business plan for young entrepreneurs

YouthLead Ambassador led Webinars:  

Youth participation in creating economic opportunities - leading societal change by , supporting local artisans., developing an entrepreneurial mindset for social innovation, general toolkits/resources for aspiring entrepreneurs  .

Youth Entrepreneurship - An Overview - This article explains the importance of youth entrepreneurship in relation to youth unemployment.

Creating a Business Plan Toolkit - This informational tool teaches the basics about starting a business plan. 

Developing and Marketing Product Toolkit - This toolkit teaches the basics about developing and marketing a product. 

Planning and Writing a Budget Toolkit - If you need to learn how to write a budget, this toolkit will show you what budgets are and how to write them. 

The Art of Pitching, How to Write a Mind Blowing Pitch? - This list presents tips and tricks on how to write the perfect pitch. 

10 Funding Opportunities Young Entrepreneurs Can Apply for Now - This list of funding opportunities will surely help you find funds to start your business! 

Tips/advice from fellow entrepreneurs

5 Things Young Entrepreneurs Should Know Before Starting A Business - Ever been curious about what you should know before starting a business? This list is a great place to start. 

Five Tips For Young Aspiring Entrepreneurs   - Starting a business can be challenging. This list presents some tips and tricks for when you’re starting out. 

7 Proven Tips for Young Entrepreneurs to Start Off Strong - This list of proven methods will surely help you spell success for your business. 

The 20 BEST Pieces of ADVICE Every Aspiring ENTREPRENEUR Needs to HEAR! - In this video, successful entrepreneurs share the advice they wish they knew when they started out. 

Women at Work - Looking to get inspired? Learn about some successful business women and their stories. 

Resources for Institutions/Policy Makers

5 ways governments can unleash the power of young entrepreneurs - This article examines ways that policy makers can create a healthy culture for young entrepreneurs .  

Sustaining Entrepreneurship Through Corporate Innovation and Intrapreneurship - This blog post presents challenges and barriers to intrapreneurship and how those hurdles can be faced. 

Center for Strategic & International Studies (CSIS) Panel on the topic of Youth Entrepreneurship - This panel recording covers the issue of diverse paths for youth entrepreneurship.

Five ways to strengthen youth entrepreneurship - This blog post summarizes ways in which youth entrepreneurship programming can be strengthened. 

Social Entrepreneurship  

Social Entrepreneurship: How You Can Profit By Making A Difference - This article explains what social entrepreneurship is and how you can get involved. 

How to Generate Social Entrepreneurship Ideas: 3 Successful Social Entrepreneurs and How You Can Make a Difference - This blog offers up examples of social entrepreneurship projects to inspire you to make a difference in your community.

5 Powerful Ideas for Global Impact from Social Entrepreneurs - This list of videos presents the impact of social entrepreneurship and a good case why youth should get involved. 

The Entrepreneurial Attitude: Lessons From Junior Achievement's 100 Years Of Developing Young Entrepreneurs - This book is a great read for young entrepreneurs to be inspired by others who came before them. 

20 Social Entrepreneur Books That Will Inspire You To Impact The World - This list will give you many book options that will inspire your entrepreneurial goals!

7 Steps to Becoming a Successful Social Entrepreneur - This article provides seven tips for young social entrepreneurs just starting out. 

Entrepreneurship in Specific Regions

Everything you need to know about West African startup landscape [2019 Update] - This brief summarizes everything that young entrepreneurs need to know entering the West African startup landscape. 

My Life as an Entrepreneur in Egypt - This blog paints a realistic picture of the entrepreneurship experience in Egypt. 

Challenges and Prospects of Youth Entrepreneurship Development in a Designated Community in the Western Cape, South Africa - This study examines the startup climate in South Africa for youth.

Your Comments

We asked, "How can you transform your own local community through entrepreneurship?"

"I can transform my local community by providing skills training to members/youths of my community. With the skills acquired, I believe they will mindfully contribute towards community development by giving back to the community with the skills and knowledge gained." - Elton Dunn Yoko

"I can transform my community through entrepreneurship by offering a social enterprise that develops the capacity of the employees and clients served. Imparting a mind-shift from just earning for self but service and when it gets to a point when everyone is thinking of helping someone else, then we will have a transformative community." - Olivia Shaw

"First is to share ideas, principles, skills and knowledge in relation to entrepreneurship. Entrepreneurship is the foundation of all business from grass roots therefore, education and trainings are best aspects for transformation that can be shared, that is, training and education open or highlights principles and aspects of entrepreneurship and also awaken the skills and knowledge and also improving morale for them to involve and commit themselves." -Kgalalelo Tlalanyane

"By encouraging small start-ups and innovations to continue  and for them to grow.Also encourage them to do their small business and also access funds from banks and microfinance institutions." -Collins Wambugu

"By involving young people in entrepreneurship and innovation seminars, which will equip them with necessary knowledge to start up SMEs. Also engaging authorities in such discussions / seminars with youths, so they can give full support." -Isaac Ngwata

So Now What?: Setting the Starter Kit in Motion 

1.     Read through the available material. Use the  Business Plan Toolkit ,  Marketing Product Toolkit , and  Budget Toolkit  as jumping off points. 

2.     Use  The Art of Pitching  resource to develop a pitch to potential donors. Use the Fundraising Starter Kit to explore funding opportunities, including crowdfunding, grants, and fundraising events. 

3.     If working with a team, convene a team meeting to debrief on lessons learned and applicability to your organization. Incorporate lessons learned into your organization’s business strategy. 

4.     Evaluate your success using the  SMART Goals: A How to Guide  rubric, making adjustments accordingly. 

Sir, I am looking forward to become an official partner of YOUTHLEAD, on Entrepreneurship Programme. 

Sir, you can provide me a banner which consists a URL to be placed on my portal; http://www.eict.com.ng

As time goes on, we can collaborate further on how "basic reading materials" on Vocational Education, can be released periodically. 

Best Regards

Lateef Kehinde

EICT Institute

• Log in or register to post comments

Very informative, still reading, great job!

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10 Proven Tips for Young Entrepreneurs to Start Off Strong

Table of Contents

Many people dream about starting their own company. After all, what could be better than being your own boss and bringing your passion project to the world? Even if you’re not ready to start your business, there are many things you can do while you’re young to boost your chances of startup success down the road.

Becoming an entrepreneur can be intimidating, but utilizing the right tactics to start off strong can boost your chances of success. We’ll look at 10 tips for getting young entrepreneurs on the right path and explore some business ideas for young entrepreneurs.

Tips for young entrepreneurs

Here are 10 tips and best practices that can help young entrepreneurs overcome the challenges of starting a business and find success.

1. Find your passion.

The most successful startups are founded by people passionate about what they do. So what are your passions? Whether you love kayaking or music, the things you’re most interested in can be a great source of inspiration for entrepreneurial ideas.

When you base your ideas on something you truly love, you’ll be more focused and motivated. Better yet, you’ll bring in your own knowledge and personal experiences – key ingredients that can help you find a unique angle to help you succeed.

FreshBooks found that 15 million Americans are self-employed full time, with QuickBooks reporting that 28.2% of American workers had some form of self-employment, including freelance businesses .

2. Know your market.

Failing to understand your market is one of the top reasons new businesses fail. If you want any chance of success, you must thoroughly research your target market before launching your business. 

Understanding your market will help you identify crucial attributes like price points and marketing plan messages that appeal to your target audience . You’ll also understand the market’s need for your idea – if that need exists. The better you understand your target market, the easier it will be to avoid costly misfires.

3. Get your finances in order.

While many startups enlist the help of angel investors to get up and running, you can’t assume you’ll get that type of financial help. Many entrepreneurs self-fund their businesses , which means you should do everything possible to improve your financial situation. 

Start building credit as early as possible (in high school if possible), and pay off student loans and other debts. An excellent credit rating will make getting a business loan to help fund your startup significantly easier. It will also give you the discipline to implement budget planning and keep your company’s finances straight.

4. Prepare to make sacrifices.

There’s no such thing as an overnight success. Even the multimillion-dollar startups that seem to pop up out of nowhere were the result of countless hours of hard work before they started making headlines. As Steve Jobs said, “If you look closely, most overnight successes took a long time.” 

Becoming a successful entrepreneur requires an intense level of dedication to your dream, and this means sacrificing time and money to make it happen. It may not be fun to give up those nightly Netflix binges or weekend parties with friends so you can put in some extra hours on your startup, but these sacrifices are much easier to make now than when you’re older.

Signs from childhood that you’re a born entrepreneur include early time-management skills, being a natural leader and pushing boundaries.

5. Find a mentor.

Running a business requires a wide range of skills and expertise you likely haven’t mastered yet. You shouldn’t try to make challenging business decisions on your own. Because of this, finding a mentor is one of the most crucial things a young entrepreneur can do. 

Mentors have walked your path and bring knowledge and experience to help you move forward and make smarter business decisions. Use alumni networks, conferences and other resources to form these valuable connections. You can even get free mentoring help from retired executives volunteering for SCORE.

6. Tune up your business knowledge.

You may be passionate about your big idea, but creative energy isn’t enough. Successful businesses require more than an innovative product; they need a competent team to manage finances, operations, manufacturing, marketing and all the other things that go into producing and selling a product. 

Take time to improve your business IQ, and create a hiring process to find like-minded individuals who can join your team and compensate for your deficiencies. By paying just as much attention to the business side of things as the creative side, you will lay a foundation for a startup that lasts.

