How To Become An Entrepreneur In High School
So, you want to start a business. What now? Becoming an entrepreneur takes more than just a great idea. It means knowing how to run a business, understanding the costs (time, money) and remaining resilient, even when you face failure and rejection.
The Idea
All ideas are great ideas, but not all ideas make for great businesses. Do you have an idea worth selling? If so, ask yourself, “Can my idea solve a problem and fulfill a desire?”
No matter where your passions lie, a great way to begin your career as an entrepreneur is by brainstorming ways you can bring a product or service to market and turn it into a business. For now, worry less about the minor details and strive to make a positive impact in your community or industry.
Do Your Research
Once you have an idea worth selling, one of the most important things you can do is conduct some basic research. Ask yourself the following questions:
- Who will buy my product/service?
- How much will I need to invest in my business or idea?
- What is already being done, and how can I stand out?
Before you settle on an idea, be sure to fully understand and immerse yourself in the market you’re considering entering. Research similar products or services to gain insight into what is being done well, and what you can do better. Don’t forget, some of the best research is conducted hands-on! If you want to live like an entrepreneur, take the time to learn from one. Network with other entrepreneurs to learn from their mistakes, make connections, and seek mentorship from a like-minded individual who will understand the obstacles you face and provide constructive feedback in the form of creative solutions. If you are a student in the state of Iowa, consider connecting with a John Pappajohn Entrepreneurial Center near you.
Fund Your Venture
So, you have the idea, you’ve done your research, and now it's time to get things up and running. For young entrepreneurs, Kickstarter is a popular choice for seed funding. With hundreds of thousands of Kickstarter users, you'll need to make your campaign stand out. Research other campaigns and get an idea for what works well. Create a strong and captivating video campaign, and be sure to promote to your friends and family before you go live.
Comply With Legal Requirements
Before you begin doing business, check for your state's legal requirements for business ownership. You may need to apply for a license or register to pay taxes. In the state of Iowa, IASourceLink offers step-by-step guidance for starting a business, specifically focusing on the nitty gritty of licensing and registration. Although this part of the process may feel like a bore, it can be critical to your success as a small business owner. Besides, you're gaining experience, and the next business you build will feel like a breeze!
Do The Work
Entrepreneurs are hard workers. If you want to run your own business, you'll need to make sacrifices in order to see success. You’ll most likely have to give up a large portion of your social time, but remember: when you are truly passionate about your business, doing the work will feel like a hobby. So before you begin brainstorming your business ideas, take some time to get to know yourself and what kind of work will feel less like a job, and more like a lifelong passion project.
In closing, it takes time to turn your dreams into a reality. Although entrepreneurship can lead to lifelong independence, you may need to lean on your friends and family in times of need. When you're ready to take the first step to start your own business, be prepared to accept failure as part of the journey. As you move forward, have patience and never stop creating!