Young and in Charge

May 18, 2007 — -- Jasmine Lawrence is about to finish her sophomore year at Williamstown High School in southern New Jersey. What is she going to do on her summer vacation? Make her first million.

That's because Lawrence, who is only 15 years old, is the founder and CEO of a line of all-natural hair and body care products called Eden Body Works that she started mixing in her basement four years ago.

Since then, her business has taken off. Today Lawrence sells her products through her Web site and at select Whole Foods stores. Soon they will hit the shelves in beauty supply stores and Wal-Marts across the country.

"I want to go worldwide," said Lawrence. "I want to get the products out there, the information out there. I want to encourage natural, healthy lifestyles around the world."

A Hot Product

It all started when Jasmine used a chemical relaxer and lost much of her hair when she was just 11. "It was horrible," she said. "I tried to hide it by combing the hair that I had on top down the sides, but it was noticeable."

Fearing harsh over-the-counter products, she researched all-natural ingredients on the Internet and started mixing her own hair oils, shampoos and conditioners.

When friends and family started asking for her mixtures, she knew she had a hot product.

"My favorite thing about the conditioner is the herbs inside it," she said. "There is sage, thyme, chamomile -- all good for your hair."

By the time she was 13 years old, she had developed a business plan, filed a trade name certification with the state of New Jersey, and was officially in business.

Plenty of Role Models

Lawrence is not alone. A recent poll, conducted by the nonprofit organization Junior Achievement Worldwide, found that 70 percent of teenage respondents said they would like to start their own businesses.

"The list goes on of companies that are now well-known and started by young people," said Randall Pinkett, author of "Campus CEO: The Student Entrepreneur's Guide to Launching a Multimillion Dollar Business."

"You have very little to lose when you're young," he said, "and you have lots of years ahead of you to rebound if things don't work out."

Pinkett sold lemonade, candy and toys as a child, and is now the CEO of a multimillion dollar consulting firm. His business skills also helped him win "The Apprentice" and a prize job with tycoon Donald Trump.

"The roll of entrepreneur is to both see opportunity and to seize opportunity," said Pinkett. "I can think of no better person than a young person to have a fresh perspective on the market and say, 'Well, something's missing' or 'This could be done better.'"

Competitive Advantage

Lauren and Alyssa Burgos are the perfect example. At 14, the twin sisters have launched their own jewelry company called Bklyn Blingz.

"Most jewelry stores or jewelry businesses are run by adults," explained Lauren. "Being teens, we know what's in with fashion, so we actually know what teens want."

Every few months, the Burgos sisters hit the wholesale jewelry district in Manhattan to replenish their stock and pick out new goods. After school and on weekends, they set up sales booths at local events and put in long hours at their corporate headquarters -- their bedroom in Brooklyn, N.Y.

"It's easier if you know what you're doing," explained Alyssa. "Like if you just know the basics, like key stoning, having a business plan, your COGS."

"COGS is cost of good sold," said Lauren. "Basically your profit of how much you made. I bought something for $2 and then sold it for $4. I made $2, I didn't make $4."

Biz Camps

Like Lawrence, the Burgos sisters acquired their business knowledge and lingo while attending a "biz camp" run by the National Foundation for Teaching Entrepreneurship. The summer boot camp teaches kids MBA-style concepts. So far, the organization has reached over 150,000 young people with its step-by-step business curriculum.

Once a month, Lauren and Alyssa attend follow-up classes to keep their sales skills sharp and to network with other young entrepreneurs.

"A lot friends have called and I'm like, no I'm sorry I can't hang out today," said Lauren. "So they're like, 'Why?' I say, 'I'm working on my business plan.'"

After attending biz camp, Lawrence borrowed seed money from her mother and started sending her formulas and ingredients to a factory for reproduction. She also invested in bottles and labels to package her products in her basement.

While many adults are intimidated to start a business of their own, the teenager said she wasn't aware of the risk factors. "I was just so enthusiastic about getting my products out there and having people realize that natural products were the way to go," said Lawrence, "that I was just blinded to all the negative and all I could see was positive."

And positive it has been. Lawrence is garnering the attention most adult entrepreneurs only dream of -- from being nominated "Teenpreneur of the Year" by Black Enterprise Magazine to couch time with Oprah.

"The day the show aired the orders started coming in," she said. "One hundred orders, 200, 300, 1,000, 2,000. It was crazy. I didn't expect it at all."

Managing a Growing Company

So how exactly does a high school sophomore manage a successful and growing company, when there are classes to attend, assignments to complete, and SAT words to review?

If you follow Lawrence home from school one day, you will see her company has overtaken just about every room of the Lawrence family's home. In the front office, family friends process labels and handle phone calls. In the kitchen, classmates check orders and in the basement, other friends pack boxes. Even Lawrence's boyfriend, Everett Jefferson, is in the corner packaging bars of all-natural soap.

"I use it all the time," Jefferson said. "It's good soap. You should buy it!"

"I am just astounded that she came up with this idea," said family friend Hope Thompson, who came to the Lawrence home to help with the business. "I wasn't even thinking in terms of starting, no less running a business at 15, 16, 17. You know, that was the furthest thing from my mind."

National Distribution

Today, roughly 26 million Americans run their own companies and most U.S. job growth comes from entrepreneurs. On the downside, one-third of all new businesses fail in the first two years.

But Eden Body Works has already beat the odds. Lawrence signed a distribution deal with Wal-Mart just this month and is now looking forward to retail sales on a national level.

"I am prepared now with the factory being able to mass produce things for me and me not having to do it at my home anymore," she said. "I am ready, ready to do big things."

The teen CEO is now moving her company headquarters out of her house and into a more suitable commercial space. While adults occasionally judge her on account of her young age, she simply shrugs it off.

"There are haters out there that want to tell me, 'You can't do this, you are too young,'" she said. "But I don't believe that. I believe you are never too young or too old to do anything."