Content

• To step
• Part 1 of 4: Finding your entrepreneurial spirit
• Part 2 of 4: Getting started
• Part 3 of 4: Setting up your business
• Part 4 of 4: Growing your business
• Tips

Becoming a successful young entrepreneur can be challenging. Create a clear path to success for yourself by deciding on your goals and by raising seed capital. Grow your business through hard work, by surrounding yourself with good people and by immersing yourself in your product or service. Once you reach the top, reinvest your income in other business ventures or in your original company.

To step

Part 1 of 4: Finding your entrepreneurial spirit

1. Take a personal inventory. Before you become an entrepreneur, you need to determine if you have what it takes to succeed. Get a realistic picture of your strengths and weaknesses. In particular, look at areas of competence (knowledge and experience), aptitude (skills and preferences) and personality (persistence, resilience). Do you have the knowledge and experience required to succeed in your chosen industry? Can you cope with failure and hardship on your way to success? Finally, assess whether or not you have the financial strength to start a business.
2. Be a problem solver. Many people recognize things they wish they could do, or imagine useful products or services they wish they had. Few people actually act on those ideas. To be a successful young entrepreneur, you must remain open to inspiration by looking at the world around you through the eyes of a problem solver. To kickstart the process, ask yourself questions such as:
   • What kind of content would you like to see online?
   • What kind of games would you like to be able to play?
   • Is there a product or service that can help feed the homeless?
   • Whatever route you take to entrepreneurship, it must start with identifying problems and dreaming of solutions. Write down all your ideas, no matter how crazy they seem.
3. Give yourself time to be creative. Before you can get started, you need to give yourself time to be inspired. Work some time into your schedule to decompress and let your creative juices flow. Take a walk through the woods, read a book in a quiet place, or head out for a destination-less ride. Give yourself some quiet time to reflect, reflect and reflect on how best to develop yourself as an entrepreneur.
   • Stay active. Do not sit in one place for more than an hour. Regular exercise - at least 30 minutes a day - is critical to both physical and mental health. Even walking can improve your thinking process and make you more creative.
4. Learn from others. Explore how other young entrepreneurs have found success. Think about how you can integrate their ideas, methods or techniques into your own entrepreneurial activity. Read their books and articles. If possible, network with other young, successful entrepreneurs. When you are around these people you can grow, learn and see what it takes to be successful.
   • In addition to learning from other young entrepreneurs, make feedback from employees and colleagues.
   • Seek advice from wise friends, acquaintances and successful business people on how best to grow your business.
   • Make it a priority to meet other entrepreneurs if you don't already know one.
5. Live passionately. Success will only come when you believe in and are enthusiastic about your product. Your energy will inspire potential investors and partners and help you grow your business.
   • Your passions can inspire entrepreneurial activities. Look for a cause you feel like and figure out how to fight for it. For example, if you are interested in saving the whales, you could invent an app that helps track whale populations or publicize whale hunts around the world.
6. Take risks. The most successful entrepreneurs have failed to play it safe. As an entrepreneur you have to take calculated risks to move your business forward.
   • For example, you can decide to create a search engine even though there are many search engines available. If you think your search engine is better than the others, or offers something the others don't, go for it.
   • Taking risks doesn't mean jumping blind. Do your homework before developing a new service or opening a new store.

