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A Guide to Entrepreneurship for Teens

Credit :Freepik

  BY: JENNY WISE

  Updated: March 27, 2022

Some people are born with the drive to become entrepreneurs, even at a young age. Rather than tamping down this ambition, you can encourage your teenager to launch their own enterprise. Knowing how companies work at a young age can help kids understand more about how the real world operates and put them at an advantage whether they decide to stick with it long-term or not. Check out personal development packages at Reach Educational Services to give them a headstart.

Understand the Benefits of Starting a Business as a Teen

Entrepreneurship can be a great way for your child to learn how to manage money, express creativity and develop problem-solving skills. Many high school and even college curriculums leave young adults unprepared for life after graduation, with research showing that two of five employers believe graduates are under-prepared for employment. Experience with overseeing finances can help teens understand the value of a dollar. Further, running a company can be an outlet for their imaginations if the company uses their creative abilities. The ever-changing business world teaches teens about overcoming obstacles since they will face many challenges.

Come Up With a Good Idea

While the general adult population often discounts the ideas of teenagers, this can be a major mistake. Teens frequently see a need for things that their friends would use or buy that someone older would never come up with. Many business owners get started either by identifying a need that is not currently met or by capitalizing on their passion. If your teen could make money doing something he or she loves, such as selling baked goods or jewelry, try thinking of a way to profit from it.

Find the Right Team

When a company is just starting out, your teen might be the only one running the show in your basement. However, if the company thrives, it will need additional employees. Take care to find people who understand the vision your young professional has for the company and have the qualifications for the role they seek. Ask questions specific to the position when interviewing and ensure the person is comfortable working with a teenager at the helm.

Utilize Best Practices for Running a Business

Though your child may be talented and passionate about their enterprise, they likely do not have insider knowledge about operating a business. Best practices include:

  • 1. Have a clear mission and goals
  • 2. Establish a financial plan
  • 3. Communicate clearly with employees
  • 4. Establish targets and reward teams for meeting them
  • 5. Know the market and target clientele

Marketing the Business

Today there are so many opportunities to advertise products and services online that entrepreneurs may forget about traditional marketing methods. Tried and true old-school promotional items such as business cards leave a lasting impression, are more visible than emails, and serve as a physical reminder of you and your brand. Premade business card design allows you to personalize your marketing materials by adding images, text, color schemes, and your choice in a font.

As a parent, you want to protect your child, and the best way to do so may seem to be by having them play it safe. However, teenagers with big dreams often surprise those closest to them with their drive and ambition. If your budding entrepreneur has a good business idea, help them give it a go using the advice above.

 

Meet The Author

My name is Jenny Wise. I am a Special Educator. I am a stay-at-home parent to 4 beautiful children. My husband and I made the decision to home-educate when our oldest was four years old. During this journey, we have expanded our family, and faced many challenges along the way. With every challenge, we have experienced great rewards.

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