4 answers
Ben
Student
Holland, Ohio
2
Questions
Asked
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How can I create a successful business?
I am a 16 year old looking to start a business when im older. I'm wondering what can I do to prepare now for my future. What can I do to study, what can I read, etc.
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4 answers
Chinyere Okafor
Educationist and Counseling Psychologist
401
Answers
Port Harcourt, Rivers, Nigeria
Updated
Chinyere’s Answer
Hello Ben,
Great to hear that you're already thinking about entrepreneurship at such a young age! Starting a business is an exciting journey, and preparing early can give you a strong foundation. Here are some steps you can take now to prepare for future success:
1. Gain Knowledge in Business
- Read books: Some great books for understanding business basics are:
- Rich Dad Poor Dad by Robert Kiyosaki (personal finance and entrepreneurship)
- The Lean Startup by Eric Ries (how to launch successful businesses)
- Zero to One by Peter Thiel (how to create something new and innovative)
- Atomic Habits by James Clear (building habits for success)
- Business blogs and podcasts: Follow resources like "Entrepreneur", "Harvard Business Review", and podcasts like "How I Built This".
2. Learn Financial Literacy
Understanding how money works is key. Here’s what to study:
- Basics of saving, investing, and budgeting.
- Personal finance tools: Apps like Mint or YNAB can help you practice managing money.
- Online courses: Platforms like Coursera or Udemy offer courses on financial literacy and business fundamentals.
3. Practice Entrepreneurship Early
- Start small ventures: Even small projects like selling items online or creating a blog can teach valuable lessons.
- Develop skills: Freelancing or offering services like tutoring, design, or tech support can build your business acumen.
4. Learn Marketing & Sales
- Understand how businesses attract and retain customers. Consider reading "This Is Marketing" by Seth Godin.
- Learn about digital marketing: Explore social media marketing, SEO, and branding through free resources or classes.
5. Network
- Join clubs or organizations focused on business (e.g., DECA or FBLA).
- Attend events, conferences, or local business meetups to learn and connect with mentors.
6. Improve Critical Thinking and Problem Solving
- Focus on improving your problem-solving skills through puzzles, strategy games, or critical thinking exercises.
- Take courses in entrepreneurship, leadership, and management in school or online.
7. Explore Industries You’re Passionate About
- Whether you’re into tech, fashion, baking, or another field, start studying trends in those industries.
- Consider internships or shadowing professionals in those fields to gain firsthand experience.
Remember: Starting a business is a journey, not a destination. It's important to be patient, persistent, and willing to learn from your mistakes. By taking these steps now, you're setting yourself up for success in the future.
Best wishes!
Great to hear that you're already thinking about entrepreneurship at such a young age! Starting a business is an exciting journey, and preparing early can give you a strong foundation. Here are some steps you can take now to prepare for future success:
1. Gain Knowledge in Business
- Read books: Some great books for understanding business basics are:
- Rich Dad Poor Dad by Robert Kiyosaki (personal finance and entrepreneurship)
- The Lean Startup by Eric Ries (how to launch successful businesses)
- Zero to One by Peter Thiel (how to create something new and innovative)
- Atomic Habits by James Clear (building habits for success)
- Business blogs and podcasts: Follow resources like "Entrepreneur", "Harvard Business Review", and podcasts like "How I Built This".
2. Learn Financial Literacy
Understanding how money works is key. Here’s what to study:
- Basics of saving, investing, and budgeting.
- Personal finance tools: Apps like Mint or YNAB can help you practice managing money.
- Online courses: Platforms like Coursera or Udemy offer courses on financial literacy and business fundamentals.
3. Practice Entrepreneurship Early
- Start small ventures: Even small projects like selling items online or creating a blog can teach valuable lessons.
- Develop skills: Freelancing or offering services like tutoring, design, or tech support can build your business acumen.
4. Learn Marketing & Sales
- Understand how businesses attract and retain customers. Consider reading "This Is Marketing" by Seth Godin.
- Learn about digital marketing: Explore social media marketing, SEO, and branding through free resources or classes.
5. Network
- Join clubs or organizations focused on business (e.g., DECA or FBLA).
- Attend events, conferences, or local business meetups to learn and connect with mentors.
6. Improve Critical Thinking and Problem Solving
- Focus on improving your problem-solving skills through puzzles, strategy games, or critical thinking exercises.
- Take courses in entrepreneurship, leadership, and management in school or online.
7. Explore Industries You’re Passionate About
- Whether you’re into tech, fashion, baking, or another field, start studying trends in those industries.
- Consider internships or shadowing professionals in those fields to gain firsthand experience.
Remember: Starting a business is a journey, not a destination. It's important to be patient, persistent, and willing to learn from your mistakes. By taking these steps now, you're setting yourself up for success in the future.