Part 2 of 4: Getting started

1. Set your goals. Decide what you want to do and go for it. Your goals can be noble or mundane. Do you want to help homeless children a better life? Do you want to give people more food or fashion options? Whatever your goal is, identify it.
   • Short-term goals could include "Improve last week's sales" or "Get a new investor this quarter." Try to set and achieve at least three short-term goals every week and month.
   • Short-term goals are better expressed as sub-goals, because their performance must lead to the achievement of a longer-term goal. Long-term success consists of consistently meeting short- and medium-term goals.
   • Long-term goals can take the form of a mission statement or vision statement for your company or organization. For example, a long-term goal is: "Make sure that everyone who lives in Amsterdam and needs glasses can get them."
   • Make sure your goals are realistic, clear and doable.
2. Be goal-oriented, test it and take a chance. After a concept has been proven, it is time to adapt. Start with a simple business model before you scale up. For example, if you run a liquor store where you make your own juices or soft drinks, make them at home and sell them on the beach or at school. If you have a pet snack that you think is really great, start giving gifts to your friends and family. Use this early stage to get feedback on your product or service and incorporate this feedback into your design and planning process to perfect your business.
3. Make a business plan. Your business plan should be a strategic document outlining where you are and where you want to go. It should describe the history, organizational framework and goals of your business. Use your mission and vision as a starting point when drawing up a business plan.The elaborated plan should be used as a guide in deciding how to run the business and presented to potential investors when seeking financing.
   • Your mission statement describes what your company or organization does on a daily basis. For example, a lemonade company may have a mission statement, "We make great lemonade."
   • A vision describes what you want to do in the bigger story, both now and in the future. For example, a vision of a nonprofit vision could read, "We want to increase literacy rates in Detroit to 100%." ​​Develop a plan for achieving your vision.
   • Identify the target audience for your product or service. Who will buy them? Who do you want to buy them? How can you expand your business to make your goods attractive to new markets? Analyze these problems and incorporate your conclusions into your business plan.
   • Think about your competition. Will your market share go up or down? How can you make it rise more? Use previous data from comparable companies to determine how the market is changing.
   • Your business plan should include a section on marketing. How do you advertise your products or services? Who are your ads targeting?
4. Describe the legal framework of your company. As an entrepreneur, you can be the head of a business, a non-profit organization, a sole proprietorship, or a limited liability company. This formal structure determines your legal and tax obligations and must be registered with your state government.
   • A corporation is a limited liability company with shares owned by shareholders. The company is managed by a board of directors. Usually only very large companies become public as corporations because they have a complex business structure.
   • A sole proprietorship is probably the type of business you start with as an entrepreneur. This type of business is managed and managed by only one person. While it provides flexibility in decision making, it can be difficult because you are personally responsible for the liabilities and losses of the business.
   • A partnership is a business arrangement in which two or more parties join forces and have equal interests in corporate profits, decisions and strategies. Make sure you only work with people you trust.
   • An LLC combines elements of businesses and partnerships. It is run by members and the profits are distributed directly to each member.
   • A nonprofit is like a corporation in the sense that they have goals and a corporate style organization, but they fulfill a public service mission in exchange for tax-exempt status.
   • Check https://www.kvk.nl/ to see where you can register your company. Choose your location and continue with the registration process.
   • Apply for a Chamber of Commerce number at the Chamber of Commerce.
   • Go to https://www.kvk.nl/inschrijven-en-verschigen/inschrijven/?block=420437 to obtain a Chamber of Commerce number.
   • Talk to a corporate lawyer in your area before determining the best legal framework for your business. If you're a teen this is especially important as you probably can't legally set up most types of businesses. However, the law varies by country, so check with an expert (preferably someone with experience in your particular industry) before making your decision.

