Entrepreneurship for teens 101

You’ve got big dreams and passion, and you’re ready to make things happen. Jobs are cool, but you want to do something more impactful. You want to make your mark as a young entrepreneur!

Perhaps there's a brilliant business idea brewing in your mind, waiting to be brought to life. Or maybe you’re still searching for the perfect first business to kickstart your journey. Either way, you’re in the right spot 😉

In this blog, we’re going to look at entrepreneurship for teens. We’ll talk about what it is, show you the benefits of being a teen entrepreneur, and tell you how to get started on your journey to build your own business. 

What is entrepreneurship?

Entrepreneurs are calculated risk-takers who use their time, money, and skills to build valuable new businesses. They are problem-solvers who create opportunities for themselves and others. For teens, entrepreneurship is about using your fresh view of the world to recognize where these opportunities could be and make them real. 

And great news — there are opportunities everywhere!

Successful teens and young adults are finding ways to create startups that solve real problems. Using widely available tools like smartphones and social media, teen businesses are popping up and making their mark on the world. 

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Young people like you are making money and doing good in the world through their ventures. For example, 12-year-old Brynn used her art skills to create a company that helps kids with cancer, while Stephen is writing books to celebrate the traits that make us all unique.

Teens can take on entrepreneurship, too.

Some people believe teens are too young to build a successful business, but successful entrepreneurs can be any age and come from any background. Even full-time high school students can use their problem-solving skills to find opportunities. In fact, young people make great business owners for a bunch of reasons: 

• Fresh perspective: With your youthful insights, you can introduce new solutions to age-old problems. 

• Bursting with energy: Building a business demands energy, and who has more energy than an excited teenage entrepreneur? 

• Broad network: Businesses are about people. You have access to a diverse mix of people: classmates, teachers, mentors, parents, neighbors, and more. Your network can be invaluable for feedback and support — and they may even become your customers. 

• Tuned in: You’re tuned in and have a good grasp of the latest trends and tech. This knowledge gives you an edge.

• Willingness to take risks: At your age, you may be more willing to dream big and take a calculated risk. If a venture doesn't pan out, you've got time on your side to learn and bounce back with a new idea.

What are the benefits of entrepreneurship for teens?

Being an entrepreneur can be more challenging than going out and getting a job. You need to be a self-starter, keep everything organized, and be responsible for what you deliver to customers. But entrepreneurship also comes with many benefits.

Personal growth 🌱

Being an entrepreneur means you're probably going to wear a lot of hats, and that means you’re going to learn new skills and discover a lot about yourself. Both of these will help you throughout your life, and your business venture may even make your college application stand out.

Financial growth 💰

Running a successful business can be quite lucrative. It also serves as a real-world classroom where you can learn financial skills and concepts that will help you throughout your life. Not only will you become better at saving and budgeting, you’ll also learn about profits, revenue, and business expenses.  

Independence and empowerment 💪

Success as an entrepreneur comes from learning to use whatever resources are around you to create income. When you know you can rely on your skills to make a living no matter where you are, you’ll have higher self-esteem and a world of possibilities will open up to you.

How to get started as a teenage entrepreneur 🙌

One of the most challenging parts of entrepreneurship for teens is knowing where to start. Here are the steps you can take to get your business idea off the ground.

Identify your opportunity 💡

You've probably heard stories of young people revolutionizing industries with groundbreaking ideas. While that's inspiring, remember, entrepreneurship isn't always about inventing the next big thing. More often, it's about putting a unique spin on what already exists or using your passion to fill a need.

So, what excites you? It could be coding, crafting, baking, or recording a podcast. The key? Deliver it in a way that adds value for others. Over time, you can tailor your product or service to make it distinctively yours.

Do market research 📈

Once you have an idea, do some research. Are people interested in what you have to offer? Is there a gap in the market you can fill? Is there something that gives you a unique advantage? 

Market research can be as simple as asking around if someone would be willing to buy your service. The best way to know if a business idea is good is to try to get your first customer. 

Start small and build 👷

Before investing a lot of time and money, start small. Test your idea with one or two customers, gather feedback, and refine. Try not to put any time, money, or energy into parts of the business that aren’t immediately useful.

For instance, if you’re in the business of selling pies, try to get an order before you spend money on ingredients, and don’t buy new baking equipment until you have to. Once the orders are coming in, you’ll have a better idea of what you really need to spend your time and money on. 

Set clear goals 🎯

Once you get a few sales coming in, set some goals for yourself. What do you want to achieve in the next month, six months, or a year? Setting clear objectives or filling out a simple business plan will give your venture direction. 

Get the word out 🗣️

Got a few happy customers and want to expand? It may be time to think about marketing. Lean on your existing circles like school (with the right permissions), family, and friends to promote your business. You can also think about where your target market hangs out and advertise there. 

For some businesses, social media marketing or building a small website you can share with friends might be a good place to start. Be sure to check with your parents and understand how to use the internet safely before you market anything online. 

Get help 🤝

There's strength in asking for help when you need it. Charting unfamiliar territory means you stand to gain from the wisdom of those who've been where you are. So, try to find mentors, enroll in youth entrepreneurship programs, or attend workshops to learn more and have more success. 

Bring your dream business to life ✨

The journey of entrepreneurship for teens can open doors to money-making opportunities for yourself and others. With access to technology and the information in this blog, you can use your strengths to build strong businesses that make money and may even change the world. 

Once the money starts rolling in, make sure you have the tools to make the most of it. Greenlight helps you learn how to manage your money with our app and debit card. With your parent’s help, you can save, budget, and even learn how to invest your money with just a few taps. 

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