Young Business Owners

Business Ideas for Teens and Young Adults

Many of the world's greatest - and richest - young business people are self-made young entrepreneurs. Starting a business young is an investment of time, energy and money which can yield excellent returns. It's not for everyone, yet working for yourself can certainly be incredibly rewarding to young entrepreneurs and there are plenty of business ideas for teens and young adults that be financially lucrative.

Yes, you're right if you think it takes skills and motivation to build a successful making money in college or starting a business as a teenager. However, a young entrepreneurial mind can be valuable in any career. This gives you an edge in the workforce plus will allow you to shine as a young entrepreneur. Showing an entrepreneur edge in the workplace can lead to increased innovation and even a chance of a promotion for you!

At the end of the day, we are all business owners - in the business of building brighter and better futures for ourselves!

Starting a teenage business and young adult business - is it for me?
If you're trying to decide on becoming a young entrepreneur, let's see if it's a good fit for you.

A young entrepreneur is a person that recognizes opportunities and organizes resources to take advantage of the opportunity at hand. Young successful entrepreneurs may notice a gap in the market and decide to introduce a new product, a new service, or improve upon an existing product/service. Additionally, a young entrepreneur raises the necessary money, assembles the factors for production, and organizes an operation. Essentially, a young entrepreneur is a person who takes the initiative to start a new business.

The benefit of starting a business in high school or college is that you can create your own financial destiny. You can build something of value that you can sell in the future. It is possible to keep more of your money, pay less in taxes, and take pride in what you create.

Not all of us would make great surgeons or biochemists. Likewise, being in business for yourself is not for everyone. There are some personality traits that are common to all who succeed in building a business. There are many business ideas for teens - whether it is a corner drycleaner, a restaurant, or the next Google. The good news is if anyone can develop the qualities of young successful entrepreneurs.

Being a young entrepreneur in spirit can refer to anyone who seizes the opportunity to make things happen - we're all in control of our own destiny. Successful entrepreneurs come in all sizes and shapes, from the Olsen twins to Bill Gates. They all created empires in their own unique way. You can, too.

The benefits of being a young entrepreneur

1. Lifestyle - Starting a business as a teen or young adults give you personal freedoms that young entrepreneurs enjoy. You are the decision maker over everything. You can work your own schedule, make your own hours and control your own income. You can even call yourself 'The Donald' -- or "The (add your own name here)" if that's your cup of tea!

2. Choosing who you work with - One of the greatest benefits of being a young entrepreneur and starting a successful business when your young is that your able to work for yourself and you're able to choose who you conduct business with. It's a great feeling talking business at the beach with your friends who are also your business partners.

3. Financial Rewards - As a young business owner, you have the ability to control how much you earn. When you want to make more money, you simply work more efficiently. There is no income cap on your own business - the sky's the limit! Well, in fact, you are only limited by your ability to creatively think of new ways to profit. Additionally, unlike working a regular job, you are creating a company that has value. That value can be sold, borrowed against, and leveraged.

For instance if you start a company and have revenue of $100,000 per year, you can sell that company to someone else. People may buy an existing, profitable business for up to five times earnings. So in this example, you could sell your company for $500,000. This is how entrepreneurs can afford penthouses.

4. Tax Benefits - There are several tax benefits young business owners enjoy, which helps them to keep more of the money they earn. It has been said that being self-employed is "the last great tax shelter."

5. Growth of your skill set - As young business owners you are responsible for everything that happens within your company. Consequently, you will be learning many new skills and probably handling a stack of paperwork (nobody said it would be sunshine and rainbows all the way but it does pay off and you have a great boss - YOU!)

Downsides

1. Financial Insecurity -Being a young business owner may mean sacrificing the security of a regular paycheck (and regular work hours). Additionally, with a new business income will be uneven to start.

2. Decisions, decisions - As a young business owner you are the decision maker. It's a key benefit of entrepreneurship, but it can also be difficult. All the decisions of the business fall to you.

Become a young business owner and reap the benefits. There are plenty of business ideas for teen and young adults to profit; and today is the best time to ever to start a business. Become a young entrepreneur - you can start part time or dive right in - but do start! Follow your passions and get thinks moving in the direction you want.

Vince Shorb advices high school and college age students on ways to better their financial future and add freedom to their life by guiding them to become young business owners. His course 'Financially Free by 30' gives young entrepreneurs hopefuls the tools they need to succeed plus a step-by -step plan to enjoy financial independence. Receive your free video lessons at www.FreeBy30.com.