Michael Platt

Fourteen-year-old Michael Platt started baking with his grandmother when he was just nine. And by 11, he was ready for business -- more precisely, charity. For each cupcake this little baker sells, he gives away one to someone in need. He has his bakery set in Bowie, Maryland, named "Michael's Desserts".

His charity is, however, named P.L.L.A.T.E., which is an acronym for power, love, learning and access to everyone. The modus operandi is quite simple -- when Platt recently got an order for a few dozen cupcakes, he doubled the order and packed up the extra for a homeless shelter. "I knew I wanted to start a business, but I didn't really know how to do it, I guess," CBS News quoted Platt as saying.

He added, "My parents got me a pair of Tom's shoes for Christmas. And Tom Shoes' business model is one-for-one, which is my business model," he said. Platt's mom often chips in to help bake large orders. "Running a business, especially at my age is kind of hard," he said further, adding, "because I have to do other stuff while my friends are at the park or something. But, it's also really fun because I get to have an experience a lot of people don't get to have."

Platt is being home-schooled so he can focus on his business. He also partners with No Kid Hungry and raises money for the organization which helps children in need of food. The wonder guy also recently gave a TED talk on being a young entrepreneur -- hoping his story inspires people to help others. "If everyone does what they can to end a problem that they're passionate about, then the problem will end," he signed off.