Want to Become a Teenpreneur? Here’s how!

We got a lot of comments on last week’s post on Teenpreneurship, with some readers asking for more information. And being a responsive person, here’s the Part 2.

According to profitableventure.com, “entrepreneurship is not all fun and laughter; it comes with its ups and downs and business failure is not uncommon...” You must understand that establishing a business is a full time undertaking, requiring a lot of commitment, time and effort. As a teenager engaged in running your own business, you will probably, forgo a lot of the fun things that your contemporaries get to enjoy doing. You will be so occupied in handling multiple responsibilities as the chief marketing officer, chief sales person, book-keeper, customer service officer, delivery officer, etc, of your business. This is because you want your business to succeed.

Looks scary, doesn’t it? But recall we shared some examples last week of some successful entrepreneurs who started off when they were in their teens, some of whom are global celebs we admire a whole lot. If they can make it, then so can you. Let me share below a few tips that will help you get started.

1.   Make an ‘ideas’ list: A budding entrepreneur has a mind-full of ideas on what to develop into a commercial venture. It could be something you love to do – like you love to sew and thinking of setting up a tailoring outfit making clothes for children. It could also be something you’ve done before which you enjoyed – like having worked in a restaurant after school hours and thinking you can set up your own. You could also be motivated to start a business as a result of the missing gaps somewhere – like being an avid reader but there’s no bookshop in the neighbourhood you just moved into. And you could be inspired by nature – like establishing a fish farm using an abandoned pond in your community. All these and more can throw up all kinds of ideas for entrepreneurship. What’s on your list?

2.   Get more information: Okay, so I said to make an ideas list. With some ‘reality teevee’ selection, you should be toying with about 2-3 business ideas. That done, you will need to get to know a lot about these business areas. I know the internet will be your first port of call…brilliant! But you may also visit your local business agency, talk to business people especially those in your prospective line of business. This will help your preparedness for the journey ahead…and what a journey!

3.   Get a mentor: A mentor is an experienced individual that you can lean on as you start and navigate the business terrain. Mentors come with experience, knowledge and resources that you can learn from and help you to develop your business. A mentor does not necessarily need to be in the same line as business you but they can advise you, help you to take difficult decisions, constructively criticize you, give you helpful contacts and connections etc. Their personal stories will also help to motivate you and help you guard against wastage of time and resources.

4.   Be passionate about your venture: Remember how you made the entire family love your best friend just by inundating them with lots of good stories about your friendship? Well, now is the time to rev up that excitement about the business you intend to establish. You must realize that you will have more ‘nay-sayers’ than supporters but your enthusiasm and your level of preparedness can sway more people to your side. As a teenager, you will need all kinds of support to succeed but the chief supporter you will need is… You. When you are passionate about the business you want to engage in, you become receptive to positive vibes and thoughts which continues to guide and inspire you towards what you want to do.

5.   Start/Increase your Piggy Bank: You will need capital to start and run your business venture and it isn’t advisable to expect to lay hands on other people’s money without having any of your own. Do you have a Piggy Bank? If no, you now have a reason to start one. If yes, you can begin to increase it. Meaning, frugal use of pocket money, no more frivolous spending, saving is the watchword! Build a cash and goodwill chest that will be capital for your business.

6.   Seek some practical experience: For your business to start well and grow, you will need some kind of practical experience. So go get some experience whether in a part-time job, as an intern or volunteer. You get to learn about business strategies, business models, customer service, accounting, supplier relationship, marketing and sales, office decorum, regulatory bodies, etc.

7.   Identify your value proposition: What needs will your business meet? What gaps will your business fill? These questions should occupy you and your answers will go a long way to put your business on a success or failure path. For a commercial venture to be sustainable, it must be the ‘answer’ to a ‘question’; the solution to a problem; the value added to a life and that of the society.

8.   Surround yourself with the right people: In order to start and grow your business, you will hang out with people who can help you bring your dreams to fruition. It will be a good idea to join a business/trade association in the industry you intend to start your business. Don’t discourage yourself with thoughts that people will look down on you because you are young, but try to get into the industry and build a reputation for yourself. At the same time, you will have to grow up much quicker than you envisaged. Teenagers are notorious for being rude, have a smart-mouth and generally, obnoxious. You can’t build any good relationship wearing such toga.

9.   Take a personal inventory. As you prepare towards becoming an entrepreneur, you'll have to determine whether you have what it takes to succeed. Take a realistic view of your strengths and weaknesses. Specifically, look at areas of capability (knowledge and experience), aptitude (skills and likes), and personality (persistence, resilience). Do you have the knowledge and experience required to succeed within your chosen industry? Can you deal with failure and hardships along your path to success? Finally, assess whether or not you have the financial standing required to start a business. (www.wikihow.com)

10.        Set Kingdom Principles: As a Christian teenager, you must bear in mind that everything you are, have and do must find expression to glorify your Father in heaven. Your business will not be an exception. Let the core values of your business be a reflection of godly character. Your products and/or services must be produced legally and wholesomely. Your stakeholders must be treated with courtesy and respect. Integrity and the fear of God must be evident in your business. The environment of your business must be the abode of positive knowledge impartation and societal impact. So you can start and set the course of your business towards success (Joshua 1:8).