7. Be a planner.

The “tell me your five-year plan” job interview question is an uncomfortable experience for many. However, to be a successful entrepreneur, you need the ability to plan ahead. Use your overarching goals to set realistic milestones for your company’s growth and development. By placing key actions on a timeline, you’ll improve your focus and accountability, making it much easier to stay on top of what must be done.

8. Find good people.

While you may be a solopreneur in your early days, you will need to hire good people as your company grows. It’s essential to hire people with the skills and experience your company needs, but it’s crucial to hire for a cultural fit to surround yourself with people who share your character and values. 

9. Be flexible.

Sometimes things don’t work out quite as you expected, but they still work out. Have the flexibility to adjust to changes you see in the market to capitalize on opportunities. Just as Netflix transformed its business from DVD kiosks to streaming, you must have the ability to look at the bigger picture and pivot when needed.

10. Take action.

Planning is necessary, but making those plans a reality is at the heart of entrepreneurship. Being a business owner means taking risks even when there is uncertainty. Even once your business is going, you’ll need to continually scan for new growth opportunities and challenges and take action to come out on top.

Starting a business doesn’t have to be expensive. Business ideas you can start on the cheap include sales consulting, virtual training and a social media marketing service.

Business ideas for young entrepreneurs

Do you want to start a business but don’t know what kind? Consider one of these business ideas.

• Online reselling: It’s easy to set up an online store on Amazon or Shopify or even sell on Instagram. Identify a niche product that you want to sell and look for suppliers. Take pictures, write descriptions and market your e-commerce store .
• Mobile pet grooming: The mobile pet grooming industry is growing. Starting a mobile pet grooming business mainly involves buying and outfitting a van and marketing your services.
• Freelance writing: If you’re a good writer, you can work from home writing articles and creating content for websites. Market your services on Upwork and other freelance platforms.
• Catering: Great cooks can monetize their skills by providing event catering or home chef services. Create menus and take gorgeous pictures of your creations for your website and social media accounts.
• Event planners: Very organized individuals with a good eye for design and entertainment can peddle their knowledge as event planners.
• Cleaning: Maid services have low startup costs, including equipment like vacuums and cleaning supplies. You can start out doing it yourself and then add employees as your customer base grows.
• App development: Program a new app that provides value to users, and sell it on the Apple App Store and Google Play.

Starting your own business can be exciting and challenging. While you’ll undoubtedly encounter many obstacles and setbacks on your path to success, following these tips will help you start strong on your entrepreneurial journey.

Nathan Resnick contributed to the writing and reporting in this article.

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Youth entrepreneurship is transforming our economy, but what does it take to excel as a young entrepreneur? Uncover the essentials in this no-fluff guide. We lay out the strategies that are propelling young business minds to success, the impact they’re creating, and how you can follow in their footsteps.

Key Takeaways

Youth entrepreneurship is surging, driving economic growth and innovation, and providing young people with financial independence and invaluable life skills.

An entrepreneurial mindset coupled with creativity, risk-taking, resilience, leadership, and communication skills is vital for young business success.

Support systems, including education programs, mentorship, networks, and financial resources, are critical for overcoming challenges and propelling young entrepreneurs toward achieving their goals.

The Rise of Youth Entrepreneurship

Young entrepreneurs are shaping the future of our economy, from running their first lemonade stand to seizing opportunities in the broader world of entrepreneurship, including the informal economy. With more children launching businesses, youth are empowered to gain financial independence and foster their growth while generating employment for others.

No matter the age, anyone can start up their own business. Even a simple lemonade stand provides first-hand experience and imparts important life skills such as problem solving, customer relations and money management. For those interested, here's a great resource on how to start a lemonade stand , which can be the first step in a young entrepreneur's journey. These experiences will likely lead to success in larger entrepreneurial ventures down the road.

The blend of creativity and innovation brought forward by young entrepreneurs, whether they're selling lemonade or launching a tech start-up, has transformed how we view this space. It spans both traditional markets and modern technology platforms that enable new possibilities for today's youth.

Factors Contributing to the Growth

The youth entrepreneurship movement is driven by a variety of contributing elements, primarily access to knowledge. In today’s digital world, young entrepreneurs, even those running a simple lemonade stand, have access to an abundant selection of data and materials that aid them in making informed decisions, seizing chances for success and competing in the market efficiently. This advantageous availability benefits not just them but also suppliers they use as well as their employees, all having an impact on the greater community at large.

Supportive networks are crucial for young entrepreneurs, especially for elementary and middle school students who may be dipping their toes in entrepreneurship through ventures like lemonade stands. Being part of such a network creates a powerful atmosphere amongst like-minded individuals. This environment connects these aspiring entrepreneurs to larger circles. These circles offer invaluable advice and guidance. They also provide necessary tools like mentorship from successful role models.

These role models, who may have started their entrepreneurial journey with a lemonade stand, offer advice that is even more valuable. This support helps young entrepreneurs tap into the fast-evolving global economy. It's an economy where creativity often wins over competition from existing companies. This pushes forward growth and encourages more youthful participation within the industry, be it running a lemonade stand or launching a tech start-up.

Impact on the Global Economy

Young entrepreneurs, including those starting with simple ventures like running a lemonade stand, have a profound influence on the global economy. Not only do they generate profits, but they also make invaluable contributions to society by creating jobs and offering meaningful employment opportunities to others. These young innovators, even those who start with a lemonade stand, help foster an innovative spirit and introduce fresh ideas into the market. These contributions promote economic growth for developed countries as well as aid development in countries that are in need.

Entrepreneurship, even at the level of a lemonade stand, can help these less fortunate nations reduce poverty through job creation, alleviate income inequality, and catalyze their overall development progress – successes made possible with youth ambition at its center point. Thus, businesses managed by young people can be seen not just generating profit or increasing productivity but rather that it is making notable differences too far-reaching than what money alone could accomplish.

Building an Entrepreneurial Mindset

Fostering an entrepreneurial mindset is essential for the success of young entrepreneurs. This involves more than just business knowledge and technical expertise, it encompasses various attitudes and behaviors that will help them surmount difficulties, capture opportunities, and advance their enterprises forward. These include traits such as creativity and innovation, which can be honed through simple ventures like running a lemonade stand. For instance, learning a simple lemonade recipe can be the start of understanding product development.

Risk taking and tenacity are also crucial, which can be learned from managing a small business, such as a lemonade stand. Command and interaction, when blended together, equip these budding entrepreneurs with all the skills required to realize their ideas into successful businesses, whether they start with a lemonade stand or aim for a tech startup, making a substantial contribution to society.

Creativity and Innovation

Young entrepreneurs have the opportunity to stand out in today’s business world by utilizing creativity and innovation, even when it comes to running a simple lemonade stand. By creating unique concepts, products or services, like a lemonade stand with a special twist, they can gain a competitive edge that allows them to respond quickly with solutions when faced with market changes. For some creative lemonade stand ideas , check out this link.

Entrepreneurship provides an environment for budding professionals to develop ideas which meet their customer’s evolving needs while also challenging current norms of thinking. Even a lemonade stand can be a platform for them to experiment and learn from their mistakes. By encouraging experimentation and learning from mistakes as part of their entrepreneurial journey, young innovators will create businesses that are ahead of the game using modern strategies born out of creative problem solving.

Risk-taking and Resilience

Young entrepreneurs need to develop an entrepreneurial mindset which includes risk-taking and resilience. They must be open to taking calculated risks, trying new things, and leaving their comfort zone in order for a business venture to be successful. This includes coming up with catchy lemonade stand names to attract customers.

This is something that can easily start with children as even running a lemonade stand offers valuable lessons about these essential qualities of entrepreneurship. By being able to take chances while managing adversity constructively so they gain more insight into how businesses work effectively.

Leadership and Communication

Young entrepreneurs need to hone two key skills in order to lead their businesses effectively; leadership and communication. This development can start as early as running a small venture like a lemonade stand. Creative lemonade sign ideas can be a fun way to practice marketing and communication skills.

Making strategic decisions about pricing and product, motivating peers to join in, and building meaningful relationships with customers are all part of the process. Likewise, being able to articulate ideas clearly, comprehend what customers want, and negotiate well are skills that can be nurtured in these early stages.

These abilities are essential for young business owners to succeed in achieving their goals, whether it’s a lemonade stand or a tech startup. Thus, investing time into honing these capabilities from the get-go is of great importance for the success of any entrepreneur’s venture!

Inspiring Examples of Successful Young Entrepreneurs

Young entrepreneurs around the world have used their ideas and enthusiasm for entrepreneurship to create successful businesses. These ambitious trailblazers, who come from different backgrounds and industries, are setting examples by making a real difference with their passion for business-building. Essential to their success are the right tools and resources, such as finding the best lemonade stand supplies .

From technology innovators disrupting entire sectors of industry to social entrepreneurs utilizing sustainable practices in pursuit of solutions to big problems. Even creative minds find success through art - these motivated youth truly showcase what can be accomplished when armed with entrepreneurial spirit.

Technology Innovators

Young entrepreneurs, such as Mark Zuckerberg and Dustin Moskovitz who founded Facebook, prove that age does not define success in technology. The stories of these ambitious minds emphasize the necessity to have technical skills, passion for innovation, perseverance, which all contribute to achieving goals when creating products/services with a technological aspect. Similarly, even a simple lemonade stand flyer can be a step towards mastering marketing skills.

Their accomplishments show how vital it is for young entrepreneurs like them to adapt swiftly given their ever changing industry landscape so they can utilize modern technologies in order to maximize potential successes.

