No. 1 mistake: Over-estimating the size of their market and their potential market penetration
Today's Entrepreneur is Arnie Benn, Co-Founder and CEO of AllowanceTree. According to his VEQ (an entrepreneur assessment test) Arnie is a thought leader and is good at technology design and project development.
AllowanceTree is one of the top contenders competing in the Splash LA competition. Check it out here.
Vator’s community is the home to entrepreneurs who embrace their passion and follow their dreams. Our profiles allow members to express themselves by sharing their interests, lessons learned, as well as bits and pieces of their roller-coaster journey.
These profiles give entrepreneurs an opportunity to showcase themselves and tell their story. So if you are an entrepreneur, a serial entrepreneur, or even an aspiring entrepreneur, we'd like to hear from you.
I am a(n):
Startups I worked for:
Wireimage, RayV Inc
If you are an entrepreneur, why?
I want to change the world.
My favorite startups:
Square, Curbsy, KiteEdu
What's most frustrating and rewarding about entrepreneurship/innovation?
A mountaineer should no more be frustrated by the height of Everest than he should feel unworthy of reward at the summit.
What's the No. 1 mistake entrepreneurs make?
Over-estimating the size of their market and their potential market penetration.
What are the top three lessons you've learned as an entrepreneur?
Get to market without needing large amounts of capital.
Be willing to pivot and aware of the need to do so.
Trust your gut.
(Want to be profiled? Just fill out your Vator profile and we'll find you! Or you can email firstname.lastname@example.org)
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On AllowanceTree, kids and teenagers manage and grow their real money in a fun, interactive, and parent supervised platform that mirrors the real world. They learn financial literacy and healthy money habits by doing, with their own money. They can save, invest (in their grades), give charity, diversify, take out loans (from their parents) and learn to avoid debt. Ages 9-17.
This product is a much needed and timely solution to the prevailing problem of financial illiteracy. Everyone seems to agree that if children were taught finance in a stimulating, technologically exciting environment, where they could learn to succeed and fail under controlled circumstances, they would grow up far better equipped to deal with the financial stresses that life entails. Our hope is that this product will help spare the current generation of youth from the sometimes catastrophic consequences and burdens that financial illiteracy has placed on the lives, marriages and happiness of their parents' generation.