Is Your Teen An Entrepreneur?
In these days of economic uncertainty, we're hearing more and more about kids launching businesses at an early age. This can be a good thing, right? There is no doubt that entrepreneurship is on the rise with inexperienced teens as well as older adults looking for a new way to put their skills to use. But does this mean all kids should be entrepreneurs? In this blog post, we’re going to discuss what’s happening in the world of entrepreneurship with young people today and whether it’s appropriate for your teen to dive headfirst into a business idea without knowing what he or she might get into down the line.
Entrepreneurship as a Primary Interest
According to the U.S. Bureau of Labor Statistics, teens and young adults aged 20 to 34 have seen a drop in their employment rate since the start of the Recession, while those aged 55 and older have seen an increase. This has a lot to do with millennials wanting more education and their parents not being able to afford to put them through college anymore. So what are kids who want an education doing? For many, entrepreneurship presents itself as a viable alternative if they don’t want to go down the usual path of going from high school graduate to college student. This can, in some cases, be a more lucrative and stable route when it comes to making money. According to the the U.S. Bureau of Labor Statistics, there is an increasing need for entrepreneurs especially in the fields of technology and business. But many teens still don't know what they're getting themselves into.
So what are teens getting themselves into by starting a business? Are they setting themselves up for success or will they get into trouble down the road? Let's take a look at some of the issues that arise from this as well as some ways you can encourage your teen’s interests in entrepreneurship without being too pushy.
Persistence is key
This is one of the most important things that you can teach your teen if he is interested in making money from a business. It's not easy to keep going when times are tough. There are going to be many days when you feel like giving up, but it's important to know exactly why you are doing this and what the goal is. If your teen doesn't know what he or she wants to do with their life, then entrepreneurship might be an excellent way for them to try out a variety of different skills in order to find out what they're best at.
Many teens want to create new and innovative products, but don't know how or where to start. When you encourage your teen to think creatively when it comes to business and don't put limitations on what they can do, they will feel encouraged to try out different ideas and hopefully find their niche in the process. These are all great benefits that come with starting a business.
Let's face it, there are some teens out there who just want some easy money. By making them understand why they're starting a business, they'll be more likely to put in the hard work necessary to succeed with it. If you have any doubts about your teen's ability or motivation, keep this in mind so that you can discuss openly with them so there aren't any miscommunications about what is happening.
Are Kids Ready?
For many kids, the thought of starting a business seems appealing because it provides them with a way to earn money and work for themselves. However, this is unlikely to be the case if your teen doesn't know what he or she wants to do with his or her life down the line. The thing you want to avoid is encouraging them to take on a business venture that they might not be ready for. It's important to remember that no one can tell you what your strengths are and what you should pursue in life. You need to figure out exactly where your skills lie so that you can try out new ideas and expand on them as well as develop more skills that will make you happy in life.
What are some of the different types of businesses that teens can pursue without knowing what they want to do with their lives in the future? Here is a list of a few options:
1. Consulting – If you're good at something, then why not make money from it? One of the easiest ways for teens to make money is to start an online business where they can offer their expertise or knowledge. You can consult others on problems that you have already figured out and help them find solutions.
2. Freelancing – This is also a great option for any parent who has skills or background in certain fields and likes to travel with their teen. Parents can offer their knowledge to other people or companies from the road at a cheaper rate.
3. Virtual Assistant – There are many jobs that you can do online with a virtual assistant. Companies need help with scheduling, writing, proofreading and more. You can become a virtual assistant for different companies, helping with tasks that might not be in your area of expertise but are still important for the company to accomplish.
4. Online Business – Starting an online business is great because you don't have to worry about special equipment or renting space in an office building, thus making it much cheaper to get started than other businesses you could pursue. This is one of the most popular ways for teens to get started because it is so accessible and easy in terms of cost.
5. Blogging – This can be an easy way to make money if you're a confident writer. You can write what you like and earn money from ads or through a page on your site that you have set up for sponsorships. This requires a lot of work, however, so be prepared to dedicate time to it in order to succeed with it.
6. Medical Research – If you have a strong interest in medicine, then this is a great option for you if you're ready to take on the responsibility that goes along with it in terms of logistics and being organized enough to complete tasks on time.
7. Microfinance – This is a great way for teens to learn about business and also have an impact on the world around them which is what many teens want to do. However, you need to commit yourself to this option because its structure may not be ideal for your teen at the moment. Be sure that you know exactly what you're getting into by looking into getting involved in this option before supporting it.
8. Retail – In order for your teen’s business to succeed, he or she has to be willing to work their hardest and have a lot of passion for their ideas in order to get customers coming through the door day after day. Retail is probably one of the more difficult ways for your teen to get started because you have to earn a certain amount just to cover expenses and make money back for whatever your teen's business costs.
9. Starting a Blog – Starting a blog can be an amazing way for teens to start earning money online by writing about things that they feel passionate about. You can set up a blog on WordPress or any other type of site that will let you post articles and share your ideas with others. This is also great because it requires minimal time commitment on your part since you don't have to constantly update the content on the site.
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Conclusion
Starting a business at a young age isn't easy and it can be a lot of hard work, but the payoff often makes it worth the time and expense. If you're considering the option for your teen, make sure that he or she is ready to take on what is needed to succeed with their new business. It may require more than just them putting in time and effort.
There are some things that you should think about first before starting any type of business. It might even make more sense to start out small in order to get your teen used to putting in work and seeing what it takes to be successful in business instead of diving right in with something big right off the bat.