Social Entrepreneurs

Many young entrepreneurs are utilizing their businesses for social development. Notable examples include Kamaria Warren who founded Brown Girls Stationery, Lily Born the creator of Kangaroo cup and Fraser Doherty a leader in community beekeeping projects. These ambitious business people have created meaningful change in society by establishing companies that not only focus on making profits but also have the goal to tackle environmental and societal problems too. Even the aesthetics of a business, like lemonade stand decor , can reflect its values and mission.

Positively impacting lives as well as initiating progress within local communities with entrepreneurial methods. This highlights how being an entrepreneur can be used constructively creating motivation among other innovators aiming to make beneficial contributions through their own enterprises.

Creative Visionaries

Young people in the creative fields are achieving success by turning their artistic talents into thriving companies. Examples of such entrepreneurs include Moziah Bridges and his collection of ties and accessories, as well as Mia Monzidelis who has made waves with her Power Pony concept. They also learn to navigate the legal aspects of business, such as understanding if you need a permit for a lemonade stand .

These innovative businessmen have demonstrated that creativity can be used to achieve great accomplishments both financially and culturally. They bring color and beauty to our world while generating profit at the same time.

Their stories serve to inspire others on how one’s ideas should never remain just an idea – if you work hard enough then it could turn out successful like these very inspiring entrepreneurs show us every day!

Supporting Youth Entrepreneurship: Programs and Initiatives

Young entrepreneurs need the right support and resources to turn their business ideas into successful ventures. They require educational programs, mentorship opportunities, financial resources as well as training to help them navigate any potential challenges along the way. Engaging in activities like a lemonade stand game can also be a fun and educational way to learn about business. This kind of backing enables young entrepreneurs with knowledge, skills and necessary networks for beginning or expanding businesses in order to reach success.

The learning process within these programs not only provides an understanding of how things work, but also gives access to important connections that can greatly benefit a startup’s growth prospects while equipping them with the tools they would otherwise have no chance of obtaining alone, thus nurturing innovative minds toward achievement goals desired by all aspiring innovators. With this combination provided, motivated individuals are able more easily succeed in turning viable concepts into lucrative realities fueling innovation through proactive initiatives world wide.

Educational Programs

Youth entrepreneurs can benefit immensely from educational programs designed to bolster their business acumen and skills. Programs such as workshops, online courses, competitions, mentorship schemes, and initiatives like Lemonade Day offer young people the chance to gain practical experience with regards to topics like starting a company, analyzing markets and concepts, along with financial literacy and sales strategies that help them succeed in this area of work.

For kids attempting their own entrepreneurial endeavors (such as running lemonade stands), taking part in an education program or participating in events like Lemonade Day provides the perfect opportunity for children to gain hands-on knowledge in all areas of enterprise. This allows them to develop invaluable traits which may one day prove beneficial in any future ventures they embark on.

Mentorship and Networking Opportunities

Mentorship and networking can be incredibly valuable for young entrepreneurs to achieve success. Having a mentor provides guidance, support, encouragement and an example of what is possible with dedication. Networking enables them to connect with other business owners and professionals as well as potential customers, which opens up new paths of opportunity. These two important resources are essential in order to help build successful businesses for future generations of budding entrepreneurs.

Financial Support and Resources

Many young entrepreneurs have innovative business ideas, yet find it difficult to acquire the necessary capital. To get around this problem, they can depend on personal savings and contributions from friends or family members as well as receive loans or investments from angel investors and government grants.

Crowdfunding sites such as Kickstarter, Indiegogo, GoFundMe, Patreon are also becoming increasingly popular in providing resources for entrepreneurial ventures initiated by youth. Not only do these avenues offer monetary aid, but they also provide an initial platform to increase awareness of their venture amongst potential customers.

Young people hoping to gain funds through crowdfunding need merely pitch their businesses’ plans online directly reaching out to a larger public who may be interested in sponsoring them financially. This type of support allows startups access much needed backing along with creating customer leads for new enterprises at the same time, two advantages which prove especially beneficial when starting off small operations like that favored by aspiring entrepreneurs today.

Overcoming Challenges in Youth Entrepreneurship

For entrepreneurs, especially young ones, achieving success means conquering various obstacles. Things like managing their studies and businesses together or obtaining access to capital must be tackled in order for them to reach the goals they have set out with their business ventures. With commitment as well as proper planning of strategies and harnessing needed resources, however. These issues can easily be overcome enabling budding entrepreneurs to concentrate more on honing skills vital for being an entrepreneur while gaining progress towards successes that go beyond merely starting a lemonade stand but rather striking it big through innovative startups.

Balancing Education and Business

Young entrepreneurs often face the challenge of having to divide their attention between schoolwork and running a business. Fortunately, with careful planning and efficient time management, this problem can be effectively dealt with.

Parents have an instrumental part in helping their children achieve success by being there for support while providing resources such as guidance on how best to prioritize tasks so that both education and entrepreneurship are given appropriate attention. With the right level of assistance from loved ones, young aspiring businessmen/women will easily find ways to excel at all they set out to do academically or entrepreneurially!

Access to Capital

For young entrepreneurs, getting the necessary funding for their business ideas is a big challenge. Despite having great concepts in mind, limited financial resources may prevent them from setting up a new venture. With ambition and effective planning, it can still be accomplished through various methods such as personal savings or investment received from family members and friends, loans provided by banks or investors, and government grants. And crowdfunding platforms. These are just some of the possibilities that aspiring businessmen must take advantage of to get the sufficient capitalization needed to turn these unique notions into thriving enterprises.

Building a Supportive Network

Young entrepreneurs aiming for success must construct a strong support system. They can gain insight and resources by creating connections with mentors, peers in the same industry, and other experts. Such networking helps to negotiate entrepreneurship related issues while learning from others’ experience as well as allowing exposure of their businesses.

To form such networks, young entrepreneurs should participate actively at events or programs dedicated to entrepreneurship. Get involved in clubs/organizations that focus on it, look out for potential mentors specialized in this field, use digital channels (platforms and social media) to reach like-minded people, collaborators and eventually consumers. A supportive network gives ambitious business owners more chances to achieve successful results in their endeavors.

The journey of youth entrepreneurship has the potential to bring exciting opportunities for young people, allowing them to learn and evolve while also making an impact on our society. Through their creative business ideas (from a simple lemonade stand to launching tech startups), these budding entrepreneurs are helping shape today’s ever-changing market landscape with groundbreaking innovation.

As rewarding as it may be, embracing this entrepreneurial lifestyle is not without its difficulties. By equipping themselves with the right attitude along with necessary knowledge and resources, they can conquer any obstacle that comes in their path to success. We congratulate those already taking part in this venture now – being able to forge ahead into tomorrow’s world through their courageous decisions made today!

Frequently Asked Questions

Why is youth entrepreneurship important?

Youth entrepreneurship is incredibly valuable due to the innovative solutions it offers. Starting at an early age, these young minds generate ideas that can have a positive effect on society and address pertinent global issues.

By promoting entrepreneurial activity in youngsters, we inspire them to be problem-solvers as well as encouraging creative thinking, which may result in incredible inventions of benefit for all.

What is the youngest age to be an entrepreneur?

Anyone of any age can start a business, except in states where it’s expressly prohibited. In California, a 12-year-old can technically start an LLC with the help of a parent or guardian to navigate the process.

What is the disadvantage of youth entrepreneurship?

The challenge of youth entrepreneurship comes from the lack of knowledge that leads to a costly learning process for these young entrepreneurs. They often have difficulty getting financial support such as loans and investments due to limited access. This can make it difficult for them to grow their ventures successfully without having been exposed beforehand in this area. With perseverance and determination, most are capable of making progress along their entrepreneurial journey.

What is a youth entrepreneur?

Youth entrepreneurs are driven individuals who focus on business opportunities, even with the risks involved. They actively create and manage their own ventures in order to tackle economic issues like unemployment or poverty. Such enterprising young people look for ways to move forward despite any potential setbacks that may occur along the way.

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11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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Meet 10 Successful Young Entrepreneurs

Kamaria warren, ryan hickman, kiki hardee.

• Michael 'Mikey' Wren

Moziah Bridges

Mia Monzidelis

Fraser Doherty

The bottom line.

• Business Leaders
• Entrepreneurs

10 Successful Young Entrepreneurs

Michelle Lodge is a contributor to Investopedia, who is also a writer, editor, and podcaster.

Every generation has had its share of successful young entrepreneurs, from agriculturalist Eliza Lucas Pinckney (1800s) to Apple founder Steve Jobs (1900s). Now, it's Generation Z's turn. Born between 1997 and 2012, this generation is finding innovative ways to make their own income. For many of these bright stars, that means starting early to pursue entrepreneurship as a means to leave their mark on the world. Read about the latest generation of entrepreneurs from the U.S., India, and the U.K.

Key Takeaways

• A young entrepreneur is a child or young adult who finds opportunities to start and operate a business.
• Kamaria Warren created a line of products for Brown and Black girls—stationary, vegan bags, and accessories—after finding no party products that represented girls of color. 
• Ryan Hickman realized at age three he didn’t like the sight of discarded bottles lying on the ground, so he started collecting his family’s and his neighbor’s recyclables, which later became his business. 
• Mikey Wren teaches financial literacy to kids in his community and has written two books on the subject.
• Vinusha MK found her love of baking at a young age and is now the force behind Four Seasons Pastry, whose aim is to set up a cooking school for the underprivileged.

According to  The 2022 Investopedia Financial Literacy Survey , Generation Z adults (i.e., those between 18 and 25 years old) are more financially sophisticated than any previous generation was at their age. Some successful young entrepreneurs start really young. Whether inspired by family, events, or a desire to have fun, these young entrepreneurs set out to tackle the world of business.