Best wishes!
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
167
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Please, note the following, concerning how you can create a successful business :-
1. Identify the type of business.
2. Show interest in the business.
3. Study/Learn towards the business.
4. Knowing the location of the business.
5. Knowing how to get the required capital to start with the business.
6. Diligence and determination.
Best regards.
1. Identify the type of business.
2. Show interest in the business.
3. Study/Learn towards the business.
4. Knowing the location of the business.
5. Knowing how to get the required capital to start with the business.
6. Diligence and determination.
Best regards.
Thomas Grau
Product Manager
4
Answers
Charlotte, North Carolina
Updated
Thomas’s Answer
Hi Ben, it's great to read you're interested in starting a business! Business owners do need a wide range of skills and knowledge to be successful over time. Introduction to business would be a good start as well as observing new businesses in your community. So many new businesses have started with a great product that addresses an unmet need; getting an Uber from an app on your phone is relativity new! Other successful businesses have improved upon an existing product and iPhones are a great example.
In general, a business needs to make more money (sales), than they spend (cost of sales and operations) to be profitable. While there's so many established businesses, there's always new ones...now that you're curious, I'd look around for new businesses opening up. Might hear about a new grand opening on the radio or see a new opening in your community.
Businesses are about serving people with similar interests, for example a Farmer's market brings together the folks producing the goods, and the customers that want to buy those goods. There's many other examples you can probably observe in your community.
Financial skills are a must and there's many online resources that can help as well as marketing (this means having a product that people want to buy, pricing it competitively, letting people know you and having the mechanisms to sell your product). Research topics around the Marketplace concept, to see the wide variety of approaches to bring buyers and sellers together.
Some questions to ask a business owner; how did you start your business, what's working successfully, what would they change?
Good luck!
In general, a business needs to make more money (sales), than they spend (cost of sales and operations) to be profitable. While there's so many established businesses, there's always new ones...now that you're curious, I'd look around for new businesses opening up. Might hear about a new grand opening on the radio or see a new opening in your community.
Businesses are about serving people with similar interests, for example a Farmer's market brings together the folks producing the goods, and the customers that want to buy those goods. There's many other examples you can probably observe in your community.
Financial skills are a must and there's many online resources that can help as well as marketing (this means having a product that people want to buy, pricing it competitively, letting people know you and having the mechanisms to sell your product). Research topics around the Marketplace concept, to see the wide variety of approaches to bring buyers and sellers together.
Some questions to ask a business owner; how did you start your business, what's working successfully, what would they change?
Good luck!
Harry Clapeck
Manufacturing
24
Answers
Scottsdale, Arizona
Updated
Harry’s Answer
Hi Ben, You have a great opportunity ahead of you and much of the advice is very sound. I would just offer a few additional ones here.
Know your shortcomings. Too many business owners think they know it all. The most successful ones know when to admit it is best to call in the "pros". You might know some basic costs, but not about taxes. That phone call to a specialist (IE: tax planner) could save you frustration and reduce taxes.
Know your market well. You might think you have a great product but if nobody else wants/needs/likes it, You won't sell item 1.
Know your competition. Is your product just a "me too" one? What makes yours different from others? Is it priced well? Can it command a premium price? You only have to sell one hamburger for $1,000,000 and retire, but finding that 1 customer will be a challenge.
Know finances, IE: costs, both short term and long term. What's the cost of making your product/service vs the cost of running the company.
Lastly, remember it is important to pay yourself. If you start out saying you will take a salary later after you get started, you may start pricing yourself too low and never get to raise your price. Or if you do, you might lose too many customers.
Lastly, remember customer service. It takes only one unhappy customer to do a lot of damage quickly, but many satisfied customers to grow the business slowly
Good luck, Ben.
Know your shortcomings. Too many business owners think they know it all. The most successful ones know when to admit it is best to call in the "pros". You might know some basic costs, but not about taxes. That phone call to a specialist (IE: tax planner) could save you frustration and reduce taxes.
Know your market well. You might think you have a great product but if nobody else wants/needs/likes it, You won't sell item 1.
Know your competition. Is your product just a "me too" one? What makes yours different from others? Is it priced well? Can it command a premium price? You only have to sell one hamburger for $1,000,000 and retire, but finding that 1 customer will be a challenge.
Know finances, IE: costs, both short term and long term. What's the cost of making your product/service vs the cost of running the company.
Lastly, remember it is important to pay yourself. If you start out saying you will take a salary later after you get started, you may start pricing yourself too low and never get to raise your price. Or if you do, you might lose too many customers.
Lastly, remember customer service. It takes only one unhappy customer to do a lot of damage quickly, but many satisfied customers to grow the business slowly
Good luck, Ben.