5 answers
Payton
Student
St. Augustine, Florida
1
Question
Asked
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What is the best way for teens to start their own business and what did you wish you knew sooner about being a young entrepreneur in high school and college?
I've taken an entrepreneurship class, passed my certification test for entrepreneurship and have been involved with DECA.
I'm wanting to start my own resale business and open a cafe.
I like taking art classes at school and wish to continue in life.
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5 answers
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
222
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
I was an entrepreneur in high school but wasn't encouraged to do anything about setting up a business structure that could scale in any way, so I had to learn that later.
In addition to what you've learned, it might be helpful to check out this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf), or to find and read Dave Ramsey's book Entreleadership. These books will both give you lots of food for thought.
In addition to what you've learned, it might be helpful to check out this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf), or to find and read Dave Ramsey's book Entreleadership. These books will both give you lots of food for thought.
Matthew L. Tuck, J.D., M.B.A.
CEO/Managing Attorney, Greater Detroit Area
64
Answers
Lansing, Michigan
Updated
Matthew L.’s Answer
Hi Payton.
Great question! I'm so excited to see that you are interested in business. Owning your own business is interesting, hard, unpredictable, and an amazing way to learn about yourself and others. You sound like you have some great interests that are a good basis for a business.
I would echo what the others have said and add this.
The most important thing to take into consideration when you're starting a business is find what you love to do (which I think you already have). If you work in your own business doing something you are passionate about, it will never feel like work. I would start by doing some deep thinking about what you like to do and what interests you. Keep a journal about your thoughts about what you like and just about daydreams of your ideal business. Journaling is a great way to help process and organize your thoughts. I use mine to sketch out business ideas (software I want to create, books I want to write, other businesses I want to start).
Also read as much as you can about business. The best entrepreneurs are also lifetime learners. They are curious and have many interests. Read books by and and about great entrepreneurs like Bill Gates, Jeff Bezos, Steve Jobs, and Simon Sinek (Sinek really understands business and wrote a great book called "Start with Why". It's brilliant). Also read books that great entrepreneurs read. You can Google books recommended by Gates, Buffet, or Richard Branson. Read what they read. There are also literally millions of videos on Youtube about every type of business you can imagine. Entrepreneurs are usually really enthusiastic about what they do, how they do it, key lessons they've learned and the mistakes they've made (which are the most important part).
You are also very lucky in North Florida in that there is a very active Junior Achievement (JA) program near you. JA is a way for young people to get involved in and learn about business. JA has entrepreneurship programs to learn about business and will help you find mentors to help you on your journey. Check out JA here: https://northflorida.ja.org/. Your school may even have entrepreneurship classes.
The younger you start the better. Richard Branson started his first business at 16, a magazine for his friends called "Student." He also loved music so a few years later he started a mail order record store, which eventually became Virgin Records. Now builds rockets. Branson is a great example.
Many colleges also have great entrepreneurship programs when you get to that point. You may also be able to take classes at a local community college for high school and college credit. There you can learn how to write a business plan, accounting basics, software coding, learn about business ethics, business law, etc., all skills entrepreneurs need.
Also, learn to network like crazy. The best entrepreneurs are good networkers. Your network can help you find the best employees, get funding for your ideas, and they will buy or test your product for you.
And lastly, don't be afraid to make mistakes. Entrepreneurship is all about trial and error. Never be afraid to fail. People who don't have the entrepreneurship bug will probably make fun of you, they'll tell you your crazy, or weird, and that your ideas are dumb, even though they've never started or built anything themselves. Haters are that way mostly because they are scared and they don't want you to succeed. They prefer a nice, safe job in a store or factory where they do the same thing every day, and have to depend on others (i.e., an entrepreneur who started the store) for their paycheck. Most people are like that. And that's fine. The world needs them too. But the world REALLY needs entrepreneurs. Just keep trying and never give up. All successful entrepreneurs have failed--usually more than once. They learn, they refine and they try again until ti works.
