An interactive guide to help the young entrepreneurs
Entrepreneurship is becoming a way of life. It has not only changed the thought pattern but has enabled many to sense their inner potential and step global game to portray their business sense. Over the course of time, there has been a global trend of the public in order to pursue a career reigned by the business sense.
Influence of entrepreneurship on the teenagers
This has given an idea of the global business functioning to the young minds who earlier only wanted to stick to the conventional professions. Now the teenagers and kids have become zealous towards pursuing entrepreneurship as a professional way of life. They are more into becoming entrepreneurs from a very young age so that they can bring a global change by showing their potential in the market.
Condition to be a young entrepreneur
However, this journey is not as easy as it seems to be at first glance. Life indeed is not a bed of roses and so is entrepreneurship. You need to have a strong understanding of the field at first before putting your stakes in danger. So, in order to avoid any possible mishap In the future, it is necessary for young entrepreneurs to plan their journey right from the beginning.
The advantage of planning a journey from the very first step can save you from many hurdles you will come across later on in this long and continuous journey of exploration and interpretation of your skills for a specific cause.
Significance of understanding the concept
One cannot negate the fact that entrepreneurship is a very good career blessing the entrepreneur with capital enough to change not only his own life but many lives around him. This is because once you understand the whole purpose of entrepreneurship you comprehend that it is a lot more than setting up a business for the sake of profit but rather involves the alteration of the economy in positive ways.
A serious message
So, if you are a parent who is reading this article, make sure that you will be able to preach the philosophy behind entrepreneurship and the overall goal of this concept. Once you have conveyed the message of nourishment of young minds in the bitter field of the business, you are ready to bring a revolution in terms of the global progress your child’s business can make.
If you are a teenager who follows the stories of those who have gained success because of their business ideas you need to understand that taking inspiration is a good thing, but you need to prepare a specific business plan or your own venture from the very first day or the moment you dwell into exploring entrepreneurship.
Some serious questions asked by young entrepreneurs
But how can a young entrepreneur get closer to the successful players of the market? What are the qualities needed in a young entrepreneur and the most important question which finds its way in most of the young minds is the idea of the tips or tricks needed by them to excel in the business market?
All these questions form the backbone of this article and we have tried to resolve their queries regarding the technicalities involved in the business market. So, don’t make a fuss about finding it hard to turn into an entrepreneur because of the impending difficulties but enlighten yourselves about them in this piece of writing to develop a sound solution for all the problems.
Tips for a young entrepreneur
The journey of a young entrepreneur is full of many twists and turns but the tips to cross each level successfully are given below for easing up your journey a bit. So, let’s get started.
- Be honest and contemplate the decision
- Think of the right kind of business and its associated niche
- Inform your parents or caretakers about your venture
- Look out for the possible ways to gain money for investment in developing the plan
- Sort out the potential clients for your business
- Take guidance from your parents to create a team
- Register your business in the mainstream market
- Advertise your business among the customers
- Save your earned profit
- Document the overall experience of the first venture
- Invest in the next venture
Honesty and contemplation upon the decision
Whenever one is going through a major change in life or is on the verge of making a decision that could change the standard of the way one lives, one needs to have enough thought on the nature of the decision.
Many teenagers at the beginning are over-zealous about being entrepreneurs.
They don’t think a lot about the pros and cons involved in the course of the entire procedure. They just leap into the business world without giving any second thought to their decision.
This might seem good to them at the beginning because initially, things are not as grave as they can turn on later. Therefore, they feel at ease till the wind of the time blows against them. When they actually start realizing the gravity of the situation, it has become too late to amend for the mistake they have made.
So, it is very necessary for you to ensure at the very beginning that you are serious about your venture and will bear the graveness of the field which will act as a hurdle.
You should know that you have the ability to get out of any difficult situation and you don’t hesitate at taking risks. It is because the entrepreneurial world is incomplete without taking big risks.
The best way to do that is to note your idea at first and then search for all the possible resources it is going to take to shape your idea into a reality.
Once you have contemplated all the facts and figures, then take one step forward and make notes on your own strategy of developing the business and facing the hurdles at every level.
