Can every teen become a business owner? Yes!
Without any doubt, absolutely every teenager in the world has an equal chance to become a successful entrepreneur. The question that deserves answer is – How to become a business owner as a teen?
One of the most inspiring business owner quotes is – “What do you need to start a business? Three simple things: know your product better than anyone. Know your customer, and have a burning desire to succeed.”
Does the author of this quote mention how old you need to be in order to achieve success? Being a business owner has nothing to do with years. There are older people that are not capable to run their own business. Yet, you can find many youngsters that are running successful businesses.
First of all, we need to know the business owner definition. It is an individual who owns a business entity in an attempt to profit from the successful operations of the company. He has DECISION-MAKING abilities and first right to profit (source: business dictionary).
How to Become a Business Owner
There are 10 steps that every business owner should follow in order to achieve success
- Program yourself for success
- Find Your Passion
- Get a mentor/ Improve Skills
- Don’t ask others for permission
- Gain money (venture capital)
- Spend money wisely
- Surround yourself with the right people
- Network with the like-minded people
- Prepare for risks and face your fears
- Start!
Before we start explaining the process of becoming a business owner, there is one thing you should know. Do not expect to become successful over the night. Be patient and prepare yourself for struggle.
- Program Yourself for Success
It is hard to believe at the moment that one day you will become a successful business owner, isn’t it?
Since we were kids, our environment teaches us to be good students in order to find a job. When a young person graduates, he does not know a lot about entrepreneurship. Very few schools or colleges are teaching kids about the business world.
Because of that, you need to change your attitude. More precisely, you need to change your mindset!
Programming yourself for success is a long process. Reading successful stories and business owner quotes every day can help you to start the “process”. Those things can encourage you to try to achieve big things!
- Find Your Passion
Every business owner has a passion. Do you have one? Probably you don’t. However, it is not the end of the world. It needs time to figure out what your passion really is.
Thinking of a unique and profitable idea is not an easy task. Some people will tell you that this is the most difficult step to make. Finding your passion will help you to do that in the best possible way.
Besides, keep in mind that road to the top is full of ups and downs. Majority of people are not capable to stay motivated after failing. Your passion will be the best motivation you could get. You will not stop until you achieve your goals!
- Get a Mentor / Improve Skills
Young people are not patient. They start their business journey with lack of experience and lack of knowledge. Every business owner needs to be a true expert in his field.
So, how to become a pro?
Spend months or even a year or two until you become really good at what you are doing. Find a “9-5” job related to your industry that will allow you to improve your skills.
Find a mentor if you do not feel comfortable to do that alone. There are many people from your industry that are ready to help. However, keep in mind that they won’t come alone. It is your job to find them.
- Don’t Ask Others for Permission
A true business owner will never ask – “Can I do it?”
It is true that your lack of life experience will bring you many troubles. There is a big chance that you will make many mistakes at the beginning of your business journey.
Yet, that doesn’t mean that you need to ask others for permission. Get out from your comfort zone when you feel that you are ready to do that! Everyone has the right to work on achievement of his dreams.
However, that also means that there is no reason to be stubborn. It is okay to listen to every piece of advice that you have. But, you are the one who will decide which advice is good or bad.
- Gain Money (Venture Capital)
The imagination of a teenager doesn’t have boundaries. That’s why we need to get back to reality. You won’t be able to become a business owner without venture capital.
Sadly, the majority of those that are trying to find out how to become a business owner do not have a single penny to invest. An average teen can save the money they get from their parents, but that won’t be enough.
Luckily, there is a solution. Thanks to the improvement of internet technology, every teenager can now find a remote job. More precisely, you can work as a freelancer.
Being a freelancer is not the same as being a business owner. Yet, this is a good introduction to the entrepreneurship. You will get the opportunity to improve your skills, improve your work ethic, and earn some money.
There is a fact that is inspirational for all teens that do not have money to invest. Some of the richest and most successful people in the world started from the bottom.
Don’t quit because of a few “pieces of paper” . Your dreams and big goals are priceless. Find some other jobs that will bring you money if freelancing doesn’t attract you. There are many ways to earn your initial capital. Just find the one that will satisfy you the most.
- Spend Money Wisely
The needs of teenagers are stronger when they get in touch with a “larger” amount of money. When they get their first salary, they usually spend it on irrelevant things.
