U.S. Markets open in 8 hrs 41 mins

12-year old 'kidpreneur' brings the bowtie back

Driven

A precocious Memphis sixth-grader named Moziah Bridges has decided to bring the classic and cool bowtie back, a gesture that has gotten attention from Steve Harvey, Forbes, British GQ, and even Oprah. You may have seen Mo's Bows on ABC's hit show 'Shark Tank' as Moziah recently unveiled his handcrafted bows before the show's panel of five investors. He received one offer from businessman Kevin O'Leary for $50,000 in exchange for $3 for every tie sold. But standing in the way was shark Daymond John, founder of the $6 billion dollar FUBU fashion line, who advised Moziah not to take the money and instead offered a valuable mentorship. Not a bad partnership to have for the blooming entrepreneur.

"I started this business when I was 9 years old, when I was in the fourth grade,” he says. Now his business has expanded to include over 20 different bowtie styles, and wholesale orders from over 10 luxury menswear stores.

[Related: From Bullied to Bank: Bethany Mota’s Fashion Empire]

Moziah's mother, Tramica, says, “He was three or four years old and I remember I let him dress himself and he’d come in a full suit and tie and I’m like, we’re going to the grocery store, what are you doing?”

It’s probably just in his blood. “Mo’s father and grandfather were involved in the fashion and music business. He just comes from a long line of sharp dressing men,” his mother says.

Moziah says of his grandfather: “My grandfather would wear nice clothes just to go to McDonald’s. I absorbed it from him.”

[Related: How a Tiny Superhero Helped Save a Failing Factory]

Moziah explains, “I chose the bowtie because I couldn’t find anything that I liked and I just wanted to look good and feel good…So I asked my grandma if she’d teach me to sew, and then I just started wearing them every day.”

His grandmother had been sewing for over 50 years and had lots of vintage fabrics and fun patterns to work with. Moziah started modeling his bowties at school, and though other kids found it “a little weird” at first, Tramica says he kept going. Soon strangers were stopping him on the street, asking where they could find bowties like his.

[Related: World's best hoodie is proud to be American made]

It was after such an encounter that Mo first expressed an interest in starting a business. Tramica asked what he’d call his business and she remembers, “Right away he said, ‘Mo’s Bows.’ And I was like oh my gosh, that’s perfect.”

Tramica helped Mo get started by printing business cards and setting up a web page and store on Etsy where his ties and pocket squares are available anywhere from $40 to $60.  Eventually they shopped the bowties around to local stores, which led to his first wholesale orders. Then, Tramica says, "the media started calling for interviews.”

Since Moziah sold his first bowtie in 2011, he’s gone from a one-boy-band to recently hiring his third seamstress to keep up with orders.  His first year brought in just about $10,000. Three years later Mo's has pulled in almost 10 times that, with about $90,000 in profits. Besides each of them getting a "salary," Tramica says the business will one day help put Mo through college. It's a good thing: he has his eyes set on Parson’s School of Design in New York.

It was his idea to help other kids less fortunate than himself, so he started the Go Mo’s Summer Camp - a scholarship program that sends between one and five children to summer camp each year. This has landed him a nomination to the Grio100, and makes Tramica a very proud mother.

Since school is his priority, Tramica works behind the scenes to oversee the business and attend to all sales, scheduling and production. She lets Mo choose his own hours, consulting with him before scheduling him for travel or trunk shows, to make sure he wants to do it.  “I try to keep a balance with making sure Mo can be a businessman, but also, so Mo can be a 12-year old."  Besides reading GQ and working on the business, he lists reading, riding his bike, and going to the movies with friends among his favorite past-times.

These days Mo says there are certain tasks he's happy to hire out -- like the sewing -- so he can focus on what he does best: selecting patterns and fabrics, being the face of the business, and styling clients' entire outfits around his bowties. (Mo even styled a teacher’s wedding party last year.)

He still makes sure to oversee quality control however, by carefully inspecting each and every bowtie that ships out and if necessary, sending it back to be re-ironed or re-sewn. “I just have an eye for things.”

Meanwhile, Moziah says of his mom: “She motivates me and tells me to keep going.  I’m lucky that people are able to support me and help me run my business.”

Are you Driven? Share your story with us at driven@yahoo-inc.com or follow us on Twitter @YahooFinance #drivenstories.

Video produced by Sarah Lybrand; co-produced by Jessica Ashford.  Production by Michael Manas, Richard Rella, Josh Kesner, Edwin Boco, and Maryann Vanderventor. Edited by Sean Elms. Graphics by Todd Tanner and Adam Saul For Yahoo Studios. Executive Producers: Russ Torres and Peter Gorenstein.

