Sure, you’ve probably thought about that whole “summer job” notion, but what about starting your own business?
Did you know that teen entrepreneurship is on the rise? There are a variety of reasons why, including the ever-changing job market with fewer full-time jobs, the cost of college and the simple desire of being in control of one’s own destiny.
Not only is there incentive, but there is proven success; teens are more likely than adults to be entrepreneurs, to succeed as entrepreneurs, and to create more jobs and make more money through entrepreneurial efforts than their adult counterparts.
Additionally, teens who start—and thrive in—entrepreneurial pursuits learn valuable business skills, drive, establish self-confidence, make differences in their communities, and can be a positive influence on even younger kids.
Interested in exploring entrepreneurship? Check out these tips.
Choose something you’re passionate about.
Starting a business requires creativity, energy and lots of dedication. If you choose something you’re not interested in, you will not be your authentic self to customers and will likely burn out.
Identify a need/gap in the market.
The top two reasons startups fail is because they either run out of capital or misjudged market need. A business that doesn’t fulfill a necessity is simply not going to generate the necessary revenue to keep the startup phase going. Combine your passion with a market need.
Know your industry.
Learn as much as you can about the industry in which you hope to thrive. Explore other companies and products, learn from their successes and failures. Look ahead: are there trends to suggest your industry will stay successful? Is it on the rise or decline?
Know your audience.
Your idea will not appeal to everyone, so don’t waste time shoehorning an unnecessary demographic into your marketing. Instead, focus on the people to whom you know this idea will appeal. Take the time to do your proper market research.
Have a solid business plan and finances in good order.
People will not take you seriously if you don’t take yourself seriously. Have a clear vision of who you are and what you expect to become. Plan every step of the way. A flawed business model accounts for about a fifth of startup failures and money mismanagement about a seventh. The business plan should include your goals, your networking ideas, what you require out of your team and marketing ideas.
Set specific goals.
Start with your big goals and get them on paper. Then break those down into smaller, more specific goals. Make sure they are feasible and actionable. Moreover, make sure they are quantifiable because numbers don’t lie. These could include x number of customers and/or x number of sales by a specified date.
Network, network, network.
Keep your network broad. Attend events, job fairs and meetings of local business owners. Utilize social media. Be bold in knowing who you are and what you can bring to the table.
Assemble a good team.
You may (and desire to) start on your own, but if growth is the goal, you will eventually need help. Think of what specific roles you need filled. Then, list what you require out of people who are going to fulfill those specific roles. What kind of background? Credentials? Personality?
Figure out a plan for marketing.
Are you going to only use social media? What about newspapers? What about good old-fashioned U.S. mail? You know your target audience and how much money you have to spend, so keep that in mind when figuring out how to best get your name out there.
Want to learn even more?
There’s nothing wrong with the good old-fashioned art of learning from books. Check out our catalog and search for “entrepreneurship”; you’ll be amazed at the number of books available to you, both in digital and print. You’ll just need a Canton Public Library card to check one out.
The Canton Public Library’s Business and Investment database collection has a variety of resources to help you learn more about business and entrepreneurship, including business directories, e-books, detailed information about demographics, financial literacy including stocks and mutual funds, and general small business tips.
In particular, we recommend exploring Small Business Source, a repository of ideas and tips to help you explore every facet of starting a new business. For example, if you’re interested in the prospect of starting an internet-based business, you can learn the ins and outs of blogging, website building, online-specific marketing, viral marketing, the particulars of using eBay, and much more.
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