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5 Steps You Can Take Right Now To Prepare Yourself for Business Ownership As a Teen

69 percent of teens say they have a business idea but are unsure of how to start the process. This is totally understandable. After all, you’re only a teenager and there are so many options when it comes to starting your own business. 

Entrepreneurship is an exciting but challenging road to embark on, and you’re never too young to get started!  So, if you’re feeling a little lost but eager to learn, you’re in the right place. 

Keep reading to learn 5 things you can do right now to prepare yourself as a teen entrepreneur and hit the ground running.

1. Identify Everyday Problems and Do Market Research

Being an entrepreneur is all about solving problems, so ask people what their pain points are. 

What annoys them? What do you hear people complaining about? Can you brainstorm ways to solve that problem? 

Keep in mind, you don’t need to reinvent the wheel here. You just have to uncover a problem and find a way to fix it. That could mean doing something better, faster, or different. 

When you land on a business idea, do market research to ensure there’s demand. Lack of demand is one of the top reasons that businesses fail.

2. Network and Follow Successful Entrepreneurs

If you’re on the introverted side and just hearing the word “network” makes you cringe, don’t worry. 

You don’t have to start attending every networking event in town (although that can open a lot of doors for you). 

Connecting with your peers, parents’ friends, and teachers is a great place to start. 

It’ll help you improve your communication skills, build confidence and learn what other people are doing successfully. 

You can also find entrepreneurs on social media and follow them. People like Gary Vee, Tony Robbins, and Marie Forleo are a few top leaders you can keep your eye on.

Get the 6 step guide kids use to learn how to be an entrepreneur

Your child will be guided to develop entrepreneurial mindsets and leverage their unique skills to make a positive impact by building valuable products.

3. Organize Your Finances

Whatever business you start, it’s going to require capital. Now, you may not have all the money to get started right away but being smart with what you do have will set you up for success. 

If you have a job, try saving at least 10% of every paycheck. Put the money in a separate account or a hidden stash at home and do not touch it! 

This is called “paying yourself first” and it’s a great way to learn how to manage your money. 

4. Read Books On Entrepreneurship

When Warren Buffet was asked to share the secret to his success, he said that he reads 500 pages a day

Now, I’m not saying you need to keep up with Warren Buffet but reading books will teach you how to start a business, what mistakes to avoid, and the type of mindset you should adopt as a teen entrepreneur. 

Some great books to get you started are Good to Great by Jim Collins, Rich Dad Poor Dad by Robert Kiyosaki, and Grit: The Power of Passion and Perseverance by Angela Duckworth. Not a fan of reading? Listen to an audiobook or a podcast instead.

5. Enroll In An Entrepreneurship Program For Teens

If you’re serious about diving into the world of entrepreneurship as a teenager, why not join a program that specializes in this? 

At LogoLife we offer an exciting program called the Young Entrepreneur Network, or YEN, that connects like-minded, ambitious teens and teaches them the skills they need to become successful business owners. 

It might just be the best way to get clarity on your future, make lifelong friends and gather business experience. Check out what we’re all about right here.

One Last Thought

The idea of starting a business as a teenager can feel incredibly daunting but exciting at the same time. Luckily, there are a few actions you can take now that will help you get your foot in the door. 

Networking with your peers, identifying everyday problems, and making a habit of reading are just a few ways you can start preparing for entrepreneurship. 

Begin building connections and developing a strong growth mindset and nothing will stop you from building the empire you dream of.

Ready to take the next step and learn how to become an entrepreneur? Our Young Entrepreneur Network teaches you all the necessary business skills you need so you can feel confident when you’re ready to take the leap. Learn more and join the program here!

Get the 6 step guide kids use to learn how to be an entrepreneur

Your child will be guided to develop entrepreneurial mindsets and leverage their unique skills to make a positive impact by building valuable products.

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My son (newly 15) did the 6-week program and I thought it was very good for him. First of all, it gave him something to do this summer (no typical job due to COVID), and second, I think it made him think about things other than math, which is his favorite subject and thing to do! I also appreciated the one on one mentoring sessions in addition to the weekly group session.

I also liked that he had homework to do between sessions. I thought that he received a lot of attention from the LogoLife founders and instructors and that the info given to him to develop was detailed and effective, and tailored to his passions.

A productive and comprehensive teen entrepreneurship program.

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Latha O.

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The Logolife program is a truly inspiring and innovative way to teach today's teens the skills they will need to adjust in this changing world. As a single parent, my biggest concern has been to prepare my kiddos for the future, but what the future holds is anybody's guess.

When I found Logolife, I was so excited because it teaches kids to adapt to changes and to create their own path forward. I am especially impressed that they encourage kids not to be afraid of failure, but to accept that trial and error is a meaningful part of the process and that being gritty and tenacious can be even more important than having natural talent or ability.

While they learn to capitalize on their strengths, they are also encouraged to grow through their weaknesses and to use what they have to bring value into the world around them. All of us know that what our schools aren't able to prepare our kids for the future or to make them successful in life.

Education alone isn't the answer; the answer is the right education. I am so proud to encourage every parent to investigate Logolife as an option for their children.

If you start by attending the parent meeting I think you'll find that every point of their program is something today's teens need to not only hear, but embrace. It also helps that everyone associated with the program is completely professional, helpful, gracious and enthusiastic.

My daughter and I have had nothing but a positive and uplifting experience with Logolife. I give them my very highest recommendation!

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Christine S.

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