Special Thanks to: Freedom Prep Academy in Memphis, TN and James Davis Menswear

  • AT&T and Comcast earnings: What to watch for this week
    News
    MarketWatch

    AT&T and Comcast earnings: What to watch for this week

    Telecommunications companies like AT&T Inc. (T) and Comcast Corp. (CMCSA) are grappling with an ever-growing challenge from streaming giant Netflix Inc. AT&T, which announces third-quarter earnings on Wednesday morning, completed an $81 billion acquisition of Time Warner, now known as WarnerMedia, in June. In September, Comcast secured a majority stake in Sky PLC (UK:SKY) after bidding $39 billion in a blind auction, besting 21st Century Fox Inc. (FOXA) The company, which announces third-quarter earnings Thursday morning, also agreed to buy Fox's 39.1% stake in Sky for $15.1 billion.

  • Mega Millions $1.6 Billion Jackpot Also Comes With a Mega Millions Tax Bill
    Finance
    Fortune

    Mega Millions $1.6 Billion Jackpot Also Comes With a Mega Millions Tax Bill

    With a jackpot of $1.6 billion, tonight’s Mega Millions lottery drawing is the biggest in history. The Mega Millions drawing will be held Tuesday night at 11 p.m. ET—and the odds are categorically against you. The Mega Millions tax bite, though, is pretty solid.

  • Companies Say They're Ready to Move Supply Chains From China
    News
    Bloomberg

    Companies Say They're Ready to Move Supply Chains From China

    A common theme is that they are ready to relocate supply chains if the cost of importing Chinese goods becomes prohibitive. "If there was a broad-based tariff on apparel, I think you could see a bit more of an acceleration of the migration out of China into other regions for apparel sourcing," Mitch Butier, chief executive officer of the California label producer, said during an Oct. 23 earnings call. A number of them have already moved out of China," Jean-Jacques Ruest, CEO of the Canadian railway company, said during an Oct. 23 earnings call.

  • 2 More Marijuana Stocks Are Moving to the NYSE
    Business
    Motley Fool

    2 More Marijuana Stocks Are Moving to the NYSE

    This year, we've witnessed GW Pharmaceuticals gain approval in the U.S. for the first cannabis-derived drug, and we watched as Vermont legalized recreational marijuana use entirely through the legislative process. This began with Cronos Group at the end of February, when it chose to list its shares on the Nasdaq. It was followed just a few months later by Canopy Growth Corp., which became the first marijuana stock to list on the NYSE.

  • News
    CNBC

    Here's how much money you should have saved by 50

    Fidelity, the nation's largest retirement-plan provider, recommends having the equivalent of six times your annual salary saved. To get to that number, Fidelity recommends saving 15 percent of your annual income. Make sure to invest these funds instead of leaving them in a traditional low-interest savings account.

  • The stock market's 'dead cat bounce' is over and the rolling bear market is making a comeback, Morgan Stanley says
    Business
    Business Insider

    The stock market's 'dead cat bounce' is over and the rolling bear market is making a comeback, Morgan Stanley says

    The stock market may have bounced back from its sharp sell-off at the beginning of October, but Morgan Stanley says the selling will pick back up soon. The firm expects the S&P 500 to slide back below the 200-day moving average, a key technical level. Tread carefully in tech and consumer discretionary, Morgan Stanley warns.

  • Why Investors Are Paying a Premium for These 3 Biotech Stocks
    Business
    Motley Fool

    Why Investors Are Paying a Premium for These 3 Biotech Stocks

    Amarin stock exploded in September because it looks like Vascepa will become the next go-to drug for this enormous population. During the 8,179-patient Reduce-It trial, patients given Vascepa in addition to their normal statin treatments were 25% less likely to suffer a major cardiovascular event such as a heart attack. Over the past year, Amarin Corporation actually lost $92 million because sales of Vascepa just haven't kept pace with operating expenses.

  • These stocks may be sacrificed in a cold war with China
    COL
    CNBC Videos

    These stocks may be sacrificed in a cold war with China

    Jim Cramer says the escalation in the United States' trade war with China could end in an outright cold war that debilitates parts of the stock market.

