10 year kid from Tanzania launched Kids Finance Startup
We are creating a new interconnected world for teenage entrepreneurs to network with fellow members, cultivate innovations, apply for funding, access entrepreneurship education, join local chapters, share expertise, and solve challenges.
We are super excited about young entrepreneurs who are improving the lives of other teens, applying solutions to real-world problems, producing thriving businesses, and pivoting the world to the future.
If you know of any teenager who has launched a business as a teenager and is below 25, we would be happy to cover his/her story. Please reach out to [email protected], sending some basic info, and we will respond within 48 hours.Tracy Rabi, Founder
By Sheema Kazi and Yashika Khurana
DAR ES SALAAM, KAWE, TANZANIA. APRIL 07 2020. John W Rogers once said, 'Financial literacy is just as important in life as other basics.' Most of us know the price of this saying, but there are hardly a few who realize it at just nine years of age.
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Meet Tracy Rabi, founder, CEO at Kidsfinancewithtracy based at Dar es Salaam, Kawe, Tanzania. This venture took shape after Tracy read the book, 'Rich Dad Poor Dad.' The book made her realize the essence of financial literacy. She was surprised to learn that such an important subject of financial literacy was not a part of the school curriculum. To explore this and how much kids know about this subject, she started talking about it with her friends. To her surprise, none of her friends knew anything about finance. It was this lack of awareness that triggered the spark and Tracy decided that she would do something to spread knowledge and bring about a change in the children.
Tracy thought of a way to initiate a conversation between children and their parents in this area. She started making flashcards with an illustration of finance and distributed it to the children. Curiosity and Interest developed in children. They enquired with their parents and elders about it. In this way, a rare conversation on finance would strike between them. Parents loved how this was shaping up curiosity in their kids; they took a step forward and came to Tracy, asking for these cards. This way, her business started growing.
Tracy used her savings of 60,000 tzs to design and print the first batch of flashcards. These savings came from the pocket money that her parents used to give her 10,000 tzs for every nonfictional book she read. She had enough money from her savings to work on her idea. When she saw more and more people interested in her cards, she realized that this could be a good business. She then decided to launch it as a business in the year 2019 and named it 'Kids Finance With Tracy.' The venture started with Tracy being the sole owner. She took it to new heights by creating social media pages, posting videos and pictures about the subjects of importance. This digital push helped her business in engaging more people. Besides, she started providing help and support to many children and discussed crucial topics without charging any fee for it. She assisted them in exploring their interests and encouraged them to be entrepreneurs.
With the active engagement of the audience, Kidsfinancewithtracy is reaching new heights. The demand for flashcards has increased from a few to hundreds now. Her mom, Mrs. Lilian Makoi Rabi, and another employee have joined her venture, making it a business of three people today. Tracy's mom Mrs.Rabi, is also Tracy's mentor. She has guided her and has helped her believe in herself.
Like every entrepreneur, Tracy came across a lot of hurdles on the way, such as financial loss, drop in the sales. But every time she faced a failure, she overcame it with the utmost determination. With such an optimistic attitude and determined efforts, Tracy succeeded in selling 30 copies at a kids' event in Ubongo, which fetched her an invitation to TedX as a speaker. Tracy is the first TedX kid speaker in Africa. Local newspapers and The Citizen have also recognized her.
Tracy loves interacting with children and helping them. The impact she has on them excites her to do more. She aims to sell 500 flashcards and reach 100,000 followers on social media to reach out to more children in 2020. Her sales to-date were $1200, with a profit of $430. She plans to print the cards in other regional languages to lend support to more children.
Tracy looks up to Bill Gates as her role model. She appreciates the way he manages the finance and also helps the needy. Tracy wishes to develop a personality like him and hopes to appear in Forbes magazine and have a global impact on children. She advises entrepreneurs to focus on becoming a successful entrepreneur and not just an entrepreneur.
Despite being occupied with many things, Tracy manages to find some time for reading. As she aims to become an entrepreneur in technology and finance, she reads books such as 'How to start a Business' by Caleb Madix to help her achieve it.
She believes in the quote,' If you have faith in God, he can help you in anything.' Having faith in God and believing in herself, Tracy is successfully growing her venture and helping children.
By hard work, grace and faith, Tracy has secured a bright future for sure.
Sheema Kazi is our creative content writer. She is pursuing her Bachelor's degree in B.E.(Information Science and Engineering) from K.L.E. Institute of Technology, Hubli, Karnataka.Yashika Khurana is our lead contributing writer. She is pursuing her BTech degree from Maharaja Agrasen Institute Of Technology, Delhi,India.
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