| For teen entrepreneurs, it's not just homework or | | | | should discuss materials, inventory, funding and |
| hormones and friends or fashion. For these exceptional | | | | budgeting. |
| young people, it's all of that - plus finding funding, building | | | | 6. Use the Internet. |
| business and securing their futures at an early age. | | | | From research to retail to advertising, the Internet is an |
| And it's important that their parents understand and | | | | important tool for fledgling businesses. Many teens |
| appreciate their struggles and offer them support | | | | have a marked advantage here, as they're better |
| every step of the way. These 10 tips are a great way | | | | online than any generation before them. Remember, |
| to help young entrepreneurs start down a path toward | | | | always monitor site usage and message board posts! |
| success. | | | | 7. Serve others. |
| 1. Start early. | | | | It's important that children have a plan that includes |
| By exploring interests at an early age, it encourages | | | | giving back to the world. Does the business offer a |
| children to take an active pursuit of their passion - and | | | | product or service that those less fortunate would |
| perhaps eventually turn it into profit. Visit museums or | | | | benefit from? If so, work or product could be given |
| parks, check books out of the library - anything to help | | | | away for free or at cost. If not, discuss setting aside a |
| cultivate their genius. | | | | portion of the profits for a reputable organization that |
| 2. Try different stuff. | | | | helps those in need. |
| "If at first you don't succeed ..." It's a good quote for a | | | | 8. Film a commercial. |
| reason. Help potential profiteers learn this for | | | | This step is fun, and the confidence that children get |
| themselves by encouraging learning by trial and error. | | | | from being on screen is amazing. Brainstorm ideas - |
| Keep trying plans or products until they find the one | | | | from serious to silly - write a script and enlist the help |
| that excites them into entrepreneurship. | | | | of friends and family to round out the cast. |
| 3. Discuss values. | | | | 9. Develop a marketing plan. |
| Equip them with the tools they need to make important | | | | Even the youngest entrepreneur should be actively |
| decisions by discussing ethics and the importance of | | | | involved in sales from day one. Ask them to develop a |
| playing fair and being honest - on the field, in life and in | | | | plan - and encourage them to think big ("no" should not |
| business. | | | | be a part of this step!). Guide them to consider |
| 4. Make a business plan. | | | | promotional or partnership opportunities; community |
| A business plan needn't be long - a one-page plan | | | | stores or leaders who would allow advertising/product |
| should work for most efforts. By answering the below | | | | placement; advertising activities and more. |
| questions, teens will be able to clearly define their | | | | 10. Define a style. |
| products, customers and advantages: | | | | All children are leaders: They just have different styles |
| What business am I in? | | | | and a unique selling point. Help fine-tune that style by |
| Who are my customers? | | | | building a leadership platform based on individual |
| How will my customers know about me? | | | | strengths and weaknesses. |
| How am I different? | | | | These 10 tips are a great way to kick off what will |
| 5. Ask questions. | | | | hopefully be a long and successful business endeavor. |
| Enforce the need to think everything through early by | | | | But remember: Just as every child is unique, so is |
| asking questions - even if they may be hard for young | | | | every business and every plan. There are no rules - |
| people to answer. And remember: Be careful to come | | | | other than to have fun, work hard and continue to |
| across as a partner, not as a nag! During this step, you | | | | learn and grow along the way. Good luck! |