At age 13, Hart Main came up with the idea of manly scented candles after teasing his sister about the girly scented ones she was selling for a school fundraiser. It wasn't until Hart set out to purchase a $1,500 bike that he reconsidered what he suggested in jest.

Hart and his parents contributed nominal amounts to begin the business and worked together to develop the candles, cleverly named ManCans. They are now handmade by the Beaver Creek Candle Company in Lisbon, Ohio, by a workforce consisting of people diagnosed with developmental challenges.

Adopting a simple and masculine theme, ManCans candles—with available scents including Campfire, Bacon, Sawdust, Fresh Cut Grass, and Grandpa's Pipe—are made using soup cans. As of 2016, Hart's candles are sold in every state, with sales exceeding six figures annually. Giving back to the community, Hart donates part of each sale to soup kitchens in Ohio, Pennsylvania, West Virginia, and Michigan.

At age seven, Kamaria Warren and her mom—graphic designer Shaunice Sasser—went shopping for birthday invitations for her upcoming party. What they found was no product that represented Brown and Black girls. That necessity hatched an invention, and Brown Girls Stationery was born.

That set the McDonough, Georgia, native on the route to creating party and school supplies, stationery, vegan purses, and accessories for girls. Most products bear a cheery illustration of a Black or Brown girl, and Warren also sells dolls.

“Because of our unique images and offerings, we are able to make money while having an impact,” Warren says of the business, which has five employees and five volunteers. She sells her products on Shopify, Faire Marketplace, wholesale, and at local events. On average, Warren sells some 10,000 notebooks, 2,500 notepads, and 1,500 backpacks each year.

What motivates her, Warren says, is “seeing other girls wear my stuff and being proud of who they are.” Her motto is: Dear Brown girl, you have the ability to change the world.

Failure and the fear of failure should not be the end of your entrepreneurial journey. Rather, allow failure to motivate you and use it as a catalyst to refine your strategy.

Ryan Hickman realized at age three that he didn't like seeing discarded bottles and cans lying on the ground, so he did something about it. Hickman started collecting his family's recyclables and then went with his dad to the local recycling center, where he got $5 for the haul. He was so inspired by that exercise that he started collecting his neighbor's recyclables by going door-to-door with a bag attached to his bike. By age seven, the Orange County, Calif., boy was running his own business, Ryan's Recycling Company.

Hickman has been lauded through the years by news organizations, including CNN Kid Wonder in 2017. He has also appeared on many national TV shows, including "Ellen" and "Today," talking about his mission. On his site, he sells T-shirts bearing the message, "Make the Sea Trash Free." All profits from selling his merchandise and recycling go to the rescue organization Pacific Marine Mammal Center. By April 2022, it had raised more than $14,000 and helped recycle 1.5 million cans and bottles.

Hickman has also started a new nonprofit, Project 3R, whose mission is to educate and stress the importance of recycling to kids and adults worldwide, as well as to organize and manage community clean-up efforts.

" If a kid like me can make a difference, anyone can, too," explains Hickman. "When we all do just a little bit, it adds up to a huge difference. Thanks for helping me clean up our planet."

The best way to deal with a spill is to avoid it. That's what inventor Lily Born had in mind when, at age eight, she noticed that her grandfather, who had Parkinson's disease, was frequently spilling his drinks, often leaving her grandmother to clear up the mess.

Born invented the three-legged cup, known as the Kangaroo cup, that won't tip and started her company called Imagiroo LLC. To perfect her design, Born and her dad traveled across the world to the ceramics capital of China, JingDeZhen. There, they were able to refine the models, find a manufacturer, and prepare for a production run of ceramic cups, which come in plastic, too. They also got financial support from the crowdfunding platforms Kickstarter and Indiegogo.

Today, Born has sold tens of thousands of Kangaroo cups worldwide and serves as an inspiration to children like her who don't see the problem, but the solution.

It was a good heart that led Vista, Calif.'s Katelynn "Kiki" Hardee at age five to make sure that neither her schoolmates' families nor local schools incurred debt for school meals. She had learned that her school in the Vista Unified School District had more than $600 in school lunch debt and that some kids had to skip lunch because their parents couldn't afford to pay for it. All of that was unacceptable to Hardee.

To raise money, Hardee began selling cookies and hot cocoa, as well as running other fundraisers, in what became known as Kiki's Kindness Project. Eventually, Hardee raised enough money to pay off the entire district's lunch debt to the tune of more than $7,000. Hardee's ongoing efforts have raised more than $22,000 with the goal of collecting $250,000—and encouraging other children to find ways to help those less fortunate.

Michael 'Mikey' Wren

Michael "Mikey" Wren definitely has a head for business.

At the tender age of eight, this St. Louis, Mo., boy started Mikey's Munchies Vending, a collection of vending machines. That was just the beginning.

Wren believes in helping the community by volunteering his time to teach financial literacy and hosts an annual drive to donate new toys to local kids. He has also written two children's books, Mikey Learns About Business , which covers writing a business plan, marketing strategies, and networking, and Biz Is a Whiz for children pre-K to 3. He regularly books speaking engagements to talk about his work.

Wren is also a member of two national kids' boards. He gave away $10,000 worth of brand-new clothing to youth in his community.

Mo's Bows

If style is important to you, then sometimes there's nothing for sale that suits your stringent sartorial standards. Enter Moziah Bridges, a Memphis native who at age nine couldn't find a suitable bowtie. So he started Mo's Bows—by first learning to sew and then making the colorful bowties with leftovers from his grandmother's sewing projects. Eventually, he hired tailors while he handled the creative and business sides.

Bridges, who has appeared on "Shark Tank," has sold more than $700,000 in handmade men's ties and accessories. He once gave then-President Barack Obama a custom-made tie in "Obama Blue," and his company also produced bowties and neckties for all 30 National Basketball Association teams.

Cole Haan, Bloomingdale's, and Neiman Marcus carry his products. In 2012, Moziah started the Go Mo Summer Camp Scholarship Fund, a charity focused on sending Memphis children to summer camp. To date, the organization has sent more than 50 kids to summer camp.

It was her mother's upcoming birthday that motivated Vinusha MK to bake a cake. The first time out, the cake tasted good but wasn't the right consistency. She vowed never to bake again—an oath that was short-lived. In subsequent tries, her cakes turned out great, and a baker was born.

"I started Four Seasons Pastry in September 2019," writes Vinusha MK of Chennai, India. "The name denotes seasonal colors and flavors used in cupcakes."

Vinusha also envisions setting up a culinary institute in India for low-income people. Until then, the industrious baker sells her signature cupcakes and a baking kit to help kids bake cakes without using the Internet or a smartphone. In the meantime, she is an intern under famous chefs at top hotels in India and sells pastries, cakes, chocolates, and sandwiches online through her business.

Lots of little kids want ponies. That's fine if they live in the country, but for urban and suburban dwellers, fulfilling that dream is nearly impossible.

That's what Mia Monzidelis' parents said to her when, at five, she asked for a pony to keep at her suburban home in Bellmore, Long Island, N.Y., but she was undeterred. She thought creatively about her dream and came up with the idea for Power Pony, a mechanical pony or unicorn made with a furry surface and mechanisms within that are interactive and have an iOS app.

The four-legged toys can travel around the room with the child riding in the saddle. The toy's dimensions are 20 inches from the ground to the saddle and 16 inches from the footpads to the saddle. It is 24 inches long from the handle to the tail.

Monzidelis said it was her dad who believed in her idea of creating the ponies and unicorns and helped her bring it to fruition. They sampled many pony toys before they struck the right one. "At times, it was frustrating, but we kept going until we got it perfect," stated Mia.

The company expanded to 15 employees and 12 volunteers, and during the 2021 holiday season, her company sold 5,000 units. In 2021, her company donated $5,000 to Garden City, L.I.'s Family & Children's Association. "I have always helped kids and families that are in need in whatever way I could, and now with Power Pony, I can help so many kids that are sick or need help," she says.

At the age of 14, Doherty began making jams from his grandmother's recipes. The teen started out selling the sweet treats door-to-door in his neighborhood in Edinburgh, Scotland. Then, he set up a stand at an Edinburgh farmer's market and biked to customers to deliver orders. However, as the word got out, he received more orders than he had time to fill. He dropped out of school and rented a factory for a few days each month to meet demand.

In 2007, the high-end U.K. supermarket Waitrose approached Doherty about selling his SuperJam products made from 100% fruit, leading to his jams gaining shelf space in many stores in the U.K. and Europe.  Five years later, Doherty launched his products in Korea and Japan, selling £1 million worth of merchandise in an hour on a Korean shopping network.

Even Queen Elizabeth II got into the act when she awarded Doherty an MBE medal for service to business in the U.K. By 2019, Doherty had sold his five-millionth jar of jam. He also runs hundreds of free tea parties for older people and has set up community beekeeping projects.

What Is a Young Entrepreneur?

A young entrepreneur is a child or young adult who assumes risks to start and operate a business or finds new ways to do business better. They are the type of person who identifies and pursues opportunities without allowing risks to become barriers.

How Do You Become a Young Entrepreneur?

If you are a child or young adult, think about a problem or issue you or someone you know have encountered and think of a solution. You could also think of how you can repurpose something that already exists. Create a plan, assemble resources, such as money, labor, and supplies, or seek help from an adult who can gather these resources for you. Don't be afraid to ask for help or learn from others who have been successful . Most of all, don't be afraid of failure. Use it as a learning lesson and continue toward your mission.

Who Are Some of Today’s Most Successful Young Entrepreneurs?

