Oh to be young and so inspired again… If you had the opportunity to go back in time and change one thing about your teenage years that would directly impact your adult life, what would it be? Some people would say they would get more involved in sports while others say they would have asked out their crush when they had the chance to… Those are pretty common responses but do you know what today’s entrepreneurs would say? They would say that they wished they started their entrepreneurial journey when they were much younger… teenagers, in fact.
Well, with today’s advancements in technology and the social media takeover, becoming a teenage entrepreneur is now more possible than ever before. Teenagers can own their own cupcake business, their own bike repair business, and even their own teenage party business… their options are endless and the fact that they’re so young finding and find interest in entrepreneurship speaks volumes on their work ethic.
According to smallbizdaily.com, a survey was conducted that polled teenagers and the results revealed that 41% of teens would much rather be a business owner than to work for someone… so there’s definitely an interest among teens in entrepreneurship but the real question is what’s holding them back from making actionable moves on their entrepreneurial interests? Well, you might be surprised to know that a lot of the reasons why teens haven’t started their own businesses are some of the very reasons why adults don’t start theirs.
Take a look at why teens have stopped dead in their tracks in starting their own businesses.
They are afraid of failure
If you think about it, who isn’t afraid of failure? Adults are afraid of failing as parents, as managers, as caregivers, and as spouses, etc, so for a teenager to be afraid of failing as a young entrepreneur, it’s completely understandable.
As an adult, you already know how mean teenagers can be towards one another, and in high school, what your peers think of you is everything that matters in teenage life. So, if a teen started a business and it failed, can you imagine the ridicule they would face? It would seem like the end of the world to them but what they don’t see is that those making fun of their entrepreneurial efforts are truly just jealous because even as a mean teenager, they see the potential for success in that teen.
They don’t have the money for it
In the business world, it takes money to make money but as a teen, acquiring money to fund your own business can be a major roadblock on your journey to entrepreneurship. Depending on what the business would be, supplies have to be purchased, a website would need to be purchased, and a budget for marketing would need to be allocated… but thanks to social media and other marketing efforts, there are ways to market your business without spending a ton of money.
On top of that, for any type of business, business insurance would need to be purchased as well. But the good news about business insurance is that it’s not terribly expensive; in fact, business insurance might be one of the most affordable purchases for your business.
They have no clue where to start
With all businesses, you have to have a business plan and whether you’re an entrepreneur or not, most adults know this but teenagers don’t. From the moment they enter kindergarten, a child’s “business” has been the business of making good grades to pass to the next grade level, so not knowing about business plans or how to write them is completely understandable but definitely no reason to get started. As advanced as technology is today, a teen could easily hop on Google and download a business plan template to get their business idea off the ground.
They don’t know exactly what type of business they want to start
The funny thing about life is that more than half of America is working jobs that they either didn’t go to school for or they’re working jobs that they’re completely unhappy at, so for an entrepreneurial-minded teen to not know what type of business they want to start is perfectly acceptable… and even if they reach adulthood and still don’t know, it may no longer be acceptable in their eyes but it’s common in the eyes of society.