How to Be a Teenage Entrepreneur

By Lon Goforth, President

LifeSkills Unlimited, Inc.

It's not easy, it takes guts, but I believe you have what it takes.

Questions:

·         Would you like to make your own choices?

·         Would you like more money?

·         What would you do if you had more money?

·         Would you like to be your own boss, or do you like being bossed around?

·         Would you like to own your own business making your own money?

 Dare to Dream!

If you can dream it, you can be it!

This video is about making and managing your own money.

To get money you have to take action - be it a job or a service.

Having and making money takes responsibility.

Entrepreneur: A person who organizes, operates, and assumes the risk for business ventures.

Now that you know what you are, what will you do to make your money?

Some Business Ideas:

·         Making candles

·         Silk screening

·         Cleaning crew

·         Snow shoveling

·         Window and wall washing

·         Making crafts

·         Word processing service

·         Lawn care service

·         Errand service

·         Teen temps

·         Net surfer

·         Janitorial services

·         Tailor seamstress

·         Photographer

·         Handyman

·         Pet sitting

·         Painter

·         Baby sitting

·         Rent-a-Mascot

·         Sports tutoring

·         One-on-One Coaching

·         Car cleaning

How to select a business:

·         Chose something you like to do.

·         Are you good at what you have chosen?

·         Is there a Market? (Find a need, observe a need.)

·         Will people pay you? (If they don't, don't be discouraged - someone else will so keep trying!)

·         Will you make money?

You have to want to be successful, and be willing to stay away from things that will hurt you or your business.

The biggest competitor you have is yourself. If you decide something can't be done... It can't!

Believe in yourself.

It's OK to be afraid. Uncertainty is scary, but with risks come rewards.

The use of drugs and alcohol will keep you from being successful. Stay in school.

If you owned a business, who would you like working for you? A high school dropout, a high school graduate, or a college graduate?

Friends will try to discourage you - you may be on your own! They don't want you to have what they don't have. Some people want you to fail so they can feel better about themselves.

The three areas that will help you get and grow your money:

·         Negotiation - make sure both parties win; includes give and take.

·         Needs versus wants - a good question to ask yourself.

·         Saving - savings is for a short-term goal and you receive interest on your money (and it compounds - you get interest on the interest)

·         Investments - stocks, mutual funds, bonds; this is making money with your money. Common stocks are purchased through a brokerage firm. There are some risks - your money is not guaranteed. This is a long term investment situation. Invest in something you know will be around for a long time. Bonds are a loan you make to a company, and they pay you interest while they have your money. Mutual funds are a group of different company's stocks. You own small pieces of many pieces.

You can have anything you want if you will work hard and work smart. You can, you must! Make a decision to be an entrepreneur - be all you can be and be the best you can be!

Copyright 1996

LifeSkills Unlimited, Inc.

P.O. Box 760234

Lathrup Village, MI 48076