Being idle is no longer a viable option for Gen Z. Teens are evolving right before our eyes. Their urgency to create something or be someone has been ignited within the digital realm. Teens are vocal about social injustice and their future. Some teens have even decided to invest in themselves and start their own brand. It’s an exciting time to be young and determined. We’ve collected a couple of tips for those teens who’ve decided to venture and invest in themselves. Here are 16 tips on how to be a successful teen entrepreneur.
Tips for Teen Entrepreneurs
1) Push yourself
Being a business owner means wearing different hats, all day, every day. No one is going to invest as much time, money, and energy into your business as yourself. Always push yourself to learn more. If you can find a mentor, even better!
2) Invest in something you care about
The entrepreneurship process is long and grueling, so if it feels like you’re not going anywhere, it’s okay—don’t give up! Remember to always circle back to why you started.
3) Believe in yourself
You will encounter people who express their doubts to you. You will encounter people who will try to sway you in another direction. Life is a risk, take a chance, and believe in yourself and in your business. What would’ve happened to Steve Jobs if he listened to all the nay-sayers?
4) Find the right crew
Psychology explains “mirroring neurons” as a phenomenon where organisms imitate the actions of others. Now, we’re not saying you’re going to adopt your crew’s working habits, but if you surround yourself with people who are disciplined, focused, and determined, let’s just say, you might pick up a thing or two.
5) Let go of fear
As you pave your own road in life, remember that mistakes will be made. Don’t let the fear of failure stop you from trying again.
6) Buckle down
Everyone was once a beginner. It will not happen overnight. Overnight successes took ten years. Remember that.
Know where to focus your energy. There are only 24 hours in one day, plan accordingly because your energy will let you know what you have time for.
8) Know what and who to hire
Even though you’re young, it’s important to hire people who share the same values as you/your company. Skills can be taught.
9) Know your clients
Knowing who you serve will help you plan and strategize better. By serving and keeping your clients happy, your business will naturally continue to flourish.
10) Learn from complaints
If your business is similar to another one, learn from their complaints. Unhappy customers will always seek a company that is willing to keep them happy.
11) Always ask for input from customers
Never assume what your customer needs or wants. Ask how you can improve their experience. It may not be monumental changes, but it’s the little things that keep customers happy and keep them coming back.
12) Spend your money wisely
That first paycheck is going to feel fulfilling and you may want to spend some of it on silly things. Be careful where you invest that money, if it won’t benefit the company, save it. There will be hiccups in the future.
13) Build credit ASAP
Most entrepreneurs use their own money to start their company, and being young doesn’t make it any easier. Do your research on which banks offer the best rates. If you rack up some debt, try to pay that off first, to increase your chances of getting a better rate if you plan to take out a loan.
14) Sacrifices will be made
Kiss Netflix, Hulu, HBO, and Amazon Prime goodbye. The time that would have been spent on those will disappear. It might not be fun at first, you might miss gatherings with friends, but be aware that you will need those extra hours to focus on your startup.
15) Take business classes
The only way to gain knowledge is to put the actual work in. Taking classes will help you understand the process of how a business is supposed to be run. It takes a village to run a business; the finance team, operations team, manufacturing team, and marketing teams are the bare minimum.
16) Know how to find clients
Your first clients will inevitably be your friends and family. It’s important to know how to expand your client base. Learn how to use TikTok to expand your business.
Investing in yourself is a monumental shift in your life. It’s not impossible, but it’s going to be an uphill battle. We hope these tips help you on your business journey!
Have any more tips on how to be a successful teen entrepreneur? Let us know down in the comments.
This article originally published on GREY Journal.