Leanna Archer, an honor student in Islip, N.Y., was 8 when she first tried to make a batch of homemade, natural hair products just like her mom's. Soon she began selling them in the neighborhood and then to stores.
Today the 12-year-old Leanna is the owner and CEO of Leanna's Inc., which sells hair-oil treatments, shampoos, conditioners and deep conditioners. Her products are sold online and in stores across the country, and she expects 2008 revenues to reach $150,000 -- up from $45,000 in 2007. This kid is making $5,000 a month
But while Leanna is clearly a high achiever, she's hardly alone. Often inspired by their parents, an increasing number of kids are starting their first businesses while they're still doing homework.
"Generation Y entrepreneurs enjoy taking risks," says Sean C. Rush, president and chief executive of Junior Achievement, an organization dedicated to inspiring young people to become successful in business. "Younger would-be entrepreneurs, even as young as 8 years old, indicate an interest in starting their own businesses, in order to use their skills and abilities, to be their own boss and to build something for the future."