Possibly one of the most famous and accomplished young entrepreneurs is Mark Zuckerberg, who, at 19, co-founded Facebook (now Meta). Also topping the charts are Dustin Moskovitz, co-founder of Facebook, and Evan Spiegel and Bobby Murphy, co-founders of Snapchat. Not all young entrepreneurs will reach Facebook or Snapchat status, but success is definitely possible, as these 10 examples show.

Can a 12-Year-Old Own a Business?

There is no age limit on being an entrepreneur; a 12-year-old can become one. However, there may be an age requirement to legally form a business entity, depending on the jurisdiction. Some countries may allow a minor to own a legal business, but special legal rules could cause complications regarding the enforceability of contracts. Fortunately, in many areas, parents and guardians can file on behalf of minors.

Who Is the Youngest Major Company Owner?

On Feb. 3, 2024, Hong Kong's Hillary Yip, born in 2005, was likely still the youngest CEO in the world. She founded and runs MinorMynas, an online education platform for children. She began her journey into entrepreneurship at age 10, dabbling in the tech sector, and today sits at the table with some of the world's most renowned tech geniuses.

It's evident from these young peoples' stories that entrepreneurship is not a one-size-fits-all endeavor. It involves believing in the potential of ideas and pursuing them past ideation and concept development. These young entrepreneurs, inspired by family, academics, social trends, and events, have one thing in common: They found an opportunity and seized it—which is the true essence of entrepreneurship.

Times Reporter. " Young Entrepreneur Hart Main, 17, Owns Successful Candle Business ."

Beaver Creek. " Mancans ."

NFIB. " NFIB 's 2015 Young Entrepreneur of the Year Award Winner: ManCans LLC ."

Brown Girls. " Brown Girls Stationery ."

Ryan's Recycling Company. " Shop ."

Pacific Marine Mammal Center. " Pacific Marine Mammal Center ."

Ryan's Recycling Company. " About ."

Ryan's Recycling Company. " Rep. Mike Levin Celebrates Earth Day by Honoring Local Environmental Ryan Hickman as April Constituent of the Month ."

Ryan's Recycling Company. " Project 3R ."

Imagiroo. " Lily Had an Idea ."

Imagiroo. " About ."

Fundly. " KikisKindnessProject ."

Mikey Knows Biz. " The Kid Who Knows the Biz ."

Mo's Bows. " Dial Up Your Debonair ."

Mo's Bows. " Meet Moziah ."

LinkedIn. " Moziah Bridges ."

The New Indian Express. " At 10, This Chennai Girl Is a Chef and an Entrepeneur. Here's Her Story ."

Four Seasons Pastry. " Four Seasons Pastry by Vinusha MK ."

Power Pony. " Order Your Power Pony Today ."

LinkedIn. " Epoch 5 Public Relations ."

SuperJam. " The SuperJam Story ."

Forbes. " The First Million: Fraser Doherty ."

SuperJam. " SuperJam Home Page ."

Fraser Doherty. " Fraser Doherty, The Adventures of Jam Boy ."

Nolo. " Do LLC Members Need to Be 18 Years Old (Or Older)? "

Gent. " Meet Hong Kong's Youngest Entrepreneur ."

Latin American Post. " Hillary Yip, at 15 years old, is the youngest CEO in the world ."

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23+ Free Entrepreneur Lesson Plans (Projects, Worksheets, etc.)

By: Author Amanda L. Grossman

Posted on Last updated: December 14, 2022

Need free entrepreneurship curriculum, lesson plans, and projects? Here's entrepreneur lesson plans for high school, middle school, and elementary.

So, you’re looking for entrepreneur lesson plans to help turn your kids or students into the innovators of tomorrow.

And not just to make them into entrepreneurs, but to benefit your kids and students with the following results of teaching entrepreneurship :

• Improved academic performance
• Increased problem-solving and decision-making capabilities
• Improved interpersonal relationships
• Higher self-esteem

But, exactly how are you supposed to teach entrepreneurship?

Entrepreneurs, among other qualities, need to be able to recognize opportunities in the marketplace. This means finding a need, and figuring out how to solve that need in a profitable way.

This can be as simple as a kidpreneur/kidpreneurship (or kidpreneur-in-the-making) opening a lemonade stand on a smoldering July day near a construction site, and as complicated as creating a machine knob specifically for tea growers in Japan.

And having this ability doesn't have to result in a person starting their own business; it works equally as well for your child if they work for someone else in the form of more merit raises, one-time bonuses for one-off projects, promotions, leverage in salary negotiations, etc.

In fact, the skill of recognizing an opportunity, and seizing it by writing my own job description resulted in me snagging my first job out of college (worth an awesome $40,000 + benefits to me at the time). More on that in a bit.

What are the other skills a child needs to learn to help them as an entrepreneur?

Psst: you'll also want to check out my resource list of youth entrepreneurship programs , entrepreneur biographies for kids , kid entrepreneur kits , and full review of the Teen Entrepreneur Toolbox . 

Article Content

How Do You Teach Entrepreneurship?

Teaching entrepreneurship is a bit trickier than, say, teaching algebra. With algebra, the equations come out with the same solutions, every time. But with entrepreneurship?

There are an endless number of variables that go into it, and an endless number of outcomes that can come out of it.

How are you supposed to teach for that?

One of the best ways to teach entrepreneurship is to choose entrepreneurial projects, activities, and lesson plans that aim at nurturing these entrepreneur skills:

• Ability to identify opportunities
• Self confidence
• At least basic knowledge of business finances/financial literacy
• Knows how to take measured risk
• Vision and creativity

Elementary School Entrepreneurship Curriculum

Excited to start teaching your elementary school-aged kids about entrepreneurship? Let me share some entrepreneurship lesson plans, resources, and curriculum with you.

Also, check out these 3 kid business plan examples .

1. Venture Lab

Who It’s For : Grades 1-12

Financial Aid : ( Free for non-commercial use ) Curriculum that organizations can purchase to use with students

Length of Program : 90-minute lessons

Location : N/A

Venture Lab offers a curriculum suited for 1st – 12th graders (curriculum is divided into lower elementary, upper elementary, and middle school/high school.) This is a course in a box with all of the lesson plans already completed and is meant to be utilized as part of regular coursework, after school programs, or camps.

Its focus is on teaching girls components of entrepreneurship such as STEAM concepts and design thinking.

2. Money Monsters Start their Own Business

Who It’s For : 4th – 8th grade

Students will read through the Money Monsters Start their Own Business book (PDF provided – 51 pages), and then play a game that has them experience the ups and downs of starting a business.

I love how a Toy Store Income Tracker is included so that each student can track their own earnings and see the numbers for themselves.

Psst: you'll also want to check out Federal Reserve Bank's webinar on teaching kids entrepreneurship , which will give you some lesson plan ideas. 

Starting a Business Lesson Plans for Middle School

Do you want to teach your middle school kid (or student) how to start a business, and you need a lesson plan? I’ve actually created a Take Your Child to Work Day printable which will give you lots of ideas for your starting a business lesson plan.

More middle school business lesson plans for how to start a business (all free):

• Federal Reserve Bank's Jay Starts a Business (Grades 3-6; comes with teacher's manual with lesson plans)
• Free Kid Business Plan Templates
• Biz Kid’s Crash Course on Entrepreneurship for Middle School
• EverFI’s Venture Entrepreneurial Expedition (for grades 7-10).
• Small Business Administration’s Young Entrepreneurs course
• Foundation for Economic Education’s Booms and Busts , What is Entrepreneurship? , What is the Entrepreneur’s Role in Creating Value? , etc. (students can earn a Certificate of Achievement)
• TeenBusiness’s Entrepreneur Lesson Videos series
• Parade of Entrepreneurs Lesson Plan
• Lemonade Stand Worksheets , and my best Lemonade Stand Ideas

Psst: Try holding a market day in your class. Here are 22 things for kids to make and sell , 17 boy crafts to sell , and help pricing their products in this market day lesson plan .

Teaching Entrepreneurship to High School Students – Free Entrepreneurship Curriculum

There are some great curriculum and materials out there for teaching entrepreneurship in high school, many of which include entrepreneur worksheets for students.

Psst: you also might want to check out these 5 business books for teens , and 11 business games for students .

1. Alison’s Entrepreneurial Skills Path

Who It’s For : Business students, and people interested in learning about creating a business

Financial Aid : Free

Length of Program : 6 lessons, each between 1 and 3 hours

Alison is a free, online platform with tons of courses, and one of the paths you can go down is an entrepreneurial skills one.

Teachers of the courses include venture capitalists, professors at Harvard, and professional entrepreneurs.

Lessons include:

• Characteristics of the Successful Entrepreneur
• Critical Skills for Entrepreneurs
• Creating an Entrepreneur’s Checklist for Success
• Entrepreneurship – Creating the Business
• Key Elements of Entrepreneurial Success
• Why Entrepreneurs Should Think Big

2. Youth Entrepreneurs

Who It’s For : Students

Financial Aid : Schools pay for this program, with the cost based on how many students get free and reduced lunches

Length of Program : 1 year

With this program, students first focus on economics, then they focus on starting their own businesses.

3. Diamond Challenge Business Curriculum

Who It’s For : Kids and teens

Length of Program : 14 modules

Looking for a video business curriculum with instructional guides? The Diamond Challenge’s program covers the following:

• What is Entrepreneurship?
• Opportunity Recognition
• Opportunity Screening
• Types of Businesses
• Building a Business like a Scientist
• Using a Business Model Canvas

They also offer a Social Curriculum track that’s 6 video modules long, including:

• What is Social Entrepreneurship?
• Wicked Problems and Grand Challenges
• Social Entrepreneurship Processes and Challenges

4. INCubateredu

Who It’s For : 10th and 12th graders

Financial Aid : Free (at schools where it’s available)

Length of Program : 1 year (followed by acceleratoredu for the 2nd year)

Through Uncharted Learning’s program, 10 th to 12 th graders develop their own business, pitch their idea ta a shark-tank style event, and even have a chance at receiving funding.