So start small. Find something your classmates need or want. Come up with a plan. Try it. refine and repeat until it works. Like you, my niece is a great artist and she used that talent to start a side hustle in high school decorating tennis shoes and selling them to her friends and on-line. Don't worry about the formalities at first. Sketch out a business plan. It can be one page. Learn to buy low and sell high and how to make a profit. That's the essence of business. Buy a pair of shoes for $10, decorate them, and sell for $20. Or buy some funky old clothes at a garage sale for $5, clean them up, maybe add something to make them unique, and sell for $10. Track your sales. My niece didn't get rich, but she learned a ton and made money to buy other things she wanted.
Try to find some likeminded people to bounce your ideas off of. It's fun and helpful. This is like a board of directors for your business. If you have smart friends, they can help you anticipate problems and make your product or service better. They can also provide moral support in the hard times when things are not working.
Good luck! It could be an an exciting career if you have the right personality and staying power to succeed. Don't ever give up.
1. Think a lot about what you love to do and see if there is a way to build a business around it.
2. Journal about your ideas. Write everything down (ideas, designs, whatever) so you don't forget. Reread you journals later to get ideas if you have a dry spell.
3. Look into local opportunities at your school, on-line or at nearby colleges to learn and practice entrepreneurship skills. Find a mentor. Network like crazy.
4. Read everything you can about business and entrepreneurship. Learn from the greats like Jobs, Gates, and Branson. Read what they read.
5. Come up with a plan. Start small. Execute on it. Revise. Repeat until it works. Don't be afraid to fail. Failure is the most important part of the journey.
Great question! I'm so excited to see that you are interested in business. Owning your own business is interesting, hard, unpredictable, and an amazing way to learn about yourself and others. You sound like you have some great interests that are a good basis for a business.
I would echo what the others have said and add this.
The most important thing to take into consideration when you're starting a business is find what you love to do (which I think you already have). If you work in your own business doing something you are passionate about, it will never feel like work. I would start by doing some deep thinking about what you like to do and what interests you. Keep a journal about your thoughts about what you like and just about daydreams of your ideal business. Journaling is a great way to help process and organize your thoughts. I use mine to sketch out business ideas (software I want to create, books I want to write, other businesses I want to start).
Also read as much as you can about business. The best entrepreneurs are also lifetime learners. They are curious and have many interests. Read books by and and about great entrepreneurs like Bill Gates, Jeff Bezos, Steve Jobs, and Simon Sinek (Sinek really understands business and wrote a great book called "Start with Why". It's brilliant). Also read books that great entrepreneurs read. You can Google books recommended by Gates, Buffet, or Richard Branson. Read what they read. There are also literally millions of videos on Youtube about every type of business you can imagine. Entrepreneurs are usually really enthusiastic about what they do, how they do it, key lessons they've learned and the mistakes they've made (which are the most important part).
You are also very lucky in North Florida in that there is a very active Junior Achievement (JA) program near you. JA is a way for young people to get involved in and learn about business. JA has entrepreneurship programs to learn about business and will help you find mentors to help you on your journey. Check out JA here: https://northflorida.ja.org/. Your school may even have entrepreneurship classes.
The younger you start the better. Richard Branson started his first business at 16, a magazine for his friends called "Student." He also loved music so a few years later he started a mail order record store, which eventually became Virgin Records. Now builds rockets. Branson is a great example.
Many colleges also have great entrepreneurship programs when you get to that point. You may also be able to take classes at a local community college for high school and college credit. There you can learn how to write a business plan, accounting basics, software coding, learn about business ethics, business law, etc., all skills entrepreneurs need.
Also, learn to network like crazy. The best entrepreneurs are good networkers. Your network can help you find the best employees, get funding for your ideas, and they will buy or test your product for you.
And lastly, don't be afraid to make mistakes. Entrepreneurship is all about trial and error. Never be afraid to fail. People who don't have the entrepreneurship bug will probably make fun of you, they'll tell you your crazy, or weird, and that your ideas are dumb, even though they've never started or built anything themselves. Haters are that way mostly because they are scared and they don't want you to succeed. They prefer a nice, safe job in a store or factory where they do the same thing every day, and have to depend on others (i.e., an entrepreneur who started the store) for their paycheck. Most people are like that. And that's fine. The world needs them too. But the world REALLY needs entrepreneurs. Just keep trying and never give up. All successful entrepreneurs have failed--usually more than once. They learn, they refine and they try again until ti works.
