Kid entrepreneurs building million-dollar dreams

Some of America's wealthiest entrepreneurs got their start before many of their peers graduated from college. Bill Gates, Richard Branson and Elizabeth Holmes all launched their first ventures before turning 21.

But tomorrow's titans could start even younger, reports CBS News correspondent Barry Petersen.

Jasmine Quoisay-Mack and Ulisses Rico manufacture candles at home. These young entreprenuers took courses from Denver's Young American Bank, which makes loans and opens checking accounts for kids. It reaches more than 60,000 kids a year.

"We're really trying to get them to the knowledge of understanding how to create value and make a profit," said the bank's CEO, Rich Martinez.

And if you think it's all kids' stuff, listen to this.

"Every once in a while, you will get one of these kids that invents something that needs to protect that investment. So it's amazing," Martinez said. "But yes, you're talking 10, 12-year-olds need patent attorneys because they've created something that is very original."

Eleven-year-old Iasbelle May sells charm bracelets that she designed to keep track of wine glasses at a party, an idea she got watching her grandmother entertain. Her first business was at age seven, buying flip flops and decorating them with ribbons. Her profit margin is about 100 percent, and she is striving to become a millionaire by the time she hits 21 years old, or even sooner, she said.

With $5,000 already saved, she is on her way. Her assembly line is at home. She's hired her eight-year-old sister and an 11-year-old friend. Mom's only job is buying supplies on the internet, which requires an adult credit card.

"She does not pay me. She pay me in hugs," her mother said, laughing.

"Don't you want to give your mom some of the money?" Petersen asked.

"Maybe," Isabelle said.

"Maybe means no, correct?" Petersen said.

"Yes," Isabelle said, laughing.