5. JA BE Entrepreneurial®

Who It’s For : Grades 9-12

Financial Aid : Free for students

Length of Program : 7, 45-minute sessions

Location : Anywhere

Through your child’s school, they can take Junior Achievement’s Entrepreneurial program. The course teaches students how to create a business plan, plus how to start a venture.

Lessons covered include:

• What’s My Business?
• Who’s My Customer?
• What’s My Advantage?
• Competitive Advantages
• Ethics are Good for Business
• The Business Plan

6. JA Company Program Blended Model

Length of Program : 13 classes (2 hours/class), or as a 1-year program with 26 classes (1 hour/class)

Location : Anywhere (online course)

This is an online program that teaches high schoolers how to solve a problem/fill a need in their community through entrepreneurship.

• Start a Business
• Vet the Venture
• Create a Structure
• Launch the Business!
• Run the Business

7. The Mint's Be Your Own Boss

Who It’s For : Teens

Length of Program : 3 lessons

Starting with the Be Your Own Boss Challenge , The Mint takes your teen through the following three lesson:

• Planning Your Business
• Money & Your Business
• The Law & Your Business

8. Wharton High School's Entrepreneurship

Who It’s For : High School students

Length of Program : 50+ lesson plans

These lesson plans go through the following:

• Entrepreneurs and Entrepreneurial Opportunities
• Global Markets
• Business Plans

9. YE$ Youth Entrepreneurship

Who It's for : high school students

Cost : Free

Location : Anywhere (it's a PDF)

Here's a free PDF with tons of entrepreneur lesson plans and research done for educators, that is meant to go along with a 4-H program. You'll find some nuggets in here, plus, it's free!

Now let’s take a look at entrepreneurial projects that can teach your kids and teens all about starting a business with hands-on experiences.

10. Build a Business Plan

Who It's For : Middle School and High School

Location : Anywhere (online)

Check out this plug n' play business plan creator! You could send your students to this page to work through a business idea of theirs.

Then, at the end, they can print out their business plan!

Questions they'll need to answer include:

• Your big idea
• Who will buy
• How you'll spend and make money

Entrepreneur Worksheets for Students

While I would recommend taking on one of the projects below, or one of the hands-on lesson plans from above, there are also entrepreneur worksheets students can use to learn about businesses.

Here's a few of my favorites (all free):

• Lemonade Stand Free Printables (here's my best lemonade stand ideas , too)
• Lemonade Stand Worksheets
• Family Guide to Getting a Family Business Going (kid-centered)
• Small Business Administration's Lean Startup Business Plan
• Take your students through the DECA Idea Challenge (you'll need to pick your own everyday item to challenge students with, as the competition has ended for the year)
• Take your students through the DECA Entrepreneur of Tomorrow Challenge (again, the competition is over, but the PDF is still available for you to set up your own)

Psst: you might want to check out my review on the Teen Entrepreneur Toolbox .

2 Entrepreneurial Projects – What is an Entrepreneurial Project?

Entrepreneurial projects are a smart way to teach entrepreneurship to kids, because, as with any project, it gives them a chance to dive deeper into a topic that interest them (all under the guise of teaching them how to start and run a business).

Entrepreneur Project #1: Winter Beverage Outdoor Tasting Contest

It’s soooooo easy to sit inside all winter long and slowly accumulate cabin fever (plus a few pounds). That's why you've got to look for fun things to do in the winter.

Well today? We’re going to switch things up. I’ve created a family date night for you ( family winter activities !) that has both an indoor AND an outdoor component.

But don’t worry – with this fun winter activity we’ll keep things toasty throughout.

So, what’s the game plan? Each of your kid(dos) will make (rather,  create ) a warm winter beverage recipe  indoors . Then here's the twist: you’re going to host a family taste testing contest around your fire pit in the backyard.

Not only will this make a fun family memory, but your kid(dos) will actually walk away with more money knowledge in the process centered around the all-important lesson of how to make a profit!

Psst: Now that’s a money lesson I could have used as a kid, specifically as I’ve gone into biz for myself as an adult.

Host a Winter Beverage Outdoor Taste Testing

Finding fun things to do in the winter doesn't have to mean you're freezing your tootsies off. There's nothing better to keep you warm outdoors in the wintertime than a toasty drink. Well, a toasty drink around a roaring fire.

Here’s how it’s going down:

Step #1: Choose an Event Date

Build the anticipation for your family by choosing a date 1 to 2 weeks out (so that there’s time for you guys to complete the rest of the prep work).

Fill out the invitation on Page 1 of the free printable, and display prominently on your family’s bulletin board/gathering center in the kitchen so everyone knows the date of the big event.

Set the stage for the competition by having your family read their mission out loud. Other cool factors you can add in: make it a Friday or Saturday family date night, under the stars. Let the kids stay up a little past bedtime to complete.

Step #2: Your Kid(dos) Research Hot Drink Ideas to Enter into the Competition

Your kids are the ones entering the competition. They’ll be in the driver seat of actually creating their own recipe from scratch (with some inspiration from below).

There are lots of toasty, kid-friendly drink recipe ideas to get them started:

• Hot caramel apple cider
• Vanilla steamer with cinnamon
• Harry Potter Warm Butterbeer

They’ll get lots of help not only from looking up recipe examples on sites like Pinterest, but also from the worksheet in the free printable (Page 2).

Step #3: Shop for the Ingredients

Once your budding restaurant consultant has determined possible ingredients they’ll need for their signature drink, they’ll need you, Mama Bear, to purchase them.

Take the list your kid(dos) have created and go to the store (solo, or with them) to make the purchases.

Having trouble coming up with a pool of possible ingredients to buy? Use the lists below for inspiration of what to pick up (a few of these ingredients you probably already have at home) and let your kids create what they can from it:

• Bases : hot cocoa, apple cider, chai tea, milk
• Flavors : cinnamon, nutmeg, vanilla extract, flavor syrups
• Sweeteners : sugar, brown sugar, caramel
• Creamers : milk, half & half, almond milk, heavy cream, etc.
• Top-offs : whipped cream, caramel sauce, orange peels for zesting

Save your store receipt, as your kid(dos) will need this information to price their drinks later on.

Step #4: Your Kid(dos) Tinker + Perfect their Drink

Using the purchased ingredients as well as anything in your home they can find, host a kitchen lab session where your kid(dos) tinker with ingredients and perfect their super-secret, signature recipes (talk about fun things to do in the winter inside!).

They’ll write down the exact portion sizes to each ingredient that they use as they go along, which is important for the next step.

Step #5: Your Kid(dos) Figure Out the Profit Margin of their Signature Drink

Remember, the goal is to create a new drink for this restaurant that not only costs less than $5, but has at least a 60% profit margin for the owner.

Ahem: between you and me, that means their cost needs to come in under $2.00.

So, as your kid tinkers with ingredients, they need to keep price in mind.

Note: this step can seem a bit unwieldy, but is SO important for the whole process. Just know – I’m outlining both how to do this all by hand, as well as giving you shortcuts to online calculators where your kid(dos) will still learn the process by setting up the inputs and thinking through how it all fits together.

Of course, we’re not talking about the cost of the entire ingredient that you’ve purchased. After all, it’s unlikely they’ll use an entire carton of milk to create one drink. We’re talking about the small portion size that they used of the product.

In other words, they’re not going to get the cost of a single drink they’ve created from your grocery store receipt as it is now. They need to do some calculating based on the measurements of each ingredient that goes into each drink.

You need to know how much it costs to create just ONE of your super-secret signature drinks so that you can calculate the profit margin.

What’s a profit margin? It’s the percentage of what you keep as profit from each $1.00. For example, a 20% profit margin means that we earn $0.20 on every dollar. That means that the other 80% or $0.80 are expenses. Remember that Jack, the man from The Yeti Slide, needs a 60% profit margin, or $0.60 on each dollar in profit after expenses are taken out.

Step #1: Write down your ingredients + quantities.

Step #2: Convert each quantity in your recipe to the quantity on the product label.

Divide your ingredients up by dry ones (like cocoa powder), and wet ones (like heavy cream or vanilla extract).

Then use the appropriate table below to convert the amount in your recipe to the amount that’s found on the ingredient’s product label (front of package).

For example, if you used 3 teaspoons of cocoa powder (dry ingredient), then your conversion is to a ½ ounce (the cocoa powder can is in ounces). Or if you used 2 tablespoons of almond milk, you find on the Wet Conversion table that you used 1 fl. Oz. (the almond milk carton is in Fl. Oz.).

Hint: Can’t find the conversion or a little confused? You can plug the exact quantity of your ingredients into  this liquid converter  or  this dry converter calculator  online and convert it into the measurement found on your product label).

Conversion tables:

Dry Conversions

Liquid Conversions:

Step #3: Calculate the cost of each quantity of ingredient used.

Now you need to price each converted quantity of ingredient by figuring out how much each ounce or fluid ounce costs, and then multiplying it by the amount you’ve used.

Hint: A good estimate to use for dashes of spices such as cinnamon or nutmeg is $0.05.

• Write down the overall price of each ingredient used.
• Write down the converted amount you used of it.
• Divide the total amount in the product package by its price to find what each ounce or fluid ounce costs.
• Then multiply that by the converted amount you used.
• Write down the cost. Then add all of the individual ingredient costs to get your total expense to create the drink.

