Amazing Kids! Magazine

Becoming an Entrepreneur

By Victoria Feng, Money Smarts Editor

 

We constantly hear about successful entrepreneurs and their inspiring stories. An entrepreneur is someone who takes a risk to start or invest in a new business. As a kid, being an entrepreneur is easier than trying to get a job, especially if you’re underage to get one. There is no age requirement to become an entrepreneur.

Here are some steps to get you started as an entrepreneur:

  1. Think about your passions. Is there anything you like to do in your free time, like baking cookies or sketching portraits? Your passion can lead you to become a successful entrepreneur, since you will be more dedicated if you are doing something you enjoy. Incorporating your talents into your business is a great idea. If you are good at some academic subjects, for example, you can tutor younger children in it and start a tutoring business.

  1. Evaluate your idea. If you know what your idea is, congratulations! Now you may want to consider if your business will be successful on the market. One really important thing to look at is your market range. It is really important to make sure there will be enough potential consumers in your area. Fads are another thing to look out for. During a few months or so, something may be super popular and garner you a lot of money, but more likely than not the item’s popularity will die down. Selling multiple items for different age groups is a better idea. Research your idea to see if there are any problems with your idea so when you start the business, you won’t freak out with an overload of concerns. If you have considered your idea and want to change it, go back to Step 1.
  2. Know your competition. More often than not, you will have a competitor, someone who has an idea similar to yours and you both may have the same target audience. You want to make your business stand out, and not make it a copy of theirs. Research them and see if they have any weaknesses. You can use that to be your strength.
  3. Test out the idea in a small scale. Before sponsors and customers come knocking, try the idea with a representative population, like taking a survey. If getting a representative sample group isn’t possible, at least try it on a small group. See what your friends want and suggest, and your product may be made better. Since they could also be potential customers, your friends and family members’ feedback is valuable. After you’ve launched your idea, hang up flyers or post on social media to advertise your business. Maybe that’s how some people will find your business.
  4. Make a business plan. Before you launch your business, it is important to write an outline, especially if you need sponsors to fund your dream. Potential sponsors would like to know what your plans for the business are before they invest money, time, and other resources. Explain your concept thoroughly to potential sponsors and be able to answer any questions they may ask.
  5. Find a mentor. A mentor can help you to make your business even more successful, as they will have more experience in the industry and can share expert advice. Choose mentors carefully. When someone is mentoring you, listen most of the time and talk less. Remember, you are the “mentoree” and the learner, so don’t be boastful. Thank the mentor for their hard work and pass the deed on!
  6. Create a marketing design. While skills come first, a business won’t succeed without a beautiful design. As the saying goes, “you eat with your eyes”; potential consumers may judge your business by its appearance. You can choose the design by yourself, or, hiring a professional designer may be the best way to go.
  7. Start your business! With a clear plan, your business is off to a great start. Have confidence, because you can definitely do it. Good luck on your amazing journey!

Note: These procedures are only a broad idea of what it takes to start a business; every individual and business will be tailored differently.

At eleven, Leanna Archer started Leanna’s Essentials, a natural hair product online shop. Her friends complimented her hair, which Leanna treated with a natural recipe from her great- grandmother. She decided she wanted to share the product with the world. Jack McKenna was ten when he decided to start Jack’s Rockin Toffee to support his younger brother’s disease, Williams Syndrome.  Due to the disease, there are some foods Jack’s brother cannot eat, but he can eat Jack’s special toffee recipe. Jack also donates a percentage of his earnings to the Williams Syndrome Association.

These two examples are proof kids can start their own successful businesses.  Leanna and Jack both followed their interests and passions. The key to a successful business is having a main goal that isn’t earning money or becoming famous. Most rich and famous entrepreneurs are passionate and dedicated to their business.