The American youth population is becoming more entrepreneurial-minded, as joint research by Junior Achievement (JA) and Ernst & Young (EY) revealed that 41% of American teens want to be their own boss, realize their ideas, and earn money. However, it also indicated that 69% of them are unsure of how to start their ventures. Perhaps your teen falls in this category, and you’re wondering how to help them. In that case, you may consider these ways.
- Have brainstorming sessions with them
A successful venture starts with an idea, which is why you should help your teen as they explore several options. Besides, it also creates the opportunity for you to bond with them and be part of their success story. You can start by helping them determine what problem they wish to solve and channel their ideas towards that purpose. You may also encourage them to research many ideas, as it can reveal a new approach to an existing client need. It will be best to write their thoughts down to help ascertain the right ones to work on. Thanks to technology, you can utilize several brainstorming apps to generate feasible business ideas.
- Let them analyze their skills and interests
According to start-up pro-Martin Zwilling, entrepreneurs’ skills and interests keep them motivated and ensure business success. For this reason, you should guide your teens to tailor their ideas to suit their capabilities. You can help them ascertain their passions, hobbies, and their abilities. Doing this will help them discover how to help people with what they have and establish a target market suited for them. For instance, if your teen enjoys writing, you can encourage them to explore avenues that complement their abilities.
- Connect them to mentors
Teen entrepreneur, Brendan Cox, stated that teens should always be ready to learn to start a successful business enterprise. While people can offer helpful advice that they can apply to their venture, the knowledge of experienced entrepreneurs also goes a long way. This is why you should assist your teen in finding a mentor. Fortunately, you can utilize social media platforms such as LinkedIn and Twitter to connect with entrepreneurs in your teen’s chosen area. Additionally, you can accompany them to networking events and various industry centers in your community. Working as volunteers in business organizations will also help them find a mentor with ease.
- Help them with their market research
Market research makes the difference in making wise or poor decisions in business and determines if a venture will succeed. Besides, it provides facts that help entrepreneurs estimate their sales and profits. For these reasons, you may want to assist your teen by seeking information regarding their chosen entrepreneurial idea. You can help by taking on some parts of the research, such as competition and target market. You may also research marketing strategies such as personalizing screen printing promo items to enhance their brand awareness.
You can also encourage them to set realistic goals and timelines for their business and to stay positive. Besides, you may let them understand that success takes time and that they might experience setbacks along the way, which shouldn’t deter them from hitting their goals. While these tips are not exhaustive, hopefully, they will prove beneficial as you support your teen’s entrepreneurial dreams.