5 answers
Terry
Student
Orangeburg, South Carolina
1
Question
Asked
467 views
What are the cons of having a business at a young business?
I am in the9th grade and I am just beginning to explore my future career, what are some careers and helpful next steps I should consider based on my passions and interests?
5 answers
Theophilus Mensah
Entrepreneur
37
Answers
Grambling, Louisiana
Updated
Theophilus’s Answer
Hello Terry!
Let me advise you from my experience. Starting a business at a young age, like I did, presents both challenges and incredible learning experiences. When I began my cosmetics, skincare, and hair care business right after Junior High School (Grade 9), I faced some of these obstacles firsthand. Here’s what I learned from balancing my business with school and how you can relate it to your journey.
Cons of Starting a Business at a Young Age:
1. Limited Experience: When I first started, I didn’t have the full understanding of what it took to run a business. From pricing products to managing customer relationships, I had to learn on the job. You might experience the same as you begin, but every challenge is an opportunity to grow.
2. Balancing School and Business: Just like you, I was balancing my education while growing my business. It took discipline and time management to make sure both my studies and business thrived. You’ll need to create a schedule that allows time for both without letting either suffer.
3. Financial Constraints: I started by buying products at wholesale prices and reselling them. Initially, I didn’t have a big budget, so I had to be resourceful with my earnings and reinvest them wisely. You might face similar constraints, but starting small and scaling over time can help.
4. Doubts from Others: When I was younger, some people didn’t take me seriously because of my age. You might face similar skepticism, but showing your dedication and results can help prove them wrong over time.
Careers and Helpful Next Steps Based on Your Interests:
1. Entrepreneurship: Starting your own business now can open doors for a long-term career in entrepreneurship. Just as I grew my cosmetics business from buying products in bulk and building a customer base through social media, you can explore an industry you’re passionate about. It could be something small, like providing a local service, and grow from there.
2. Marketing: Through my business, I learned the importance of marketing, especially when it came to promoting my products online. You can explore marketing as a career by starting to promote your business using social media or even by helping others with their online presence.
3. Finance: As I started managing my finances, from sourcing products to making sure I had enough for reinvestment, I learned a lot about money management. Whether you pursue a career in finance or simply apply it to your business, understanding budgeting and accounting is crucial.
4. Technology & Business: Today, technology plays a huge role in business. My business operates online, reaching people through digital platforms. You could combine your interest in business with technology by learning e-commerce, coding, or digital marketing. This way, you can scale any business idea effectively.
Next Steps:
• Start Small: Just like I started by selling simple cosmetics, you can begin with a small idea and grow. You don’t need a huge capital or resources—just a willingness to learn and adjust as you go.
• Learn the Basics: There are countless online resources that can teach you business fundamentals like marketing, accounting, and sales. I learned these on the go, but you can get ahead by taking free courses or reading relevant books.
• Build a Support Network: Having people to guide me, from family to mentors, was essential in helpingng me navigate challenges. Look for mentors, or even friends, who can support your journey.
With my business, I’ve been able to grow a platform that helps others sell and distribute products, creating opportunities for them. Just like I did, you can take small steps to create a meaningful and impactful business, even at your age. You have what it takes; passion, curiosity, and the willingness to learn to make your business dreams a reality!
Let me advise you from my experience. Starting a business at a young age, like I did, presents both challenges and incredible learning experiences. When I began my cosmetics, skincare, and hair care business right after Junior High School (Grade 9), I faced some of these obstacles firsthand. Here’s what I learned from balancing my business with school and how you can relate it to your journey.
Cons of Starting a Business at a Young Age:
1. Limited Experience: When I first started, I didn’t have the full understanding of what it took to run a business. From pricing products to managing customer relationships, I had to learn on the job. You might experience the same as you begin, but every challenge is an opportunity to grow.
2. Balancing School and Business: Just like you, I was balancing my education while growing my business. It took discipline and time management to make sure both my studies and business thrived. You’ll need to create a schedule that allows time for both without letting either suffer.
3. Financial Constraints: I started by buying products at wholesale prices and reselling them. Initially, I didn’t have a big budget, so I had to be resourceful with my earnings and reinvest them wisely. You might face similar constraints, but starting small and scaling over time can help.
4. Doubts from Others: When I was younger, some people didn’t take me seriously because of my age. You might face similar skepticism, but showing your dedication and results can help prove them wrong over time.