Remember that you start working because you want to gain money. You mustn’t forget about your main goal ever! If you do that, check again if the business you picked is really your passion.
Every successful business owner constantly tries to expand his business. He also knows when to say “enough is enough”. We all want to travel around the world, buy expensive clothes and other things. But, if you allow your needs to defeat you already at the beginning, that is the sign you are not prepared for this.
So, are you ready to become a business owner or not?
- Surround Yourself with the Right People
Tena Desae said one amazing thing – “Stay positive and happy. Work hard and don’t give up hope. Be open to criticism and keep learning. Surround yourself with happy, warm, and genuine people”.
The attitude and habits of people around you will reflect on your life. If you are spending time with negative people constantly, you will become negative as well.
So, who exactly are the right people?
People that will have a positive impact on your success are those that are constantly supporting you. Be sure that parents will always be your true support. Teenagers mustn’t avoid talking with them about their business even if parents are not entrepreneurs.
Keep in mind that every young business owner needs to accept critics. Try to learn the difference between critic and distraction.
For example, there will be friends that will tell you that you are wasting your time because it is impossible to become an entrepreneur. That would be a good example of distraction.
A good friend will tell you – “It is great that you want to start something new. Yet, are you sure that these decisions are good? Think twice.” That is not a distraction. It is only a good piece of advice that you should hear.
- Network with Like-Minded People
Every good business owner is connected with other entrepreneurs. Those people do not need to be from the same industry as you. Yet, their attitude and mindset need to be the same as yours.
Spending time with like-minded people will always motivate you to work harder. You will put in your subconscious that you are not alone in this battle. That will encourage you to make some moves that you haven’t made so far.
Sometimes it looks that no one understands you and your goals. Thanks to social media, you can now network with like-minded people online.
An average teenager uses social media for fun and communication with people that they see every day. A business owner teenager doesn’t do that. He uses this tool for business connections and advertising.
It is not difficult to recognize people with the same goal on social media. You will only need to check the posts that he or she shares. There are also groups that are gaining people with the same interests or goals. Join them and try to find potential partners (or friends) there.
- Prepare for Risks and Defeat Your Fears
Let’s get back once again to the business owner definition. It says that every business owner has good decision-making abilities. But, how are you going to make good decisions if you are afraid of failure?
First of all, you need to prepare yourself for risks. Do not forget why you want to become a business owner. Your goal is to get out from your comfort zone!
What exactly are you afraid of?
Losing money is a normal thing for every business. There are always 50% of the chances that you are going to lose or win. However, the biggest risk of all is not taking any risks. If you do not risk, there is a 100% chance that you will fail!
Making a good business plan will help you to overcome your fears. That piece of paper will show you which decisions might be bad or good. Yet, you will never be able to control circumstances.
That’s why it is necessary for every business owner to stay positive!
- Start!
If you went through the all steps from the list, then it is the right time to start your business journey!
Be sure that the biggest uncertainty will last until you make the first dollar. You will probably ask yourself many times “why did I even start this?” However, there is no place for panic or negativity.
When the first customer comes, you will feel so proud. That first client will be a good sign that you made the right decision. At that moment, you will forget about all the fears you had before. More importantly, you will tend to do more!
Final Thought – Be Patient
We hope that this article will really show you how to become a business owner. Yet, before we say “goodbye” there are some important things that we did not include in our list.
We already mentioned that teenagers have a problem with a lack of life experience. They think that making millions is an easy task. Maybe they saw something like that in movies. However, things are quite different in reality.
It will need to pass many months or years until you achieve something like that. Ask yourself, what would happen if you achieve your goal tomorrow? That would definitely be boring.
The second thing that is even more important – do not have high expectations!
You need to control your emotions. That sense of proud can sometimes have a negative impact on youngsters. They forget that they are still teenagers without any life or business experience.
They get surprised when the bad moments come. More precisely, they get disappointed in their skills and abilities. That disappointment will lead to demotivation, and demotivation usually leads to bad decisions.
Stay on the ground! Even if you are better than people around you, that doesn’t give you the right to become unrealistic. It is good to be a dreamer, but do not forget that business is real!
When you adapt to reality, there is nothing that will surprise you ever!