  • Apple Might Ditch Intel in the Macs in 2020
    Business
    Motley Fool

    Apple Might Ditch Intel in the Macs in 2020

    Earlier this year, Bloomberg reported that Apple (NASDAQ: AAPL), which has a strong internal chip development organization, "is planning to use its own chips in Mac computers beginning as early as 2020, replacing processors from Intel (NASDAQ: INTC) Corp

  • Suze Orman missed the point of retirement, and that’s why she went back to work
    News
    MarketWatch

    Suze Orman missed the point of retirement, and that’s why she went back to work

    Suze Orman did a smackdown of the FIRE (Financial Independence/Retire Early) movement on Paula Pant’s podcast. Coach Carson posted a balanced, informative response, appreciating Suze’s admonition to be sure you have enough for a risk-free retirement. Suze enumerated a string “what can go wrong” scenarios as evidence that early retirement (on less than $10 million) leaves you vulnerable when life hands you lemons — a whole tree of lemons.

  • 5 Deeply Discounted Value Stocks That Haven't Been This Cheap in at Least a Decade
    Business
    Motley Fool

    5 Deeply Discounted Value Stocks That Haven't Been This Cheap in at Least a Decade

    October has been a wake-up call for investors that the stock market won't go up in a straight line, even if we'd like it to. Sure, Bank of America (NYSE: BAC) has seen its stock catapult higher from its Great Recession lows, but its forward P/E of 9.8 would represent a more-than-decade low for the stock.

  • Tesla Skeptic Andrew Left Is Now Long on ‘Proven Hit’ Model 3
    Business
    Bloomberg

    Tesla Skeptic Andrew Left Is Now Long on ‘Proven Hit’ Model 3

    Citron Research’s Andrew Left, a vocal and long-term Tesla short, said in a report Tuesday that the electric-car maker is snatching customers from BMW, Mercedes, Toyota and Honda. In a Bloomberg Television interview, he said Chief Executive Officer Elon Musk has distracted investors from a company that’s turning a corner. “Elon Musk has made such a sideshow of himself that people started to forget about -- including myself -- the underlying business,” Left said on Bloomberg TV.

  • Banks vs. Big Tech: 4 to Buy, 4 to Sell
    Finance
    InvestorPlace

    Banks vs. Big Tech: 4 to Buy, 4 to Sell

    Investors on Wall Street continue to contend with a choppy and uncertain trading environment, even among popular sectors like tech stocks. A growing chorus on Wall Street is sounding the alarm, with analysts at Morgan Stanley warning that the large-cap stocks in the S&P 500 are the only holdout from a “rolling bear market’ that has already savaged pretty much every other asset class, including small-cap stocks, high-yield bonds, and emerging market assets. The fact that the S&P 500 is once again below its 200-day moving average supports this thesis, weighed down by bank stocks.

  • Trump’s Tax Push to Help Middle Class Could Help Top Earners Too
    Politics
    Bloomberg

    Trump’s Tax Push to Help Middle Class Could Help Top Earners Too

    It’s still unclear how Trump will propose to reduce the tax burden on middle-class Americans, but one of the most straightforward ways would be to lower rates by 10 percent for single filers making up to $82,500. U.S. income tax rates are graduated and income dollars get taxed in chunks as they move up through the brackets -- which means wealthy Americans would also get to apply the reduced rate on their first dollars of income. “A millionaire gets the same size tax cut,” said Kyle Pomerleau, an economist at the conservative Tax Foundation.

  • Why Tesla Stock Jumped Tuesday
    Business
    Motley Fool

    Why Tesla Stock Jumped Tuesday

    Shares of electric-car company Tesla (NASDAQ: TSLA) popped on Tuesday, rising as much as 7.5%. The stock's rise comes after the electric-car company scheduled its earnings report about a week earlier than usual with just two days' notice, leading to some speculation that the automaker may have achieved its goal to become profitable during the quarter. Citron Research, which had previously encouraged investors to short Tesla stock, is now reversing its stance on the stock.

  • Bank of America Has Seen the Future: A U.S. Stock Roller Coaster
    Business
    Bloomberg

    Bank of America Has Seen the Future: A U.S. Stock Roller Coaster

    Bank of America Merrill Lynch’s equity and quant team say market signals from the ever-flattening yield curve are clear as day: stock markets are due to begin a new era of elevated price swings. “A flattening yield curve signaled a withdrawal of liquidity and over the last three cycles has preceded rising volatility by a few years,” the team, including Savita Subramanian, wrote in research this week. Bank of America’s call -- echoing others -- comes as investors scramble to judge whether the current turmoil in equity markets represents a blip or fundamental shift in regime.

