Steps to becoming a Teen Entrepreneur

As you venture into becoming an entrepreneur and entrepreneurship, you need to focus on three very important steps to success. 1. Make sure to set goals before you get started. 2. Write down your business idea and create a business plan. 3. Understand how money flows by understanding a profit and loss statement and other relevant business documents.

Before we get started however let’s look at how Wikipedia defines entrepreneurship and entrepreneur. Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.

Let’s proceed. Why is goal setting so important? It allows you to determine why you want to do what you want to do. Why do you want to be an entrepreneur?  It’s the motivating factor. It’s what will get you moving forward when times get tough and they will. Nothing good ever comes without some hard work.  Take time to quietly think about why you want to do what you want to do before you consider the how. Is it to pay for college? Is it to help your family out? Is it to make a difference in the world? Is it to help a particular group of people? What is your burning desire? Vision provides clarity.

Now that you understand why you want to start a business, let’s look at how you will accomplish your goal. Again take time to quietly consider ways in which you might be able to accomplish your goal. Write down all your ideas. Evaluate the ideas. Do research via the internet, books, speaking with others etc. Then again take time to review your research and determine the best way to meet your goal and then put together a business plan with your vision, mission, business and marketing plan. Great organization leads to success.

Understand how money flows into your business and out of your business. Understanding this important part of business will help you determine a price for your product or service that allows you to grow your business and make money for you personally.  Many people do not learn this important step in starting a business and then wonder why at the end of the month, there is no money to pay themselves. Everything they made went into running the business. If you do not have profits, you cannot pay yourself.

These are just three steps in becoming an entrepreneur. Many more steps will be shared with you to help you grow yourself and your business.

To your success.

Michael’s MoM