So start small. Find something your classmates need or want. Come up with a plan. Try it. refine and repeat until it works. Like you, my niece is a great artist and she used that talent to start a side hustle in high school decorating tennis shoes and selling them to her friends and on-line. Don't worry about the formalities at first. Sketch out a business plan. It can be one page. Learn to buy low and sell high and how to make a profit. That's the essence of business. Buy a pair of shoes for $10, decorate them, and sell for $20. Or buy some funky old clothes at a garage sale for $5, clean them up, maybe add something to make them unique, and sell for $10. Track your sales. My niece didn't get rich, but she learned a ton and made money to buy other things she wanted.
Try to find some likeminded people to bounce your ideas off of. It's fun and helpful. This is like a board of directors for your business. If you have smart friends, they can help you anticipate problems and make your product or service better. They can also provide moral support in the hard times when things are not working.
Good luck! It could be an an exciting career if you have the right personality and staying power to succeed. Don't ever give up.
Matthew L. recommends the following next steps:
Elise B
2
Answers
Updated
Elise’s Answer
Hey Payton,
It's fantastic to see you're considering this! The responses that have been offered here are incredibly valuable and pertinent.
I'd like to offer a fresh viewpoint. The optimal way for a teenager to kickstart a business is by taking that first leap. Occasionally, we can become so engrossed in over-analyzing a concept that we never really get started. So, if your idea is straightforward and doesn't require a hefty initial financial commitment, I'd urge you to simply dive in and gauge the reaction to your idea. This initial 'test' phase could help refine your business concept further.
Wishing you all the success with your exciting new endeavor!
It's fantastic to see you're considering this! The responses that have been offered here are incredibly valuable and pertinent.
I'd like to offer a fresh viewpoint. The optimal way for a teenager to kickstart a business is by taking that first leap. Occasionally, we can become so engrossed in over-analyzing a concept that we never really get started. So, if your idea is straightforward and doesn't require a hefty initial financial commitment, I'd urge you to simply dive in and gauge the reaction to your idea. This initial 'test' phase could help refine your business concept further.
Wishing you all the success with your exciting new endeavor!
Shahneela Vengus
HR Manager
30
Answers
Karachi, Sindh, Pakistan
Updated
Shahneela’s Answer
If you really want to start your own business, you’ll want to get a few things in order to get your shop up and running.
Firstly, write a business plan
Find the right location
Develop a floor plan
Hire an accountant
Find local funding options
Save money for your personal expenses
Compare prices and quality on everything
Network with lenders and other coffee makers
Develop your marketing plan
Focus on the Exterior
Remain positive
Hire slowly
Set high standards
Firstly, write a business plan
Find the right location
Develop a floor plan
Hire an accountant
Find local funding options
Save money for your personal expenses
Compare prices and quality on everything
Network with lenders and other coffee makers
Develop your marketing plan
Focus on the Exterior
Remain positive
Hire slowly
Set high standards
Scott Snyder
eCommerce Lead, Online Marketing at AT&T
9
Answers
Updated
Scott’s Answer
If you want to be an entrepreneur starting young is great! You have time to learn (and also fail and try again and again until to find the right formula) — before you have a mortgage and family etc.
But do you need to set up your business (legalzoom.com is great for that) and also need a business plan, which financial revenue forecasts and expenses etc.
Also, try and find a job (even part time) in the field you’re interested in starting a business in — so work at a cafe, work at a resale store, learn the ropes a little before you go out alone.
Also try and find a mentor who can help when you need too
Good luck! 👍
But do you need to set up your business (legalzoom.com is great for that) and also need a business plan, which financial revenue forecasts and expenses etc.
Also, try and find a job (even part time) in the field you’re interested in starting a business in — so work at a cafe, work at a resale store, learn the ropes a little before you go out alone.
Also try and find a mentor who can help when you need too
Good luck! 👍