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28 Business Ideas for Teens

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Business success can come at any age, and you never know who will think of the next big idea. If you have an industrious teen with an entrepreneurial spirit — or if they’re just looking to make some extra spending money on their own schedule — launching their own business could be the answer. Let's look at some business ideas for teens that are perfect for a first business.

What makes a good business idea for teens?

There are a few criteria that will make a business idea slightly easier for teens to start and operate. After all, they’ll need to work around a full class schedule and will likely have limited resources — including startup capital. As you evaluate the following small business ideas for teens, keep these things in mind.

1. Home-based or easily accessible

Depending on the age of the teen, transportation can be a major concern. For teens who aren’t old enough to drive or are just learning, a home business will be much easier to operate.

2. Flexible hours

Just like many adults who start a side hustle, teens are working a full-time job while starting up their business. While school isn’t traditionally considered a “job,” it does take up eight to 10 hours of each weekday, depending on their extracurriculars. The best business ideas for teens will have flexible hours that will allow them to work in the evenings and on weekends.

3. Low financial investment

While most potential business owners are looking to make as small of a financial investment in their new business as possible, most teens will have limited savings and have minimal access to outside financing (especially if you don’t want the “bank of mom and dad” to be on the hook). Choosing a business idea for teens that has a low-cost financial investment is key to success. The fewer things needed to operate the business, the less they will need to buy before getting started.

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28 business ideas for teens

There are so many cool business ideas for teens out there. You can start with something traditional like babysitting in your neighborhood or helping kids with homework, but technology has opened the doors to so many other, new opportunities.

With the above criteria in mind, let’s take a look at 28 business ideas for teens.

1. Academic tutor

An easy business idea for teens is to become an academic tutor. Everyone has unique skills, so whether you’re good at math, science, writing, or reading, you have the skills to teach someone else who may be struggling in that subject. An academic tutor can also help with test prep for the SATs, ACTs, AP tests, or other standardized tests.

2. Car washing

Everyone loves to have their car looking shiny and new, but not everyone has the time to dedicate to washing it. A car washing business is simple to start, all you need is a bucket, soft sponge, window cleaner, and elbow-grease for polishing. This can be a great weekend job for teens.

3. Child care

A tried and true business idea for teens is to operate a child care or babysitting business. On the weekends or even during the week after school, you can help neighbors or family friends by caring for their young children. If you want to stand out from the competition, many communities offer local classes on child care and babysitting .

4. Pet sitting or dog walker

For kids who love animals, there’s no better way to get time with animals and start a business than by pet sitting or dog walking . Both of these businesses also offer flexible hours and your clients will provide all the supplies you’ll need, from leashes to treats and more.

5. Lawn care business

If one of your teen’s chores is to mow the lawn, they already have the skills needed for this business. By marketing their services around the neighborhood, they may be able to drum up a lengthy client list, and an especially popular time for a lawn care business is the summer, when your teen will have lots of free time on their hands.

6. Housecleaning

For any kid who’s been helping out with chores around the house, they’re likely already familiar with all the skills they’d need to start a housecleaning business . Nearby homeowners would likely be happy to pay a teenager to help them dust, mop, and vacuum their home.

7. Housesitting

During the summer and scheduled breaks from school, many families take this opportunity to travel. While they’re away, they need someone to stop by the house, take in the mail, water the plants, and perform other small daily tasks. Starting a housesitting business can be a great way for teens to earn some extra money while filling a need in their community.

8. Errand-running

For teens who drive, offering to run errands for neighbors or friends could be an easy way to start a business and make money. This business can be especially helpful to people who are home-bound or have limited mobility. Plus, this business idea doesn’t require any specialized skills and they can set their own hours.

9. Seasonal chores

Another seasonal business for teens is to help with seasonal chores. Most homeowners don’t have a lot of spare time, but they still want their homes to look nice and festive during the holidays. Teens can start their business by doing odd jobs at the season changes, such as putting up and taking down holiday decorations and lights, shoveling snow, raking leaves, gift wrapping, and much more.

10. Selling handmade crafts

Artistic teens who are good at crafts can hone their skills and make some money by selling their creations. This can be a local endeavor, or they can set up their own business website to sell their crafts to a larger audience. Check out our list of the best craft business ideas.

11. Making greeting cards

One specific idea for a handmade craft that teens can create and sell is greeting cards. Many people are returning to handwritten notes. By creating personalized designs or eye-catching artistry, teens can easily sell their own greeting cards to be used by friends and family.

12. Art teacher

The ability to draw, paint, or do any other kind of art is a skill, just like being able to solve complicated math equations. Teens who are looking for a business idea and are good at art should consider starting a business as an art teacher. They can offer lessons to peers or younger children in the neighborhood.

13. Musician

Not every artist works with a pen in their hand — some are gifted with music. For those passionate about playing or writing music, teen years are an opportunity to get together with friends, form a band, and perform locally. This is a good business idea for teens that should also be a lot of fun.

14. Music lessons

For musically inclined teens who aren’t interested in starting up a band, they may be interested in giving music lessons. Whether they excel at the piano, guitar, violin, or another instrument, there’s bound to be a market for this skill.

15. Farmers market vendor

Farmers markets are generally a great way to sell handmade goods in your local area, and they can be an easy way for teens to start a business and sell their wares close to home. Whether selling crafts, food items, or handmade beauty products, there are several avenues for this type of business. Keep in mind, you may need a parent to actually reserve the booth and oversee operations.

16. Candle maker

A simple craft to make that’s always in demand is candles. For those looking for a business idea for teens, this is a sellable craft that’s easy to learn and doesn’t require a ton of upfront investment. Learn more in our guide to starting a candle business.

17. Retail arbitrage

An interesting and simple business idea for teens is retail arbitrage. For those who are savvy online, this can be a simple business that makes a decent profit. The main idea in retail arbitrage is to find high-quality items for a low price and then to resell them in a different marketplace for a higher price. Many people who start a retail arbitrage business will find items at local garage sales and then resell them on eBay or Facebook Marketplace.

18. Graphic designer

For a tech-savvy teen who is also artistically inclined, there’s an opportunity to start a graphic design business. This can be as simple as creating a few cool designs and then putting them on T-shirts for friends or could involve doing freelance work for local business’s marketing efforts.

19. Technology tutor

While some older adults don’t know how to use their smartphones, tablets, or computers, kids are growing up with this technology and know it better than anyone. If your teen has the patience and the skills, they can make some extra money as a technology tutor.

20. Blogger

With a dash of tech know-how, some skill for writing, and a passion for a specific topic, your teen could launch a business through a blog. Keep in mind, this business idea will take a little more time to turn a profit. First, they’ll need to grow an audience, and then they will have the opportunity to partner with advertisers and affiliate partners to bring in revenue. If they can optimize their blog, though, this could be a simple way to make extra money.

21. Podcaster

A still relatively new and growing space is the podcast world. Similar to a blog, your teen will need passion for a specific topic and the ability to grow a decent following, but once they do, they can earn income by finding advertisers interested in placing ads on their podcast. Learn more about how to start podcast.

22. Social media influencer

As most teens already know, there are lots of celebrities out there who make money by talking about products on their social media platforms. This has become known as a social media influencer. Many brands also look for local personalities with a strong following. If this sounds like your teen, they may have a business on their hands.

23. Live-streaming gamer

For teens who love video games, there’s no better dream than to make money by playing video games. Live-streaming gamers do just that. One of the most popular sites for getting started with this type of business is Twitch.TV .

24. Photographer or videographer

With a small investment in equipment or some skill with a smartphone, teens can start a business as a photographer or videographer. There are many niches within this type of business, so teens can specialize in pet photography, events, family portraits, or creating social media content for local businesses.

25. Web designer

A little knowledge can go a long way toward supporting this business idea for teens. Many small businesses need websites and may not have the cash to hire a professional. By offering their services at a discounted rate, teens can start their own business as a web designer. This is a great way to practice skills and make some extra money.

26. Transcription

Another business idea with flexible hours is to transcribe interviews for a local newspaper or other business. Your teen can work on their typing skills while also providing a service that makes money.

Start Your Dream Business

27. Data entry

For most future professions, teens will need to know how to use spreadsheets and work with data. To learn these skills, teens can start a business in data entry. This type of business offers teens a flexible work schedule and the ability to learn an important new skill.

28. Create an app or online game

Anyone can create an app or online game these days, including teens. If your teen has a great idea and the technical skill to make it into a reality, they could turn this into a business. Completed apps and games can then be featured on various app stores, which return a percentage of the profit to the creator.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

Business Plans: A Step-by-Step Guide for Kid Entrepreneurs

• March 21, 2024

Embarking on an entrepreneurial journey is exciting for kids, offering them a unique opportunity to learn valuable life skills such as problem-solving, financial literacy, and creativity. Creating a business plan is a foundational step in this journey, helping young entrepreneurs transform their ideas into actionable plans. This guide is designed to make the process engaging and accessible for kids and their parents, laying the groundwork for successful kidpreneur ventures.

Why Creating a Business Plan Matters for Kidpreneurs

A business plan is more than just a document; it’s a roadmap that guides Kidpreneurs through the stages of developing and growing their business. It encourages them to think critically, set realistic goals, and plan for the future. Crafting a business plan helps Kidpreneurs understand the basics of entrepreneurship and financial management, fostering a mindset geared towards growth and innovation.

