Igniting ambition – lessons and benefits for teens forging their own entrepreneurial path.
In an ever-changing world, with a constantly evolving working landscape, a bold new breed of entrepreneurs is emerging – and they haven’t even left school yet. Welcome to the world of teen entrepreneurship.
As a coach for young entrepreneurs, I’ve witnessed firsthand the range of incredible start-ups teens are creating. From digital and high-tech enterprises to sustainable and purpose-driven ventures, it’s clear they are a force to be reckoned with.
The drive to make a difference and transform ideas into thriving businesses transcends age, turning entrepreneurship into an electrifying choice for young minds. From smashing fundraising goals for cancer charities to fashioning swimwear from recycled fishing nets, the teens I mentor are unstoppable.
With the surge of social media entrepreneurs and the influence of shows such as Shark Tank inspiring the next generation, it comes as no surprise that young minds are increasingly drawn to the entrepreneurial scene. A JA Worldwide survey* found that a staggering 60 per cent of teenagers express a greater interest in starting their own business than pursuing a traditional job, marking this moment as the time to seize new and exciting prospects.
Boasting vibrant enthusiasm, innovative thinking, tech-savvy skills and financial freedom, teens are at the forefront of the entrepreneurial race. Notably, their numbers are steadily increasing.
Let’s delve into the world of teen entrepreneurship, uncovering the highs, lows and essential insights that shape these rising stars.
The benefits of starting young
Despite their young age, teens bring an unmatched dynamism to the entrepreneurial table. Given that entrepreneurship is not typically taught in schools, their ‘on-the-job’ learning sets them up for success long term. Several skills are learnt, and benefits are gained through their ventures.
Creativity and determination
Young minds possess an unparalleled ability to think outside the box. Teens bring fresh perspectives and innovative solutions, using their creativity to disrupt industries in ways seasoned entrepreneurs might overlook. One such example is Tara Clark, with whom I created the book Epic Entrepreneurs, which features 10 inspirational stories of kids and their businesses. It includes kids who have pitched on Shark Tank, kids with global businesses and kids already in business who are as young as five years old.
“I believe every young person should get the chance to start a business.”
Teens raising start-up funds through crowdfunding, car washes, and even participation in return-and-earn can collection programs demonstrates the creative grit and belief they embody from the outset.
Resilience and adaptability
Entrepreneurship is a journey loaded with uncertainties and a teen-run business is no exception. Failure comes quickly, and being naturally resilient, teens learn how to adapt swiftly to challenges. Embracing failure and adopting this resilient mindset is crucial for long-term success, regardless of the path they take in life.
Lifetime skill development
The skills acquired through entrepreneurship – such as problem-solving, negotiating, pitching, critical thinking, communication and financial literacy – are invaluable life skills. By starting young, teens not only gain a head start in their careers but also cultivate a robust skill set that will serve them for a lifetime.
Networking
Building a diverse and supportive network is imperative to entrepreneurship, and teens can leverage their school and community connections to foster relationships that may evolve into collaborations, mentorships, or partnerships, further driving success.
Challenges to navigate
Starting a business presents numerous challenges, and teens encounter a wider range than most, notably:
- Lack of experience: While youth brings fresh perspectives, it also implies a lack of experience. For most teens, this is their first business venture, and they are doing things they haven’t been taught in a classroom. Seeking guidance from mentors and industry experts can ease the navigation through these challenges.
- Balancing education and business: Striking a balance between entrepreneurship and education can be a delicate path as teens learn to prioritise their studies while nurturing their business endeavours. Sacrificing free time becomes inevitable as they build their businesses and figure out effective time-management strategies.
- Financial management: Handling finances can be a daunting task for many young entrepreneurs. Learning the basics of budgeting, financial planning and investing is paramount to any business to avoid pitfalls. While it might not be an easy ride, the long-term benefits make it worthwhile.
Key considerations for young entrepreneurs
One crucial piece of advice I emphasise to my students is to pursue what they love. Opting for something they are passionate about holds more significance than trying to predict the next ‘big thing’. Other considerations include:
- Embracing failure: Failure is an inevitable part of the entrepreneurial journey. By acknowledging and embracing it as a crucial learning experience, individuals can accelerate personal and professional growth. My advice to students is not to be afraid to give things a try. People are always supportive of teen entrepreneurs and love to help them.
- Research: My students understand that for their business to thrive, it must address a problem or fulfil a desire. Identifying the problem that they solve or the desire they fulfil is a crucial step toward success. Conducting thorough research on their market and understanding customer needs is essential.
- Mentorship: A mentor is invaluable in business, whether you are five, 15 or 50 years old. I observe teens seeking out mentors to gain insights, seek guidance and navigate their entrepreneurial journey. There are major benefits for their businesses when they actively seek mentorship.
- Balance: Balancing personal life, home commitments, academic success and business ventures requires careful prioritisation. By learning to manage time effectively, teens can develop skills that will serve them for years to come.
The entrepreneurial journey for teens is an exhilarating roller-coaster of highs and lows, but the lessons learned and the skills acquired are beyond compare. I believe every young person should get the chance to start a business. Whether it’s a humble lemonade stand or a global empire, the benefits are countless.
Having had the joy of conversing with thousands of young entrepreneurs around Australia, I have witnessed firsthand the undeniable growth of teen entrepreneurship in recent years. The spark I see in these young minds is nothing short of exhilarating and reinforces my belief that by empowering them with knowledge, guidance and support, we are not only shaping the business leaders of tomorrow but also fostering a generation capable of creating positive change in the world.
* JA Worldwide, Junior Achievement USA Survey website: https://jausa.ja.org/news/press-releases/survey-60-of-teens-would-prefer-to-start-a-business-over-having-a-traditional-job.
This article first appeared in issue 44 of the Inside Small Business quarterly magazine
