jake Johnson, the winner last year.
At just 15 years of age, the Charlotte, North Carolina native is already an owner of his own business, running a company that has a specialty in making custom bow ties.
“The Grow Your Own Business Challenge was a great way to not only get my foot in the door with entrepreneurship, but officially launch (my business) in about a month,” Johnson said.
He beat out around 4000 other children across the nation in the competition last year.
“I’ve always been known as the bowtie guy,” said Johnson. “So I just went home and started.”
And just like the challenge that Johnson faced last year, the goal this year is to get other kids inspired, thinking outside the box and started in business.
“What this is all about is to become entrepreneurial and successful around the world,” Goldstein said.