What is an entrepreneur? It is a person who organizes, operates, or takes on the risk of a business venture.
Have you ever invented something? Maybe it's a toy or some device to solve a problem. If you were to actually produce this product and sell it, you would be considered a young entrepreneur. Another way to become a young entrepreneur is to start your own business to sell a service. Maybe it's baby sitting, or lawn mowing, or a pet care service.
Following is a little information to consider if you are thinking about becoming a young entrepreneur and starting a business to sell a product or service. This information will help you fine-tune your idea and create a business plan. The Internet and local bookstores or libraries can provide more in-depth information for your new business.
- Define your business. Determine the product or service you plan to sell.
- Consider your audience. Do a little research to find the audience to whom you wish to sell your product or service.
- Create a marketing plan. Find your target market. Remember it's better to start small and grow than it is to try to sell your product or service to a group that's too large.
- Plan for operations. Determine the location of your business. Consider the type of facilities you will need. Research insurance needs. Plan how you will measure performance and success.
- Define management positions. If your business requires more than one person to run, determine the positions you will need and make job descriptions.
- Understand financial data. In order to measure performance and achieve success, you will need to track financial data. Set up a system for tracking financial information.