Step 1: Discover Your Passion and Identify a Business Idea

The first step is for Kidpreneurs to explore their interests and talents, leading them to a business idea that excites them. Encourage them to think about problems they’d like to solve or hobbies they enjoy that could be turned into a business. This ideation process is crucial for finding a venture they’re passionate about and committed to developing.

Step 2: Research Your Market

Once a business idea is in place, the next step is understanding the market. Kidpreneurs should research who their potential customers are, what needs or wants their business could fulfill, and who their competitors might be. This step is about validating the idea and ensuring there’s a demand for what they plan to offer.

Step 3: Set Clear Goals and Objectives

Goals and objectives give direction and purpose to the business plan. Help your kid set specific, measurable, achievable, relevant, and time-bound (SMART) goals. These could range from learning new skills to achieving a certain number of sales within a specified time frame.

Step 4: Plan Your Product or Service

This stage involves detailing the product or service the business will offer. Kidpreneurs should think about what makes their offering unique and how it benefits their target customers. Encouraging creativity at this stage can lead to innovative ideas that set their business apart.

Step 5: Outline Your Marketing and Sales Strategy

Marketing and sales are how businesses attract and retain customers. Kids can brainstorm fun and engaging ways to promote their business, such as through social media, flyers, or word of mouth. They should also think about how they will sell their product or service, whether it’s online, at a local market, or through another channel.

Step 6: Create a Financial Plan

A basic financial plan is essential, even for small-scale kidpreneur ventures. This includes estimating startup costs, setting prices for products or services, and planning for future expenses. It’s a great opportunity for kids to learn about budgeting, profit, and financial management.

Step 7: Draft an Action Plan

The action plan breaks down the steps needed to launch and grow the business. It should include a timeline of activities, responsibilities, and milestones. This helps kids stay organized and focused on their goals.

Step 8: Review and Adjust

A business plan is a living document that should evolve as the business grows. Encourage kidpreneurs to review their plan regularly, celebrate achievements, and adjust their strategies as needed.

Creating a business plan is an exciting step for kidpreneurs, full of learning and growth opportunities. By following these steps, kids can turn their entrepreneurial dreams into reality, building a solid foundation for their business ventures.

To further explore entrepreneurship and financial literacy, Kidpreneurs can dive into the Kidpreneurs Academy. It’s a gamified online program designed to teach kids aged 6-12 the basics of entrepreneurship through engaging courses, games, and activities. Join today!

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20 Business Resources for Young Entrepreneurs

Last Updated: February 19, 2024, 12:27 pm by TRUiC Team

It’s no secret that young entrepreneurs are the future of small business, but as a teen entrepreneur , it may be tough to know where to find help getting started. Whether you have a million-dollar idea or simply the drive to be your own boss — you’re never too young to start working toward opening the business of your dreams.

To get you on the right path, we have gathered the best resources for teen entrepreneurs on everything that you need to know to start a business of your own, from networking to educational resources.

Are you ready to become a young entrepreneur? Take our quick Entrepreneurship Quiz to find out! We also recommend checking out our list of business ideas for teens .

Top Resources for Teen Entrepreneurs

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At TRUiC, we believe you are never too young to start working toward your goal of starting your own business. With 77% of teens wanting to be their own bos s, resources for teen entrepreneurs aren’t just important — they are necessary! This guide will help you navigate the top resources for teen entrepreneurs to learn the vital skills and information needed to start a business.

1. How to Start a Business - A TRUiC Small Business Guide

All the steps you need to know can be found in our guide on How to Start a Business . From writing a business plan and acquiring funding to marketing your business, every aspect is broken down into easy, actionable steps for new business owners of all ages. Additionally, a visit to the state-specific guide that matches your location will give you more insight into the requirements set forth by your state and get you closer to forming a business legally.

2. How to Form an LLC

Generally, we recommend starting an LLC over any other business structure. Not only are LLCs the easiest to form, but they are also simple to maintain and offer benefits such as personal liability protection and tax perks that other business structures do not. In our guide on How to Form an LLC , we take you step-by-step through the process of forming an LLC in every state.

Keep in mind that you must be at least 18 to form an LLC in most states. Check with your local Secretary of State or equivalent state office to find out your state’s specific requirements for business formation.

3. SBA Business Guide

The Small Business Association (SBA) provides resources for entrepreneurs to start and maintain their businesses. The SBA business guide is an extensive resource with tools to help you navigate every stage of business ownership from start to finish. From writing a business plan to calculating costs and finding adequate funding — the SBA business guide is a one-stop destination for all your business planning needs.

4. TRUiC Business Name Generator

Choosing the right business name is one of the most important and — at times — challenging aspects of planning a business. Your business’s name should be a representation of your brand, clear enough to communicate what your business is while also being catchy and creative. Fortunately, if you’re not sure what your business name should be, our free business name generator produces appropriate names for you to choose from that align with your business type.

5. TRUiC Logo Maker

Once you’ve got your business name squared away, you’ll need a logo to effectively brand your business and increase recognition. The good news is that you don’t need to be a graphic designer to create a great logo for free. Our easy-to-use logo maker allows you to generate a logo for your business that you can use for everything from business cards to marketing materials and more.

6. TRUiC Business Plan Generator

No matter the size or type of business you’re starting, a business plan is an essential component of a successful business. A business plan is essentially a roadmap for the first 3-5 years of your business that outlines milestones and how you plan to reach them. If you plan to seek outside funding, this document is absolutely essential.

Creating a business plan that will help you secure funding and get your business off the ground is easy with our free business plan generator that takes the guesswork out of planning your business and makes it easier than ever.

Financial Resources

7. kid everest.

Created by kids, for kids — Kid Everest is a crowdfunding platform for young entrepreneurs that makes sourcing the startup capital you need safe and easy. Signing up for Kid Everest is free, and they boast one of the lowest rates for crowdfunding at only 4% of donations. Simply sign up, link your bank account, promote your page on social media or via email, and collect donations to start your business.

8. Indiegogo Entrepreneur Services

Another helpful crowdfunding resource, Indiegogo is a platform that makes generating startup capital online super simple. Not only can you crowdfund your new business, but Indiegogo also allows users to extend their campaigns to continue to raise money even after their business is established. Use this platform to generate funding, talk to experts in your field, and expand your brand.

9. Fundable

Fundable is a crowdfunding platform that offers users two methods to crowdfund their businesses: equity or donations. This means you can choose to provide investors with the opportunity to earn a return on investment through equity or obtain funding on a donation basis with no repayment required. Rather than take a percentage of your earnings, Fundable charges $179 per month to use its platform; however, signing up is free, and payment is not required right away.

Networking & Mentoring

Organizers looking to launch events and grow their brand can benefit from using the Hack+ platform to schedule and manage events at no cost to you. This free platform offers event insurance, liability waiver management, equipment and software, and free domain hosting.

BUILD was created to help underserved high school students start businesses of their own while simultaneously offering services to help them become successful, independent adults. The focus of this organization is on six key points called “Spark Skills,” which include communication, collaboration, problem-solving, innovation, grit, and self-management. These skills are developed through programs offered by BUILD, such as its Entrepreneur 101 course or the BUILD four-year program.

12. LaunchX

Laurie Stach, the founder of LaunchX , started the company to provide young entrepreneurs with the tools they need to create successful startups. LaunchX offers a summer program in person and virtually as well as online courses that provide teens with the education and support they need to start their own businesses. If you can’t make one of the events online or in person, the company also offers a LaunchX Workbook that, like its programs, gives insight into generating business ideas, launching a startup, and more.

13. Youth Business International

Youth Business International works with underserved, aspiring entrepreneurs between the ages of 18 and 35 to start, grow, and maintain small businesses. Participants can learn how to launch their business, develop products, and reach a global network of experienced entrepreneurs and experts to further their goals.

Starting a business at any age is difficult; getting guidance from experienced mentors can help you successfully start and maintain your business. SCORE offers entrepreneurs of all ages an easy route to finding a business mentor in their area. In addition to this, you can sign up for workshops and browse SCORE’s extensive database of business resources.

15. SBA Mentor-Protégé Program

The SBA’s Mentor-Protégé Program pairs aspiring entrepreneurs with mentors who help them win government contracts and run successful businesses through relationships with established companies. Additionally, participants in this program will gain education on marketing, manufacturing, and accounting as well as financial assistance, strategic planning, and more. To participate in the program, your small business must meet the small business standards and meet additional requirements.

Educational Resources

16. young entrepreneur institute.

The Young Entrepreneur Institute provides programs and services to educate children and teens about entrepreneurship. Whether you are looking for a day-long crash course or a semester of entrepreneurial education, aspiring business owners in kindergarten through eighth grade can learn the foundations of business ownership and entrepreneurship to propel their goals forward.

17. E-seedling

E-Seedling hosts a yearly Youth Entrepreneur Camp that teaches young entrepreneurs all the business basics such as writing a business plan, marketing strategies, presenting business ideas, and more. Better yet, E-Seedling prioritizes making business education attainable and fun for all ages.

18. BizWorld.org

A resource for teen entrepreneurs and educators alike, BizWorld.org provides educational programs and curriculum geared towards students of all ages. By signing up for one of BizWorld.org’s programs, you gain access to 21st Century business education on the basics of entrepreneurship, such as business planning using a design thinking method to help students get comfortable thinking outside the box.

