Many teenagers today are becoming entrepreneurs and seeing a lot of success. Gone are the days of taking on cutting lawns or working at a golf course to make some walking around money.
With the internet it is possible for teenagers to actually make more than their parents and even start a business. From the education available for free online to the possibility to start a 100% online business, there has never been a better time to be an entrepreneur. And teens are taking advantage.
In this article, I will go over several ways that a teenager can make it as an entrepreneur these days.
1. Make your money work
No matter where your money is coming from, you need to make sure that the money you earn will also help you earn more. For instance, if you do have a side business just mowing lawns like a typical teenager, that’s nice for some extra cash. But, if you do things right, then the money you made from that gig will continue to make money for you without lifting a finger.
The key is to invest your money. And since you are young, then that money will have a long time ahead of you to keep multiplying.
Focus on building some assets that are great earners. These resources that produce income can be invested in and will bring in residual income. You’ll likely need to have a parent help you with this if you are under 18. But, if you manage to buy some of these stocks, index funds or even real estate then you can grow your wealth from a very early age.
2. Study business
Doing is the best kind of lesson, but having a foundation from studying is a great way to get started on your road to becoming an entrepreneur. If you understand how business works then you will have a leg up when you have an idea for a new business.
And studying marketing is essential. No matter what you end up doing, marketing is going to be essential to getting it off of the ground. Study how marketing works so you can then transfer this to your business venture.
3. Start an actual business
It doesn’t matter how old you are, there is a way to turn your interest or talent into a business. Let’s say that you love to mess around on your computer and know some programming languages.
You could turn that hobby into a business by creating an app or an SaaS that helps people solve a problem. The money you make from this can then be turned into funding to grow and maybe turn into an actual business.
If there is a certain sport or hobby that you are passionate about, you can have some products made based around it and then create an ecommerce store. Find a manufacturer to make it for you, then set up your online store and social media and promote it.
Or, you can do it the old fashioned way and just work hard. Start a landscaping business if you used to mow lawns. Maybe you can find a service that local businesses need but have trouble getting people to do. You can fill that role and find yourself with more work than you could have imagined.
4. Be helpful
To be a successful entrepreneur, you have to think about things a little bit differently. For instance, if somebody asked you what Thomas Edison invented, you naturally would say the lightbulb. However, that’s not really what he invented. What he invented was a light source that can be turned on at any time and is brighter than a flame. He invented a safe way to illuminate a house since many houses went up in flames due to an errant candle flame or kerosene lamp.
The idea is that Thomas Edison solved a lot of problems by inventing the lightbulb and that is why he was successful.
Think about that when you are trying to figure out how to start a business. Find a problem that everybody is having and then find a solution for it. If you are helping people then your business will be successful.
If people in your area are dealing with a lot of pests, then start a pest control business or invent a product that helps them do it themselves. When you start out with the thought that you want to help people, then you are halfway there when it comes to starting a business.
5. Find a mentor
Successful people that have gotten where they are because of the people that helped them along the way are alway eager to help the next person coming up. If they see something in you that they like, then they will be happy to take you under their wing.
Now, people don’t just pick somebody random to help, so you have to bring something to the table. That can be your enthusiasm for learning which shows that you are willing to absorb what is being offered and that you aren’t a know-it-all.
Or, it could be that you show that you’re a hard worker and not afraid to get your hands dirty. No matter what it is, you have to put yourself out there as somebody worthy of being helped.
Then, try to put yourself into situations where you can find that mentor. You should join some clubs or do some volunteer work where you can get noticed by the right people.
Being an entrepreneur doesn’t depend much on how old you are or what your experience is. It involves taking risks and working hard at something. You need to have a certain mentality to be successful otherwise you are simply creating a job for yourself and not a business.
Try to read up as much as you can on the mindset of an entrepreneur in addition to using the tips listed above.
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