  • The $1.6B Lottery Jackpot Is Still Up for Grabs — but the Tax Bill for the Winner Will Be Massive
    Finance
    GoBankingRates

    The $1.6B Lottery Jackpot Is Still Up for Grabs — but the Tax Bill for the Winner Will Be Massive

    Whoever wins the Mega Millions lottery could face over 40 percent in taxes. Lines are growing at convenience stores and gas stations as the Mega Millions lottery grows to its biggest prize ever. The cash option is $904 million, which gives you a lot of options of how to spend it until you take taxes into consideration.

  • MARKETS: Here's why stocks are selling off right now and what a bottom would look like
    Business
    Yahoo Finance Video

    MARKETS: Here's why stocks are selling off right now and what a bottom would look like

    Live from the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Seana Smith to discuss the latest market moves.

  • Why Nektar Therapeutics Crashed 17.2% Today
    Business
    Motley Fool

    Why Nektar Therapeutics Crashed 17.2% Today

    After delivering a disappointing update on NKTR-214 in cancer patients this summer, Nektar Therapeutics' (NASDAQ: NKTR) shares have been struggling. The company didn't report any news today, so a negative report issued by Plainview LLC this month may be to blamed for its 17.2% tumble today. In February, Bristol-Myers Squibb (NYSE: BMY) inked a blockbuster deal to license rights to NKTR-214 following positive data last year for NKTR-214's use alongside Bristol-Myers' Opdivo.

  • S&P 500 closes down for fifth day as stocks retreat in wake of China selloff
    News
    MarketWatch

    S&P 500 closes down for fifth day as stocks retreat in wake of China selloff

    U.S. stocks bounced off intraday lows and major indexes trimmed early losses Tuesday, but the S&P 500 still finished lower for a fifth session as a big drop in the Chinese market revived fresh questions about the global economy. The Dow Jones Industrial Average (DJIA) fell 125.98, or 0.5%, to 25,191.43 after being down more than 500 points earlier. (DJIA)On Monday, Dow industrials and the S&P 500 closed lower while the Nasdaq bucked the trend to edge higher.

  • 4 Things Aurora Cannabis Did Right Before Its NYSE Debut
    Business
    Motley Fool

    4 Things Aurora Cannabis Did Right Before Its NYSE Debut

    Aurora Cannabis (NASDAQOTH: ACBFF) (TSX: ACB) has sought to make it even easier for U.S. investors to buy its shares by arranging to have its shares listed on the New York Stock Exchange. Beginning tomorrow, Oct. 23, Aurora will join the elite group of cannabis companies whose shares trade on major U.S. exchanges. Getting ready for the increased exposure that a NYSE listing brings takes time and effort, and Aurora Cannabis hasn't wasted any time.

  • Twitter locks Elon Musk's account after bizarre posts
    Business
    The Telegraph

    Twitter locks Elon Musk's account after bizarre posts

    Elon Musk claims Twitter temporarily locked his account after fearing his bizarre posts were the work of hackers. Hours earlier, the Tesla and SpaceX chief declared his love for anime. Another post, written by Musk just minutes later said he owned a wolverine that he described as “chibi”, which is Japanese slang for short. It is not known exactly which tweets caused Twitter to temporarily block Musk, however the social network has been stepping up its crackdown on what it believes to be “spam accounts” in recent months.

  • Business
    CNBC

    Here's the tax bite on $1.6 billion Mega Millions and $620 million Powerball jackpots

    Strategies can be employed to reduce the amount of your win that is taxed, although they are best explored with the help of an experienced tax advisor. While it's anyone's guess who will end up winning the Mega Millions and Powerball jackpots, there's at least one guaranteed recipient of a chunk of the loot — the IRS. With the Mega Millions jackpot at $1.6 billion and Powerball's top prize at $620 million, that tax bill will be hefty even if the winner employs strategies to reduce their taxable income.

  • Business
    Associated Press

    Illumina: 3Q Earnings Snapshot

    SAN DIEGO (AP) _ Illumina Inc. (ILMN) on Tuesday reported third-quarter profit of $199 million. The San Diego-based company said it had profit of $1.33 per share. Earnings, adjusted for one-time gains and costs, were

  • Marijuana Stocks Plummet to Record Low: What's Next?
    Business
    Zacks

    Marijuana Stocks Plummet to Record Low: What's Next?

    Over the last few days, share prices of major marijuana stocks have plummeted to their worst in the trailing eight months. This free fall commenced following the legalization of marijuana for recreational use in Canada on Oct 17.Legalization Considered