By Evetta McGriff
Many people have dreams and aspirations of being their own boss, and teenagers are no different. Many teens have skills and talents that they are able to turn into a legitimate business. There is not an age limit on when you can become an entrepreneur. Dallas Mavericks owner Mark Cuban began selling trash bags door-to-door at age 12, which started his entrepreneurial adventure. Fred De Luca was age 17 when he opened his first Subway restaurant. The first thing to remember is that it is not easy; if it were easy, EVERYONE would do it. What is great is the amount of resources and technology available to help in the process. Turning your hobby into a successful business is a great idea. Musician Marc Anthony said it best; “If you do what you love, you’ll never work a day in your life.”
Most people who start a business the first time don’t have a clear understanding of what to expect. There will be mistakes, and it is up to you to learn from them. When thinking about steps to entrepreneurship, make a list of things you are passionate about and be ready to work hard. Think of ways of turning that passion into a small business. In the beginning, you are just brainstorming ideas. You are not yet planning specifics (money, location, etc.). After you brainstorm, think about how the business will either solve a problem or fulfill a need or want. After that, research online to make sure someone hasn’t already developed the same idea. Next, start looking at funding options. Depending on the type of business, there is a pretty good chance you don’t have the money required to get started. Start to plan a budget, and look for investment options. There are opportunities available online to request money to help fund your business. Don’t jump right into a business. Make sure to develop skills needed to be a successful entrepreneur. Read about those who are now successful and what it took for them to get started and maintain their businesses. In addition to reading, meet and spend time with people who have a similar entrepreneurial attitude. Networking is helpful.
If you are fortunate enough to maintain your business and you earn more than $400 in a year, you will need to pay both income tax as and self-employment tax. There will be ups and downs, highs and lows, and good times and bad times when starting a business. It requires character traits such as perseverance, determination, and patience. You will at times feel discouraged, but that’s when you have to work harder. You can’t compare your business to others. Depending on the type of business, some may gain success faster. What you have to remember is that all of the skills and experience you acquire while starting your business will only make you more successful.
Mar12020