Careers and Helpful Next Steps Based on Your Interests:
1. Entrepreneurship: Starting your own business now can open doors for a long-term career in entrepreneurship. Just as I grew my cosmetics business from buying products in bulk and building a customer base through social media, you can explore an industry you’re passionate about. It could be something small, like providing a local service, and grow from there.
2. Marketing: Through my business, I learned the importance of marketing, especially when it came to promoting my products online. You can explore marketing as a career by starting to promote your business using social media or even by helping others with their online presence.
3. Finance: As I started managing my finances, from sourcing products to making sure I had enough for reinvestment, I learned a lot about money management. Whether you pursue a career in finance or simply apply it to your business, understanding budgeting and accounting is crucial.
4. Technology & Business: Today, technology plays a huge role in business. My business operates online, reaching people through digital platforms. You could combine your interest in business with technology by learning e-commerce, coding, or digital marketing. This way, you can scale any business idea effectively.
Next Steps:
• Start Small: Just like I started by selling simple cosmetics, you can begin with a small idea and grow. You don’t need a huge capital or resources—just a willingness to learn and adjust as you go.
• Learn the Basics: There are countless online resources that can teach you business fundamentals like marketing, accounting, and sales. I learned these on the go, but you can get ahead by taking free courses or reading relevant books.
• Build a Support Network: Having people to guide me, from family to mentors, was essential in helpingng me navigate challenges. Look for mentors, or even friends, who can support your journey.
With my business, I’ve been able to grow a platform that helps others sell and distribute products, creating opportunities for them. Just like I did, you can take small steps to create a meaningful and impactful business, even at your age. You have what it takes; passion, curiosity, and the willingness to learn to make your business dreams a reality!
Darielle Engilman
Consultant
2
Answers
New York, New York
Updated
Darielle’s Answer
Hi Terry! So great you're already interested in doing this at a young age.
There are many types of businesses out there, so pin-pointing what you might be interested in is definitely a great first step. Once you narrow that down, I'd suggest reaching out to people in your community to see if you can source any funding, big or small, to help you with this endeavor. No matter what you end up choosing, doing even the smallest of things will give you great experience that you can take with you for the rest of your professional career.
That said, enjoy your time in high school! It's great to have passion and side hobbies, but ensuring a focus on school and developing lasting relationships is essential at this age. And don't get me wrong, you can do it all -- just make sure you aren't holding up one path to start another!
There are many types of businesses out there, so pin-pointing what you might be interested in is definitely a great first step. Once you narrow that down, I'd suggest reaching out to people in your community to see if you can source any funding, big or small, to help you with this endeavor. No matter what you end up choosing, doing even the smallest of things will give you great experience that you can take with you for the rest of your professional career.
That said, enjoy your time in high school! It's great to have passion and side hobbies, but ensuring a focus on school and developing lasting relationships is essential at this age. And don't get me wrong, you can do it all -- just make sure you aren't holding up one path to start another!
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6167
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hey Terry!
Challenges of Starting a Business at a Young Age
Embarking on a business journey at a young age can be thrilling, but it's not without its hurdles and drawbacks. Here are some of the main challenges young entrepreneurs often face:
1. Experience Deficit: Young business owners may lack the essential experience in business management, including understanding financial operations, marketing tactics, customer relations, and day-to-day logistics. This lack of experience could make it difficult to make wise decisions or handle complex business situations.
2. Restricted Network: A robust professional network is a key to any business's success. Young entrepreneurs usually have smaller networks compared to their older counterparts, who've had more time to forge relationships with mentors, suppliers, and potential clients. This limited network can hinder opportunities for collaborations, funding, and guidance.
3. Financial Limitations: Young business owners may encounter financial constraints due to their age. They might not have sufficient personal savings or credit history to secure loans or investments. Plus, they may not be well-versed in fundraising options or crafting compelling business plans to attract investors.
4. Juggling Responsibilities: For young people, particularly those still in school, balancing academic commitments with running a business can be tough. Effective time management becomes crucial as they navigate schoolwork, extracurricular activities, and their business pursuits.
5. Legal Hurdles: Depending on the legal jurisdiction, there might be restrictions on minors starting businesses without parental consent or involvement. This can make establishing a legal business entity and adhering to local regulations more complex.
6. Fear of Failure: While the risk of failure is a part of any business venture, young entrepreneurs might find it especially intimidating as they may not have developed resilience or strategies to handle setbacks. The emotional impact of failure can affect their self-confidence and future career paths.