Example: I used 1 tablespoon (tbsp.) of heavy cream. One 8 fl. oz. container of heavy cream at the store costs $2.99. That is $0.37/ounce. I look at the conversion chart below, and see that 1 tbsp. converts to ½ ounce. So, I divide $0.37/2 ounces, and see that this ingredient for just one drink costs $0.186 (you can round up to $0.19).

Ingredient Cost:   $2.99 _ Converted Amount Used:  ½ fl. Oz.  Total Product Amount:  8 fl. Oz.   Cost per ounce:  _$0.37/fl. Oz.  Cost of Ingredient Used:  $0.37 X ½ = $0.186 .

Looking for a shortcut?  Here’s a free online tool for pricing out beverages . You’ll need the converted amounts.

Step #4: Calculate Your Profit Margin

Figure out how high your profit margin is if you sell the drink for $5.00.

Profit on Drink: $5.00 –  total drink cost  = _ $ _________.

Profit Per Dollar:  Your answer from above  \  Cost drink is sold for ($5.00)  =  $ Profit

Profit Margin:  $ Profit  X 100 =  Profit Margin%

Step #6: Taste Judging Begins

By now you’ve set the scene for some fun things to do in the winter outdoors – think a crackling bonfire out in the backyard (or in your fire pit. Heck, you can de-hibernate the grill for some winter outdoor cooking/heating), plus a table/flat surface where your kids can place their super-secret signature creations.

Bust out some blankets, cover straw bales with table cloths…you get the idea. (And if you’re in Houston like we are? Well, a hoodie should suffice).

Have your kid(dos) place their drinks on the tasting mat, as well as fill in how much their drink costs and what the profit margin is (all calculations they’ll be guided through on the free printable).

Now they get to take a break, while the parents taste + score each one!

Included in the printable are both a tasting mat as well as a score card with specific criteria, such as inventiveness, taste, and profit margin.

Step #7: Declare the Winners

There are winners in a variety of categories, and then an overall drink that is chosen for The Yeti Slide's Yeti Roasts:

• Most Inventive
• Best Money-Maker
• Newest Yeti Slide Signature Drink

Looking for fun things to do in the winter? This two-part activity for your child that will leave them understanding profit margins like a pro, plus give your family an awesome family date night under the stars on a winter evening when you might otherwise be watching tv.

What could be better than that? If nothing else, you’ll have created quite the memory.

Entrepreneur Project #2: A System for Your Child to Identify a Need in Your Home + Propose a Solution

We want to encourage your child to come to you with things they see that could use improvement, and ways they could add value or provide a solution for you.

Let's go through how to do this.

Step #1 : Discuss with your child the idea that people need things + services.

Here's a conversation outline for you with a few blanks to fill in (where underlined) :

“People need things and services in their lives. They need things to maintain their health, they need things to make life more enjoyable. They need parts to make repairs to their belongings. They need really cool items to buy as gifts for others. They need better systems or processes to make things work more efficiently, which just means taking less time and less money and getting the same (or better) results. All over the world, people need things. In my own life, three needs that I've satisfied through purchasing something include  X ,  Y , and  Z . By purchasing them, they made my life easier because  <<FILL IN SPECIFIC INFORMATION FOR EACH EXAMPLE YOU GAVE>> . Generally, when people need something, they are willing to pay money for the solution. That's why there are so many companies, all which provide products + solutions for people's needs.”

Pssst: MAN I wish I could go back 17 years and give myself this talk! Would've saved me several adult years of banging my head against the wall trying to understand how to make money.

Step #2 : Task your child with identifying a need around the house/property/car.

What could this look like?

A Few Examples for you + your kiddo :

• Find a more efficient way to organize the “command center” in your home.
• Use Google Maps or another program to find a more efficient route for your commute.
• Organize the wood pile + create newspaper logs that are fireplace-ready.
• Find a better way to organize/clean/maintain the video game center in your home.
• Clean out your car (I used to do this for my parents!) + add a car trash can to the back area so that in the future the kids can just use that instead of throwing things on the ground.
• Introduce a better laundry system for the family's clothes so that they actually  all  end up in the laundry room, sorted, and ready to be washed.

The possibilities are endless, and specific to what needs your child sees in your family life.

Step #3 : Once they've identified a need and come to you with it, you must decide if it's worth it to you to move forward. Don't be afraid if, after they've told you a need they  think  you have but that you don't  actually  have, to tell them that it isn't a current need of yours. Hey, the road to success is paved with failed products! This is excellent feedback so that they start to understand their “customer” and dig deeper. Perhaps they'll even start to ask YOU what you want from them!

Step #4 : What are both of your expectations for this job so that you know when the job is completed correctly?

Let them tell you what they propose to accomplish and what that would look like.

Then you share what you, as a paying customer, expect in results. Hash this out if need be (just like a real negotiation between a biz and their potential client).

This includes a deadline.

Step #5 : Now you need to ask them for a price.

I know, I know. You might be wondering, “why on earth am I going to let my child choose how much I'm willing to pay them for something they want to do around the house? Isn't it MY money?”

I totally get that. But remember that the nature of this lesson is to ignite that entrepreneurial spirit in them. Instead of you offering what you're willing to pay, have them go through the exercise of pricing their efforts. Then the negotiations start.

This sets them up for good negotiation + valuation skills in the future.

Determine the market price you'll pay, which is where their price (the supplier) and your price (based on how much you need what they're offering + a dash of several other things) meets. $__________.

Step #6 : Your child completes the work + notifies you.

Step #7 : Using the checklist you both created, provide oversight and see if everything is as it was supposed to be.

Step #8 : Pay the agreed upon rate once everything is up to par. And if they don't quite complete the project + deliver what they promised, it's up to you whether you want to make a partial payment, or not pay at all (satisfaction guaranteed could be added to this lesson as well).

If your child makes it through this process, then they will have successfully figured out a “market” need, fulfilled it, and gotten paid from their initiative. This is something that will no doubt shape their futures.

And if they don't quite succeed? Well the lessons are vast for all entrepreneurs as they traverse through the mistakes, failures, and successes.

It's really a win-win situation.

Let me show you what I mean, with an example in my own life.

How I Used this Skill Set to Write My Own First Job Offer Worth $40,000 + Benefits

While some of my dorm mates were floundering around trying to find employment, I was busy enjoying my last two months of college before entering the “real world”.

Why is that? Because I had a job waiting for me. And the only reason why I had that job was I spotted a need in a local company, and wrote my way into it.

I had interned for an organization in my small college town, and they ended up building a start-up company set to open its doors sometime around when I was due to graduate. One day I asked them if I could have a full-time job there come June. The director looked at me, and said, “go ahead and write up a job description of what you propose you would do here. Then we'll see.”

So I went back to my college dorm and worked on a job description. I thought about what the company was trying to achieve, and tied this into what I wanted to do with my life (at least what I thought I wanted to do at the time).

I wish I had saved a copy of the actual job description, but my sharp memory tells me it went something like this:

“Amanda L. Grossman will be the International Marketing & Sales contact at Chesapeake Fields. The International Marketing & Sales Person is responsible for researching new markets around the world where Chesapeake Fields' products would be well received. Primary responsibilities include understanding these markets, making contact with potential wholesalers and distributors, sending samples, and being the brand ambassador for Chesapeake Fields within these markets.”

With one minor change − they put sales in front of marketing in my job title − I got an offer from them for $40,000 + benefits to do just that. Within the one year I worked there, I ended up negotiating an initial container load of $27,000 worth of our product to a major food retailer in Taiwan.

Unfortunately, my job AND that company went under not long after my first and only year there. But writing my way into a company right out of college based on a need I saw that I could fill? Well that was enough to impress future employers who then hired me.

See how lucrative learning this skill could be for your child? I'd love to hear below what needs (perceived or actual ones) your child comes up with to fulfill.

• Latest Posts

Amanda L. Grossman

Latest posts by Amanda L. Grossman ( see all )

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Thursday 8th of June 2017

Uh, I totally love this post! My hubby and I are both entrepreneurs and want to instill the same in our children... definitely going to use these tips!!

Friday 9th of June 2017

*Squee*! Thanks, Lauren. I'd love to hear what your kiddos come up with:).

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Most People Have No Business Starting a Business. Here's What to Consider Before You Become an Entrepreneur You need to find the right business opportunity at the right time and take the right steps to beat the odds.

By Cynthia Kay • Apr 22, 2024

Key Takeaways

• Small businesses could significantly improve their odds by starting the right business at the right time and taking the right steps.
• Don't rush the following steps. They set the foundation for beating the odds and growing a great business.

Opinions expressed by Entrepreneur contributors are their own.

There is no such thing as the perfect time to start a business . I know. Growing up in a family business, I always thought I would love to own my own business, but I was waiting for the perfect time. Then, I got fired from my job in broadcasting and had to decide what to do. Was I ready to take on being a business owner? Did I have enough experience? Where would the start-up funding come from? Did I want to own one, or was I just enamored with the American dream of being a business owner?

The hard truth is that most people have no business starting a business because they have unrealistic expectations and have not done the hard work to ensure its success. The statistics bear that out. According to the U.S. Bureau of Labor Statistics , "20% of new businesses fail during the first two years, 45% during the first five years, and 65% during the first ten years."

I have been in business for more than 35 years, which puts me in the category of only 25% of the companies that make it 15 years or more. Am I clever or lucky? Or a little of both? I believe that small businesses could significantly improve their odds by starting the right business at the right time and taking the right steps.

