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  • When you are a little kid, you have all of these dreams and aspirations however, you

  • do not rush to achieve them since you are still a little kid, you have to grow up first.

  • You still have to complete your school and then go to college, graduate and then maybe

  • you might consider pursuing them. But some kids decided to take another path

  • and launch their business ideas while they were still teenagers.

  • take an example of Nick D'Aloisio

  • Nick D'Aloisio of Summly

  • He is no longer a teenager but he hit his million-dollar benchmark back when he was

  • still just 16 years old. Nick has developed a couple of really basic

  • apps back when he was much younger but his first truly successful app was Summly.

  • Initially, back in March of 2014, the app was finally ready to be launched, however,

  • it was named Trimit then. The idea behind it was simple, it used an algorithm to condense

  • text such as emails and blog posts into a summary of 1000, 500, or 140-character text.

  • With 100,000 downloads, the app was featured on the App Store. Shortly afterward, Trimit

  • attracted the attention of business magnate Li Ka-Shing, who provided 16-year-old D'Aloisio

  • with US$300,000 in venture capital investment. After gathering some feedback, D'Aloisio re-designed

  • the app and renamed into Summly in December 2011.

  • Summly aimed to solve perceived problems with the way news articles are presented on smartphones,

  • with the initial version of Summly being downloaded by over 200,000 users. He hired a team, including

  • a scientist, who specialized in natural language processing, to improve the app. With corporate

  • support, in November 2012, D'Aloisio received US$1 million in new venture funding from celebrities.

  • In March 2013, D'Aloiso sold Summly to Yahoo for approximately US$30 million and he didn't

  • even hit 18 at that time and joined Yahoo! as a product manager.

  • 2. Robert Nay of the Bubble Ball App

  • The second millionaire on this list is Robert Nay who also has built his way to becoming

  • a millionaire in a very similar way. Back when he was a little teenager, he started

  • working on a simple physics puzzle gameBubble Ball. It is a 156-level puzzle game with

  • puzzles ranging from very simple to really challenging. In December of 2010, the game

  • was ready so Robert Launched it and he was only 14 back then.

  • the expectations weren't high since it was a really simple game and Robert wasn't an

  • expert in this field. But sometimes that's how the best ideas come to life. In its first

  • two weeks, the game did better than anyone would have expected, it generated 2 million

  • downloads from the app store alone in such a short period which is phenomenal.

  • the app started getting more and more attention quickly surpassing 16 million downloads and

  • at one point displaced Angry Birds from its number one spot on the list of free games

  • in the Apple app store.

  • 3. sean Belnick

  • The third on our list has surpassed everyone else. He started a little bit later, he was

  • 14, when launched bizchair.com. It wasn't the best period to start an online business

  • since the dot com bubble crashed in 2001 and literally, hundreds of companies went out

  • of businesses. However, Sean believed in this idea and was confident it's going to work.

  • at the end of the day, he literally had nothing to lose except the 500 thousand dollars his

  • stepdad decided to invest in his company, he was just 14 and his entire life was still

  • ahead of him, even if it failed miserably, he would still gain the experience at least

  • of loosing 500 thousand dollars. but that's not what happened.

  • The business took off like a rocket, what started as a little business from a bedroom

  • moved to 40,000-square-foot (3,700 m2) facility by 2004, earning millions of dollars along

  • the way and making its founder a multi-millionaire by age of 17.

  • In fact, BizChair.com reported $13.6 million in sales in 2005. In 2006, sales rose to $24

  • million. In 2007, total revenue was $37.5 million. And next year, he reached $42 million

  • in revenue.

  • 4. Fraser Doherty

  • Our next hero is Fraser Doherty or Jam Boy as he is known. He started making sugar-free

  • Jam based on his Grandmother recipe and began selling them on a tiny scale to his neighbors

  • and local shops. But his ambitions didn't stop there, he wanted to grow and sell his

  • Jam all across the country (Britain). So he convinced his dad to take him to Waitrose

  • and pitched his idea to them. At first, they refused since labeling and pricing were wrong.

