May 19

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Why and How to Start a Business as a Teenager

By Patrick Millerd

May 19, 2022

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To start a business as a teenager is an excellent way to earn some extra cash to use for entertainment and saving for the future. But the most significant benefit of being a business owner in high school has nothing to do with money: It will provide you with valuable experience and teach you crucial skills that can work in your favor well into adulthood. 

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 If you want money, have a mind for business, and especially if you are passionate about a specific field, don’t think you’re too young to launch. Consider these tips from ProfitabilityHub for starting your first venture!

 Know Why It’s a Good Thing      

 As discussed, starting a company and being responsible for managing its day-to-day operations can give you valuable experience that you cannot get anywhere else. Besides equipping you with critical life skills (e.g., problem-solving, decision-making, money management, etc.), being an entrepreneur can make you a better candidate for some of the nation's top schools. It can also help you connect with your community and open doors to opportunities you never thought possible.

 Think Through Your Options      

 The first step to starting a company is to determine precisely what type of business you want to run. These days, teenagers are succeeding in many different industries. Here are a few ideas to consider:

  • Tutoring   
  • Test prep
  • Music lessons 
  • Sewing or knitting 
  • Candle making 
  • Soapmaking
  • Data entry
  • Personal assistant

 The key to identifying the right business idea is to think about your interests, talents, and the skills and knowledge you've acquired up to this point. Then, you will have an idea of where you could succeed.

 Don’t Count Out College

 You have probably heard about all the successful entrepreneurs, like Steve Jobs or Bill Gates, who dropped out of school or college. While college is not a requirement for entrepreneurial success, earning a business degree can provide you with excellent experience in the workforce, and valuable skills and knowledge in your field of choice

 For instance, pursuing an online degree in business management, marketing, or management and leadership could go a long way in developing your business acumen. And you could study at a pace that allows you to uphold your other commitments as well.

 Plan to Make Mistakes

 Even the world's most successful entrepreneurs and business owners have made multiple mistakes throughout their careers. Don't begin your entrepreneurial journey with the expectation that you will handle every step and decision perfectly.

 With that said, the companies that succeed long-term are typically those that make the fewest mistakes. Starting a business when you're young allows you to learn from failure so that you make fewer mistakes down the road.

 Gauge Your Passion

 Starting and running a business is going to consume much of your time. You don't want to spend all that time doing something you don't love. 

 You must have passion and drive to run the marathon of entrepreneurship. Constantly evaluate your interests and think of ways that you can inject more of your passion into your company.

 Look for a Problem     

 Every successful business either solves a problem or meets the desire of consumers. Ideally, your product or service will accomplish both. As you research the market and create your business plan, identify your unique selling proposition (USP), which will be the key to your success.

 Learn About Entrepreneurship

 Even if you go to business school, you will stand a better chance of succeeding long-term if you adopt a mindset of lifelong learning. Read every business and leadership book you can get your hands on. Attend online and in-person conferences, seminars, and workshops. And find a mentor in your community who can help you navigate the unpredictable waters of entrepreneurship.

If you think you're too young or inexperienced to launch a company, get that thought out of your head now! There are countless advantages to becoming a teen entrepreneur, and it can pave the way to a happy and successful future. Remember the tips above as you brainstorm business ideas and plan your launch. And never stop learning!

 Would you like to read more helpful content or learn about the Cash Flow King Method of saving money? Visit ProfitabilityHub.com today!

Article by Nicola Reid

Patrick Millerd

About the author

I help small and medium-sized business owners drive success by managing the financial health of their business through understanding the numbers.
Set goals and action plans for cash and profit and customer management.

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