Advice # 1 – Location, Location, Location

Lemons to Lemonade is the first webisode of the secret millionaires club. Brittany, Elena’s friend, has difficulty selling her lemonade in her stand. While analyzing the business, Mr. Buffett reveals some of the criteria for a successful retail business – Quality, Cost, Competition and Demand for the product.

After going through the criteria, they realized that Brittany had nothing wrong with her business. Then after brainstorming, the club realizes that nobody can find Brittany’s lemonade stand. They come to the conclusion that if Brittany moves her stand to the football stadium then her business will be a success.

The main moral of this episode is ‘LOCATION, LOCATION, LOCATION’, even if you have an amazing product that is affordable and ticks all the boxes, it has to be accessible.

As Mr. Buffett says, “If the people won’t come to your business, bring your business to the people”. Watch video: [The SMC]

Checklist:
While analyzing a retail business remember to consider the following criteria:

retail-biz

Buffett Advises Kids

Here are the interesting videos for kids to learn the secret to success from Warren Buffett.

Advice # 1 – Location
The Secret Millionaires Club gang helps Elena find the missing ingredient to make the business a success. Watch video: [The SMC]

Advice # 2 – Advertising
Elena gets the Secret Millionaires Club to help the school make their car wash a success by doing a little bit of advertising. Watch video: [The SMC]

Advice # 3 – Use a plan
The Secret Millionaires Club helps their friend develop and use a plan to make his dog walking business a success. Watch video: [The SMC]

Advice # 4 – Saving money
The Secret Millionaires Club explore why saving money is so important and help their friend expand her lawn care business. Watch video: [The SMC]

Advice # 5 – Understand business
The Secret Millionaires Club learns why it is important to understand what you invest in. Watch video: [The SMC]

Advice # 6 – Learn from your mistakes
The Secret Millionaires Club explores why it’s so important to learn from your mistakes and the mistakes of others. Watch video: [The SMC]

Advice # 7 – Debt can be a racket
The Secret Millionaires Club learns that borrowing money to grow a business can be a good thing but only if the correct amount of money is borrowed. Watch video: [The SMC]

Advice # 8 – Make good decisions
The Secret Millionaires Club learns how to take less of one thing in order to get more of something else. Also known as a trade-off. Watch video: [The SMC]

Advice # 9 – Be responsible & dependable
The Secret Millionaires Club learns why it’s important to be responsible and dependable. Watch video: [The SMC]

Advice # 10 – Pursue your dreams
The Secret Millionaires Club learns that following your passion is the key to success. Watch video: [The SMC]