Becoming an entrepreneur is every individual's dream. Some wait for the right time, some wait for the right opportunity & few think they don't have that experience to kick start their entrepreneurial journey. But, as the saying goes, "Fortune favours the brave" people must understand there is a first time for everything, and if there is any time to make your dream come true, the time is NOW! Many entrepreneurial journeys have begun. Some have seen tremendous success while some failed early. If some are in the planning phase, some others are awaiting exploration & innovation. If you have an idea but don't know where & how to begin your business journey, then here are a few tips on How to become an Entrepreneur in your teenage?
Finding the Right Idea 💡
Every young entrepreneur will have a brainstorming moment where they will come across a great idea to begin their business venture. The right plan may strike instantly or while ideating with friends or visionary entrepreneurs. Idea formulation is one of the main aspects & plays a vital role in the entrepreneurial journey. Sometimes, this phase also demands a lot of research & practical exposure to working trends, markets, economy etc. Mostly ideas that are problem-solving or that have a broader perspective or uniquely engaging solutions that can serve a major part of the population are noted as brilliant & successful business ideas.
Great Concepts come from Powerful Minds!
Your Interest Matters 👩💻👨💻
Businesses & entrepreneurs are everywhere. Lots of business graduates pass out every year from top colleges with rising ambitions to become entrepreneurs. In a world that is full of routine businesses, one aspect that can make you unique & a successful entrepreneur is YOU! Look at your interests. Ask yourself what matters to you. Pen down your ideas, dreams, discussions and communications. In clear terms, "Write Yourself Down."
Here are some key points that will help you recognise what you can make out of yourself.
- Your passion
- Career interests
- What & who inspires you?
- Your dislikes, etc.
If your hobby is coding, or painting, or music, or space science, then that's your market. To make your entrepreneurial dreams into reality, identify what your interests are, gain some experience to learn the niche, analyse risks, take guidance & begin your business journey.
Think BIG! Your Passion is Everything.
Passion & Motivation 💪
Passion & ability go hand-in-hand. Do some self-introspection, cover & pen down your strong & weak points. There will be skills that will showcase you as extremely talented & some corners that still need work. Look at what needs improvisation and improvement. It might be your communication, portrayal of self, management skills or anything that matters. The aim is to make yourself better by asking simple questions.
Here are a few questions every individual must ask themselves before getting into the real business journey.
- Do you have top-notch performance & communication skills?
- Are you self-motivated?
- Are you good at time management?
- Do you have problem-solving skills?
- Do you have a positive mind-set? etc.
Follow your Passion; It will lead you to your Purpose!
Get Support 🤝
As you are in the starting phase of your business journey, you might need support or at least a mentor to guide you through. A mentor can be a successful entrepreneur or a person who is in the middle of their business journey or a well-versed expert in business concepts, strategies & markets. A trustworthy mentor is highly essential if you want to become a successful entrepreneur.
Here are a few ways you can find a mentor.
- Search for a local business person.
- Use social media sites like Linkedin to find a person of similar interest.
- Attend professional industry events like trade fairs, business expos, virtual conferences etc.
- Learn business management courses online.
- Use a professional mentoring service like MicroMentor.
- Ask your teachers or parents to become your mentors.
- Volunteer or complete an internship in your area. Want to explore more internship websites & opportunities? Get them here.
It's great if you have an idea and feel that it is out of the box. But do make sure that you check it out personally and practically.
- If your concept is engaging or problem-solving - Perform niche research on your project. Find out your target markets & learn how much your idea is connecting & helping them. Make sure your concept is worthy & can sustain in the market for a long time.
- Will it be successful in the current marketplace? - Observe the latest market trends, partners offering similar products/services. Highlight the more you are offering than your partners & promote it. Learn to note which strategy is working and which is not. It will help you gain the success you want in the modern marketplace.
This is where market research can help you, or you can hire a market analyst for your project analysis & niche reports.
Find Your Target Audience 👀
The next step is to know your audience & their needs. Categorize your target audiences by age, location, survey and observation. Learn by observing other similar companies, their strategies to sell their products & services etc. Likewise, you can also plan an effective strategy to target your market.
Cost Management 💰
Expenses can make or break your business. Based on your idea or service, figure out the cost needed to kick start your business. After configuring your start-up costs, decide on, where & how the money will come & go for it. Go through business setup videos and blogs that will give you all information on the cost required to setup your business.
Closing notes! 📝
Apart from the above, teenagers must understand & accept that they are still young in age and experience. Teenage gives that courage & inspiration to achieve whatever you want. It is a beautiful phase in every individual's life. So, dear youngsters explore & experiment new ideas, make calculated guesses, ask for guidance, take risks and most importantly learn as you earn. You must note that, along this journey, you will face many unexpected challenges. For that, first, promise yourself to, never lose hope, stay focussed & confident, and always adhere to robust principles to record success. Teenagers, stay aware as a business journey is a risky one. Prepare for ups & downs but grow in confidence & experience. Set your goals, devise plans to achieve them, and stay positive as success takes time. With a little bit of ingenuity, commitment and motivation, you can become a successful business entrepreneur & set your mark in the market as a teenpreneur.
"Failure is only the opportunity to begin again more intelligently" - Henry Ford