When thinking about different entrepreneurs, it’s easy to imagine older people who have taken a leap of faith to start their dream business. But entrepreneurship doesn’t have an age range. In fact, some of the most successful entrepreneurs started a company when they were young. Steve Jobs and Mark Zuckerberg are two examples, but they certainly aren’t the last.
In every generation, there’s a spirit of youth entrepreneurship, and it’s essential to flame that fire. Young entrepreneurs—a demographic that typically ranges between the ages of 10 and 25—can experience many benefits from owning a business. And those benefits can help them navigate life and secure a better future.
The benefits of youth entrepreneurship
There are many advantages to being a young entrepreneur. So, if you’re a youth and thinking about starting a business, here are a few reasons to move forward with your idea.
1. You’ll gain life skills
When you start a company at a young age, you’ll be forced to learn many skills that will help you journey through life more successfully. Some of those skills include critical thinking, self-discipline, networking, teamwork, problem-solving, and innovation. With these talents under your belt, you’ll have a strong foundation for success in every area of your life, including your education, relationships, and future career.
2. You’ll be included in the labor market
When a global crisis strikes, it’s easy to get excluded from the labor market, especially if you’re young or a woman. COVID-19 puts this fact in perspective. During the pandemic, many young people lost their income, experienced difficulties securing employment, and faced obstacles to learning and getting on-job training.
However, youth entrepreneurship can prevent these issues from springing up. Young entrepreneurs can help create jobs by starting a business, making it easier for their peers and people of all ages to find work.
3. You’ll have a more secure future
If you want more control over your future, youth entrepreneurship can help provide it. While starting a business always comes with a level of uncertainty—because you never know whether you’ll succeed—you can still benefit from having the opportunity to determine how much money you make, how long you work, and what solutions you offer your target audience. Becoming a young entrepreneur also empowers you to boost your local economy and help develop economic and social change for those around you.
How to become a successful young entrepreneur
Experiencing success as a young entrepreneur requires you to take several steps. But the good news is the strategies are not any different than the ones other entrepreneurs use. Becoming a successful business owner always comes down to implementing the same proven-to-work tactics. So, if you want to be a youth entrepreneur, here are six steps you should take.
1. Have a mission that excites you
Running a company isn’t easy. You’ll be faced with many challenges when it comes to hiring, marketing, negotiating, and more. That’s why it’s important to create a business mission you’re passionate about and excited to achieve every day.
So, do you have a list of favorite hobbies or interests? Or is there a problem you wish to solve? If so, brainstorm ways to make the things you care about into a business that adds value.
2. Research your industry
Once you have a business idea, you need to do industry research. Find out if there are companies trying to solve the same problem you’re focusing on. Also, see what products and services potential customers like and dislike. Doing this in-depth research will help you refine your offering and create a solid business plan.
3. Create specific goals
If you want to be successful at anything, you need to set goals, and that’s especially true when running a company. Once you become a youth entrepreneur, you must create specific goals for the near and distant future to guide your business efforts. Also, don’t be vague about what you want to achieve. For example, if you have a sales goal, write how many sales you want to accomplish by a specific date.
4. Get startup money
Starting a business requires money. If you have to produce and ship products, hire employees, and pay bills, you need to have financial resources available. But getting capital may sound difficult, depending on your age. If you don’t have personal savings or financial support from a family or friend, funding your startup could be difficult. However, seeking investments from those in the community or partnering with someone who can provide capital are great ways to secure funds.
5. Develop a business plan
A business can’t be great without a solid business plan. Before launching your company, it’s essential to build a roadmap that outlines your goals, sales and marketing strategies, products or services, and budget. A concrete plan will help you focus on the right things and ensure you don’t spend more money than necessary.
6. Build a strong network
Having a broad network is crucial to business success. By expanding your connections, you’ll have more opportunities to meet investors, customers, potential team members, vendors, and mentors. So, look for events and local groups in your city that cater to youth entrepreneurship. Joining them will offer chances to meet like-minded peers.
Also, don’t be afraid to attend out-of-state conferences. Getting outside your city’s boundaries will help you expand your network and build even more connections.
It’s never too early to start
Your age doesn’t matter when it comes to starting a business. If you want to become a young entrepreneur, you can do it and be just as successful as someone in their thirties, forties, or beyond. All it takes is courage, confidence, and faith that you have the potential to run a successful company. So, don’t be afraid to start. Youth entrepreneurship is a perfect opportunity to grow and secure a future that excites you.