A Basic Guide on How to Become a Teenage Entrepreneur

woman photographing her coffee

In this technology era, teenagers have access to all kinds of information.  You choose to consume what will benefit you.  As a teen, you should research on how to become a teenage entrepreneur. There is so much information online that will help you run a successful venture as a teenager.

There are many businesses you can start as a teenager. They require minimal to no capital. You can raise money to buy your favorite books, pizzas or go on adventures with your friends.

Most of the world’s renowned entrepreneurs started as teenagers. Learning the skills and habits of entrepreneurs as a teenager will give you time to make mistakes, learn, and improve. This guide will equip you with the skills required to run a successful business as a teenager. We will also give you a few examples you may run as a teenager.

Habits of an Entrepreneur

There are habits you should develop to be a successful entrepreneur. The habits cut across all ages. Learning them at a tender age will set you apart from your peers.

Be a Risk Taker

All successful entrepreneurs are risk-takers. Most of them failed many times before succeeding. Do not be afraid to fail. You learn through success and failure. Do not wait to regret a step you did not take. You can never regret failure, but you will learn from it

Learn Continuously

Business is so dynamic. The success hacks of today’s business will be obsolete tomorrow. Seek knowledge from your seniors, peers, and clients. Clients will give you insights into the product demand in the market.

Constantly Motivate Yourself

When you are running a business, you will not have a supervisor. You are free to accomplish great or small; the difference is self-motivation.

You need to be a highly self-motivated person in order to succeed. Always remind yourself of the need to work towards your goal. It will soon become a habit and guarantee success.

Be Open-Minded

An open mind is open to learning. Be open to new ideas and experiences. Stretch yourself beyond your comfort zone and learn unlimited possibilities. You will grow as an entrepreneur.

Possess Strong Emotional Intelligence

Customers have a habit of complaining a lot. Your response to their complaints determines whether you retain or lose them.

Startup businesses face a lot of rejection. It is your work as an entrepreneur to make your brand trustworthy. You will need strong emotional intelligence to handle these situations. The experiences can be so heartbreaking. Therefore, you need to remain focused and confident to see your business succeed.

Be a Great Reader

There are thousands of business books in the market. Some are simple to understand, while others are sophisticated. Get books that will equip you with skills and motivate you to remain focused.

Be a Leader

To be a successful entrepreneur, you should practice leadership skills. There are various activities at school that exposes you to leadership. Grab them and practice. You will need the skill to run your team.

The following tips will help you run a successful business as a teenager.

Know Your Strengths and weaknesses

To be a successful entrepreneur; you should capitalize on your strengths. You cannot take advantage of them if you do not know them. On the other hand, weaknesses will pull you down.

Identify your strengths and weakness so that you can take the right actions. When you identify your weaknesses, you can work towards overcoming them. Overlooking the weaknesses will hinder your future progress.

Find your Passion

We all have passions. Most successful businesses were created on passion. You will be wasting your time as a teenager to venture into a business you have no interest in. It does not matter how many people have run the same business successfully; if your heart is not into it, it will fail.

Turning your passion into a business will keep you motivated and focused. Your creativity will be optimum, and you will exhaust all possible opportunities to ensure your business succeeds.

a man on a computer

Create a Business Plan

When you are thinking of a business, you have a clear plan in your head how you will run it, future expansion plans, etc. with each passing day; you will forget some of its details. It is important to document the idea of a business plan for future reference. Business plans are flexible. You can add ideas or deduct others as time passes.

Surround Yourself with Like-Minded People

As a teenager, there are a lot of characters within your peers. Some friends will slow your growth. Choose friends who have similar goals with you. They will help you grow and give your ideas to improve yourself.

Unsupportive friends can drain you. They will want to have fun with you when you need to work on your business.

Create a Routine

Teenagers are very energetic. They have so many activities to catch up with. Without a routine, they can miss out on important things. Create a routine that incorporates all activities you need to do, have time for your business, friends, studies, and leisure.

Identify Your Market and Target Audience

Before releasing our product to the market, you should identify your target market, learn their needs and demands. Understanding your market will help you customize the product to meet their needs.

The market and target audience will determine the pricing of the products. Knowing your competitors in the market will also help you improve on product quality and service delivery. You will evade any mistakes that may lead to losses.

Believe in Yourself

Have a positive mindset. Remember, you can achieve anything, as long as you believe you can.

Do not be afraid of the obstacles on the way. They will always be there. Sometimes, challenge yourself to test your limits. Every obstacle you overcome will strengthen your self-belief

Evaluate the Costs

In many of the businesses you will think of, they will require startup capital. You can estimate the startup capital after evaluating all the costs needed.

You may need raw materials, insurance and permits, rent, and other nitty-gritty of the business. Have a rough estimate so that you can determine the method of sourcing funds. Remember, you are a teenager, and you may lack savings access to credit, therefore. Much of the funds will be from other people.

Build a Great Team

When you listen to business success stories, you will hear about teamwork. Choose a great team to work with. These people should have great characters and uphold morality.

Get Necessary Support

As a young person, you will need support to see your business succeed. Your parents and mentors are always ready to help where they can.

Be Honest

Honesty is an all-round thing you will need in your business.  First, be honest with yourself. The sacrifices you can make and the input you can afford.  If you overestimate your input, you will end up as a disappointed teenager.

Be honest with your employees.  Let them know all they need to know so that they can make great team players.

Last and most important, be honest with your customers. They determine the fate of your business. Do not promise what you cannot deliver. Be true to them, and they will remain true to you.

Utilize Social Media

Social media can make or break you. Use social media wisely; it offers a great platform to showcase what you can offer. You will also access large target markets.

Create customized business profiles and make the platform interactive. Customers always trust interactive brands.

You will also learn a lot from other entrepreneurs who have a social media presence. Social media will give you an affordable advertising platform. You will not pay anything to showcase your products on your social media profiles.

Have a Mentor

Identify a successful entrepreneur you can look up to. Learn their business tactics, routines, and habits. Strive to get some contacts and consult them whenever you can. You can source your mentor from alumni networks, family members in business, conferences, or religious gatherings.

Plan ahead

In order to succeed, you need to break down your plan into milestones. Have a 2-year, 5-year, and 10-year plans. The plans will help you remain focused throughout.

Have Reasonable Goals

The key to success in business is to set achievable goals. Break them into smaller timeframes.

Examples of Businesses You Can Run as a Teenager

There are several businesses you can run as a teenager. It is advisable to look for ventures that require minimal or no financial startup. I have listed a few examples of businesses you can run with ease

  • Blogging and writing
  • Washing cars
  • Pet grooming
  • Designing clothes and jewellery
  • Offering babysitting services
  • Run errands
  • Create and sell products

However, you should understand that nothing should restrict your imagination and creativity. As long as you have the passion and motivation, chase your dreams, you may be the future Steve Jobs.

That’s How to Become a Teenage Entrepreneur

It is possible to be an entrepreneur when you are a teenager. All you need is a guide on how to become a teenage entrepreneur. Remain focused, choose friends wisely, and execute your plan without fear of failure.