The mindset of teenagers has changed a lot in the last 20 years. They do not only think about having fun and hanging out with their friends. It is more important for them to discover how to become an entrepreneur.
More precisely, a majority of teens starts from the bottom. Their biggest doubt is how to become an entrepreneur with NO MONEY.
Starting your own business without initial capital is almost impossible. First of all, you need to invest in yourself. The knowledge that you will gain in college is not enough for the business world. You need to look for more.
After that, there are many other costs that you need to take care of. Whatever you decide to do, the money for advertising is a “must-have” thing for every teen entrepreneur.
Yet, money is not the only challenge. A lot of business owners had millions to invest, but they are not capable to achieve some larger goals. There are many factors that will have an influence on your success.
Thanks to the development of the Internet and social media, there are many more business opportunities than before. That’s why teenagers also want to find out how to become an entrepreneur online.
This article is aimed to provide answers to questions an aspiring teen entrepreneur may have. So, let’s see together how to become an entrepreneur at 18.
How to Become an Entrepreneur
Becoming an entrepreneur is a long and serious process. It is made up of a few steps that every teen that wants to find out how to become an entrepreneur must go through.
Actually, there are 9 steps:
- Talk to your parents
- Gain money and knowledge
- Define your goals
- Make a business plan
- Find your motivation
- Determine your strengths and weaknesses
- Prepare yourself for “defeat”
- Be a good learner
- Start if you are ready or repeat the process
Going through this process will help you find out how to become an entrepreneur. Let’s explain each step, shall we?
1. Talk with Your Parents
You won’t be able to discover how to become an entrepreneur at 18 without your parents. Maybe you are asking – “Why would I talk with them when they won’t be involved in my business in any way?” The answer is quite simple – they will be your biggest support.
Before you even start thinking of an idea for your business, you have to honestly and openly talk to your father and mother. That doesn’t mean you are going to ask for their permission.
Inform them why you want to dedicate yourself to entrepreneurship. The truth is, they probably also do not know how to become an entrepreneur at 18. They were not thinking in that way when they were young.
Still, only one sentence of support can motivate you to work harder. Their support is more valuable than every single penny they gave you in the past.
2. Gain Money and Knowledge
As we said before, the problem of teens is how to become an entrepreneur with no money. Remember one thing, 90% of the most successful businessmen in the world were poor before they made their first steps.
However, that is not the only problem. An average teenager does not possess the knowledge to start a private business. Maybe you inherit a fortune from your parents or grandparents. But, it won’t mean anything to you if you do not know what to do with it.
There are three different solutions that you can use:
- Work as a freelancer
- Find a full/part-time job
- Look for investors
Working as a freelancer for 2 or 3 years can bring you a lot of benefits. Except for gaining knowledge and experience, you will know exactly how to become an entrepreneur online.
Teenagers that are not going to college can easily find a full-time job. It would be good to find one that is related to the industry you love. However, if that is not possible, find a job that will improve your communication and organizational skills.
Still, students that want to get the diploma won’t be able to find a full-time job. The best possible solution for them would be to find a part-time job. This can actually be an even better choice.
You can find a good mentor that will show you how to become an entrepreneur. Listen to his pieces of advice carefully and try to upgrade his ideas and plans.
Finally, there are many rich people that are ready to invest their money in your idea. Find a way to represent your business idea in the best possible way. Of course, you will have to share your profit with them later.
3. Define Your Goals
Every successful entrepreneur has clear goals. We are not talking here only about the main goal. You need to have your “to-do” list that is full of everyday tasks.
So, why is it important to define your goals?
Logically, this will help you to make better plans for the future. The best possible way to do that is to map your business.
There are geographical maps that will show you where rivers, mountains, and cities are located. That’s exactly what you should do – to make a map that will show you how to achieve your goal. With that “map”, you will know what to do when you come to a dead end.
It is better for you to prepare for that situation already at the beginning.
4. Make a Business Plan
The purpose of the business plan is to show you how to become an entrepreneur at 18. It needs to include things that will CLEARLY show what you need to do in order to achieve your goal.
Keep in mind that your business plan needs to be full of numbers, stats, charts, etc. When you see that everything is achievable, it will encourage you to full-commit to your business.
You don’t have to necessarily work with physical products. A business plan is equally important for people that work online. Even if you want to become a YouTuber, you need to organize your content, costs, advertising, etc.
