Business Opportunities Weblog

July 7, 2008 by Rich Whittle | 2 Comments

Toilet Paper Entrepreneur:

For young entrepreneurs, it’s not just homework or hormones and friends or fashion. For these exceptional young people, it’s all of that — plus finding funding, building business and securing their futures at an early age.

And it’s important that their parents understand and appreciate their struggles and offer them support every step of the way. These 10 tips are a great way to help young entrepreneurs start down a path toward success.

1. Start Early - By exploring interests at an early age, it encourages children to take an active pursuit of their passion — and perhaps eventually turn it into profit. Visit museums or parks, check books out of the library — anything to help cultivate their genius.

2. Try different stuff - “If at first you don’t succeed …” It’s a good quote for a reason. Help potential profiteers learn this for themselves by encouraging learning by trial and error. Keep trying plans or products until they find the one that excites them into entrepreneurship.

3. Discuss values – Equip them with the tools they need to make important decisions by discussing ethics and the importance of playing fair and being honest — on the field, in life and in business.

4. Make a business plan – A business plan needn’t be long — a one-page plan should work for most efforts. By answering the below questions, teens will be able to clearly define their products, customers and advantages: – What business am I in? – Who are my customers? – How will my customers know about me? – How am I different?

5. Ask questions - Enforce the need to think everything through early by asking questions — even if they may be hard for young people to answer. And remember: Be careful to come across as a partner, not as a nag! During this step, you should discuss materials, inventory, funding and budgeting.

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Photo by woodsy.

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Tags: Entrepreneurial Lifestyle, Family, Parents