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When you are a little kid, you have all of these dreams and aspirations however, you
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do not rush to achieve them since you are still a little kid, you have to grow up first.
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You still have to complete your school and then go to college, graduate and then maybe
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you might consider pursuing them. But some kids decided to take another path
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and launch their business ideas while they were still teenagers.
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take an example of Nick D'Aloisio
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Nick D'Aloisio of Summly
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He is no longer a teenager but he hit his million-dollar benchmark back when he was
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still just 16 years old. Nick has developed a couple of really basic
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apps back when he was much younger but his first truly successful app was Summly.
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Initially, back in March of 2014, the app was finally ready to be launched, however,
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it was named Trimit then. The idea behind it was simple, it used an algorithm to condense
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text such as emails and blog posts into a summary of 1000, 500, or 140-character text.
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With 100,000 downloads, the app was featured on the App Store. Shortly afterward, Trimit
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attracted the attention of business magnate Li Ka-Shing, who provided 16-year-old D'Aloisio
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with US$300,000 in venture capital investment. After gathering some feedback, D'Aloisio re-designed
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the app and renamed into Summly in December 2011.
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Summly aimed to solve perceived problems with the way news articles are presented on smartphones,
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with the initial version of Summly being downloaded by over 200,000 users. He hired a team, including
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a scientist, who specialized in natural language processing, to improve the app. With corporate
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support, in November 2012, D'Aloisio received US$1 million in new venture funding from celebrities.
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In March 2013, D'Aloiso sold Summly to Yahoo for approximately US$30 million and he didn't
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even hit 18 at that time and joined Yahoo! as a product manager.
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2. Robert Nay of the Bubble Ball App
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The second millionaire on this list is Robert Nay who also has built his way to becoming
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a millionaire in a very similar way. Back when he was a little teenager, he started
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working on a simple physics puzzle game - Bubble Ball. It is a 156-level puzzle game with
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puzzles ranging from very simple to really challenging. In December of 2010, the game
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was ready so Robert Launched it and he was only 14 back then.
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the expectations weren't high since it was a really simple game and Robert wasn't an
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expert in this field. But sometimes that's how the best ideas come to life. In its first
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two weeks, the game did better than anyone would have expected, it generated 2 million
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downloads from the app store alone in such a short period which is phenomenal.
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the app started getting more and more attention quickly surpassing 16 million downloads and
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at one point displaced Angry Birds from its number one spot on the list of free games
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in the Apple app store.
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3. sean Belnick
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The third on our list has surpassed everyone else. He started a little bit later, he was
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14, when launched bizchair.com. It wasn't the best period to start an online business
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since the dot com bubble crashed in 2001 and literally, hundreds of companies went out
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of businesses. However, Sean believed in this idea and was confident it's going to work.
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at the end of the day, he literally had nothing to lose except the 500 thousand dollars his
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stepdad decided to invest in his company, he was just 14 and his entire life was still
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ahead of him, even if it failed miserably, he would still gain the experience at least
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of loosing 500 thousand dollars. but that's not what happened.
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The business took off like a rocket, what started as a little business from a bedroom
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moved to 40,000-square-foot (3,700 m2) facility by 2004, earning millions of dollars along
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the way and making its founder a multi-millionaire by age of 17.
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In fact, BizChair.com reported $13.6 million in sales in 2005. In 2006, sales rose to $24
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million. In 2007, total revenue was $37.5 million. And next year, he reached $42 million
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in revenue.
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4. Fraser Doherty
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Our next hero is Fraser Doherty or Jam Boy as he is known. He started making sugar-free
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Jam based on his Grandmother recipe and began selling them on a tiny scale to his neighbors
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and local shops. But his ambitions didn't stop there, he wanted to grow and sell his
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Jam all across the country (Britain). So he convinced his dad to take him to Waitrose
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and pitched his idea to them. At first, they refused since labeling and pricing were wrong.
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However he did not give up, after multiple attempts, he eventually got it right and they
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agreed to put it on their shelves all over the UK. The jam went to become so popular
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that it stocked in big chains such as Tesco, Sainsbury's, Morrisons and his business was
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turning over a £1m a year. Making him eventually a teen millionaire.
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5. next on our list is Ashley Qualls
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who started whatever.com as a hobby back when she was just 14. The website was designed
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to provide free Myspace layouts and HTML tutorials for people in her age demographic and supported
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entirely by advertising revenue. She used the basement of her home as her office, employing
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her mother and friends from school. She made 70 thousand dollars in the first months. But
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that was just the beginning because she had earned over a million dollars by age 17, making
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her a teenage millionaire.
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She received multiple offers to acquire her company but Qualls has turned down all of
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them including an offer for 1.5 million dollars and her choice of any car. That's a weird
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option, I mean if she would choose ASTON MARTIN VALKRYIE, the car is going to be more expensive
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than the amount they are offering for her website.
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Shouldn't you just add that up to your the deal you are making and that's about it?
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seems like it was a failed attempt to win over a teenager.
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Gladly she did not accept the deal because the number of visitors kept going through
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the roof. In 2007 her website had over 7 million unique visitors a month and generated millions
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of dollars along the way.
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6. Catherine and David Cook
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When Catherine and David moved to New Jersey and were enrolled in their new school. they
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looked through the yearbook and realized it was a terrible tool for meeting people.
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Dave showed his sister a picture of a girl he wanted to date but through that yearbook,
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there was no way to meet that girl and that's when MEET Me was born.
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They simply decided to make an online yearbook and add a tool through which members could
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meet each other. However, they didn't have the tools neither
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they had the skills to turn their idea into a reality so they hired a development team
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from India. In the first week, 400 people joined and slowly
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it started taking off once other schools began to join.
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in just under a year, the number of users grew to a million.
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The teens were already making millions of dollars but the biggest boom came when they
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received an offer from Quepasa to purchase MeetMe for a hundred million dollars, 18 million
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dollars in cash and 82 in stock.
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The number of people who earned millions of dollars while still being teens is way longer
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than this video can possibly cover. But you get the idea, it doesn't really matter how
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young are you. If you have an idea that truly inspires you or it seems like a possible business
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idea that could work out. It very well might deserve a shot and if you are still a teen,
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you will have way less to lose than when you grow up and have more responsibilities on
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your shoulders. I can tell you that from my own experience. But most of you are adults
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and there is no way to turn the time back, however, the message is it doesn't really
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matter how old or how young are you! It's more about you and your dedication.
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But before you start a business, you want some assurance that your business idea is
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going to work, you don't want to spend an enormous amount of time and money to start
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a business and find out that you were digging in the wrong place.
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it's true that, with the rise of the internet, opportunities are just endless, but the book
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- will it fly by Pat Flynn - will teach how to test your idea before you go all in and
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find out that it all was a mistake.
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The great thing about it is that if it turns a mistake you can move on and start your next
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venture without wasting so much time and money.
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Of course, time is limited and you might not have the time to read the book cover to cover,
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I hope you guys have enjoyed this video. Make sure you give it a thumbs up and hit that
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thanks for watching and until next time.