7. Limited Market Trend Awareness: Grasping market trends is crucial for a successful business strategy. Young entrepreneurs may lack the depth of understanding of consumer behavior or industry changes compared to more experienced professionals, which could lead to poor decisions in product development or marketing strategies.
8. Burnout Risk: The thrill of launching a new venture can cause young entrepreneurs to overextend themselves, overlooking the signs of burnout. The pressure to succeed, coupled with academic obligations, can lead to stress and exhaustion if not handled well.
In summary, while starting a business at a young age can offer invaluable learning experiences and growth opportunities, it's vital to carefully consider these potential challenges against the benefits.
Top 3 Reliable Sources Used in Answering this Question
1. U.S. Small Business Administration (SBA)
The SBA offers extensive resources on entrepreneurship, including guidance on effectively starting and managing small businesses while addressing common challenges new entrepreneurs face.
2. Harvard Business Review (HBR)
HBR publishes research-backed articles on various aspects of business management and entrepreneurship, highlighting both the pros and cons young entrepreneurs encounter in today's market.
3. Entrepreneur Magazine
Entrepreneur provides insights into starting businesses at different life stages, along with practical advice from seasoned entrepreneurs on overcoming obstacles unique to younger individuals entering the business world.
Confidence in the accuracy of this answer: 95%
Take Care!
JC.
Challenges of Starting a Business at a Young Age
Embarking on a business journey at a young age can be thrilling, but it's not without its hurdles and drawbacks. Here are some of the main challenges young entrepreneurs often face:
1. Experience Deficit: Young business owners may lack the essential experience in business management, including understanding financial operations, marketing tactics, customer relations, and day-to-day logistics. This lack of experience could make it difficult to make wise decisions or handle complex business situations.
2. Restricted Network: A robust professional network is a key to any business's success. Young entrepreneurs usually have smaller networks compared to their older counterparts, who've had more time to forge relationships with mentors, suppliers, and potential clients. This limited network can hinder opportunities for collaborations, funding, and guidance.
3. Financial Limitations: Young business owners may encounter financial constraints due to their age. They might not have sufficient personal savings or credit history to secure loans or investments. Plus, they may not be well-versed in fundraising options or crafting compelling business plans to attract investors.
4. Juggling Responsibilities: For young people, particularly those still in school, balancing academic commitments with running a business can be tough. Effective time management becomes crucial as they navigate schoolwork, extracurricular activities, and their business pursuits.
5. Legal Hurdles: Depending on the legal jurisdiction, there might be restrictions on minors starting businesses without parental consent or involvement. This can make establishing a legal business entity and adhering to local regulations more complex.
6. Fear of Failure: While the risk of failure is a part of any business venture, young entrepreneurs might find it especially intimidating as they may not have developed resilience or strategies to handle setbacks. The emotional impact of failure can affect their self-confidence and future career paths.
7. Limited Market Trend Awareness: Grasping market trends is crucial for a successful business strategy. Young entrepreneurs may lack the depth of understanding of consumer behavior or industry changes compared to more experienced professionals, which could lead to poor decisions in product development or marketing strategies.
8. Burnout Risk: The thrill of launching a new venture can cause young entrepreneurs to overextend themselves, overlooking the signs of burnout. The pressure to succeed, coupled with academic obligations, can lead to stress and exhaustion if not handled well.
In summary, while starting a business at a young age can offer invaluable learning experiences and growth opportunities, it's vital to carefully consider these potential challenges against the benefits.
Top 3 Reliable Sources Used in Answering this Question
1. U.S. Small Business Administration (SBA)
The SBA offers extensive resources on entrepreneurship, including guidance on effectively starting and managing small businesses while addressing common challenges new entrepreneurs face.
2. Harvard Business Review (HBR)
HBR publishes research-backed articles on various aspects of business management and entrepreneurship, highlighting both the pros and cons young entrepreneurs encounter in today's market.
3. Entrepreneur Magazine
Entrepreneur provides insights into starting businesses at different life stages, along with practical advice from seasoned entrepreneurs on overcoming obstacles unique to younger individuals entering the business world.
Confidence in the accuracy of this answer: 95%
Take Care!
JC.
