Defining the meaning of entrepreneurship in the 21st century
“This defines entrepreneur and entrepreneurship for teens- the entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” ― Peter F. Drucker, Innovation and Entrepreneurship: Practice and Principles
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 the 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, the great entrepreneurs are the risk-takers who learn from the past experiences.
2. Innovation transforms lives
Imagine your teens doing what they love. Now, sprinkle it with their innovation spirit! Isn’t it remarkable!
Ben Pasternak, the marvel kid, believed that the social media didn’t meet the teen 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 person’s 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 won’t listen to what others want to offer. So, they may overlook their mistakes.
Another, they may feel superior to others in knowledge and skills. That’s 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 others’ 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 people’s eyes. Successful entrepreneurship is about knowing the needs and values of the audience.
In today’s 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.
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 world’s 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.
The 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, the successful leaders surround themselves with the 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 one’s 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 the wealth with the 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, the developing countries have access to the 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 the 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.