Related: You Won't Be a Successful Entrepreneur Until You Adopt These 3 Habits

The right business

Ideally, there are two things to consider. First, the type of business. The right business for one person is very different than the right business for another. In my case, broadcasting experience was a great foundation for starting a media production company. I had worked for several television stations in a variety of roles, so I understood both the production aspects, what might be compared to operations in other businesses, and the financial considerations.

When you start a business in an industry where you know you have an edge , you see the opportunities and the pitfalls. You can become a recognized leader faster than someone who is just getting started. You also may have recognition or awards that give you instant credibility. In my case, I have won over thirty broadcast awards, indicating that I was a seasoned professional.

One side note: I know people who have been very successful in starting businesses without a specific background in the product or service. These are, however, well-educated businesspeople who can successfully lead an operation and have found others with the skills and understanding of the industry. Being a franchisee is another way to get started because the franchise owner has put the products, systems and training in place to jumpstart ownership.

The second thing to consider is the business owner's passion and commitment level. Even knowledgeable and prepared individuals must work hard during the first few years to set the foundation. Business owners know that means missing family events, long hours, and plowing money back into the operation instead of putting it in their pockets. If you have a passion for business, it is easy to stick it out. If you don't, resentment builds, and the business suffers.

Related: Passion, Freedom, Impact: The 3 Ingredients of Business Success

The right time

You might think that timing is about the age at which you start a business. It is not. Entrepreneurs start businesses at all ages. Over the years, we have seen many young people and their parents on Shark Tank trying to find an investor for their businesses. One might argue that the business is really the parent's idea, but not always.

At the other end of the scale, there are encore entrepreneurs. These are successful business owners who sold their businesses and could not sit still or who left corporate America and struck out on their own late in life. Of course, many of those who are starting businesses are millennials and Gen Zers. The right time is at any age.

What's more important is whether or not the product or service is ready for the market and in demand. Media production as an industry has been consistently in demand since I started but was even more popular during and after the pandemic as people needed to communicate but did not want to travel or meet in person. Many side hustles have soared in popularity, and there is still room for new entities. But others have crowded fields. It's important to look at the competition and see how your offer measures up. Is it different, a better value, or more convenient?

One last thing to consider: Sometimes, you are so far ahead of the market that you need to do more than just sell; you need to educate and create demand. Think about it. Things like computers, meatless burgers and even kitty litter changed or created an entirely new industry. Timing here is tricky. Get in too early, and it takes huge resources to get noticed. Too late, and you can't catch up.

Related: Can You Turn Your Side Hustle Into a Business

The right steps

Benjamin Franklin said it best, "If you fail to plan, you plan to fail." To be successful, you need to take the right planning steps. You need to do the tedious work of creating a business plan. This is the roadmap for how to start, operate and grow the business. There are lots of different templates and resources to create a plan, whether you are starting a traditional business or a lean start-up. Just pick one that meets your needs. You also must find and surround yourself with a great team of advisors, including a business attorney, financial professional, insurance and risk management team and more.

Don't rush these steps. They set the foundation for beating the odds and growing a great business.

Related: 3 Advisors Every Business Owner Needs

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Frequently Asked Questions

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• Is the business plan mandatory to apply or a brief idea of the project is sufficient? »

The programme does not provide a business plan template. New entrepreneurs can choose the format they like and if they encounter any difficulty, they can contact their intermediary organisation for a more information and advice.

 The business plan must contain:

• A clear and detailed description of the product or services on offer;
• A clear and detailed market analysis including a definition and assessment of the target market, a competitor analysis, marketing and sales plane;
• A 2 year financial plan, including a break even analysis.

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Kean Empowers Student Entrepreneurs at Annual Business Plan Competition

A Kean University student’s concept for high-tech activewear with a focus on sustainability took one of the top prizes in Kean’s recent Business Plan Competition, in which young entrepreneurs from several colleges competed for start-up funding for their business ideas.

Joceline Guerra, a senior management and business analytics student from Elizabeth, took the $6,000 top prize in the Next Gen Innovators Track for her business concept, Elyon Activewear, to offer affordable, high-quality and technologically advanced performance sportswear.

“I’m so grateful for this because I realize that I’m not the only one who sees a bright future for Elyon Activewear,” Guerra said. “I really want Elyon to grow, to be able to tell the story of how it started from scratch, how we competed, and how Kean University has been key for this success.”

Hosted by Kean’s College of Business and Public Management (CBPM), the competition awarded a total of $25,000 to winning students in three categories. The Next Gen Innovators Track focused on groundbreaking business concepts; the Community Roots Track supported traditional, community-focused businesses; and the third track was for high school students. 

“This year’s competition encouraged students to be innovators in their communities,” said Jin Wang, Ph.D., dean of CBPM. “It was an opportunity for students to apply their classroom knowledge, hone their entrepreneurial skills, and make a significant impact with their ideas.”

Kean and Wenzhou-Kean University (WKU) students competed alongside students from other institutions, including NJIT and Montclair State University. Twelve teams chosen from the 64 submissions pitched their business plans to a panel of professional judges – business leaders and entrepreneurs – at the Miron Student Center on Kean’s Union campus on Monday, April 22. 

Kean and WKU students took eight of the top 10 prizes. 

The student entrepreneurs represented a variety of majors, including computer science, communication and public administration. Business proposals were also varied, offering revolutionary health and wellness programs, AI-based systems, educational training and more.

“The diverse array of projects this year not only demonstrates the innovative spirit of our students but also reinforces the vibrant entrepreneurial culture we nurture here at Kean,” said Assistant Professor Ipek Kocoglu, Ph.D., co-chair of the competition. 

“We are immensely proud of the collaborative spirit and hard work everyone brought to this year's competition,” said Assistant Professor Saran Nurse, Ph.D., co-chair of the competition.

This summer, competitors will participate in a mentorship program designed to further develop and implement their ideas.

Young entrepreneurs put maple-flavored sunflower seeds on the map

Bryant university freshman chase whitman sells the homemade seeds from his dorm. he and his business partner plan to expand throughout convenience stores in the northeast..

SMITHFIELD, R.I. — Chase Whitman sells homemade maple sunflower seeds out of the bottom drawer of his dorm dresser at Bryant University.

The young entrepreneur is aiming to land the product on shelves at convenience stores in Smithfield, R.I., and throughout the Northeast.

Whitman and his friend turned business partner, Oliver Pudvar, launched their brand, Chip’s Sunflower Seeds, as high school students at Champlain Valley Union High School in Hinesburg, Vt., in 2022.

Although Pudvar attends Manhattan College and Whitman studies at Bryant, the two have big plans for their seeds to appear in stores up and down the region — they currently sit on shelves at the Shelburne Country Store in Vermont.

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Q: Where did the idea come from?

Whitman: It was 2022, and Ollie and I were both on the baseball team, and we were in the same entrepreneurship class. Our business teacher gave us a project to come up with our own business. So we started our own sunflower seed business. We also took what we had around us, and I noticed that my family was into making maple syrup, so we incorporated all three things into our business project to really start something that we are truly passionate about doing.

Q: Why sunflower seeds?

Whitman: It was funny because we were both on the baseball team but Oliver was the one that played the most. I was mostly sitting on the bench. And what I noticed was that most people around me were spitting sunflower seeds for the whole game. You can look at at the back of a sunflower seed package, and it has, on average, 117 percent of your daily sodium intake. So I thought, why not incorporate maple syrup into the sunflower seeds so it’s a more healthy, low-sodium option to snacking during baseball games.

Q: What does the production process look like?

Pudvar: With how we’ve started, we’ve gotten our sunflower seeds from California from a distributor out there. So we’re not locally sourcing them yet. But then once we get the seeds, we’re roasting the sunflower seeds, we’re flavoring the sunflower seeds, we’re packaging, and we’re doing this really all out of our kitchen right now. But hopefully in the near future, with a couple grants that we just received, we’ll be able to locally source our sunflower seeds in Vermont.

Q: Could you expand on those grants?

Pudvar: So recently, Noah Jensen [chief marketing officer] and I, at Manhattan College, competed in a competition called the Manhattan College Innovation Challenge . This is a challenge for new companies that are starting up, young entrepreneurs, that go into Manhattan to pitch their ideas to CEOs that come and judge the competition. We were able to actually get second in the competition. We also won the audience favorite. We came away with $3,500 out of that, so we’re looking forward to putting that toward the company.

Whitman: Each semester [at Bryant University] we have $5,000 in grant money, and I’ve applied for that. And that’s to specifically cover our packaging. We also requested funding for farmer’s market weekend access in our hometown in Vermont.

Q: What are the future goals for expanding the brand?

Pudvar: What we’re hoping to do is locally source all of our products. So having this all be run in Vermont and then hopefully, at one point we can take our hands off of the project and get into either a manufacturing plant or something along those lines, where we’re not literally having to do every step of the process. And then also trying to get into convenience stores and local grocery stores. With our product being a maple sunflower seed, we think that it can be super popular in the Northeast.

Q: How are your sales?

Whitman: Our biggest seller online is actually our merchandise. And that’s what’s bringing in the most revenue now, because we base ourselves on our own mission of having a “chip on our shoulder.” That’s how we explain it. And that’s just like being the underdogs. And we find that people don’t buy what you do, they buy why you do it.

Q: What type of merchandise do you sell?

Whitman: Right now we’re selling hoodies. That’s our that’s our biggest seller. We’re selling hats and we’re also selling polos, but we want to come out with a new merchandise line that really supports the chip on our shoulder idea.

Alexa Coultoff can be reached at [email protected] . Follow her @alexacoultoff .

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