Business

Gen Z Entrepreneur Surpasses the Traditional Education System to Build His Own Empire

Published

2 years ago

November 10, 2021

“Believe in yourself. If you’ve got an idea behind you and enough belief in it, you’ll make it work.”

Such is the advice of 18-year-old Flynn Blackie, specialist in psychological marketing and the founder of MOD Digital Limited. Starting a business fresh out of high school isn’t exactly the kind of plan everybody shares: usually, people gun for an undergraduate degree before pursuing their dreams.

But Flynn had a different outlook on how his life should go. In fact, he left school at the tender age of sixteen before starting his own business.

An Early Start in the Business

Blackie knew for quite some time that he wanted to eventually start a business of his own.

“I was always looking at side hustles and ways to make extra money. I always felt like I was going to be successful,” Blackie explained.

But at first, like most – if not all – of us, he mapped his life out in such a way as to adhere to the traditional education system. He’d planned to get into a university, snag a degree, and then have a high-paying job.

However, it was his initial dabbling in entrepreneurship that changed his point of view. He started off simple: buying and selling chewing gum. What he did was purchase wholesale chewing gum before selling these to the other kids in school. Soon, his small business evolved to include selling rare sneakers for a profit.

All of this was second nature to him. He began to get the hang of how attracting customers and appealing to a certain niche works.

“I kind of saw my potential as an entrepreneur, leading and getting clients and selling – all of these factors that you need to build up your entrepreneurship skills,” he said. “These qualities were recognized within me when I took a step back to look [at myself]. It became very clear that one day, I wouldn’t just work for a company – I would own it. And it turns out, my first employer was myself.”

Taking That Leap of Faith

Of course, Blackie’s idea of ditching the path of traditional education wasn’t met with unanimous support at first.

“I had to make my own decision before I went to [my parents] and tried to convince them,” Blackie said. “It became pretty apparent that if I were to not leave right now, I’d just be leaving one year later anyway. I knew that, no matter what, this is what I wanted to do.”

It wasn’t about taking the easy way out for Blackie. He made the decision to abandon the traditional education system because he knew where his heart lay: in entrepreneurship. He understood early on that no matter what, he wanted to venture into this realm, and his dream would only be put on hold for as long as he stayed in school. There wasn’t exactly a need to pursue a typical education in Blackie’s eyes.

That was the logic he presented to his parents. His father understood rather immediately. However, it was his mother who took some convincing. After all, this wasn’t a typically ‘safe’ path to tread. Every entrepreneur knows all too well how risky the business is. And for someone at such a young age, Blackie had tons to lose.

However, Blackie made it clear to his mother that he simply had to start his own business. “There were going to be bad grades, or my clients were going to have a terrible experience; it was one of the two,” he said.

In 2019, Flynn Blackie decided to drop out of school.

Thus began his endeavor into the unknown. Equipped with a dream and plenty of in-depth research, Blackie took that risk.

Starting Out with One’s Priorities in Mind

When talking about his initial interest in selling gum and sneakers, Blackie compared these experiences to his current niche. “Nothing really captured me like web design. It felt fun, and it felt pretty easy to make and it came really naturally.”

It was the thrill of receiving payment for the first website he built that made him realize this was the model he wanted to base a solid portion of his business upon. Blackie and his team at MOD Digital started out selling web design services. They also branched out to dabble in social media-related projects and several other ventures. However, the team realized that all these extra services didn’t actually bring MOD Digital the results they were gunning for. They soon learned that they wanted to deliver a more results-based service.

So, they went back to basics. Currently, MOD Digital has gone from a humble start-up to a six-figure agency that has garnered over sixty clients.

When Generation Z Delves into the Realm of Entrepreneurship

Blackie credits a portion of MOD Digital’s success to a youthful mindset. “Being my age can play as a good factor,” he noted in an interview.

Any young person, particularly someone who has grown up in this current technological day and age, knows all too well the power of screentime. As an ardent lover of video games and someone who’s grown up in a tech-savvy environment, Blackie’s mind has become accustomed to the lingo of algorithms.

“The second factor [that makes MOD Digital unique] would be that we’ve niched into a specific service. We have our core service, no matter which client we’re working with. We’re more specific about our system.”

MOD Digital puts the value of its service before anything else. In focusing on how they can best help their clients, they put forth a more personal brand, one that markets authentically and attracts loyal clients. Blackie also acknowledged the pivotal role psychology plays in their marketing process. MOD Digital uses subliminal forms of psychological triggers.

Pushing Past Doubt and Breaking Barriers

Despite Blackie’s current success, he’s no stranger to backlash. Some people assumed that being young equates to inexperience.

“There have been sales pitches where they took the meeting, but as soon as you get on [the call], they stop taking you seriously. You can hear it from their tone or the way they pay attention. You feel insulted, being on the call,” Blackie recalled.

Even communicating with a bank was tough. It was difficult to find someone who would open an account for a mere 16-year-old. However, Blackie persisted.

Today, MOD Digital continues to grow. Even with its current celebrated success, Flynn Blackie has no intentions of getting comfortable. To young entrepreneurs looking to build their own businesses, Blackie actually cautions against taking the risk he took unless one is at a level where they can afford to do so.

“The fundamental thing is to make sure you’re actually in a position where you can leave [school]. Work tirelessly to get to that point. And when you’re there, that’s when it’s time to go. You can’t leave because you ‘want’ to do something, leave because you are doing it, and doing it well.”

Flynn Blackie has certainly walked the path less traveled. His story marks as a calling to other young entrepreneurs: be smart, but don’t be afraid to take calculated risks.

