The process of launching, developing and running a business venture along with its financial risks is called entrepreneurship. It is very important for the economic development of our expanding global marketplace. There are a few different types of entrepreneurship.
One example is small business entrepreneurship. Small business owners make profits only to make a living and support their families. This may include hairdressers, grocery stores, electricians, carpenters, plumbers and consultants.
The second type is startup entrepreneurship. This type of entrepreneur starts a company with the hopes of changing the world. They attract venture capitalists and big financial investors.
Third, large company entrepreneurship is a company that is always offering new products that are similar to their core product. These products vary from customers’ tastes, new competitors, and new technologies.
The last type is called social entrepreneurship. These are innovators who focus on creating products and services that solve social problems. Their goal is to make the world a better place.
For teenagers, entrepreneurship looks very different. Due to age, many people cannot achieve the things that are required when starting a new company and getting investors. However, our age can also give us a huge advantage. When it comes to understanding the online world, teenagers can become an entrepreneur in online marketing. If this isn’t the right path for you, you can either have a computer repair service, create homemade gifts,or pet sitting services. There are so many choices and ideas for teenagers, you just have to find what you’re passionate about. For example, homemade products, beauty related products or even selling brand name used clothing.
If your mind is set on becoming an entrepreneur a little ways down the road, then you can take these next few steps which will lead you to success.
Step 1: Find the right business for you. This means you have to find what you are passionate about and chose a field to work in.
Step 2: Choose whether you need more education for this type of work and if so what type of education.
Step 3: Plan your business. Create a business plan and include strategies you have for achieving your goals. This course of action is important for getting investors on board.
Step 4: Find your target audience. Figure out which group of people your business will most apply to. The age, income, gender, race, and culture of the target group will help you decide where to physically locate your business.
Step 5: Network. Networking will help you reach out and meet people with similar business or interests. With this group of people you can help each other out. They can be possible investors and send clients your way.
Step 6: Sell your idea. Sell consumers your products. It is your job as an entrepreneur to convince the clients that your product is the best one out there. Find a way to make your product unique.
Step 7: Market. You should market your business to your target audience as best as possible. A good place to market is by using social media.
Levin, Heather, et al. “7 Small Business Ideas for Teenagers & Kids.” Money Crashers, 18 Feb. 2020, www.moneycrashers.com/business-ideas-teenagers-kids/
Writers, Staff. “How to Become an Entrepreneur: Step by Step Guide.” LearnHowToBecome.org, LearnHowToBecome.org, 21 Apr. 2019, www.learnhowtobecome.org/entrepreneur/
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