  • However he did not give up, after multiple attempts, he eventually got it right and they

  • agreed to put it on their shelves all over the UK. The jam went to become so popular

  • that it stocked in big chains such as Tesco, Sainsbury's, Morrisons and his business was

  • turning over a £1m a year. Making him eventually a teen millionaire.

  • 5. next on our list is Ashley Qualls

  • who started whatever.com as a hobby back when she was just 14. The website was designed

  • to provide free Myspace layouts and HTML tutorials for people in her age demographic and supported

  • entirely by advertising revenue. She used the basement of her home as her office, employing

  • her mother and friends from school. She made 70 thousand dollars in the first months. But

  • that was just the beginning because she had earned over a million dollars by age 17, making

  • her a teenage millionaire.

  • She received multiple offers to acquire her company but Qualls has turned down all of

  • them including an offer for 1.5 million dollars and her choice of any car. That's a weird

  • option, I mean if she would choose ASTON MARTIN VALKRYIE, the car is going to be more expensive

  • than the amount they are offering for her website.

  • Shouldn't you just add that up to your the deal you are making and that's about it?

  • seems like it was a failed attempt to win over a teenager.

  • Gladly she did not accept the deal because the number of visitors kept going through

  • the roof. In 2007 her website had over 7 million unique visitors a month and generated millions

  • of dollars along the way.

  • 6. Catherine and David Cook

  • When Catherine and David moved to New Jersey and were enrolled in their new school. they

  • looked through the yearbook and realized it was a terrible tool for meeting people.

  • Dave showed his sister a picture of a girl he wanted to date but through that yearbook,

  • there was no way to meet that girl and that's when MEET Me was born.

  • They simply decided to make an online yearbook and add a tool through which members could

  • meet each otherHowever, they didn't have the tools neither

  • they had the skills to turn their idea into a reality so they hired a development team

  • from India. In the first week, 400 people joined and slowly

  • it started taking off once other schools began to join.

  • in just under a year, the number of users grew to a million.

  • The teens were already making millions of dollars but the biggest boom came when they

  • received an offer from Quepasa to purchase MeetMe for a hundred million dollars, 18 million

  • dollars in cash and 82 in stock.

  • The number of people who earned millions of dollars while still being teens is way longer

  • than this video can possibly cover. But you get the idea, it doesn't really matter how

  • young are you. If you have an idea that truly inspires you or it seems like a possible business

  • idea that could work out. It very well might deserve a shot and if you are still a teen,

  • you will have way less to lose than when you grow up and have more responsibilities on

  • your shoulders. I can tell you that from my own experience. But most of you are adults

  • and there is no way to turn the time back, however, the message is it doesn't really

  • matter how old or how young are you!  It's more about you and your dedication.

  • But before you start a business, you want some assurance that your business idea is

  • going to work, you don't want to spend an enormous amount of time and money to start

  • a business and find out that you were digging in the wrong place.

  • it's true that, with the rise of the internet, opportunities are just endless, but the book

  • - will it fly by Pat Flynn - will teach how to test your idea before you go all in and

  • find out that it all was a mistake.

  • The great thing about it is that if it turns a mistake you can move on and start your next

  • venture without wasting so much time and money.

  • Of course, time is limited and you might not have the time to read the book cover to cover,

  • that's why you need someone who would summarize the entire book and share with you the best

  • and most important insights.

  • that's when Blinkist comes into the pictureit takes the best insights from thousands

  • upon thousands of nonfiction books and summarises them into a 15-minute read and listen for

  • half of the price of the book.

  • In Today's age, it's difficult to sit down and learn, since we are surrounded by so many

  • distractions and social media is just wasting hours upon hours of our time and you need

  • Blinkist to get the best ideas from the greatest nonfiction books.

  • The first 100 people to go to blinkist.com/proactivethiner are going to get unlimited access for 1 week

  • to try it out. You'll also get 25% off if you want the full membership.

  • I hope you guys have enjoyed this video. Make sure you give it a thumbs up and hit that

  • subscribe button and the bell besides so that the next video appears right on your homepage.

  • thanks for watching and until next time.

When you are a little kid, you have all of these dreams and aspirations however, you

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Fastest Way Teenagers Became Millionaires

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    Summer posted on 2020/07/30
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