Become A Teen Entrepreneur

 

What is Entrepreneurship?

Entrepreneurship is when an individual takes their own idea to create a business in order to make a profit. Oftentimes, the idea can also bring on social change by creating a new product that people need or by coming up with a unique life-changing solution to a problem. Of course, this involves risk-taking and doing a lot of research before developing a plan of action.

Entrepreneurial homeschooling
Homeschooling is the perfect setting for entrepreneurial success. You are able to align your unique ideas with homeschool studies…..math, writing, you name it! It’s a huge benefit to delve deeper into your interests with the subjects you study in high school. The perfect chance to grow a passion into a business!

College is a good choice for some, but also consider that it may not always be the right answer for everyone. One thing is for sure, getting a college degree does not guarantee a good job. Here is an interesting article about the fictional character Rory from the hit show Gilmore Girls. It illustrates that getting an education from prestigious schools does not guarantee success! Why a Gilmore Girl Can’t Get a Job

There are definitely other ways to get an education or create a business for yourself. In fact, there are many non-profit organizations out there that are designed to help you get a foot in the door with your entrepreneurial ideas!

• Education Needs to Be Uber-ized- Here is an insightful article about the alternatives to formal education
• What is Entrepreneurship? There are also free online courses to learn more about entrepreneurship and creating your own business
• Economics In One Day– Here’s a good article on economics and entrepreneurship.

How to Begin Your Entrepreneurial Adventure

Brainstorm and come up with an idea. Sounds too simple doesn’t it? Think about what you are good at, what interests you, or even an idea that would benefit a group of people. Write it all down no matter how crazy or far fetched it might sound. You can use this creativity along with your own intuition to form an idea and plan of action.

12 Entrepreneurial Ideas for Teens

• Babysitting Service
• Pet sitting/walking
• Tutoring
• Etsy for crafty teens
• Social media influencer
• Inventor
• Technology tutor
• Clothing designer
• Custom portrait artist
• Pet photographer
• Gift basket service
• Ecommerce reseller

Things You Need To Think About

• Find out if your ideas require any certain certificates or permits.
• If you have thought up a unique product will it need a patent so no one steals your idea?
• What supplies will you need?
• How will you go about marketing your business?
• How will you make your business stand out from other businesses?
• What are my strategies and objectives to achieve my idea?
• Who will be using my product or services?
• What will I charge for my product or the service provided?

Research your idea

Your idea may or may not be unique, but find something similar and research how that product or business is doing. These statistics will help you determine if your idea is something that is marketable. Check out the website for the U.S. Small Business Administration that gives tips on researching the market for potential customers in your area. You may even want to try your hand at A/B testing. Develop out two types of products or services and see which one is more popular.

Write up a Business Plan

Write up a description of exactly what the purpose of your product or business will be and who will benefit from your services. Explain how your idea will be better than competitors with similar products. If you have a partner in your business make sure to write out what each individual’s responsibilities will be.

Fund your Idea

Start out small. While earning money to invest, you could start the process of beginning your business and gathering the supplies you need. Take advantage, in a good way, of the fact that as a teen still living at home, you most likely have very little living expenses.You will be able to save more money now to save up for your business venture. Also, consider business ventures that have very little to no overhead. This can be accomplished by working from home or via the internet.

Follow your Dreams

Follow through with your ideas! It’s easy to sit back and think “some day I’ll do this.” That day may never come unless you take the first steps now. Follow through with your dreams. If you wait it’s possible someone else will come up with something similar and you will never get the chance to try out your own ideas. This quote by George Herbert sums it all up-
“Do not wait; the time will never be ‘just right.’ Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.”

Additional References

What My Childhood Lemonade Stand Taught Me about Economics and Government
Success Isn’t about Fancy Titles. Focus on This Instead.
The Baby-Sitter’s Club Was My Atlas Shrugged

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• Life Skills
• Life Skills and Work Experience
• Math
• Tips for Homeschool Teens
• Unschooling/Independent Learning

May 14, 2018