How To Become A Successful Young Entrepreneur With Pictures

What kind of content do you wish was online? What kind of games do you wish you could play? Is there a product or service that could help you feed the homeless?[2] X Research source Whatever path you take to entrepreneurship, it must begin with identifying problems and dreaming of solutions. Write down all your ideas, no matter how crazy they might seem.

Stay active. Don’t sit in one spot for more than an hour. Regular exercise – at least 30 minutes each day – is critical to both physical and mental health. Even walking can improve your thought process and make you feel more creative.

In addition to learning from other young entrepreneurs, solicit feedback from employees and coworkers. Seek counsel from wise friends, associates, and successful business persons about how to best grow your enterprise. Make it a priority to meet other entrepreneurs if you don’t already know some.

Your passions can inspire entrepreneurial activity. Identify a cause you feel strongly about and figure out how to fight for it. For instance, if you’re interested in saving the whales, you might invent an app that helps track whale populations or publicize whale hunts around the world. [4] X Research source

For instance, you might decide to create a search engine even though there are many search engines available. If you believe that your search engine is better than the others, or offers something the others don’t, go for it. Taking risks doesn’t mean jumping in blind. Do your homework before developing a new service or opening a new store. [5] X Research source

Short-term goals might include “Improve on last week’s sales” or “Get one new investor this quarter. ” Try to set and meet at least three short-term goals each week and month. [8] X Research source Short term goals are better expressed as sub-goals, as their achievement should lead to attaining a longer term goal. Long-term success is composed of consistently meeting short- and medium-term goals. Long-term goals might take the form of a mission or vision statement for your company or organization. For instance, a long-term goal might be “Ensure everyone who lives in Detroit who needs glasses can get them. ” Ensure your goals are realistic, clear, and actionable.

Your mission statement describes what your business or organization does on a daily basis. For instance, a lemonade business might have a mission statement that reads, “We make great lemonade. ” A vision statement describes what you want to do in the big picture, both now and in the future. For instance, a nonprofit vision statement might read, “We want increase literacy in Detroit to 100%. ” Develop a plan for fulfilling your vision. Identify the audience for your product or service. Who will buy them? Who do you want to buy them? How can you expand your business to make your goods attractive for new markets?[11] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source Analyze these problems and work your conclusions into your business plan. Think about your competition. Is your share of the market going to increase or decrease? How can you make it increase more? Use past data on similar businesses to determine how the market is changing. Your business plan should include a section on marketing. How will you advertise your goods or services? Who are your ads aimed at?

A corporation is a public company with stock owned by shareholders. The corporation is guided by a board of directors. Usually only very large businesses go public as corporations because they have a complex business structure. A sole proprietorship is probably the type of business you’ll start out with as an entrepreneur. This type of business is run and operated by just one person. While it offers flexibility in decision-making, it can be difficult because you will personally be responsible for the enterprise’s liabilities and losses. A partnership is a business arrangement in which two or more parties join forces and have equal stakes in the business profits, decisions, and strategies. [12] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source Be sure to partner only with people you trust. An LLC combines elements of corporations and partnerships. It is run by members, and profits are distributed directly to each member. [13] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source A nonprofit is like a corporation in that they have goals and a business-style organization, but they fulfill a public service mission in exchange for tax-free status. Check https://www. sba. gov/starting-business/choose-register-your-business/register-state-agencies for a list of links to state agencies where you can register your business. Choose your state and proceed with the registration process. Obtain an Employer Identification Number (EIN) from the U. S. Internal Revenue Service. Visit https://www. irs. gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online to obtain an EIN. [14] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source Talk to a business lawyer in your area before deciding the best legal framework for your business. If you are a teen, this is especially important since you probably cannot set up most business types legally. However, the law varies from state to state, so check with an expert (preferably one with experience in your specific line of business) before making a decision.

Alternately, you could try to crowdfund your startup with help from sites like GoFundMe or Kickstarter.

