With the advent of the Internet, now more than ever starting a business has never been easier. And with sites like YouTube and Twitch making it easier for teenagers to build their own brand, it’s important that these young entrepreneurs learn and understand some of the key fundamentals about what truly makes a business successful.
“In the last ten years I have been helping many of my clients deal with the pressures that come with running a business” says Dr. Sam Miller, a who helps many young kids with their startups. “Many of these kids see all the glitz and glam but rarely think about the actual work and education necessary to create a viable business.”
If your teen is serious about their endeavor, here are six important lessons you can teach them.
1. Solving problems
Not only does a business provide a solution to a problem via a product or service, but every day is filled with new problems that must be overcome. From the quality of your product or service, to the sales, marketing, and administration, every day will present itself with a new set of challenges and its important that a young entrepreneur wake up with the mindset ready to solve them.
2. Focus on your customer
While many teen entrepreneurs tend to get excited and wrapped up in their idea and what they want to do, some forget that at the end of the day, you have a customer you must answer to. It’s imperative that a teenager understand that their business is not about what they want or satisfying their ego. It’s about delivering a solution to satisfy their customers needs.
3. Your words matter
Creating and maintaining healthy relationships is essential if you want your business to succeed. In some cases, because many teens live in the moment, they can forget that their words can catch up to them and bite them later on. So its vital that a teen entrepreneur learn the importance of integrity and keeping their word and to not burn bridges.
4. Follow through
Very often young business owners can become scattered and overwhelmed where they don’t see things all the way through. This is why its so important that not only do they learn patience, but that they understand how essential it is for them to take the time to do things right and follow through on their commitments.
5. Overcome adversity
Because most teenagers lack patience and the true understanding of hard work, it can be quite difficult for them when things don’t go their way. When this happens, it’s a good opportunity for them to learn the power of overcoming adversity and the idea that, “What doesn’t kill you makes you stronger.”
6. Have fun
Teaching kids to have fun with what they are doing shouldn’t be hard to do. However in some situations, they may find themselves so overwhelmed or focused on learning new skills that they can lose site of enjoying themselves in the process. This provides a great opportunity to remind them that the goal is the journey and to have fun along the way.