5 Steps You Can Take Right Now To Prepare Yourself for Business Ownership As a Teen
69 percent of teens say they have a business idea but are unsure of how to start the process. This is totally understandable. After all, you’re only a teenager and there are so many options when it comes to starting your own business.
Entrepreneurship is an exciting but challenging road to embark on, and you’re never too young to get started! So, if you’re feeling a little lost but eager to learn, you’re in the right place.
Keep reading to learn 5 things you can do right now to prepare yourself as a teen entrepreneur and hit the ground running.
1. Identify Everyday Problems and Do Market Research
Being an entrepreneur is all about solving problems, so ask people what their pain points are.
What annoys them? What do you hear people complaining about? Can you brainstorm ways to solve that problem?
Keep in mind, you don’t need to reinvent the wheel here. You just have to uncover a problem and find a way to fix it. That could mean doing something better, faster, or different.
When you land on a business idea, do market research to ensure there’s demand. Lack of demand is one of the top reasons that businesses fail.
2. Network and Follow Successful Entrepreneurs
If you’re on the introverted side and just hearing the word “network” makes you cringe, don’t worry.
You don’t have to start attending every networking event in town (although that can open a lot of doors for you).
Connecting with your peers, parents’ friends, and teachers is a great place to start.
It’ll help you improve your communication skills, build confidence and learn what other people are doing successfully.
You can also find entrepreneurs on social media and follow them. People like Gary Vee, Tony Robbins, and Marie Forleo are a few top leaders you can keep your eye on.
Get the 6 step guide kids use to learn how to be an entrepreneur
Your child will be guided to develop entrepreneurial mindsets and leverage their unique skills to make a positive impact by building valuable products.
3. Organize Your Finances
Whatever business you start, it’s going to require capital. Now, you may not have all the money to get started right away but being smart with what you do have will set you up for success.
If you have a job, try saving at least 10% of every paycheck. Put the money in a separate account or a hidden stash at home and do not touch it!
This is called “paying yourself first” and it’s a great way to learn how to manage your money.
4. Read Books On Entrepreneurship
When Warren Buffet was asked to share the secret to his success, he said that he reads 500 pages a day.
Now, I’m not saying you need to keep up with Warren Buffet but reading books will teach you how to start a business, what mistakes to avoid, and the type of mindset you should adopt as a teen entrepreneur.
Some great books to get you started are Good to Great by Jim Collins, Rich Dad Poor Dad by Robert Kiyosaki, and Grit: The Power of Passion and Perseverance by Angela Duckworth. Not a fan of reading? Listen to an audiobook or a podcast instead.
5. Enroll In An Entrepreneurship Program For Teens
If you’re serious about diving into the world of entrepreneurship as a teenager, why not join a program that specializes in this?
At LogoLife we offer an exciting program called the Young Entrepreneur Network, or YEN, that connects like-minded, ambitious teens and teaches them the skills they need to become successful business owners.
It might just be the best way to get clarity on your future, make lifelong friends and gather business experience. Check out what we’re all about right here.
One Last Thought
The idea of starting a business as a teenager can feel incredibly daunting but exciting at the same time. Luckily, there are a few actions you can take now that will help you get your foot in the door.
Networking with your peers, identifying everyday problems, and making a habit of reading are just a few ways you can start preparing for entrepreneurship.
Begin building connections and developing a strong growth mindset and nothing will stop you from building the empire you dream of.
Ready to take the next step and learn how to become an entrepreneur? Our Young Entrepreneur Network teaches you all the necessary business skills you need so you can feel confident when you’re ready to take the leap. Learn more and join the program here!
Get the 6 step guide kids use to learn how to be an entrepreneur
Your child will be guided to develop entrepreneurial mindsets and leverage their unique skills to make a positive impact by building valuable products.
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