You can also take help from your parents in the decision-making step because you know that as a teenager you have to abide by certain rules employed by the parents. So, this makes it almost equal to a duty of yours to keep them in consideration and then decide further so that it does not turn out as a bad experience in the end.
Business and niche selection
Once you have clearly thought about establishing a startup of your own, the second step involves your dedication and wisdom towards selecting the right kind of market suiting your idea.
It is very significant that you decide the market on the basis of your interest.
If as a teenage girl, you are keen on setting up an apparel business of your own then go for it rather than going for the beauty and cosmetic niche in the hope of earning a handsome amount as profit. On the other hand, if as a teenage boy, art and craft or watch industry suits your interest more then look for innovation in your interests only because entering into businesses other than the ones which interest you might become a headache for you to manage at the end.
You can also take guidance from the first step in this regard because it happens a number of times that entrepreneurs have an idea of something particular in their minds and afterward they alter their decision based on the resources. So, if you have already sorted out the sources which will go nicely with your idea then go ahead.
It is also important to note that if you have made entry into a specific market on the basis of your interests then you also keep in mind the properties or trends which people love more about that.
On the basis of the noted qualities, you can then further create an innovative business plan to cater to the attention of your customers.
As a teenager, the rules are stiff more often by the parents because they don’t want you messing with the fixed barriers or limitations for it can bring you in danger. So, after finalizing everything, seek approval from your parents. If they support your decision then go ahead.
Parents’ support is extremely significant because they can, later on, guide you about taking your venture in the right direction.
Furthermore, they can also share their own experiences and can tell you the details of customers’ mentality regarding the idea.
Remember that as an entrepreneur, your first judges are your parents. They analyze your idea more deeply than any client can. So, feel free to discuss with them about your sought resources so that they can have a wider look at your plan. Parents serve as the main actors of actions in garnering the attention of the customers towards your venture because of their wide social circle.
The purpose of consulting with parents is not just limited to seeking permission but you can also take their suggestions intended to modify your business plan making it more flexible for wider use.
Often parents solve the queries associated with the methodology one adopts to turn the plans actionable through their experience and problem-solving skill. So, as a young entrepreneur, you can also invoke the hidden potential of your parents which adds more benefit to your bucket.
One of the biggest issues teenagers face while intending to prove their name in entrepreneurship is related to investment. As a young person with no apparent source of income, it can turn out to be the biggest hurdle that can even prevent you from developing your business plan as effectively as you want.
Special care is needed to be taken when you are solving the issue of investment. Think about all the possible ways through which you can save enough money for investment purposes. Here we are giving you some quick measures through which you can gather much in your piggy bank by doing a little.
- Save up your monthly allowance
- Look for the trash in your closet to turn it into treasure
- Do some trivial duties
- Festive allowances are always meant for something special
- Borrow from your parents
Save up your monthly allowance
We are spilling some facts at their best. The monthly allowance is no less than a blessing for most teenagers. You all remember saving up for your favorite comic book or the signed copy of the video game for months and then relishing upon the sweetness of your purchased item. This can go for the entrepreneurship venture as well.
You can save up some or all of your monthly allowance right from the moment you have decided to be an entrepreneur. Do not lay it on tomorrow because the more powerful an investment is going to be, the larger are your chances to ace it because you would definitely be needing a huge sum of money for all of your developing and advertising tasks.
Turning trash into treasure
You must have heard that someone’s trash is another one’s treasure. So, believe it in this case. There must be a number of items hidden up at the back of your closet which you have not used for a very long time. There might be your toys, stuff when you were in middle school or a baby.
Go on a search mission and trace out every single useless item which is staying there just eating up space and being a headache for your mum for ages. Once you have made a good collection of all those items you can then put on a garage sale so that those who might be wanting your stuff for ages can eventually get that. Don’t worry this will only benefit them but you will be earning bucks needed for the actualization of the venture. So, champs! We guess it’s a win-win then.
It is true that as a young kid or a teenager you cannot get a full-time job to sponsor your interest but it is also a fact that you can get your hands on searching for some easy duties. They can be a good monetary source for you, filling up the hungry belly of your piggy bank.
