M2: ‘A 5th-grade entrepreneur extraordinaire’
February 27, 2013
Craig — It can be hard for 10-year-olds to find ways to make money.
Logan Duke learned that lesson last summer when he wound up owing his mom $5 after paying overhead costs to run a lemonade stand.
For Logan, that just wouldn't do. Instead of giving up on his entrepreneurial dreams, Logan revised his business plan and is now selling paracord bracelets, also known as survival bracelets, and making quite a profit.
Made of lightweight nylon rope, the bracelets come in different colors and designs. He also makes paracord lanyards and key chains.
Logan began making the bracelets three months ago and already has pocketed $152.
That's pure profit for Logan, who has to contribute part of what he makes to tithing and a mission fund. As part of Logan's Mormon faith, he will go on a mission when he turns 18.
Half of his profits go to his dad, Todd, to cover the cost of the paracord, which Todd purchases for Logan to use.
In the process of running a business, Logan is learning what it means to be a businessman, including the principle of supply and demand.
"I've lowered the price of orange-and-white bracelets," Logan said. "Nobody likes orange and white together. It hasn't been selling."
He makes door-to-door sales — but never going into anyone's homes, as directed by his parents.
Customer John Ponikvar had only praise for the young salesman.
"Logan understands manufacturing, sales and finances," Ponikvar said. "As a 10-year-old his understanding of business is as good as mine was at 30. Logan is a fifth-grade entrepreneur extraordinaire."
Ever the entrepreneur, Logan is continuing to look for ways to expand his business. He is on etsy.com, a website where people can sell their creations, and he has ordered a book to learn how to make horse bridles out of paracord.
"It's really nice to see the ambition," his father said.
Darian Warden can be reached at 875-1793 or email@example.com