19. BizKids

Based on the popular TV show, BizKids is an online resource that provides tools for young entrepreneurs to meet their goals. Educational materials on financial planning, business planning, and marketing are available on the website, as well as interactive games to try your hand at managing a business while having fun.

Whether you are signing up for one of the many courses offered by this platform or simply visiting one of its educational pages, there is a wealth of business knowledge at your fingertips.

20. Generation E

The Generation E institute has resources for young entrepreneurs at an elementary, middle, or high school level. The aim of these programs is to provide children and teens with the educational resources they need to explore various career paths and dream big. At the high school level, these programs even have the potential to be used for college credit, credit recovery, and more.

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Business plan template.

December 19, 2019 - Katherine Jamieson <[email protected]>

Fill in the blank business plan template to help young entrepreneurs explore:

• where and when  to set up their business
• who their potential customers are
• what is their competition
• how to market their product or service
• how much they should charge for their product or service
• how to create a business budget 

Business Plan Template 

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Tags: 4-h careers & entrepreneurship , 4-h youth entrepreneurship , business , careers & entrepreneurship

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Meet 10 Successful Young Entrepreneurs

Kamaria warren, ryan hickman, kiki hardee.

• Michael 'Mikey' Wren

Moziah Bridges

Mia Monzidelis

Fraser Doherty

The bottom line.

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10 Successful Young Entrepreneurs

Michelle Lodge is a contributor to Investopedia, who is also a writer, editor, and podcaster.

Every generation has had its share of successful young entrepreneurs, from agriculturalist Eliza Lucas Pinckney (1800s) to Apple founder Steve Jobs (1900s). Now, it's Generation Z's turn. Born between 1997 and 2012, this generation is finding innovative ways to make their own income. For many of these bright stars, that means starting early to pursue entrepreneurship as a means to leave their mark on the world. Read about the latest generation of entrepreneurs from the U.S., India, and the U.K.

Key Takeaways

• A young entrepreneur is a child or young adult who finds opportunities to start and operate a business.
• Kamaria Warren created a line of products for Brown and Black girls—stationary, vegan bags, and accessories—after finding no party products that represented girls of color. 
• Ryan Hickman realized at age three he didn’t like the sight of discarded bottles lying on the ground, so he started collecting his family’s and his neighbor’s recyclables, which later became his business. 
• Mikey Wren teaches financial literacy to kids in his community and has written two books on the subject.
• Vinusha MK found her love of baking at a young age and is now the force behind Four Seasons Pastry, whose aim is to set up a cooking school for the underprivileged.

According to  The 2022 Investopedia Financial Literacy Survey , Generation Z adults (i.e., those between 18 and 25 years old) are more financially sophisticated than any previous generation was at their age. Some successful young entrepreneurs start really young. Whether inspired by family, events, or a desire to have fun, these young entrepreneurs set out to tackle the world of business.

At age 13, Hart Main came up with the idea of manly scented candles after teasing his sister about the girly scented ones she was selling for a school fundraiser. It wasn't until Hart set out to purchase a $1,500 bike that he reconsidered what he suggested in jest.

Hart and his parents contributed nominal amounts to begin the business and worked together to develop the candles, cleverly named ManCans. They are now handmade by the Beaver Creek Candle Company in Lisbon, Ohio, by a workforce consisting of people diagnosed with developmental challenges.

Adopting a simple and masculine theme, ManCans candles—with available scents including Campfire, Bacon, Sawdust, Fresh Cut Grass, and Grandpa's Pipe—are made using soup cans. As of 2016, Hart's candles are sold in every state, with sales exceeding six figures annually. Giving back to the community, Hart donates part of each sale to soup kitchens in Ohio, Pennsylvania, West Virginia, and Michigan.

At age seven, Kamaria Warren and her mom—graphic designer Shaunice Sasser—went shopping for birthday invitations for her upcoming party. What they found was no product that represented Brown and Black girls. That necessity hatched an invention, and Brown Girls Stationery was born.

That set the McDonough, Georgia, native on the route to creating party and school supplies, stationery, vegan purses, and accessories for girls. Most products bear a cheery illustration of a Black or Brown girl, and Warren also sells dolls.

“Because of our unique images and offerings, we are able to make money while having an impact,” Warren says of the business, which has five employees and five volunteers. She sells her products on Shopify, Faire Marketplace, wholesale, and at local events. On average, Warren sells some 10,000 notebooks, 2,500 notepads, and 1,500 backpacks each year.

What motivates her, Warren says, is “seeing other girls wear my stuff and being proud of who they are.” Her motto is: Dear Brown girl, you have the ability to change the world.

Failure and the fear of failure should not be the end of your entrepreneurial journey. Rather, allow failure to motivate you and use it as a catalyst to refine your strategy.

Ryan Hickman realized at age three that he didn't like seeing discarded bottles and cans lying on the ground, so he did something about it. Hickman started collecting his family's recyclables and then went with his dad to the local recycling center, where he got $5 for the haul. He was so inspired by that exercise that he started collecting his neighbor's recyclables by going door-to-door with a bag attached to his bike. By age seven, the Orange County, Calif., boy was running his own business, Ryan's Recycling Company.

Hickman has been lauded through the years by news organizations, including CNN Kid Wonder in 2017. He has also appeared on many national TV shows, including "Ellen" and "Today," talking about his mission. On his site, he sells T-shirts bearing the message, "Make the Sea Trash Free." All profits from selling his merchandise and recycling go to the rescue organization Pacific Marine Mammal Center. By April 2022, it had raised more than $14,000 and helped recycle 1.5 million cans and bottles.

Hickman has also started a new nonprofit, Project 3R, whose mission is to educate and stress the importance of recycling to kids and adults worldwide, as well as to organize and manage community clean-up efforts.

" If a kid like me can make a difference, anyone can, too," explains Hickman. "When we all do just a little bit, it adds up to a huge difference. Thanks for helping me clean up our planet."

The best way to deal with a spill is to avoid it. That's what inventor Lily Born had in mind when, at age eight, she noticed that her grandfather, who had Parkinson's disease, was frequently spilling his drinks, often leaving her grandmother to clear up the mess.

Born invented the three-legged cup, known as the Kangaroo cup, that won't tip and started her company called Imagiroo LLC. To perfect her design, Born and her dad traveled across the world to the ceramics capital of China, JingDeZhen. There, they were able to refine the models, find a manufacturer, and prepare for a production run of ceramic cups, which come in plastic, too. They also got financial support from the crowdfunding platforms Kickstarter and Indiegogo.

Today, Born has sold tens of thousands of Kangaroo cups worldwide and serves as an inspiration to children like her who don't see the problem, but the solution.

It was a good heart that led Vista, Calif.'s Katelynn "Kiki" Hardee at age five to make sure that neither her schoolmates' families nor local schools incurred debt for school meals. She had learned that her school in the Vista Unified School District had more than $600 in school lunch debt and that some kids had to skip lunch because their parents couldn't afford to pay for it. All of that was unacceptable to Hardee.

To raise money, Hardee began selling cookies and hot cocoa, as well as running other fundraisers, in what became known as Kiki's Kindness Project. Eventually, Hardee raised enough money to pay off the entire district's lunch debt to the tune of more than $7,000. Hardee's ongoing efforts have raised more than $22,000 with the goal of collecting $250,000—and encouraging other children to find ways to help those less fortunate.

Michael 'Mikey' Wren

Michael "Mikey" Wren definitely has a head for business.

At the tender age of eight, this St. Louis, Mo., boy started Mikey's Munchies Vending, a collection of vending machines. That was just the beginning.

Wren believes in helping the community by volunteering his time to teach financial literacy and hosts an annual drive to donate new toys to local kids. He has also written two children's books, Mikey Learns About Business , which covers writing a business plan, marketing strategies, and networking, and Biz Is a Whiz for children pre-K to 3. He regularly books speaking engagements to talk about his work.

Wren is also a member of two national kids' boards. He gave away $10,000 worth of brand-new clothing to youth in his community.

Mo's Bows

If style is important to you, then sometimes there's nothing for sale that suits your stringent sartorial standards. Enter Moziah Bridges, a Memphis native who at age nine couldn't find a suitable bowtie. So he started Mo's Bows—by first learning to sew and then making the colorful bowties with leftovers from his grandmother's sewing projects. Eventually, he hired tailors while he handled the creative and business sides.

Bridges, who has appeared on "Shark Tank," has sold more than $700,000 in handmade men's ties and accessories. He once gave then-President Barack Obama a custom-made tie in "Obama Blue," and his company also produced bowties and neckties for all 30 National Basketball Association teams.

Cole Haan, Bloomingdale's, and Neiman Marcus carry his products. In 2012, Moziah started the Go Mo Summer Camp Scholarship Fund, a charity focused on sending Memphis children to summer camp. To date, the organization has sent more than 50 kids to summer camp.

It was her mother's upcoming birthday that motivated Vinusha MK to bake a cake. The first time out, the cake tasted good but wasn't the right consistency. She vowed never to bake again—an oath that was short-lived. In subsequent tries, her cakes turned out great, and a baker was born.

"I started Four Seasons Pastry in September 2019," writes Vinusha MK of Chennai, India. "The name denotes seasonal colors and flavors used in cupcakes."

Vinusha also envisions setting up a culinary institute in India for low-income people. Until then, the industrious baker sells her signature cupcakes and a baking kit to help kids bake cakes without using the Internet or a smartphone. In the meantime, she is an intern under famous chefs at top hotels in India and sells pastries, cakes, chocolates, and sandwiches online through her business.