You can look for the job of a babysitter, or can help at a bookstore. You can also help a mate or a junior in finishing up the homework which is going to bring some money at your end. If you have good baking skills, then a bake sale would be a fantastic idea to garner money as well. Watering the neighbor’s plants can also be your rescuer.
We all love festivities because they bring happiness and good fortune to our doors with the love and well wishes of our near and dear ones. How about saving up the allowances you receive as a token of kindness at the festivals. You can save them for the venture and can create a storm out of a raindrop. So, the next time you sense a festival near you, start planning your savings and use it the right way for your business plan.
Borrowing from parents
Parents are our guardians and moral support as well. They always wish us to become as successful as we can. Once you have the clear-cut idea of attaining success through entrepreneurship, first look at your available funds. After you find them not enough to support your venture, turn to your parents.
You can tell them about the venture and can provide the reasons for taking money from them. After you have become reasonable enough, they will surely be benevolent enough to bestow you the amount needed for your business.
After you have finalized the investment or the source of investment for your business plan, next remains the duty of specifying your clients.
You need to look for clients who would be liking your business idea and the final product.
Here the target is centered on a specific age group, gender, and personal choices. Definitely, you will be interested in the venture meeting your choice, so take it as a choice of your peers too. Look for their choices and preferences, seek suggestions from them. Once you are sure that you have targeted a specific group, go ahead.
Nothing can be accomplished without a sound team in action. Though you enter the entrepreneurial world alone to hoist the flag of entrepreneurship high, it is unachievable without the presence of a good team.
You will be needing a team for various reasons.
You cannot be good at every aspect so involve your peers or guardians in the hope of assisting you. Your parents can do the distribution of chores perfectly among you and your peers. All you need is to tell them about the skill of every individual you wish to add to your team.
Once they have distributed the work smoothly over all the teammates, things will get easier for you to manage all alone.
You can monitor the performance of every individual as a leader and can also add necessary suggestions at points required. This is ultimately going to turn up your game and you will be able to actually begin the first-ever entrepreneurship venture of your life.
As a young mind, you are more active on all the social media platforms than an adult. This might not be a great issue for you since you know how promotion works over a social media platform. So, make the social platform the center of your advertisement at the primary level. Spread the word among your peers for real-time shout-outs.
The off-screen advertisement can be managed by your parents well.
Ask them to promote your business among their social circles so that more people get to know about it. The best thing for you to do is to create an online website stating the mission of your business. This will enable your business to become a real deal in the eyes of the clientele.
Once you have made a name in the business market, customers would be regarding your product or service more than ever. However, at this point, the biggest question is the right way to manage the profit you have made over the course of time.
An active bank account is a solution
Entrepreneurship is good in a way that it not only tells you your hidden capabilities but also teaches you the way to manage your financial affairs. Once you are into entrepreneurship, you start understanding the value of saving rather than spending. For all the earned profit, creating a bank account is the finest idea one can find. A bank account secures your hard-earned money.
It also brings the responsibility of managing the account efficiently.
If you are a teenager, it can be a step towards embracing adult responsibilities. As a child, you can ask your parents to create an account for your business. Stay active and understand the amount you make every month on the basis of your business.
Once you are done with the successful launch of your first business, do not stop over there. It is better for you to document all the experiences you have come across during every single step. This is a good thing to learn from your own experience since it is going to teach you about the mistakes and fluctuations of the first time.
The first-time mistakes will then lead you to never repeat them for the second time and you will get an idea about how it is to be a real entrepreneur dealing with problems and positive sides of the entrepreneurial world on a daily basis.
Invest in the next
A great entrepreneur is one who never sticks to only a single entrepreneurial venture. As an entrepreneur, you need to know that the overall goal is to extend growth and change lives. So, once you have successfully set up a business, try to extend it further.
This extension will not only be meaningful for you in terms of monetary profit but will also help you in broadening your horizons about entrepreneurship teaching you a lot till you reach a crisp age with the title of being a successful entrepreneur.
As a young entrepreneur, you need to remember that if you want to get success in the business field, you need to take entrepreneurship seriously. Success through entrepreneurship is only attainable if you are dedicated enough to make a change by following the tricks this world offers to you.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.