With a clear (“online”) business plan, you will know how to become an entrepreneur online.
Also, if you are looking for sponsors to invest in your business, the first thing they will ask for is a business plan. You probably now understand better why having a business plan is a “must-do” thing for every entrepreneur.
5. Find Your Motivation
Teenage entrepreneurs usually lose motivation when they don’t know how to become an entrepreneur with no money.
We need to be honest and say that everything will be twice harder when you start from the bottom. But, if you give up before you even start then you really do not deserve to become an entrepreneur.
It is crucial for success in every field of life to find motivation. One of the things that will inspire you is a valuable goal. Still, keep in mind that making a lot of money can’t and mustn’t be the main thing you want to achieve.
People that already know how to become an entrepreneur online will confirm how important motivation is. They usually work from their room and their working hours are flexible.
That way of working will be your biggest enemy if you do not have something that will motivate you to work hard every single day.
6. Determine Your Strengths and Weaknesses
Teenagers need to accept that they are not perfect. Living in an illusion won’t help you to discover how to become an entrepreneur. Yet, that doesn’t mean that you should not be aware of your strengths and talents.
There is one weakness that absolutely every young person on this planet has, and that is lack of life experience. That is the reason why you should not get disappointed when you make a mistake.
Every mistake that you make in the business world is the best possible lesson you could get. In that way, you will gain the necessary experience.
Besides that, your strengths and talents won’t mean anything to you if you do not constantly work on them. Many talented people did not achieve their goals just because they were lazy.
7. Prepare Yourself for “Defeat”
Let’s use other successful people as an example. Is there a football or basketball player that won each game for his entire career? Have you heard about an actor that wins Oscar every year? The answer to both questions is – “No”
Learn how to lose. It will be a lot easier for you when the bad moments come. The best possible way to do that is to make a plan B (C, D, E…).
It is true that you need to stay positive. Yet, imagine the worst-case scenario that could happen. Do not constantly think about it, but just think which moves you should make in order to fix that situation.
8. Be a Good Learner
There is one more problem that people of all ages have – Envy.
Teenagers hardly accept that someone is better than them. They are capable to find a million reasons to reduce the success of other entrepreneurs.
That attitude will never help you to discover how to become an entrepreneur. Instead of that, it’s in your best interest to learn from other entrepreneurs that are better than you.
Absolutely, every entrepreneur in the world had a mentor that taught them everything they should know. However, they did not stop there. They wanted to achieve more and became better than their “teachers”.
This is the tactic you should use as well. People that started from the bottom will give you clear answers on how to become an entrepreneur with no money.
There is one more important reason why you should respect the success of others. If you want other people to respect YOU and YOUR WORK, then you should do the same. That is the only way to deserve it.
9. Start if You Are Ready / Repeat the Process
After you go through the previous 8 steps, the main one comes. The first question that you need to ask yourself is – “Am I ready for this?”
Entrepreneurship is not a game. On every corner, you will find teen entrepreneurs that irresponsibly start their own business. Do that only when you feel that you are ready.
There are several different ways that will help you to decide if the time for starting your own business is right or not.
- You are not afraid to take risks
- You believe in yourself
- You believe in your idea
- You are able to fully commit to your business
When you believe that your goals are achievable, then you will know how to become an entrepreneur. Not just an average businessman, but a businessman that will achieve big things.
If your goals are irrelevant, your business won’t mean anything to you. You will feel completely the same when you fail or achieve a new goal. That is not something that will help you to stay motivated and move forward.
In case you do not feel ready, repeat the whole process again.
Final Thought – You Have Time!
Teenagers usually think that they are running out of time. Even if you are 25 you have time!
It is never too late to achieve your goals! Because of that, there is no reason to make quick and unreasonable moves. If you sometimes get stuck, do not try to skip the problem you have just because you are in a hurry.
If there is a problem that you can’t solve immediately, do not hesitate to spend weeks or months in order to find the solution. Being impatient won’t bring you anything good in business or life in general.
Of course, it is always good to ask for advice when you really can’t handle the situation. Parents are always there to help you, remember that! Even if they can’t provide you with business solutions, they will motivate you to find them!
Once again – YOU HAVE TIME. Be patient, be persistent and work hard! One day, that will pay off!