Tips for Young Entrepreneurs
There are a lot of articles out there telling you to start a company or enter the business world, but few tell you how to do either. And how does a teenager manage this when they have school, chores, weekend sports, and pals all competing for their time? Starting a company as a teen is often straightforward, primarily if the entrepreneur pursues a hobby or interest; however, if the entrepreneur is motivated solely by financial gain, the entrepreneur can follow a straightforward 7-step process.
Before any company can get started, a few loose ends must be tied. You must exercise some command over the less valuable tasks in your life. The point isn’t to completely cut out these pursuits but rather to bring them under control to the point where they take a back seat to your company and the things you need to get done for your business. So, to help, I’ve compiled a list of seven things that should become part of your daily habit.
One, limit or eliminate your television viewing. One night could be dedicated to watching movies, and another could be split between your beloved TV shows. Find out for yourself what makes sense.
Second, try to limit your use of the phone. Also, electronic messaging and texting. Set aside time to check your inbox and let your pals know when you’ll be able to respond to their messages. Maintain some degree of adaptability to keep your friendships intact.
Third, if you’re not working for your company, you should get to bed at a reasonable hour.
Four, get up early. You’ll be amazed at how much you can get done from 5:30 to 8:30 in the morning.
5 Create an agenda for the week. Divide it up into days. Stick to it like a religion and adjust it once a week.
Set your priorities. Master the art of prioritizing essential tasks over urgent ones. Often, items that seem urgent don’t end up being essential or valuable to your company. These allow you to…
7-Delegate. Assign tasks to others and delegate pressing but unimportant tasks if possible. Even if it costs you five bucks. What is the value of your time?
Now that we’ve gotten those out of the way, I can’t overstate their significance. Establishing the routines that will bring you consistent success is essential, and the advice in these seven points will get you well on your way.
Here are the seven essential measures you must take to launch your company. It’s up to you, but this strategy could be implemented in seven days. If you follow these instructions, you can launch a company quickly.
The first step is to identify your interests and areas of interest.
The best choice is to get started doing what you love. Many people have become famous, rich, and successful by doing what they love. If you’re having trouble figuring out this, choose a business-related subject that piques your interest. Discuss it with your folks and hear how they feel about it. I suggest you consult an “open-minded” businessperson for a more objective viewpoint.
Phase 2: Establish operational and budgetary requirements.
Get your business’s funds in order and open bank accounts. You may want to inform the bank boss of your plans. Consult a bookkeeper, too. (your parents may have one). There is a good chance that if you choose one, they will provide you with tools to keep track of your finances without charging you anything extra. Get your books to avoid a headache down the road.
Choose a moniker for your business and register it. While the specifics of this requirement vary by country, in most instances, it is necessary to do so to establish your tax accounts. The marketing department will require this as well. Your business or tax identification number may need to appear on promotional materials to comply with the law.
Third, decide on the focus of your business.
Look at the marketplace and identify a need you can fill. Once you have this information, you can search for and verify entry points into that industry. Again, selecting a topic you have a deep interest in will make the entire process much less daunting and more enjoyable.
Take some time to brainstorm new ideas. Create at least three or four product iterations or a twist on the subject. This improves the likelihood of bringing the correct product to market. Gather a group of good thinkers together.
Create your differentiated selling proposition in Step 4.
If you want your company to stick out from the crowd, you need to find a way to make your product distinct from the competition and provide something consumers want.
Find out what your typical customer desires and needs by conducting market research. Explore your options for conducting interviews with some. You can better meet their expectations by learning more about them. I can almost guarantee they haven’t shown any discussions compared to you. Your offering will then be superior to all others on the market.
Fifth, launch your advertising initiative.
Make a plan for getting your goods to the consumer. Your target audience needs to be aware of your product’s existence and its benefits over the competition.
Advertising (the next stage), product development, a freebie, repeat sales, word-of-mouth, and reaching out to new audiences are all part of marketing.
You can schedule a lawn-mowing shift, for instance. You stand out from the competition because you offer free trimming along sidewalks and ensure the quality of your work. You also provide a 50% discount for referrals for both parties involved. It’s possible you could even place a sign in the client’s garden if they permit you to do so.
Step 6: Pick the Most Effective Form of Advertising.
The next step in launching a successful marketing effort is assembling the necessary promotional materials. Naturally, promoting can be costly, so looking into different options is essential to find the one that works best for you at the lowest price.
In the lawn care business, for instance, a newspaper ad might set you back $150 while printing and distributing 1,000 leaflets would only cost you $20, and the services of a student would set you back another $20. Depending on how often you succeed, you’ll use one or the other. Check out what others have done that has proven successful. You could even phone up a rival company, pretend to be a student (which you are), and quiz them on effective advertising strategies.
Beginning operations is the seventh stage.
Proceed at once. Put on your sales hat and “walk the talk” even if things aren’t perfect. Just being able to do this is incredible. Always maintain a positive attitude. You’ll have to push past the setbacks you’re bound to experience. Celebrate the small wins along the way, like your first sale, your first week in the company, or your first $1,000 profit. You should remember this. Keep in mind…
So, if you’re a teenager, you can start a company by following a simple 7-step plan. It’s not perfect, but that’s just how commerce works. You’ll discover that many things need your attention regularly and that after your initial encounter with each, you’ll develop your strategies for handling them. Enjoy yourself and soak up all the knowledge you can while in the company. Make a fortune!
Learn the strategies used by today’s adolescent millionaires and apply them to your own life. If you want to learn more about what’s feasible, check out
Keep an eye out for the free downloadable e-books I’ve added. Here is some information that I know will be helpful as you begin your venture into teen entrepreneurship.
Harris, Stuart G.