Lots of little kids want ponies. That's fine if they live in the country, but for urban and suburban dwellers, fulfilling that dream is nearly impossible.

That's what Mia Monzidelis' parents said to her when, at five, she asked for a pony to keep at her suburban home in Bellmore, Long Island, N.Y., but she was undeterred. She thought creatively about her dream and came up with the idea for Power Pony, a mechanical pony or unicorn made with a furry surface and mechanisms within that are interactive and have an iOS app.

The four-legged toys can travel around the room with the child riding in the saddle. The toy's dimensions are 20 inches from the ground to the saddle and 16 inches from the footpads to the saddle. It is 24 inches long from the handle to the tail.

Monzidelis said it was her dad who believed in her idea of creating the ponies and unicorns and helped her bring it to fruition. They sampled many pony toys before they struck the right one. "At times, it was frustrating, but we kept going until we got it perfect," stated Mia.

The company expanded to 15 employees and 12 volunteers, and during the 2021 holiday season, her company sold 5,000 units. In 2021, her company donated $5,000 to Garden City, L.I.'s Family & Children's Association. "I have always helped kids and families that are in need in whatever way I could, and now with Power Pony, I can help so many kids that are sick or need help," she says.

At the age of 14, Doherty began making jams from his grandmother's recipes. The teen started out selling the sweet treats door-to-door in his neighborhood in Edinburgh, Scotland. Then, he set up a stand at an Edinburgh farmer's market and biked to customers to deliver orders. However, as the word got out, he received more orders than he had time to fill. He dropped out of school and rented a factory for a few days each month to meet demand.

In 2007, the high-end U.K. supermarket Waitrose approached Doherty about selling his SuperJam products made from 100% fruit, leading to his jams gaining shelf space in many stores in the U.K. and Europe.  Five years later, Doherty launched his products in Korea and Japan, selling £1 million worth of merchandise in an hour on a Korean shopping network.

Even Queen Elizabeth II got into the act when she awarded Doherty an MBE medal for service to business in the U.K. By 2019, Doherty had sold his five-millionth jar of jam. He also runs hundreds of free tea parties for older people and has set up community beekeeping projects.

What Is a Young Entrepreneur?

A young entrepreneur is a child or young adult who assumes risks to start and operate a business or finds new ways to do business better. They are the type of person who identifies and pursues opportunities without allowing risks to become barriers.

How Do You Become a Young Entrepreneur?

If you are a child or young adult, think about a problem or issue you or someone you know have encountered and think of a solution. You could also think of how you can repurpose something that already exists. Create a plan, assemble resources, such as money, labor, and supplies, or seek help from an adult who can gather these resources for you. Don't be afraid to ask for help or learn from others who have been successful . Most of all, don't be afraid of failure. Use it as a learning lesson and continue toward your mission.

Who Are Some of Today’s Most Successful Young Entrepreneurs?

Possibly one of the most famous and accomplished young entrepreneurs is Mark Zuckerberg, who, at 19, co-founded Facebook (now Meta). Also topping the charts are Dustin Moskovitz, co-founder of Facebook, and Evan Spiegel and Bobby Murphy, co-founders of Snapchat. Not all young entrepreneurs will reach Facebook or Snapchat status, but success is definitely possible, as these 10 examples show.

Can a 12-Year-Old Own a Business?

There is no age limit on being an entrepreneur; a 12-year-old can become one. However, there may be an age requirement to legally form a business entity, depending on the jurisdiction. Some countries may allow a minor to own a legal business, but special legal rules could cause complications regarding the enforceability of contracts. Fortunately, in many areas, parents and guardians can file on behalf of minors.

Who Is the Youngest Major Company Owner?

On Feb. 3, 2024, Hong Kong's Hillary Yip, born in 2005, was likely still the youngest CEO in the world. She founded and runs MinorMynas, an online education platform for children. She began her journey into entrepreneurship at age 10, dabbling in the tech sector, and today sits at the table with some of the world's most renowned tech geniuses.

It's evident from these young peoples' stories that entrepreneurship is not a one-size-fits-all endeavor. It involves believing in the potential of ideas and pursuing them past ideation and concept development. These young entrepreneurs, inspired by family, academics, social trends, and events, have one thing in common: They found an opportunity and seized it—which is the true essence of entrepreneurship.

Times Reporter. " Young Entrepreneur Hart Main, 17, Owns Successful Candle Business ."

Beaver Creek. " Mancans ."

NFIB. " NFIB 's 2015 Young Entrepreneur of the Year Award Winner: ManCans LLC ."

Brown Girls. " Brown Girls Stationery ."

Ryan's Recycling Company. " Shop ."

Pacific Marine Mammal Center. " Pacific Marine Mammal Center ."

Ryan's Recycling Company. " About ."

Ryan's Recycling Company. " Rep. Mike Levin Celebrates Earth Day by Honoring Local Environmental Ryan Hickman as April Constituent of the Month ."

Ryan's Recycling Company. " Project 3R ."

Imagiroo. " Lily Had an Idea ."

Imagiroo. " About ."

Fundly. " KikisKindnessProject ."

Mikey Knows Biz. " The Kid Who Knows the Biz ."

Mo's Bows. " Dial Up Your Debonair ."

Mo's Bows. " Meet Moziah ."

LinkedIn. " Moziah Bridges ."

The New Indian Express. " At 10, This Chennai Girl Is a Chef and an Entrepeneur. Here's Her Story ."

Four Seasons Pastry. " Four Seasons Pastry by Vinusha MK ."

Power Pony. " Order Your Power Pony Today ."

LinkedIn. " Epoch 5 Public Relations ."

SuperJam. " The SuperJam Story ."

Forbes. " The First Million: Fraser Doherty ."

SuperJam. " SuperJam Home Page ."

Fraser Doherty. " Fraser Doherty, The Adventures of Jam Boy ."

Nolo. " Do LLC Members Need to Be 18 Years Old (Or Older)? "

Gent. " Meet Hong Kong's Youngest Entrepreneur ."

Latin American Post. " Hillary Yip, at 15 years old, is the youngest CEO in the world ."

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Start » startup, a guide for high school entrepreneurs.

Plenty of students have launched successful businesses, but the journey comes with unique challenges that young entrepreneurs must be prepared for.

Launching a business has become easier and more accessible than ever before. Many entrepreneurs are starting up right out of college — or even earlier.

There are countless examples of entrepreneurs who created successful businesses at a young age. Maddie Rae was 12 years old when she launched a line of slime products for kids. Moziah Bridges founded a bow tie business at age 9. Cory Nieves helped found and develop the recipe for a national chocolate chip cookie company when he was just 6.

Often, all it takes is a good business idea and the right help to build a successful company.

“Today more than ever is a perfect time for young entrepreneurs to launch their dreams and learn valuable lessons about running a company,” said Jack Acree, vice president of Saffron Road .

As a 16-year-old, Acree started his first business and said the experience helped inform his decision-making as an adult entrepreneur. However, launching a company at a young age is no simple feat.

The challenges of being a young entrepreneur

The first major challenge for young entrepreneurs is similar to that of adult entrepreneurs: time management. Between school, extracurricular activities and a social life, it can be difficult to schedule in time to create and run a successful company.

It’s important to do your best to manage your time appropriately. For instance, Acree’s business took off over the summer, so he had time off from school to focus on building his company.

Another big challenge is also one shared by “fully grown” business owners: financing. Funding your business is always a challenge, but with no credit history or, in some cases, even a bank account, starting a company can be difficult.

“High school and college students are often denied access to startup capital and their entrepreneurial ideas and plans are left unrealized,” said Michael Time, CEO of the Time Entrepreneurship Foundation.

Time, whose company sponsors the Honor Loan Program , is looking to help reduce funding barriers for young entrepreneurs. This 501(c)(3) nonprofit organization was incubated at Brown University and is proudly "In the Business of the American Dream." Funding for the Honor Loan Program comes from loan repayment, donors and America Equals merchandise sales.

The best entrepreneurs, at any age, understand how to be master ‘jugglers. [It's] a combination of vision, strategy and execution.

Kara Goldin, founder and CEO, Hint, Inc.

How to start a business in high school or college

Here are a few ways to find success as a young entrepreneur:

Understand how you’ll fund your business

If you’re serious about starting a company, one of the first steps should be creating a plan to find funding. Time and the Honor Loan Program is a perfect example: it offers both funding and guidance for young entrepreneurs looking to start a business.

“‘No Entrepreneur Left Behind’ is one of our mottos,” he said. “We provide support without competition because we believe that all students deserve the opportunity to pursue the American Dream.”

In addition to opportunities like the Honor Loan Program, you can also look into grants and local business competitions.

[Read: Business Lessons from College H.U.N.K.S. Hauling Junk ]

Learn to prioritize your time

Time management is essential throughout your career, so young entrepreneurs have an opportunity to learn this important skill early on. Kara Goldin, CEO and founder of Hint, Inc. , knows this importance better than anyone.

“The best entrepreneurs, at any age, understand how to be master ‘jugglers,’” she said. “[It's] a combination of vision, strategy and execution.”

Do your best to balance your regular life with your budding career. Start by planning your days and upcoming weeks in advance so you can be prepared to develop your company properly.

