Fredericksburg Parent

12 Fredericksburg Parent and Family • November 2022 According to a recent study conducted by Bentley University, 66% of millennials would like to start their own business. It is being projected that Gen Z (and possibly Gen Alpha) is going to be even more entrepreneurial-minded. If you've got an up-and-coming entrepreneur at your house, and the chances are you do, here is a list of ten tips along with some expert advice from SCORE mentor and Central Virginia Chapter Co-chair, Chris Wilson, to get them on their way. Find a Mentor Trial and error is a part of life, but you can avoid a lot of time (and money!) wasted making mistakes by following sound advice. Seek out people within your inner circle who have run a business and pick their brains on topics like web design, social media marketing, billing clients, and useful software for your business. You can also get free help from volunteer mentors at SCORE. "Being an entrepreneur is hard work, and they will make lots of mistakes along the way but working through those challenges is ultimately how they will learn the skills to be successful in the long term. Learning from other successful business- people is also extremely helpful and budding entrepreneurs can gain valuable experience volunteering with a business or seeking an internship in an area of interest. "Everyone can benefit from a mentor that is outside of their family. In most cases the entre- preneurs' friends and family are going to be very supportive and encouraging, which is great, but it can be very helpful to have feedback from an outside person that can be more objective." says Wilson. Know Your Market When selling a product or service, it's essential to know who your key market is. Is your busi- ness geared toward other youth or families? Is it gender-specific? Is your business meeting a need or fulfilling a want? Spend some time researching ways to advertise to your core constituency. Find other compa- nies with the same market and check out their advertising strategies for inspiration. Create a Business Plan A business plan outlines how you intend to start and manage your business. It should include your goals, what products/services you're offering, who your customers and competitors are, what skills and if any staff is needed, your marketing plan and your startup/operating expenses. Google "free business plan templates." "We encourage all new entrepreneurs to start with a basic plan and write it down. It doesn't have to be fancy or very detailed to start, but you should be able to answer some basic ques- tions about a business idea like: who is your customer, what problem does your business solve, who is your competition, and how will it make money? If you can't answer these basic questions, then it's a sign you need to do some additional research. For people with lots of great ideas but having trouble deciding on the best one, answering these basic ques- tions for each idea can help narrow it down and point to which ones would be most successful. Even a one-page plan can be a huge help in organizing your business idea," says Wilson. WRITTEN BY RHIANNON ELLIS Do What You Love As rewarding as starting and running a business can be, it's also a lot of work. That's why it's impor- tant to identify what you're passionate about and build a business based on ideas inspired by those interests. Some common business ideas for kid/teen entre- preneurs include: • Lawn care • Petting sitting • Housecleaning • Online reselling But don't be afraid to think outside the box! The key is to start with what you enjoy and then come up with a list of existing products or services that center around it. How can you take one of those current ideas and implement it into your commu- nity? What can you do to make it different from what's already out there? "We have recently worked with several high school students who have either started or are interested in starting their own business. In many cases, this starts as a hobby, school project, or something they are interested in and then they start thinking about how they could make that into a business. In other cases, they have had a class in school that talked about entrepreneurship, and they catch the bug," says Wilson. Educate Yourself Just because you're starting your own business as opposed to working for someone else doesn't mean an educa- tion or training isn't necessary. For example: you wouldn't open a pet salon without any knowledge or training in dog grooming. You would probably also benefit from educating yourself on vari- ous dog breeds, dog psychology, and the various types of equipment you'll be using. Look for part time jobs that will give you hands-on training in the field you're interested in or take online courses in subjects relevant to your path. "Someone may have a great idea and know a lot about what they want to do, but they don't understand all of the other dimensions of running a success- ful business, like financial planning and management, marketing, regulations, and operations. Without these other pieces they can get into trouble. The good news is there are many online sources that are available to them. We have a large library of articles and webinars on our website (centralvir- ginia.score.org)," says Wilson. 10 Tips for Young Entrepreneurs

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