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When starting your own business as a teenager. what is the most important factor ?

Starting a business for jewelry or fashion

business entrepreneur entrepreneurship
Thank you comment icon When you are starting your own business as a teen, I think you should get ready and have the things you need before you start your business. If you have what you need, then I think you are good to go. Taniyah
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Don’s Answer

Kervissa,

From experience, the most important factor is providing a product to a large group of customers that will sell.

The common thought process is to develop a product and then try to sell it.

This is backwards. You research a product via consumers to measure the interest level, then spend the money to develop and sell it only if there is proven demand.

Feel free to reach out if you have additional questions.

Best,

Don
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PRASANJIT’s Answer

Below are the given most important factor.

A great idea. “No business can develop in the absence of a great idea."
Funding, Financing Pattern and budget.
Know your business plan well.
Legal documentation.
Passion.
Do Market survey.
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Terri’s Answer

Keep in mind that starting your own business should always start with a business plan. Make sure that you know what your capital spend will be (what you have to buy in order to create what you plan to sell or how you plan to provide a service (like lawncare)). Have someone mentor you in all the areas you need to have in your business plan which includes how you market your business - social media, direct mail, calls, etc. Determine what you will need to charge for your goods or services to make your business profitable. Is the price something your consumers will bear? If not - you have to either lower your capital spend or make the decision that this might not be a viable business.

Have someone that owns a successful business review your business plans to make sure you can sustain the business. If not - move on to something new. Keep in mind that small businesses fail more than they succeed. Starting with a business plan is your first and most important task to insure that your business is worth the risk!
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Winston’s Answer

My 2 cents:

1. Prioritize honesty and integrity in your business dealings. Though you may not see immediate benefits, these principles will set the foundation for long-term success. Act ethically in every decision you make – from the products/services you offer to the way you interact with clients and partners.

2. Embrace mistakes as opportunities for growth. When you make a mistake, analyze what went wrong, learn from it, and apply that knowledge in future endeavors. Remember, being young means you might not have the same resources or experience as others, but you have the unique advantage of growth and learning. Continuously strive to improve your skills and knowledge.

3. Identify your passion and integrate it into your business. Pursue a business idea that genuinely excites you and aligns with your interests. Keep the passion alive by setting goals, reviewing your progress, and staying committed to the vision. Once you've found a business that aligns with your passion, you're on the path to success.
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