Have a plan for operating your business and handling customers

Even with the proper funding and time management skills, you still need a viable business idea and a good plan behind it. Otherwise, your business will flounder. To this end, Goldin noted that young entrepreneurs should learn and recognize their own strengths and weaknesses, and potentially find help where needed to fill in any gaps.

Similarly, Acree said it’s crucial to focus on how you’re going to build and operate your business, especially when it comes to customer service.

“Customer service is key, so you will want to have an opportunity to maintain regular contact with your customers,” he said.

[Read: 6 Customer Service Strategies That Will Boost Sales ]

Find a mentor

All great leaders and business owners had mentors at one point. Do your best to find someone who can mentor you through this process. Remember, mentorship doesn’t always have to come from a defined mentor.

“Find at least one adult who is experienced in traditional business (finance, investing, etc.) to serve as a mentor,” said Davina Farahi, founder of Shaya .

Time agreed, advising student entrepreneurs to find mentors “to help answer questions both known and the important ones that are as yet unknown.”

Learn how to manage your finances

Managing finances can be difficult for many people, but it can be especially tricky for young adults. According to Time, the Honor Loan Program partners with schools to provide their students entrepreneurship education and some basic financial management lessons, including how to track their finances and create (and stick to) a budget.

"Aside from student loans, avoid incurring debt, particularly credit card debt," said Time. "Student entrepreneurs are encouraged to allocate a portion of their earnings for savings. We reinforce the importance of saving and investing early, which is key to their future success."

Starting a business at any age is difficult, so don’t get discouraged if you don't see success right away. There’s value in doing things that are hard, and what’s important is learning as much as you can about yourself and the world around you.

"Nurture curiosity by asking questions, assuming and prejudging nothing," Time said. "Ask teachers, parents, nonprofit groups and mentors for support ... and, above all, never give up."

[Read: The Step-by-Step Startup Guide: How to Start a Business ]

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Youthful Ambition: Young Entrepreneur Ideas

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The world’s most successful entrepreneurs often began their journeys at a remarkably young age. People like Mark Zuckerberg, Steve Jobs, and Elon Musk all started on their paths to success during their youth. This displays the incredible potential of young minds to shape the business landscape. 

In this blog, we’ll delve into a spectrum of innovative business ideas that are tailor-made for the youthful ambition within you. From leveraging technology to addressing sustainability, these concepts can spark your imagination and pave the way for your entrepreneurial journey.

20 Best Young Entrepreneur Ideas

Without hesitation, let’s go through 20 of the best young entrepreneur ideas to spark your interest and determine which industry best suits your ambitions.

1. Mobile App Development

Mobile app development is an ideal avenue for young entrepreneurs due to the prevalent use of smartphones and the ever-expanding app ecosystem. Tech-savvy individuals can harness their coding skills to create applications that cater to specific needs — be it in education, healthcare, or entertainment. 

With the potential to reach a global audience and generate revenue through in-app purchases or advertisements — app development offers a creative outlet that aligns perfectly with the digital age.

2. E-Commerce Store

For those who have an eye for trends and an understanding of online platforms, starting an e-commerce store can be immensely rewarding. This avenue provides a low-cost entry point into retail, allowing you to curate and sell products that resonate with your generation. 

By leveraging social media and digital marketing, you can showcase your offerings to a wide audience, thus driving sales and establishing your brand in the digital marketplace.

3. Social Media Management

Growing up in the era of social media gives young entrepreneurs a distinct advantage in understanding the dynamics of various platforms. By offering social media management services, you can help businesses and individuals enhance their online presence, engage with audiences, and implement effective marketing strategies. 

Your innate familiarity with trending content and your ability to cultivate online communities can set you apart in this competitive arena.

4. Online Clothing Boutique

Translate your fashion-conscious sensibilities into an online clothing boutique. With dropshipping and print-on-demand services, you can minimize inventory costs while offering trendy apparel that resonates with your target demographic. 

Your unique perspective on emerging fashion trends and your ability to curate a visually appealing brand can attract like-minded customers seeking distinctive attire.

5. Influencer Marketing Agency

As a young entrepreneur deeply rooted in the world of social media, you can establish an influencer marketing agency. By connecting brands with relevant influencers, you can bridge the gap between authentic promotion and a digitally engaged audience. 

Your understanding of the influencer landscape positions you to negotiate partnerships that yield mutual benefits, all while capitalizing on the power of peer-to-peer marketing.

6. Personal Fitness Training

With an increasing focus on health and fitness, young entrepreneurs with a passion for wellness can venture into personal fitness training. Whether it’s creating workout plans, offering virtual coaching sessions, or even developing fitness apps — your enthusiasm for a healthy lifestyle can resonate with individuals seeking guidance on their wellness journeys.

7. Graphic Design Services

If you’re visually inclined, you can turn your creative prowess into a graphic design business. From logo design to branding materials, your ability to communicate messages through visuals can cater to businesses in need of compelling aesthetics. 

For this in-demand skill set, your eye-catching designs can help clients leave a lasting impression on their target audience.

8. Content Creation and Blogging

In an age where content is king, this equips young entrepreneurs with the skills to become influential content creators. Whether it’s through blogging, vlogging, or podcasting, you can share your expertise, experiences, and insights with a global audience. 

By monetizing your content through ads, sponsorships, or even exclusive memberships, you can transform your passion into a lucrative venture.

9. Virtual Assistant Services

If you’re proficient in multitasking and remote communication, you can excel in providing virtual assistant services. As businesses and individuals seek flexible support, your organizational skills can shine in tasks such as scheduling, email management, and research. Your ability to handle diverse responsibilities from a distance makes you an indispensable asset in the modern working landscape.

10. Online Tutoring

Capitalizing on your academic strengths and digital fluency, online tutoring can be a fulfilling entrepreneurial pursuit. Whether it’s academic subjects, language learning, or skill development, your ability to connect with students globally can drive positive educational outcomes. Your relatable approach and tech-savvy teaching methods can make learning engaging, effective, and highly accessible.

11. Event Planning and Organization

For budding entrepreneurs gifted with organizational and imaginative skills, event coordination can be an exciting pursuit. Tackling various events, from weddings and corporate functions to online gatherings, their meticulous nature and fresh perspectives can morph simple gatherings into standout memories. 

This generation’s ability to stay in tune with shifting trends makes them apt to design events that echo the preferences of their peers.

12. Customized Gift and Merchandise Creation

Young business minds who excel in personalizing can explore the gift market. Offering tailor-made products — ranging from custom artworks to intricately engraved items — they address the demand for distinct and heartfelt presents. Through careful crafting and imaginative designs, they enable individuals to convey feelings and make occasions extra special.

13. Digital Marketing Consultancy

Being digital natives, young entrepreneurs possess a deep comprehension of online patterns and behaviors. By launching a digital marketing consultancy, they can aid companies in navigating the intricate terrains of online promotions, SEO, and social media blueprints. Their knack for interpreting data and proposing analytics-backed solutions can boost a company’s online prominence.

14. Web Design and Development

With a generation that practically lives online, young entrepreneurs can thrive on web design and development. Your proficiency in coding languages and user experience design can shape captivating websites for businesses across industries. 

By creating visually appealing and user-friendly platforms, you help brands establish their online presence and engage with their audiences effectively.

15. Food Delivery Service

As food delivery services continue to gain popularity, young entrepreneurs can capitalize on this trend. By partnering with local eateries or launching your virtual kitchen, you can offer a convenient and diverse food delivery experience. Your understanding of mobile apps and online ordering systems positions you to cater to the cravings of your peers.

16. Subscription Box Service

Crafting subscription boxes that cater to niche interests is a creative way for young entrepreneurs to connect with their target audience. Whether it’s curated books, beauty products, or hobby-related items, your ability to source and package unique offerings can create anticipation and excitement among subscribers, establishing a loyal customer base.

17. Home Organizing and Decluttering

For those who possess organizational prowess, venturing into residential decluttering can be a lucrative choice. Amidst the rising tide of minimalistic living and organized households, they can transform disordered spaces into efficient, calming sanctuaries. Their methodical approaches can offer practical solutions and mental tranquility to homeowners.

18. Podcast Production and Management

The ever-growing domain of podcasting presents myriad opportunities for youth with an inclination for narratives. Spanning content ideation, sound editing, and marketing, their capabilities can produce quality podcasts that spotlight varied narratives and captivate audiences. Their tech-savviness also ensures these auditory tales find resonance with contemporary listeners.

19. Photography Services

With smartphones enabling everyone to become amateur photographers, young entrepreneurs can stand out by offering professional photography services. Catering to portraits, occasions, or brand shoots, their keen sense of framing and post-processing can produce captivating images that encapsulate significant moments or uplift a brand’s aesthetics.

20. Sustainable and Eco-Friendly Products Manufacturing and Sales

Being environmentally conscious is becoming a cultural staple. The youth can now channel their passion for sustainability into a business that focuses on eco-friendly products. By sourcing or creating items that prioritize environmental responsibility, you contribute to a greener future. 

The commitment to sustainability can resonate with consumers seeking ethical and planet-friendly alternatives, setting the stage for a business that makes a positive impact.

Looking for more inspiration for your small business idea? Check out this blog to learn more about how to start a small business .

8 Steps to Start Your Business as a Young Entrepreneur

Have you found YOUR thing? If you have, let’s go over the eight essential steps for starting a business as a young entrepreneur.

1. Develop a Business Plan

A business plan is a blueprint for your business. Think of it as the map that charts out the trajectory of your enterprise, providing direction, helping you navigate challenges, and acting as a reference for growth.

Importance of a Business Plan:

• Vision and Direction: A well-structured business plan clarifies your business goals and the strategies to achieve them, ensuring that all your efforts align with your overall vision.
• Securing Funding: For entrepreneurs seeking external financing, a business plan is essential. Investors and lenders need a clear idea of your business’s feasibility, profitability, and growth prospects before committing to their funds.
• Operational Strategy: A business plan breaks down the operational aspects of your business, from supply chain management to marketing and sales strategies. This ensures smooth daily operations and efficient resource allocation.
• Risk Management: By laying out potential challenges and threats, a business plan helps you preemptively address risks. This proactive approach can mean the difference between business success and failure.
• Growth and Expansion: As your business evolves, your business plan acts as a guiding document for expansion strategies, helping ensure scalability and sustainability.

Process of Developing a Business Plan:

• Executive Summary: Begin with a concise overview of your business, encapsulating your vision, mission, and the main objectives you hope to achieve.
• Business Description: Offer details about the nature of your business, the problem it addresses, and the solution it provides.
• Market Analysis: Dive deep into your target market. Identify your audience, as well as their needs and purchasing behaviors. Analyze market trends, size, and potential competitors.
• Organizational Structure: Detail the hierarchy of your business. Who are the key players? What are their roles and responsibilities?
• Product or Service Line: Describe what you’re offering. How does it benefit the customer? How does it stand out from competitors?
• Marketing and Sales Strategy: Outline how you plan to attract and retain customers. What channels will you use? How will you price your product or service?
• Financial Projections: Based on your market analysis and sales strategy, project your revenues, expenses, and profits for the next three to five years. This section is crucial for securing investors.
• Funding Request (if applicable): If you’re seeking external funding, detail the amount required and how it will be utilized.
• Appendix: Attach any additional information or documents that can support your plan, such as resumes of key team members, patents, or licenses.

2. Choose Your Business Structure

The structure of your business determines crucial aspects like your tax obligations, legal liabilities, paperwork, and the ability to raise capital.

Importance of Choosing a Business Structure:

• Legal Liability: Protecting personal assets is vital. Some structures, like corporations, shield owners from personal liability for business debts.
• Tax Implications: Different structures are taxed differently. While sole proprietorships involve personal tax returns, corporations may be subject to double taxation.
• Investment Needs: Attracting investors might be easier for certain structures, like corporations.
• Operational Needs: Some structures require more operational processes, annual meetings, and reports.

Process of Choosing a Business Structure:

• Assess Needs and Goals: Consider the nature of your business, the risk of litigation, and desired tax flexibility.
• Consult Professionals: Engage with attorneys or accountants familiar with your industry and local regulations.
• Select a Structure: Common choices include Sole Proprietorship, Partnership, Corporation, and Limited Liability Company (LLC) .
• Register: Once decided, register your business structure, ensuring adherence to local, state, and federal requirements.

3. Register Your Business

To register your business, start by choosing a unique business name and checking its availability in your jurisdiction. Depending on your business structure, you may need to register with local, state, or federal agencies. 

Acquire necessary permits and licenses specific to your industry. If operating in multiple states, ensure registration in each. For businesses with an online presence, domain name registration is advisable. 

Lastly, obtain an Employer Identification Number (EIN) from the IRS for tax purposes. This is a legal requirement if you wish to hire employees, open a business bank account, or establish credit with vendors.

4. Obtain Licenses and Permits

Obtaining appropriate licenses and permits is vital to operate your business legally and avoid potential legal repercussions.

Process of Securing Licenses and Permits:

• Identify Requirements: Understand which licenses and permits your specific business type and location necessitate. Local government websites or business advisory services can guide you.
• Fill Out Applications: Complete the relevant forms, ensuring accurate information. Application complexity can vary based on permit or license type.
• Submit Fees: Licenses and permits typically have associated costs. Ensure prompt payment to expedite the process.
• Review Regularly: Many licenses and permits need renewal. Keep track of expiration dates and renew as needed.
• Stay Informed: Regulatory changes can introduce new requirements. Stay updated to maintain compliance.

Examples of Licenses and Permits:

• General business license
• Food and beverage license
• Retail sales permit
• Home occupation permit
• Occupational licenses
• Environmental permits
• Special event permit

5. Open a Business Bank Account

A business bank account establishes financial separation between personal and business finances, ensuring clear accounting and tax compliance. To open one, research banks offering business services and their requirements. 

You’ll need your business registration documents, EIN, and personal identification. Some banks might require additional paperwork or minimum deposits. 

The benefit of opening an account ensures organized financial management, professional transactions with clients, and streamlined bookkeeping. Which are essential for growth and auditing purposes.

6. Look for Funding

Adequate capital is imperative to cover expenses such as inventory, marketing endeavors, day-to-day operations, and the potential scope of growth. To secure the necessary funds, begin by assessing your financial requirements in detail. 

Subsequently, delve into funding alternatives, which may encompass personal savings, bank loans, venture capital investment, support from angel investors, or leveraging crowdfunding platforms.

Keep in mind that it’s crucial to construct a comprehensive and compelling business plan that highlights the viability and profitability of your venture. This will showcase your commitment, dedication, and overall viability of investment to your lenders. 

7. Get Business Insurance

A lot can go wrong when running a business, especially one that involves potential liabilities. For example, if you want to sell nutritional supplements, you need to have your product regulated by the FDA (not all cases) to sell them. 

And say if someone has an unknown allergy, the business will be scrutinized and potentially sued. Therefore, you should always take out appropriate business insurance to ensure that any concerns are covered and you do not suffer any major financial loss.

8. Market Your Business

Although this is the last step on the list, it’s an important one. Promoting your product or service is essential to increase awareness of your brand and get it in front of as many people as possible. This way, you can position yourself as an expert in your field and leverage the authority that people know and trust.

Here are some marketing tactics for you to consider:

Content Marketing: This includes creating content on different platforms and in different formats, such as e-books, blogs, podcasts, or videos. In today’s age of digital marketing, content is king.

Paid Ads: Performance marketing is also a great way to get the word out about your product or service. With advanced tools like Google Ads or Facebook Ads and PPC, businesses can target their advertising efforts directly to their audience.

Email Marketing: This method of sending personalized messages to your customers’ inboxes is an effective way to attract new customers and retain existing ones. Companies can monitor the actions of their leads based on a number of metrics and adjust their efforts accordingly.

There are many other marketing strategies you can and should implement to get a tangible metric for organic reach. However, this is a good baseline for you to start. 

To learn more, check out this blog on 6 steps to branding your business .

You Said Tomorrow But You Should Start Today

The digital landscape is evolving faster than ever before, and young entrepreneurs have a distinct advantage of being exposed to this world of sophisticated technology. It is a golden time to start a side hustle and take advantage of all the useful tools and resources that are available at your fingertips.

That said, managing finances is always a challenge, and it can be a major setback if you don’t do it well. That’s where Doola steps in. Our bookkeeping software is changing the way people manage their money. It’s intuitive and easy to navigate, so you can focus on your real business at hand.

Are there any low-budget business ideas suitable for young entrepreneurs?

Yes, there are several low-budget business ideas for young entrepreneurs, such as a t-shirt business, cleaning, food delivery, and more. 

Is it necessary to have a formal education to succeed as a young entrepreneur?

Although having a background in some formal education can be useful, it is not necessary to have a degree to become a successful businessperson.

How can I fund my entrepreneurial endeavor as a young entrepreneur?

To fund your business as a young entrepreneur, seek the help of those closest to you. Whether it’s family members, friends, or local businesses that are willing to help you pursue your goals. You can also take out a personal loan or find a trusted investor to do business with.

Are there any specific industries that are more conducive to young entrepreneurs?

Young entrepreneurs have an advantage when it comes to technology. They were born into a generation where everything revolves around using technology to run a successful business. Therefore, running a business based on platforms like social media and technology is a good option.

What are some important skills young entrepreneurs should develop?

Some important skills a young entrepreneur should develop are those relevant to their market of choice. Whether it’s graphic design, content management, or social media marketing, — young entrepreneurs should understand the importance of having a growth mindset and being patient in their efforts.

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10 Proven Tips for Young Entrepreneurs to Start Off Strong

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Many people dream about starting their own company. After all, what could be better than being your own boss and bringing your passion project to the world? Even if you’re not ready to start your business, there are many things you can do while you’re young to boost your chances of startup success down the road.

Becoming an entrepreneur can be intimidating, but utilizing the right tactics to start off strong can boost your chances of success. We’ll look at 10 tips for getting young entrepreneurs on the right path and explore some business ideas for young entrepreneurs.

Tips for young entrepreneurs

Here are 10 tips and best practices that can help young entrepreneurs overcome the challenges of starting a business and find success.

1. Find your passion.

The most successful startups are founded by people passionate about what they do. So what are your passions? Whether you love kayaking or music, the things you’re most interested in can be a great source of inspiration for entrepreneurial ideas.

When you base your ideas on something you truly love, you’ll be more focused and motivated. Better yet, you’ll bring in your own knowledge and personal experiences – key ingredients that can help you find a unique angle to help you succeed.

2. Know your market.

Failing to understand your market is one of the top reasons new businesses fail. If you want any chance of success, you must thoroughly research your target market before launching your business. 

Understanding your market will help you identify crucial attributes like price points and marketing plan messages that appeal to your target audience . You’ll also understand the market’s need for your idea – if that need exists. The better you understand your target market, the easier it will be to avoid costly misfires.

3. Get your finances in order.

While many startups enlist the help of angel investors to get up and running, you can’t assume you’ll get that type of financial help. Many entrepreneurs self-fund their businesses , which means you should do everything possible to improve your financial situation. 

Start building credit as early as possible (in high school if possible), and pay off student loans and other debts. An excellent credit rating will make getting a business loan to help fund your startup significantly easier. It will also give you the discipline to implement budget planning and keep your company’s finances straight.

4. Prepare to make sacrifices.

There’s no such thing as an overnight success. Even the multimillion-dollar startups that seem to pop up out of nowhere were the result of countless hours of hard work before they started making headlines. As Steve Jobs said, “If you look closely, most overnight successes took a long time.” 

Becoming a successful entrepreneur requires an intense level of dedication to your dream, and this means sacrificing time and money to make it happen. It may not be fun to give up those nightly Netflix binges or weekend parties with friends so you can put in some extra hours on your startup, but these sacrifices are much easier to make now than when you’re older.

5. Find a mentor.

Running a business requires a wide range of skills and expertise you likely haven’t mastered yet. You shouldn’t try to make challenging business decisions on your own. Because of this, finding a mentor is one of the most crucial things a young entrepreneur can do. 

Mentors have walked your path and bring knowledge and experience to help you move forward and make smarter business decisions. Use alumni networks, conferences and other resources to form these valuable connections. You can even get free mentoring help from retired executives volunteering for SCORE.

6. Tune up your business knowledge.

You may be passionate about your big idea, but creative energy isn’t enough. Successful businesses require more than an innovative product; they need a competent team to manage finances, operations, manufacturing, marketing and all the other things that go into producing and selling a product. 

Take time to improve your business IQ, and create a hiring process to find like-minded individuals who can join your team and compensate for your deficiencies. By paying just as much attention to the business side of things as the creative side, you will lay a foundation for a startup that lasts.

7. Be a planner.

The “tell me your five-year plan” job interview question is an uncomfortable experience for many. However, to be a successful entrepreneur, you need the ability to plan ahead. Use your overarching goals to set realistic milestones for your company’s growth and development. By placing key actions on a timeline, you’ll improve your focus and accountability, making it much easier to stay on top of what must be done.

8. Find good people.

While you may be a solopreneur in your early days, you will need to hire good people as your company grows. It’s essential to hire people with the skills and experience your company needs, but it’s crucial to hire for a cultural fit to surround yourself with people who share your character and values. 

9. Be flexible.

Sometimes things don’t work out quite as you expected, but they still work out. Have the flexibility to adjust to changes you see in the market to capitalize on opportunities. Just as Netflix transformed its business from DVD kiosks to streaming, you must have the ability to look at the bigger picture and pivot when needed.

10. Take action.

Planning is necessary, but making those plans a reality is at the heart of entrepreneurship. Being a business owner means taking risks even when there is uncertainty. Even once your business is going, you’ll need to continually scan for new growth opportunities and challenges and take action to come out on top.

Business ideas for young entrepreneurs

Do you want to start a business but don’t know what kind? Consider one of these business ideas.

• Online reselling: It’s easy to set up an online store on Amazon or Shopify or even sell on Instagram. Identify a niche product that you want to sell and look for suppliers. Take pictures, write descriptions and market your e-commerce store .
• Mobile pet grooming: The mobile pet grooming industry is growing. Starting a mobile pet grooming business mainly involves buying and outfitting a van and marketing your services.
• Freelance writing: If you’re a good writer, you can work from home writing articles and creating content for websites. Market your services on Upwork and other freelance platforms.
• Catering: Great cooks can monetize their skills by providing event catering or home chef services. Create menus and take gorgeous pictures of your creations for your website and social media accounts.
• Event planners: Very organized individuals with a good eye for design and entertainment can peddle their knowledge as event planners.
• Cleaning: Maid services have low startup costs, including equipment like vacuums and cleaning supplies. You can start out doing it yourself and then add employees as your customer base grows.
• App development: Program a new app that provides value to users, and sell it on the Apple App Store and Google Play.

Starting your own business can be exciting and challenging. While you’ll undoubtedly encounter many obstacles and setbacks on your path to success, following these tips will help you start strong on your entrepreneurial journey.

Nathan Resnick contributed to the writing and reporting in this article.

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If you would like to start and run your own business, the Young Entrepreneurs Academy is the place for you!

The Young Entrepreneurs Academy is an amazing class that teaches you how to actually start and run your own REAL business or social movement!  It’s really cool. You come up with a Big Idea, the instructor will help you discover what are you great at doing, and what do you love to do, and where that intersects with a business opportunity. You create a real business plan, pitch your plan to a panel of investors, get REAL funding, and actually launch your own, REAL, company!

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• Turn your passions and talents into a real business
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• Learn About Different Types of Business Structures
• Get the Real Deal on Taxes
• Meet a Social Entrepreneur
• Write a real business plan
• Get a Business Bank Account
• Learn About Government Resources
• Go on Cool Business Field Trips
• Get a Professional Style Makeover
• Learn About Franchises
• Learn About the Business of Sports
• Register Your Business at the County Clerk’s Office
• Compete for Scholarships and Prizes at the Saunders Scholars Competition
• Sell Your Products at a Trade Show
• Meet Other Awesome Entrepreneurs and Network, Network, Network
• Make A Profit!

The Young Entrepreneurs Academy is Accepting Applications

11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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• Authors: Michael Laverty, Chris Littel
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• Book title: Entrepreneurship
• Publication date: Jan 16, 2020
• Location: Houston, Texas
• Book URL: https://openstax.org/books/entrepreneurship/pages/1-introduction
• Section URL: https://openstax.org/books/entrepreneurship/pages/11-4-the-business-plan

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Idea to Income: How to Become an Entrepreneur & Build Your Business

Taking your idea and turning it into a business can be intimidating and unpredictable – and there's no one-size-fits-all approach.

There are many ways an entrepreneur can start a business, and it’s challenging to know which one might be best for you. Most start with a profitable idea, a captivating brand, and a long-term strategy, but developing each takes time and effort.

Here is a step-by-step guide to becoming an entrepreneur and building a business that lasts.

Get Into the Entrepreneurial Mindset

Becoming an entrepreneur doesn’t just mean starting a business to make a living. Entrepreneurs are business owners with a vision that allows them to take risks to achieve their goals.

Being an entrepreneur means thinking like a visionary, beyond a single business, product, or service to franchises and household name brands. Entrepreneurs tend to prioritize innovation, industry disruption, growth, and long-term strategies, while business owners tend to use proven, risk-averse business models to make a profit.

Not all business owners are entrepreneurs, but most entrepreneurs are business owners or investors.

A few ways you can start getting into the entrepreneurial mindset:

• Educate yourself about business development 
• Research your ideal industries 
• Build a network of fellow entrepreneurs and potential mentors

Identify Your Big Opportunity

Many entrepreneurial ventures start with a passion project. Household brand names like Apple, Etsy, Under Armor, and Yankee Candle all began as side hustles. The key to all these incredibly successful businesses is that each founder identified a strong interest that met a broader need.

Entrepreneurs are optimistic innovators and risk-takers, a combination that can make growth tricky without a scalable plan. Identifying gaps in the market can help you avoid jumping into business and narrow your focus.

A few ways to do this:

• Assess your areas of strength
• Look for industry niches with multiple scalable product and service opportunities
• Research recently successful products and services
• Analyze customer reviews for common challenges and complaints

With a big idea and target market in mind, you can start putting your plans on paper. Make a 5-to 10-year entrepreneurial plan for yourself by answering these questions:

• What is your end goal?
• What industry and offerings do you want to focus on?
• How do you envision building your entrepreneur portfolio?
• What will your starting point be?

Next, build out the first step of your entrepreneurial journey into your first business plan .

If you already have a business, level up to entrepreneur status by considering how you can innovate, expand, or experiment with new business models and offerings.

Create a Brand

Every entrepreneur needs a brand. This could be a single personal or corporate brand that houses all your business ventures, or multiple separate ones if you plan to explore different industries in the future.

Build a brand strategy into your entrepreneur plan. This should include your:

• Unique value proposition (UVP): Demonstrate your unique selling points and what makes you as an entrepreneur and your offerings stand out from the competition.
• Mission and vision statement: Create a mission statement that outlines what you do and your values. [1] Your vision statement should contain long-term goals and aspirations. Keep in mind that you may want to create multiple mission and vision statements: one for your entrepreneur plan and one for each new business.
• Brand story: Create an emotional connection to your brand by summarizing your UVP, mission, vision, and backstory in a compelling way.

Along with a brand strategy, you’ll want to consider your marketing plan as well. Use the market research you’ve done to identify your target audience and determine where best to find them and promote your business. A good marketing strategy highlights your brand in each piece of content you create and shares it in a way that appeals strongly to your future customer base.

Get Funding in Place

Entrepreneurs often gravitate to bold choices like angel investors, accelerator programs, grants, and bootstrapping or self-funding. But more traditional funding options such as small business loans can provide a needed influx of capital and help stabilize your cash flow.

But do your research carefully: certain types of funding will work better for your venture than others.