Drew English
Coordinator and Research Analyst
4
Answers
New York, New York
Updated
Drew’s Answer
Starting a business presents many challenges for a new business owner, many of which vary depending on the industry and type of business you decide to start. One of the biggest challenges new business owners face is raising money to build the infrastructure they need in order to operate. If you are able to start your business using an online platform such as Etsy or Redbubble, they could help you save money in the beginning and start earning a profit immediately so that you are able to afford to expand your business in the future. If you are unable to start your business using one of these platforms, you may need to look for people to invest in your business or take out a loan to pay for any start-up costs.
While you are in high school, it is important to pay attention in your classes so that you can figure out what most appeals to you. The classes that you enjoy the most are the subjects you should try to stick with in the future. If you find yourself drawn to math, you should explore career related to that subject. It is important to pay attention to what you enjoy most about each subject as well. For example, you may like math because it gives you the opportunity to solve problems, but you may not enjoy having to work with numbers so much. Or, you may enjoy working with graphs and the visual aspects of math more than the numbers themselves. It can be helpful to pay attention to which aspects of each subject you most enjoy so that you have a better idea of what you want to study and what you want to do in your future career. If you are drawn to working with numbers, you could enjoy a career in finance. If you prefer visual aspects of math, you could enjoy a career in data analysis. If you enjoy problem solving, you could enjoy a career as a project manager. Getting to know yourself, your strengths, and what you enjoy is an important part of figuring out what career you can be most successful in in the future.
While you are in high school, it is important to pay attention in your classes so that you can figure out what most appeals to you. The classes that you enjoy the most are the subjects you should try to stick with in the future. If you find yourself drawn to math, you should explore career related to that subject. It is important to pay attention to what you enjoy most about each subject as well. For example, you may like math because it gives you the opportunity to solve problems, but you may not enjoy having to work with numbers so much. Or, you may enjoy working with graphs and the visual aspects of math more than the numbers themselves. It can be helpful to pay attention to which aspects of each subject you most enjoy so that you have a better idea of what you want to study and what you want to do in your future career. If you are drawn to working with numbers, you could enjoy a career in finance. If you prefer visual aspects of math, you could enjoy a career in data analysis. If you enjoy problem solving, you could enjoy a career as a project manager. Getting to know yourself, your strengths, and what you enjoy is an important part of figuring out what career you can be most successful in in the future.
Tony Roig
Volunteer
45
Answers
New Hope, Pennsylvania
Updated
Tony’s Answer
Hi Terry,
It's great your interested in exploring careers as a 9th grader, as it will definitely help in your figuring out what you really want to do that and that truly fulfills you down the road. Many people don't take the time, and are unhappy with their job, and that's unfortunate especially since we spend so much time in life working.
You have already been provided with some great and very comprehensive advice, so I will just make a few general suggestions.
1) Consider taking some career tests to help direct your career exploration efforts. Your guidance counselor can help you with this as there are many but they are not all reliable .
2) As was mentioned already, juggling and managing all the responsibilities can be a huge challenge for those running their own business and may negative impact other important aspects of your life, so look for ways to minimize this. Like, you may first want to work for an already established business in a field your interested in to help you quickly learn the ropes without taking all the risks while earning/saving $ for your own venture down the road. You could also look for business or other clubs and activities in an interest area of yours which teach you and simulate running your own "pretend" business , so to help you succeed in the real world. My wife ran such a club and your school probably does or get a teacher to sponsor and help start one! Hope that's helpful.
All the best,
Tony
It's great your interested in exploring careers as a 9th grader, as it will definitely help in your figuring out what you really want to do that and that truly fulfills you down the road. Many people don't take the time, and are unhappy with their job, and that's unfortunate especially since we spend so much time in life working.
You have already been provided with some great and very comprehensive advice, so I will just make a few general suggestions.
1) Consider taking some career tests to help direct your career exploration efforts. Your guidance counselor can help you with this as there are many but they are not all reliable .
2) As was mentioned already, juggling and managing all the responsibilities can be a huge challenge for those running their own business and may negative impact other important aspects of your life, so look for ways to minimize this. Like, you may first want to work for an already established business in a field your interested in to help you quickly learn the ropes without taking all the risks while earning/saving $ for your own venture down the road. You could also look for business or other clubs and activities in an interest area of yours which teach you and simulate running your own "pretend" business , so to help you succeed in the real world. My wife ran such a club and your school probably does or get a teacher to sponsor and help start one! Hope that's helpful.
All the best,
Tony
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