Business

Opportunities for Black Banx in Emerging Markets

Published

13 hours ago

May 5, 2024

Matthew Wiles

A significant digital transformation is underway in the world of finance, marked by the emergence of non-bank innovators offering a diverse array of financial technology products and services. This transformation is not confined to established markets; rather, it extends its reach into emerging economies, offering a compelling digital alternative to traditional banking institutions. These alternatives are particularly vital in addressing the issue of financial exclusion, which has left substantial populations underserved by traditional banking systems.

Among these innovative digital banking entities stands Black Banx, a fintech brand dedicated to fostering financial inclusion in emerging markets by seamlessly integrating banking services into digital ecosystems. Founded in 2014 as a visionary concept by German billionaire Michael Gastauer, Black Banx swiftly evolved into a global force in the global financial market Officially launched in 2015, the institution rapidly garnered international recognition, extending its services to 180 countries and territories from its inception. Within a mere 12 months of operation, Black Banx amassed over 1 million customers, marking its initial expansions in key regions such as the United States, United Kingdom, and Hong Kong. At present, with a customer base exceeding 40 million as of February 2024, Black Banx stands as one of the fastest-growing digital banks not only in developed countries but also in emerging markets.

What Are Emerging Markets?

An emerging market mostly describes the economic landscape of a developing nation progressively engaging with global markets during its growth trajectory. These economies possess some but not all of the defining characteristics of developed markets, which typically exhibit robust economic growth, high per capita income, well-established equity and debt markets, foreign investor accessibility, and a reliable regulatory framework, according to Investopedia.

As emerging market economies evolve, they tend to integrate more deeply into the global economy. This integration fosters increased liquidity within local debt and equity markets, heightened trade volume, and augmented foreign direct investment. Moreover, these economies witness the emergence of modern financial and regulatory institutions as they transition from low-income, less developed, often pre-industrial states to modern industrial economies with elevated standards of living.

With improving standards of living, the demand for financial security and opportunities escalates, underscoring the pivotal role of banking services. However, traditional banks face challenges stemming from bureaucratic processes and sometimes limited services. Conversely, fintech firms are gaining prominence owing to their convenience, user-friendly interfaces, and expedited signup procedures. Furthermore, their accessibility anytime and anywhere with internet connectivity enhances their appeal to the public.

Strong Demand for Financial Technology

The surge in digital banking adoption, particularly conspicuous in emerging markets, owes much to innovations originating in these regions. For instance, nearly nine out of ten consumers in the Asia-Pacific region, encompassing both emerging and developed markets, actively utilize digital banking services, with a significant portion expressing openness to expanding their usage through digital channels.

Enthusiastic adoption of fintech tools and e-wallets among consumers in emerging markets has propelled the market penetration of these innovative solutions beyond levels observed in developed markets. In the emerging Asia-Pacific region, the penetration of fintech apps and e-wallets surged to 54 percent in 2021, compared to 43 percent in the developed segment. This is indicative of the accelerating shift towards fintech transactions and services, as per McKinsey & Company.

A portmanteau of finance and technology, fintech refers to the burgeoning industry of companies utilizing computer programs and other technologies to provide support or enable banking and other financial services. In developed nations, there’s been a rapid expansion and adoption of fintech technologies ever since businesses and even governments started accepting digital financial transactions as a standard mode of payment. But even in emerging markets, the demand for fintech has also skyrocketed as more people report a diminishing reliance on cash for weekly expenditures.

Identifying Opportunities in Emerging Markets

Launching a successful digital bank entails navigating a myriad of challenges, irrespective of the market’s maturity. However, digital banking in emerging markets presents its own unique set of hurdles, particularly in securing widespread adoption among mass-market consumers. To thrive in any market landscape, a digital bank must first establish meaningful access to its target customers. While the initial interaction may appear straightforward in the digital realm, the reality proves more nuanced.

The proliferation of digital advertising notwithstanding, capturing customer attention remains a formidable task, compounded by the intricacies of onboarding procedures, even for digitally savvy clients. Moreover, the reliance on app downloads as a precursor to engagement further heightens the barriers to entry as first-time users may find them intimidating.

Building a solid trust relationship with customers is important for digital banks to maximize their opportunities in emerging markets. Trust, arguably the linchpin of sustained usage, demands meticulous investment in creating positive onboarding experiences and fostering comprehension of banking channels and products. However, achieving this trust quotient is not easy, especially in emerging markets with lower access to financial services and digital literacy.

Black Banx’s Success in Emerging Markets

Black Banx is a digital bank focused on empowering financial inclusion in emerging markets by integrating banking into digital ecosystems. It was founded by German billionaire Michael Gastauer who always believed that well-designed financial services have the potential to uplift even the most marginalized segments of society, providing them with enhanced economic opportunities.

Consequently, Black Banx is steadfast in its mission to promote financial inclusion while harnessing the advancements within the fintech landscape. Today’s digital technologies offer unprecedented tools to reconstruct banking paradigms, especially for those underserved by traditional financial institutions, with smartphones and laptops serving as gateways to financial empowerment. But while Black Banx makes use of the most advanced fintech technologies, including blockchain and artificial intelligence, it delivers an intuitive and easy-to-navigate user experience through its website and mobile app so even the inexperienced or less tech-savvy consumers won’t have a hard time using its platform to carry out financial transactions.

With his expertise and decades of experience in the financial industry, Gastauer has a keen eye for trends and what works in different markets. So instead of delivering different experiences for developed and emerging markets, the renowned fintech mogul opted to roll out the same suite of services to both because of his motivation to realize financial inclusion and offer only the best banking experience to all. As such, Black Banx facilitates seamless transitions between physical and digital currencies and even cryptocurrencies. The digital bank also tailors its channels to accommodate customers at various stages of their digital journey, ensuring that they feel guided every step of the way until they achieve their financial goals. All of these contribute to Black Banx’s success in emerging markets.