The U. S. Small Business Administration is a great resource for young entrepreneurs who want to be successful. They have lots of resources for entrepreneurs and small business owners, including generous loan and grant programs. Check them out at www. sba. gov/loans-grants/. Another useful resource for young entrepreneurs is Google Ventures. Check their portfolio of startups at www. gv. com/portfolio/ and reach out to an investor who is interested in a product or service similar to yours. If they like your idea, they’ll help you get funding. While outside funding can provide larger amounts of cash than personal loans or self-funding, you will need to pay interest. Ensure you get a low interest rate and a low minimum monthly payment. As a teen, you might have trouble getting a business loan. Your best bet is to stick to personal loans from friends or family. If you really need a business loan, ask a parent or guardian to co-sign the loan with you. Build credit once you are 18 by getting a credit card and paying the balance off regularly.

Check local zoning regulations with your city or county planning agency. [19] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source Certain types of businesses cannot be located near housing or other types of commercial property. Give yourself room to grow. Think about your long-term strategic plans to ensure the location you’re in can support growth. Consider the needs of your business as far as safety, proximity, exposure, etc. If you are a teen, be sure to ask ahead of time if the real estate agency from which you’ll be renting has a policy about renting to minors. Some agencies might not want to risk renting to a minor, since contracts with minors can be risky for them. [20] X Research source If you cannot rent space from one real estate agency, contact another. Alternately, get your parent or guardian to rent the space on your behalf, and pay them rent as your proxy.

Conduct multiple interviews. Don’t hire the first person who seems to fit the criteria you’re looking for. If you’re hiring for two positions, you should try to interview at least 15 people. If you are a teen entrepreneur, you might have trouble getting staff to join your company. Because of your youth, people might be skeptical about your ability to manage a business. Plus, contracts with minors occupy a questionable legal territory, and potential staff might be wary of entering into an employment relationship with you. [21] X Research source In order to give yourself the best opportunity to attract competent staff, have a strong business plan and a number of smaller wins under your belt (like local awards, a growing market share, or a high profit margin) before contracting with staff.

You could lease equipment – including desks, machinery, or vehicles – to reduce your company’s initial investment costs. However, if your business continues to grow, you should buy your own equipment, or you’ll end up paying more in loan fees than you would if you just bought it outright. Alternately, look for lease contracts with an option to buy at the end of the contract, using your lease payments toward the purchase price. [22] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source You could buy secondhand equipment. When companies go under or invest in new equipment, their old equipment goes up for sale. Depending on your business, you might consider picking up government surplus equipment. [23] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source You could buy new equipment. This is the most expensive option, but you will then have everything you need and not need to worry about paying extra costs on leased equipment later. If you are a teen, you might need a parent or guardian to help you lease equipment. If you have trouble leasing equipment from one place, try another.

For instance, if you’re making a salad shop, you’ll need to identify distributors for lettuce, carrots, and the other veggies you’ll need a steady supply of. Contact local farmers and find out how you can order the materials you need.

More than anything, focus on delivering a good product or service. Word-of-mouth referrals are free and stand as one of the best ways to gain more business. [25] X Research source

You can build a brand by working to extend your interactions with customers beyond the storefront or direct, business interaction. For example, adding in community involvement or philanthropy can help build your brand. [27] X Research source For instance, if you have a snack food business and are about to release a new kind of snack, you could make a quick YouTube video about what the new snack is, how it tastes, what people think about it, and where interested people can buy it. Stay active on social media like Facebook and Twitter, too. Advertise promotions, new items, and discounts on your goods and services. Additionally, you could call your local newspaper or TV station and let them know about your entrepreneurial career. As your business grows, you could add a marketing staff to help you develop proper advertising.

hiring employees or volunteers[29] X Research source opening dedicated stores getting additional funding advertising expanding your distribution network including new, related services

Alternately, re-invest your earned income into other ventures or businesses. Whatever you do, don’t blow your earnings on toys, games, cars, and other goods. Manage your money carefully. [31] X Research source

For instance, maybe you’ll set aside time each day between 6:00 and 8:00 in the evening to build your enterprise.

If you find that your business or your personal life are missing something, be proactive and make positive changes. Remember, success doesn’t just mean having a lot of money. It also means having personal fulfillment and satisfaction with who you are.

If your business model needs revision, work with your team to shift focus from, for instance, soda to fruit juices. If your business grows too quickly, you might need to downsize by cutting staff, closing unproductive stores, or discontinuing poor products. Stay nimble and always look for new opportunities.