At an event, 38 teen entrepreneurs pitched their companies to local business people. Each attendee received $5 in Startup Bucks to âinvestâ in any of the student businesses. The student business with the most Startup Bucks at the end received a cash prize. The teen entrepreneurs were participants in Schoolyard Ventures, an organization that helps high school students become entrepreneurs. The students often join Schoolyard Venturesâ programs even if they donât have a business idea. They come out with confidence, companies, and in many cases, revenue. Itâs exciting that 34% of this yearâs kids chose to start nonprofits as their businesses.
I spoke with many of the young entrepreneurs before and during the event, and one thing is for sureâtheyâre hustlers. Theyâre constantly selling their products and services, and they can teach us a lot.
Here are 11 ULTRA TRICKS for teenage entrepreneurs:
1. Lack should not be an excuse.
It should be an inspiration. There was a student who made bio-fuel and used it to drive a teacherâs car. Another student created a wind-powered cell phone charger to mount on bicycles. There were kids with businesses selling food, jewelry, and clothing. None of these students found investors. They all started their businesses with under $50. Donât let a lack of resources be an obstacle. Let it be an inspiration to be resourceful.
2. Take one achievable step at a time.
Soâsometimes little steps donât feel significant at the time, but when everything comes together at the end, you recognize their importance,â said Morgan Marant (age 17), founder, Uniquely Me. Uniquely I am a nonprofit that helps teenage girls develop a sense of identity and self-esteem.
3. Focus.
âStay focused; figure out whatâs important and ignore the rest,â said Marina Musgrove-Pyfrom (age 17), founder, Full Plate. This nonprofit brings fresh foods, and awareness of food inequities, to areas where there is no access to fresh foods.
4. Partner.
Create more opportunities by partnering with other companies. Sharif Tarver (age 18), CEO of Phillyâs Future Talent, convinced a recreation center to let him use their space for his loungeâat no charge. The lounge will be a place for teens to develop themselves and their talents. Because of this partnership, Sharif has a built-in audience and an excellent location.
Solve your own problems.
Khari Evans (age 16), CEO of Kcorp, was frustrated that his cell phone ran out of batteries, and he couldnât charge it when using his bike. So Khari developed a wind-powered cell phone charger. Khariâs company will have a better chance of succeeding because heâs addressing a problem he understands.
Prove it.
DJ Scorpion, Rapper Quaa Lovee, and designer Gibron Wynne provide talent for parties and events. They said that they sell with demo reels and CDs because telling people about their talents wasnât enough. They had to prove it. By the way, all profits generated by their company, Scorpionâs Musical Hope, go to Philadelphia public schools that no longer offer music. The funds are to be used to reinstate music classes.
Be committed.
Richard Taylor (age 18), the founder of USB Initiatives, which sells solar-powered phone charging kits that students can build themselves, said he learned that potential investors didnât want him to be distracted. They didnât want him doing other jobs. They wanted him working on only his business.
You have to ask for the sale (or donation).
Jocelyn Velasquez (age 16), CEO of Hermana Mi Amor, was selling cupcakes at an event to raise money for her nonprofit. The event organizer gave Jocelyn a chance to speak (the first public speaking event for this shy student). Jocelynâs askânot just for cupcake sales but also for donations to her nonprofitâresulted in her first donation, $50 for her organization. She said that entrepreneurs must to learn to ask for the sale and always be selling. Hermana Mi Amor provides supplies to families in Mexico.
Get started and donât give up.
Briana Jackson (age 17), CEO of A Taste of Life, said that people will say you canât succeed and youâll face plenty of business obstacles. She said to keep going and start young. Donât wait to start your business. Her fashion design company has already had a fashion show and sold clothes. For inspiration, check out these famous failures that led to success.
You have to earn to make healthy fun.
Aaron gave a second piece of advice thatâs a great way to end the article: you have to always have fun because having a business takes up way too much time not to.
Defining the 21st Century as " Edge Of Teens Economy ".
âThis defines entrepreneur and entrepreneurship for teens- the entrepreneur always searches for change, responds to it, and exploits it as an opportunity.â
Entrepreneurship is the process of creating and launching a new business to make a profit. It sets the career path with no bosses. Entrepreneurs are responsible for their company, employees, customers, partners, and investors. In other words, they are responsible for so many lives, things, and actions.
