Recently, I took my kids and a few of my nephews to a sports memorabilia shop. They were fascinated by baseball and football cards, spending more time analysing each one than I did at their age. But there was something even more intriguing:
Some of them were eager to start their own business selling these cards.
They’re part of a growing trend: teenagers are diving into entrepreneurship with passion and creativity. Here’s a look at how teen entrepreneurs are making waves in the market and shaping the future of business.
1. Teen Entrepreneurs Are Eager to Start Their Own Ventures
Recent research from Junior Achievement USA reveals that 75% of teens are interested in entrepreneurship. The majority of these teens believe starting their business before turning 30 is advantageous.
Key Insights:
- Need for Role Models: One-third of aspiring teen entrepreneurs seek a mentor who is an established business owner.
- Support Systems: Organisations like Junior Achievement (JA) offer valuable resources, including school programmes and mentoring opportunities.
Action Steps:
- Get Involved: If you’re a young entrepreneur or someone wanting to support them, consider joining JA for networking and guidance.
2. Harnessing Tech Skills for Business
Today’s teen entrepreneurs are tech-savvy and utilise their skills to launch and market their ventures. Popular teen-led businesses include:
- Website Design: Crafting custom websites for clients.
- Online Content Creation: Producing engaging content for social media platforms.
- E-commerce: Selling products online through various platforms.
- Social Media Consulting: Advising businesses on effective social media strategies.
Future Considerations:
- Expanding Tech Skills: For growth, teens may need to learn advanced tools like marketing management software.
3. Solving Problems with Innovative Ideas
Teen entrepreneurs often start their businesses by addressing personal challenges. Take, for instance, the story of a young Californian who created a business selling compact skateboards. His inspiration came from needing a skateboard that fit into his school locker!
Example of Success:
- Locker Board: This venture began by solving a simple problem and has grown significantly, even catching the attention of billionaire Richard Branson.
Action Steps:
- Explore Biz Kids: For those with a brilliant business idea but unsure how to proceed, Biz Kids offers resources on business fundamentals and marketing strategies.
4. A Desire to Make a Positive Impact
A significant 58% of teens would start a business with a social purpose. They are willing to earn less if their work contributes to a good cause. This trend aligns with the broader Gen Z passion for social issues.
Key Statistics:
- Social Impact: 90% of Gen Zers are passionate about social causes, and many teens want their businesses to reflect these values.
Future Outlook:
- Look for Innovations: With teens eager to combine entrepreneurship with social responsibility, expect to see a rise in ventures addressing various societal issues.
Practical Tips for Aspiring Teen Entrepreneurs
If you or someone you know is a young entrepreneur, here are some steps to consider:
- Leverage Existing Skills: Use tech and social media skills to start and promote your business.
- Seek Mentorship: Find a mentor who can offer guidance and support.
- Explore Educational Resources: Websites like Biz Kids provide valuable insights and practical advice.
- Stay Informed: Keep up with industry trends and innovations to stay ahead.
Actionable Advice:
- Join Communities: Engage with organisations and online communities that support young entrepreneurs.
- Utilise Free Resources: Take advantage of free or low-cost educational tools and platforms to learn more about business.
Summary:
Teen entrepreneurs are not just dreaming about starting their own businesses—they’re making it happen. With a significant number of teens interested in entrepreneurship, leveraging their tech skills, solving real-world problems, and aiming to make a positive impact, the next generation of business leaders is poised to reshape the market. As they continue to innovate and inspire, the business world should be ready for the exciting changes they bring.
Additional Resources for Young Entrepreneurs
For further exploration and support, check out these valuable links:
