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Chapter 1: Entrepreneurial You
If you’re like most teenagers, you’re being pulled in a million directions.Between keeping up your grades, joining clubs to make your college appslook good, and holding down a job so you can actually afford to do the funstuff, it can be a bit much. But what if you could combine a couple of thosethings and make money by doing what makes you happy? And even better,never again have to work at a clothing store at the mall or while away thehours serving fries at the fast food spot on the corner. What if, instead, youcould design your own brilliant fall line of clothing and sell it to yourclassmates? Or bake your world-famous chocolate chip cookies for a profitinstead of giving them to your freeloading friends for nothing? Turns outyou can—by becoming an entrepreneur.
What Is an Entrepreneur?
An entrepreneur is basically someone who comes up with a great idea for a businessand then makes it happen.The recipe is simple:
1. Find something you love to do.2. Figure out how to make money on it.3. Work hard to pull it off.
There’s no better time than the present to start your own business. And thebest part is that the skills you’ll learn from running your own companycould keep you from ever having to work a 9 to 5.
Starting a business means taking notes—lots of them. So as you read, have anotebook or computer nearby. Every time you see this icon , you need to take somenotes or do some brainstorming. The info you jot down is essential to shaping yourvision and helping you to create a business plan (more about that in Chapter 3).
Are You an Entrepreneur?
First thing’s first: Do you have what it takes to run your own business? There are asmany different types of entrepreneurs as there are companies, and part of the fun ofdoing your own thing is figuring out what methods work best for you. Listed hereare ten traits that many successful entrepreneurs share. The more of them youpossess, the easier things will be in the beginning. If you’re short on these qualitiesbut still want to have your own business, know that owning a business can actuallyteach you some of these things.
You have a passion. Whether it’s making your own jewelry, cutting hair,playing video games, working on old cars, or something else completely, there’s atleast one thing you love to do in your free time. The most successful entrepreneursfind a way to do what they love for cash so they actually enjoy their work.
You’re not afraid of hard work. Yeah, it might suck a little, but you know thatif you dig in, you can accomplish any task, whether it’s banging out an essay forEnglish class or getting up at 5 am each and every day for swim team practice. Theability to work hard will help you handle all the difficult things that can come withstarting a company.
You have an independent spirit. While you probably work well in groups, youalso thrive when working alone. No matter how many people eventually join yourstaff, there will be plenty of things that you have to handle yourself, which mightmean spending late nights designing websites in your room after you finish yourhomework. But that’s cool because you enjoy the feeling of completing a task onyour own.
You’re good at planning. You are excellent at setting goals and figuring out thesteps you need to take to get there. At school, you know that turning in an A+ papermeans picking a topic, researching it, writing it, and proofreading it. So you start twoweeks before the due date and put yourself on a step-by-step schedule to get it alldone in time. You’ll use this skill to plan all the specifics of your company.
You manage money well. You’re not rich by any stretch, but you do knowhow to stretch a dollar. When you get $50 in a birthday card, you spend half andsave the rest, rather than blowing it all on video games and who knows what. Plus,you know how to get the most for each buck you do decide to spend, so you’ll begreat at handling your company’s finances and reinvesting in your business.
You’re a good communicator. You enjoy (at least somewhat) talking to otherpeople—in person, on the phone, or online—and you’re pretty good at getting yourpoint across in writing, too.
Running a company means maintaining open lines of communication with people,whether it’s with your employees and clients or potential customers and investors,so it’s important that you feel comfortable doing that.
You multitask with ease. If juggling a million things effortlessly were anOlympic sport, you’d win the gold. Meet with your chemistry study group? OK. Loadthe dishwasher? No problem. Talk your friend through a family crisis? You’re allover it. You can do it all and do it all well. And that’s a good thing because running abusiness means that you’ll have a lot of things to manage each day.
You can ask for help. While you’re quite capable of making things happen onyour own, you’re good at recognizing when you need to bring in the reinforcements,and you’re not afraid to raise your hand for assistance. Being able to lean on yourparents and friends will help you get around the barriers that will inevitably pop upon your road to success.
You’re not too modest. You know how to talk up yourself and your pursuitswhen the time is right. That doesn’t mean you’re an arrogant jerk—that won’t getyou anywhere. But whether it’s in a scholarship essay or on a phone call with yourrich aunt, you can speak up about what makes you amazing when it counts most.This quality will help you tell prospective investors and clients why they need togive you their money and would-be staffers why they should work for you. No onewill know just how great your product or service is if you don’t tell them.
You know how to take charge. You don’t automatically have to be in charge ofevery group project at school or run your crew of friends, but if you’re put at thehelm of something, you have the uncanny ability to take the lead and bring peopletogether. You rock at inspiring others to work toward a common goal, and that willbe key in gathering support for your company and managing a staff, should youchoose to hire one.
What’s Your Goal?
People have different reasons for starting businesses. What’s yours? Figuring outexactly why you want to start your own business will go a long way toward makingit happen. Do you want to earn enough money to pay for college? Just want to clearenough cash to finance your video game habit? Or are your goals more careeroriented? Perhaps you hope to get experience rebuilding computer systems so youcan work for a major tech company as an adult or you think that starting aphotography business now, even if you don’t make big bucks, will help you secure agreat gig down the line. Or maybe you need a creative outlet to channel all thethoughts bouncing around in your head or you see a need that you can fill.
High school friends Josh Abramson and Ricky Van Veen created CollegeHumor.com in 1999 because they wanted an easy way to keep track of all the funnypictures and videos their friends were sending each other while everyone was awayat college. Their site became one of the top comedy websites on the internet, andthey went on to launch two MTV shows and various other related businesses. Pullout your notebook and brainstorm all the things you’d like to gain from runningyour own company. Later on, in chapters 6 and 9, you’ll revisit these notes to see ifyou’re on track.
What’s in It for You?
Running your own business—as opposed to working for someone else—can bechallenging, but it has amazing rewards. Here is a short list.
• More independence. Running a business is really about running your life.Most teenagers spend a good portion of their time being told what to do byeveryone they know—parents, teachers, coaches—but when you run yourown business, you’re the boss. You set your hours, you call the shots.
• More money. Who doesn’t want more cash? When you have your ownbusiness, you have the potential to make more money than at a minimumwage job because you price your product and you decide how many hoursyou want to work. So you can take on as many clients as you can fit around allyour other stuff to make the extra cash to, say, download a ton of music.
• More fun. Rather than suffering through abuse from the shin-kickers at theshoe store and coming home smelling like synthetic leather, you can makemoney doing what you actually enjoy. Why waste time doing something youhate just to bring home a paycheck?
• More experience. Owning a business is an amazing way to prepare for yourfuture. For instance, cutting your friends’ hair after school will get youready to run your own salon. And even if you decide to do somethingcompletely different after college, the skills that you develop whilemanaging a company—project supervision, marketing, dealing withfinances—will help you succeed in any field.
What Will Make It Tough
Of course, having your own business isn’t all fun and games. It does come with someobstacles, especially for young people. Here are a few of them.
• It can be hard to find the time to get it started. You’re probably already superbusy. Starting and running a business takes no small amount of time. You’llhave to adjust your schedule to make it work. But hey! If you can squeeze in15 hours slinging smoothies at the mall every week, you can use that time towork on your own stuff.
• You might need help. Sometimes you might have to go to the adultsin your life and ask them to help you open a bank account, loan you money,or assist you with legal documents that you can’t file unless you’re over 18. Itmight be a little annoying that you can’t do it all on your own, but asking forhelp isalso a great way to get your parents involved in your life (or at leastthat’s what you should tell them when you’re pleading for a fifty).
• Old people don’t always trust young people. Because of your age, there isalways going to be someone who doesn’t take you as seriously as he should.It’s not a reflection of your skill or ability; it just means you have to work alittle harder to get some people to patronize your business. And if there areadults—or even people your own age—who refuse to do business with you,forget about them. There are other potential customers out there just waitingto give you their money. Concentrate on building your product, and thepeople who were initially down on you may even come around.
• You could be broke for a little while. While you’ll get a paycheck after flippingburgers for a week or two, it could take months before you see a profit fromyour business grilling burgers for outdoor events. Hopefully, your parentswill be so proud of you for taking initiative that they’ll help you out until youstart raking it in. If not, make sure to save up some money before taking theplunge.
Figuring Out Your Biz
As you consider what kind of business you want to start, you should first askyourself: “How can I get people to pay me to do the things I love to do?” The bestway to figure that out is to identify those things. Start now by writing down all ofthe things you are passionate about.
Now look at your list. Which of those things do people really need? You may need tobe creative in your thinking. For instance, you might be the fastest texter around,but that’s not going to make you any money. However, you might be able to work asa freelance blogger or a typist. And while you’ll never get paid for petting the dogs atthe park, you can totally start a business walking them for your busy neighbors.Now go back to your list and, next to each passion, jot down an idea or two of how itmight make you money. As long as you can see someone digging crumpled dollarbills out of their jeans and handing them over, you’re on the right track.
Quiz! Finding Your Niche
Already got an idea for the company you want to start? Great! If you need a little helpfiguring out what type of business is right for you, take this quiz.
1. It’s time to join a homecoming committee. You pick: a. Decorations. You can’t wait to turn the gym into a winter wonderland! b. Cleanup. You like to put stuff back in order. c. Entertainment. You can make the school’s sound system sound like Madison Square Garden’s. d. Setup. You can build the platform for the homecoming court with your eyes closed.
2. It’s Saturday, and you finally have time to hang out. You: a. Grab your camera and hit the park to look for something Facebook worthy. b. Help your friend plan a killer date for later that night. c. Set up the new HDTV you picked out for your family. d. Go to the gym and lift weights, enjoying the burn.
3. Your dad is yelling for your help. He wants you to: a. Pick out a tie to go with his outfit; you always know which colors pop best. b. Babysit your little sister; who always has so much fun with you. c. Help him program the DVR; you’re the only one who gets it. d. Put together the new bookcase since you’re so good with your hands.
4. When you were little, your favorite toy was a: a. Plastic microphone. You couldn’t wait to sing in sold-out venues. b. Doll-sized stethoscope. Fixing your stuffed animals’ boo-boos made you feel good. c. Microscope. You loved the idea of this whole other world that you couldn’t see without a slide. d. Kickball. Even then, you liked to be in constant motion.
5. Your favorite cell phone app is called: a. Artist’s Touch. It lets you turn your pics into a work of art. b. LifeTimer. It helps you keep up with all of your volunteer commitments. c. Code Sleuth. On the off chance that you don’t know what a particular Mac error code means, this app fills you in. d. Virtual Trainer. You can get your workout on anywhere.
6. If there were a book about your life, it would be called: a. Fabulous! A Creative Mind is a Wonderful Thing to Flaunt b. Help! The Story of the Teen Who Loved to Take Care of People c. Ping! A Digital Life is a Life Well-Lived d. Move! How Far I Got by Refusing to Stand Still
7. Your favorite class is: a. Drama. You enjoy creating new characters every day. b. Social studies. You love to learn about the world and how we can make it a better place. c. Computer lab. You feel like you’re actually learning something! d. Wood shop. You love showing the class how it’s really done.
8. In your favorite daydream, you are: a. Moving the world with your art. b. Winning the Nobel Peace Prize. c. Proving that life exists on Mars. d. Completing construction on the country’s tallest building.
9. Your favorite color is: a. Wait, do you have to pick just one? b. Green. It’s just so soothing and mellow. c. Gunmetal gray, just like all your gear. d. Black or white. They’re straightforward.
10. When your parents want to do something special for you, they: a. Pass you the credit card and let you go crazy at the art supply store. b. Make a donation in your name to your fave charity. c. Give you the cash to update your operating system. d. Give you free rein to track down the source of that grinding sound under the hood.
If you got mostly As, you’re ...
The Creator
Forget marching to the beat of your own drum: You’re simultaneously playing thedrum, wearing a uniform you designed yourself, singing your own lyrics, and takingpictures of your journey. Whether you deal in words, beats, colors, fabrics, orsomething no one else has ever dabbled in before, your creativity turns everythingyou touch into a work of art. You find inspiration in everything, and you know howto use it. You can channel your love of all things artsy by considering a business in:Clothing design. Do you make one-of-a-kind threads? Stop being stingy and shareyour designs with the masses.
Magazine publishing. Are you in love with the written word? Put together your ownonline zine and tell the world about your fondness for indie movies or old schoolhip-hop.
Photography. Have you got an eye for a great picture? Be the official photographerat your friends’ b-day parties and get a contract to take shots at school footballgames.
Jewelry making. Is everyone always asking where you get your funky earrings?Create a few more pairs and make a killing.
Comic book creation. If you have a knack for writing and drawing, creating graphic novels could be your thing.
Room decorating. Everybody knows that your room is the most fabulous one in theneighborhood. Bring your knack for decorating to your classmates’ abodes.
Card design. Do you never see just the right card at the store? Create your own lineand sell them online and at school.
Graphic design. Put your artistic talent to good use and create flyers and posters forthe bands in your school.
Baking. Your red velvet cupcakes are too good to keep all to yourself. Bake them foryour friends’ parties and family functions.
DJing. Turn a buck off your hot iPod playlists; no one should enjoy all that musicalgoodness for free!
If you got mostly Bs, you’re ...
The Helper
Calling you a “people person” doesn’t do you justice. You’re a rockstar when itcomes to assessing the needs of others and finding ways to assist, and the people inyour sphere trust you with their lives. Your spot-on advice is invaluable to thosearound you. So whether someone is asking how to plan an amazing birthday partyor how to get to the other side of an argument with their BFF, they know you canhelp. It only makes sense to build a company that incorporates aspects of service.You should consider a business in:
Babysitting. Why should your parents get to keep all of your yummy meal–making,ankle biter–taming babysitting skills for themselves?
Hair styling. Your friends benefit from your haircutting skills. Why wouldn’teveryone else?
Sickie services. Who makes better chicken noodle soup than you? No one! Deliverhomemade soup—and DVDs, books, and cough medicine—to sick people in yourneighborhood.
Tutoring. Help your classmates ace their finals or teach kids at the elementaryschool how to navigate the peril that is Miss Schumaker’s fifth grade English class.
House sitting. Water the plants, take care of pets, and collect the mail when yourneighbors are away.
Closet organizing. Use your Zen gift to declutter your friends’ spaces.
Wardrobe stylist. You always look like you just walked off a runway;help your less stylish peers get their game up.
Party planning. Your birthday party is consistently the most ridiculous one of theyear. Spread the love!
Errand running. Do the old and infirm in your area a favor; run their errands andhandle their shopping when they can’t.
Pet walking. From little dogs that look like cats to the occasional iguana, you canwalk them or care for them when the owners are too busy.
If you got mostly Cs, you’re ...
The Techie
You can take a complicated concept like molecular physics and break it down like ahip-hop remix. Your web page has the hottest layout this side of the Mississippi(from scratch, none of that cut-and-paste stuff for you), and you’re both a Mac and aPC. So it’s no surprise that when the adults in your life need help putting music ontheir iPods or your best friend needs the code to unlock unlimited lives on the latesthot Xbox 360 game, you’re the one they call. Use your technical prowess to makeyour fortune and consider a business in:
Website creation. Use videos and blogs to design amazing websites for your friends’bands, zines, and photography galleries.
Video editing. Help your friendsturn their random video moments into viral masterpieces.
Computer repair. Replacing hard drives and adding memory mayfreak other folks out, but it’s all in an afternoon’s play for you.
Video game tournaments. Organize contests for your die-hard gaming friends andcharge an entry fee.
Software installation. Upgrade operating systems for people with outdatedcomputers—and computer skills.
Tech lending library. You buy the hot games, CDs, and DVDs as soon as they hit themarket. Lend them out for a fee and recoup your investment.
Software tutorials. Teach kids and grandpas to use word-processing programs andphoto-editing software.
Data backup. People always say they’re going to back up their data, but no one does.Do it for them—and charge a fee.
System installation. You’ve never seen a sound system, car radio, or intercom youcouldn’t install.
Equipment rental and sales. You have more computer mice and RCA cables than youknow what to do with. Rent them out (or sell them) and rake in the dough.
If you got mostly Ds, you’re ...
The Handy One
You’re no stranger to hard work, and you’re happiest when you’re using your hands.It started even before wood shop; you were the kid who built a fort in the backyardwith stuff scavenged from the garage. If your uncle is moving, he knows you willhappily help out. And that entertainment center your mom bought that came in amillion pieces? That’s all you. You love seeing the concrete results of your labor.Even if you’re not amazing at every sport, it just feels good to move your body everyday, and you’re not afraid to break a sweat or get a little dirty to do it. It’ll be easy tostart a business that capitalizes on being physical. You should consider a businessin:
Landscaping: You love being outdoors, and you’ve been doing yard work your wholelife. Take this show on the road.
Moving service: You do it for your loved ones; why not get paid for schleppingaround all those boxes? (Remember: “Thank-you pizza” doesn’t count as pay!)
Personal training: Perfect form in the gym comes easy to you. Help your less tonedfriends get it.
Furniture assembly: Put together countless pieces of Scandinavian-made fake woodusing one little Allen wrench. No problem.
Personal coaching: Use your crazy football skills to help young folks make the teamsat their schools.
Snow removal: Hat? Check. Gloves? Check. Shovel? Check! You’re readyto go clear some walks and dig out some cars for cash.
Cleaning service: You have an affinity for making stuff sparkle. Putit to good use.
Car repair: You know you’re good with cars, so make your friends cough up somedough when you get their clunkers running.
House painting: Inside or out, give you a bucket of paint, a few rollers and a ladder,and you can make a space look like new.
Skateboard and bicycle repair: Your skater and BMX friends are always busting theirequipment, but you can put it back together better than it was before.
More Than One Type
If you read all the descriptions, you’ll notice that there is some overlap among categories. Don’t be afraid to cross lines. There are no hard rules; just do what willmake you happy. Maybe you got mostly As, but you’re actually more of a creativehelper. Instead of designing your own clothing line, your best bet might be to helphomeless women get back into the workforce by putting together snazzy interviewoutfits for them using clothing donations and thrift store finds. Or maybe the quizsays you should be a helper because it’s something you’re good at, but you’d reallyrather run video game tournaments. Do it! (Just because you’re good with your littlesiblings doesn’t mean you have to devote your career to changing diapers.)
Before we go any further, take a second to cement the idea for your company. Then,write down your company concept. Be as specific as possible; you’ll be referring toit throughout the book.