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.
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