There are also other definitions of entrepreneurship according to famous entrepreneurs, innovators, and authors. According to them, successful teen entrepreneurs make a unique imprint on the ways we see the modern business. They make new roles in it and affect the world around us. Furthermore, young entrepreneurs are the ones who make a change in the world. They are influential leaders.
What are some characteristics of the entrepreneur and entrepreneurship?
1. Risk-takers who are resilient.
An entrepreneur is the most important figure in entrepreneurship. For instance, running a small business involves taking risks. Various startup business ideas fail each day and being resilient is one of the basic teen entrepreneur characteristics. Certainly, great entrepreneurs are the risk-takers who learn from past experiences.
2. Innovation transforms lives
Imagine your teens doing what they love. Now, sprinkle it with their innovation spirit! Isnât it remarkable!
Ben Pasternak, the marvel kid, believed that social media didnât meet the teen's needs. So, he created three apps for teens. As a result, he raised millions in funding. His entrepreneurial mindset helped him to build Flogg, an app for youth to buy and sell. If you search for interesting articles for teens, then the ones about this whiz-kid are the best choice.
3. Healthy self-esteem leads to success
Self-esteem refers to a personâs sense of self-worth, abilities, and limits. Young entrepreneurs who have too much confidence tend to set unrealistic goals. In short, it is highly probable that they wonât listen to what others want to offer. So, they may overlook their mistakes.
Another, they may feel superior to others in knowledge and skills. Thatâs the reason why developing healthy self-esteem is very important for teens. It will certainly lead them to more realistic expectations. Hence, being open to othersâ feedback and learning from it improve their chance to succeed.
4. Open-minded entrepreneurs are open to opportunities
One of the vital life skills for teens is seeing the world through other peopleâs eyes. Successful entrepreneurship is about knowing the needs and values of the audience.
In todayâs world, there are a lot of changes in modern business. Young entrepreneurs across America who face the changes see them as new opportunities. Each change is a chance to learn something new. Therefore, they have to embrace it and choose how to apply it to the business.
5.Visionary
Whatever we create, we start with our visions first. The easy businesses to start are also the ones with visions. It is about allowing our teens to know where they are and where they want to be. Having a clear vision is what separates the great leader from the rest. Certainly, vision is the fuel to all the reasons why a teenager wants to be an entrepreneur.
One of the greatest visionaries and inventors is, with no doubt, Elon Musk. His ideas and actions change the worldâs notions on a lot of things: the internet, payments, renewable energy, and space travel. He has never given up on his dreams even when others have doubted his work. Now, we can say that he lives his visions. Above all, he is always open to explore and make things better.
6. Leadership
Effective leaders believe in themselves and their team. They are considered effective for the following reasons:
Firstly, their business communication skills are at a high level. They know how to precisely express their ideas to others.
Secondly, they know how to organize, motivate, and support their team members. In this way, they drive all the members of the company on achieving the common goal.
Thirdly, successful leaders surround themselves with talented, loyal, and proactive team members.
And finally, the great leaders are honest and ready to listen to their team. They always encourage them to find creative solutions to problems.
Why entrepreneurship is important for teens?
⢠Living life on oneâs own terms
Imagine your teens creating the business that will give them freedom of living lives on their own terms! Working with a flexible schedule, but smart! The 21st century needs an innovative type of entrepreneurs who will find the right solutions to diverse situations.
⢠Boosting the Economic Growth
Besides creating wealth with entrepreneurial ventures, entrepreneurs open new jobs for others. Consequently, innovation and entrepreneurship improve the ways we work and live. They boost the economy and multiple sectors and industries.
⢠Creating Social Change
We are all witnesses of how technology has improved our lives. The tech entrepreneurship has made an impact on the global level. Now, developing countries have access to tools and knowledge. These technologies can help them improve their standard of living and working.
⢠Community Development
Contributing to society is easy through social entrepreneurship. Finding solutions to the social, cultural, or environmental issues can help various communities. For example, social entrepreneurs can reach wider groups of people. They can help them gather together and raise funds through crowdfunding. Those are the visionaries who know how to creatively respond to future problems as well.
Entrepreneurship for teens is the way to find new solutions. Each way of entrepreneurship is unique just like everyone else. It leads to a change in terms of how we live, work, and see the world. Most noteworthy, it gives us the chance to live our lives on our own terms. Living life while contributing to society at the same time.
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