The funding method you choose will also help determine how much you ask for and what it will cover. It's especially important to set clear and realistic expectations of your projected revenue and expenses.

Here are some costs you’ll need to plan for:

• Marketing costs such as brand visuals and design, marketing collateral, and labeling and packaging
• Inventory, supplies, and equipment
• Storefront rent or mortgage and/or website design and development
• Business software and/or app development
• Operating expenses (6-12 months)

If you are presenting to investors, for example, you will likely need to invest in basic branding, software for financial projections, sample products, etc. Some investors offer seed funding for startup costs while others prefer to invest in already-profitable businesses.

Set Up Your First Business

There are a thousand steps to starting a new business , but here are a few that you must complete to launch yours:

• Business name: Choose your business name and confirm that you can use it by searching your Department of State website and the U.S. Patent and Trademark Office before you register your DBA (Doing Business As) [2]
• Legal setup: There are three main ways to incorporate as a for-profit business, S-Corp, C-Corp, and Limited Liability Company (LLC). Weigh the costs and benefits of the different legal structures and check your state business registration process.
• Licenses and fees: Federal and local governments often have industry, location, product, or occupation-specific requirements. Check your Department of State website for any licenses or permits you need to file for and additional fees.
• Real estate: Whether you plan to run an online or in-person business, you need a storefront to attract and sell to customers and showcase your brand. Consider local real estate requirements for businesses, compare website hosts, and decide how best to translate your brand into store and/or web design.

Build Your Business and Think Long-term

With that first business launch under your belt, take some time to analyze and reflect. What have you learned so far? How can you improve on what you’ve done?

You still have plenty of milestones to overcome, like taxes, annual corporate obligations, and building your first team. But remember: entrepreneurs think far beyond the first couple of years.

As your first business becomes stable and profitable, consider your next steps. Will you continue to expand your business model, build on your success with another business, or sell and invest in something new?

The choices are limitless.

There isn’t a single blueprint for becoming an entrepreneur, but most dreams can be realized by thinking through each step. It might seem like a lot of work, but it’s important to reach out for support and help along the way.

PNC Bank supports aspiring entrepreneurs. Begin your entrepreneurial journey today with our small business resources and tools .

Get Started

Make today the day you

put these business insights to work.

Important Legal Disclosures and Information

https://blog.hubspot.com/marketing/inspiring-company-mission-statements https://www.uspto.gov/trademarks/search  

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These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions. This site may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed and links provided by these resources are not investigated, verified, monitored or endorsed by PNC.

Improving the world one entrepreneur at a time

Why young entrepreneurs should have a business plan (and what it should look like).

A business plan is a plan for the future.

Where do you see yourself in six months, or a year from now? Starting a business is just one part…

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Rock My Business: A three-part workshop series

Our Rock My Business workshops can help you transform your dream into a thriving business. Register today for the free, three-part Rock My Business series, delivered by Futurpreneur with the support of Futurpreneur Foundation and RBC Future Launch.

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April 17, 2024

March 5, 2024

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Frequently Asked Questions

• How does Brexit impact the Erasmus for Young Entrepreneurs programme? »
• Is there a deadline to register? »
• Difficulties selecting your Intermediary Organisation during the electronic application »
• What is the definition of permanent residence? »
• In which language should I submit my CV? »
• How do I find about intermediary organisations? »
• Is there a minimum age requirement to participate in the programme? »
• How does the selection procedure work? »
• In which language should I provide my business plan? »
• How can I be sure of the confidential treatment of my business plan? »
• Is the business plan mandatory to apply or a brief idea of the project is sufficient? »

The programme does not provide a business plan template. New entrepreneurs can choose the format they like and if they encounter any difficulty, they can contact their intermediary organisation for a more information and advice.

 The business plan must contain:

• A clear and detailed description of the product or services on offer;
• A clear and detailed market analysis including a definition and assessment of the target market, a competitor analysis, marketing and sales plane;
• A 2 year financial plan, including a break even analysis.

Erasmus for Young Entrepreneurs Support Office Contact us with your queries and comments →

   +32 2 282 08 73     [email protected]

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8 Business and Life Lessons I Would Give to My Younger Self Here are a few valuable lessons I would teach my younger self, gleaned from both successes and missed opportunities.

By Georgi Todorov Edited by Chelsea Brown May 10, 2024

Key Takeaways

• Understand that every experience, whether successful or not, contributes to your growth and development.
• Rather than regretting past decisions or blaming yourself, view them as learning opportunities.
• When faced with uncertainty or doubt, consider what advice your future self would give.

Opinions expressed by Entrepreneur contributors are their own.

As we grow older and wiser, we often consider how we might have done things differently in our youth. It's crucial not to blame ourselves but rather to extract valuable lessons from those experiences.

In this article, I share eight lessons I would give to my younger self — insights drawn from both successes and missed opportunities, designed to guide anyone looking to navigate life's complexities with foresight and grace.

1. Relax — it will be fine

First and foremost, I'd reassure my younger self to relax — everything will indeed be fine.

Reflecting on my youth, I was perpetually enveloped in unease, a constant companion to my every step. Anxious thoughts about success and whether I'd "make it" in life frequently clouded my mind. But looking back, I realize those worries were a part of the journey that led me to where I am today. So, to my younger self , I'd say, take a deep breath; the path ahead may be uncertain, but it will guide you to your destined place.

Related: 4 Lessons This Entrepreneur Wishes She Could Have Taught Her Younger Self

2. Travel more

I traveled extensively as a digital nomad, especially through Southeast Asia. Yet, I believe there was potential to do so much more. Back then, I felt like I was able to do less work while traveling, and my business was suffering, but the truth is that 49% of digital nomads earn a higher income than when they were employees.

I won't forget that once inspired by the book Shoe Dog , I visited a Japanese networking event in Bangkok in 2017. I was the only guy without business cards. The whole ritual of handling a business card amazed me, but I thought, "That's so outdated" until someone explained to me that business cards are deeply ingrained in the Japanese culture — a practice rooted in over 400 years of cultural history — and still, 74% of Japanese sole proprietors and freelancers use business cards! You can't learn and experience something like that if you don't travel!

3. Work on your personal brand

While I did invest time in building it, looking back, I see the immense long-term benefits I could have leveraged further. A strong personal brand not only accumulates value over time but also opens numerous doors, offering opportunities that might otherwise remain out of reach. After selling my ex-blog Thrivemyway, I made good money, but I lost the accumulated snowballing effect of my brand. The website was in full authority mode. Now with my new personal brand Create & Grow , I'll need at least a year to get to the same level.

4. Start an agency

Building an agency is a great next step when you've already established your personal brand. It's relatively easy to set up (compared to a software business) and profitable to run and sell. Agency businesses are also growing in profits, with 46% of service business owners reporting more than 30% yearly growth .

However, running an agency comes with the risk of over-relying on a single client. Agencies that make a large chunk of their yearly revenue from one client risk a big crash should the client decide to drop. To keep your agency stable and appealing to investors, diversify your clients and focus on recurring (read "predictable") income.

Related: I Wish I Received This Advice as a Young Entrepreneur

5. Learn to stay focused on tasks

I was working at an airport lounge and I managed to finish a huge task in just 90 minutes. That's how I found out about the benefits of uninterrupted, focused work and Parkinson's law . It's crucial to develop productivity skills early on, enabling one to accomplish more tasks efficiently. Interestingly, it takes about 23 minutes to regain focus on a task once you've been distracted. Therefore, maintaining concentration while working is essential for effective time management.

6. Flip a website

Reflecting on the past, venturing into website flipping earlier stands out as a missed opportunity. My experience with selling my ex-blog last year validated the business model of buying, improving and then selling websites for profit. This process involves spotting undervalued websites, enhancing their value and selling them at a higher price after a period of growth, usually 12 months. I thought I would need lots of money to buy a working website. However, according to statistics, you can buy a starter website as low as a few hundred dollars .

7. Work in a startup

Looking back, joining startups in my twenties would have been ideal. That period's high energy is perfect for the fast-paced startup life, offering invaluable experiences and networking opportunities. It's a fact that approximately 20% of new startups close within their first year, and 90% of startups fail primarily due to a lack of funding, market need and proper execution. Now, my focus has shifted, and investing my energy in someone else's risky startup venture no longer matches my priorities.

8. Invest more, optimize taxes earlier

I remember I was at a coworking space in 2016, working my face off to make money freelancing when I overheard a chat about someone buying a Ferrari with Bitcoin profits. I wrongly assumed I'd missed the chance to invest. It wasn't too late. From 2015 to 2023, Bitcoin increased its price by over 173,000% .

This taught me to be more open to emerging investment opportunities, emphasizing that timing can be less critical in fast-evolving markets like crypto.

At the same time, I wish I optimized my taxes earlier. I started a small startup with partners and paying taxes early on suffocated it. Many startups do not pay dividends for many years, resulting in a 0% corporate income tax rate . I optimized my taxes four months after our little startup failed.

Related: The Advice 50 Business Leaders and Celebrities Would Give Their Younger Selves

Reflect on your past with kindness, understanding that each step, even those marked by uncertainty, was crucial in shaping who you are today. Never regret anything or blame your younger self, only use it as a learning experience. And when you're in doubt, ask yourself: What would my future self advise me to do?

Entrepreneur Leadership Network® Contributor

Founder of Create & Grow

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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