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Young Entrepreneur Series – TayBear

October 18, 2011

Taylor Crabtree is a young social entrepreneur. She was 7 years old when she had a great idea: She wanted to give a teddy bear to every kid hospitalized with cancer and chronic blood diseases. Taylor had seen the effect cancer had on her grandmother and thought it would be harder on kids her age. She wanted them to have something special to hug and to hug them back. So Taylor made hairclips and sold them for extra money to buy teddy bears.

Taylor’s goal was to buy 50 bears and donate them to her local hospital. But after she read letters from kids who got a bear, she knew she couldn’t stop and she started her own company, Tay-bear. Taylor now has over 1,600 volunteers helping her and has donated over 20,000 teddy bears to the Hematology/Oncology department of hospitals across the country with some to Canada and Mexico as well.

Taylor was chosen for the “Heroes Among Us” Award by People Magazine in 2006.

Here’s what Taylor has to say about starting a business: “I knew my business was very small. But I still needed to organize just like the big businesses. I had to know exactly where my money was being spent. So I learned some Quicken to keep better control of my money and went to the bank to get a business account. I learned that it is hard to start a business with very little money. I started to look at my expenses in a way that I could understand. For every $5 spent… that would be one child without a bear. So I am very careful with the money.”

If you’ve got a great idea for a business or you know a kid with great ideas, get involved with the Secret Millionaires Club Grow Your Own Business Challenge. Visit http://www.smckids.com/learnandearn to learn more.

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