Part 3 of 4: Setting up your business

1. provide start-up financing. The easiest way to start your entrepreneurial activity is to get a personal loan. The business plan should be an investment reason for family or friends to set up money. Don't encourage investment just for personal relationships, as failure will lead to schisms and alienation. Explain your idea and get them excited about why they should invest in it.
   • Alternatively, you could try crowdfunding your startup with the help of sites such as GoFundMe or Kickstarter.
2. Get a business loan. If your business is especially money intensive, you may need to look to financial institutions and investors for financing. Look for venture capitalists (investors who are willing to take a shot at new, untested ideas or companies) and talk to your local financial institutions - banks and credit unions - about getting funded.
   • The Chamber of Commerce is a great resource for young entrepreneurs who want to be successful. They have many resources for entrepreneurs and small business owners. View them at https://www.kvk.nl/advies-en-informatie/fanciering/fancier-de-start-van-je-bedrijf/.
   • Another useful resource for young entrepreneurs is Google Ventures. View their portfolio of startups at www.gv.com/portfolio/ and contact an investor interested in a product or service similar to yours. If they like your idea, they help get you money.
   • While outside financing can bring in greater amounts of cash than personal loans or self-financing, you have to pay interest. Make sure you receive a low interest rate and a low minimum monthly payment.
   • As a teenager, you may have trouble getting a business loan. It's best to stick to personal loans from friends or family. If you really need a business loan, get a parent or guardian to co-sign the loan. Build credit once you are 18 by getting a credit card and paying the balance regularly.
3. Choose a location. Your business must be in a location with enough space for your needs. If you're a small tech startup making cool apps, you need a humble office. If you make clothing, you probably need a large warehouse to produce and store clothing, clothing and raw materials.
   • Consult local zoning with the municipality. Certain types of businesses cannot be placed near homes or other types of commercial real estate.
   • Give yourself room to grow. Think about your long-term strategic plans to make sure the location you are in can support growth.
   • Consider the needs of your business as far as safety, proximity, exposure, etc.
   • If you are a teenager, ask ahead of time if the real estate agency you are renting from has a policy to rent to minors. Some agencies may not want to risk renting from a minor as contracts with minors can be risky for them. If you can't rent space from a real estate agent, contact another. Or let your parent or guardian rent the space on your behalf and pay it as your proxy.
4. Hire staff. Since your business is effectively ready to start, you may need staff to help you achieve your goals. Consider using ads in local newspapers and job boards such as Indeed and Monster to advertise who you are looking for. Ask interested parties to submit a resume and motivation describing why they would be a good choice for the position you are offering.
   • Conduct multiple interviews. Don't hire the first person who fits the criteria you're looking for. If you want to fill two positions, you should try to interview at least 15 people.
   • If you are a teenage entrepreneur you may have trouble finding staff for your business. Because of your youth, people may be skeptical of your ability to run a business. Additionally, contracts with minors occupy questionable legal territory, and potential employees may be wary of entering into an employment relationship with you. To give yourself the best opportunity to attract skilled staff, you need to have a strong business plan and some minor wins to your name (such as local awards, growing market share, or high profit margin) before hiring.
5. Buy equipment. Depending on your needs, you may need a lot of equipment or you may already have everything you need. If you need equipment, you can rent it, buy it new, or buy it used.
   • You can lease equipment - including desks, machines or vehicles - to reduce the initial investment costs of your business. However, if your business continues to grow, you will have to buy your own equipment or pay more loan money than if you had just bought it. Or look for leases with an option to buy at the end of the contract, using your lease payments toward the purchase price.
   • You could buy second-hand equipment. When companies go under or invest in new equipment, their old equipment goes up for sale. Depending on your business, you may want to consider buying surplus equipment from the government.
   • You could buy new equipment. This is the most expensive option, but you'll have everything you need and don't have to worry about paying extra for rented equipment later.
   • If you are a teenager, you may need a parent or guardian to assist you in leasing equipment. If you're having trouble renting equipment from one place, try another.
6. Get the materials you need. Depending on your business, you may need many or just a few materials. Think about the types of materials you will need both immediately and in the long term. Identify major manufacturers of those materials and look for the one that offers the best balance of price and quality.
   • For example, if you start a salad shop, you will need to identify distributors for lettuce, carrots and other vegetables that you will need to purchase regularly. Contact local farmers and find out how to order the materials you need.
7. Implement your marketing and sales plan. Once you get started, start with the marketing and sales plan that you have outlined in your business plan. Buy ad space, network with local business owners and work on conquering your target audience as planned. Then monitor your marketing efforts to determine which ones are successful. Look for increases or shortcomings in sales that coincide with your marketing efforts. Ask customers how they heard about your business and write down their answers. Then you can use the learned marketing strategies to draw attention to what you have learned.
   • More than anything else, focus on delivering a good product or service. Word-of-mouth referrals are free and are one of the best ways to get more business.

Part 4 of 4: Growing your business

1. Hype your business. Take advantage of both local and online media to promote your business. Create a YouTube channel dedicated to talking about your business, including new developments. In general, your goal should be to build the brand of your business, which is the way your business is perceived by customers. Your brand must connect you and your customers within the same shared set of values.
   • You can build a brand by working on expanding your interactions with customers outside of the store or direct, business interaction. For example, adding community involvement or philanthropy can help build your brand.
   • For example, if you run a snack business and want to start releasing a new kind of snack soon, you can create a short YouTube video about what the new snack is, how it tastes, what people think about it, and where interested people can buy it.
   • Also stay active on social media such as Facebook and Twitter. Advertise promotions, new items and discounts on your goods and services.
   • In addition, you can call your local newspaper or TV station and inform them about your career as an entrepreneur.
   • As your business grows, you can add a marketing associate to help you create good ads.
2. Scale up gradually. As you become more successful and begin to perfect your recipes, scale your business. If you run a liquor store, you make deals with local businesses to consume your bottles. If you have a clothing line, bring samples of your work to the local clothing stores to see if anyone is interested in wearing your clothes. The way in which you scale up depends on the type of entrepreneurial activity you are involved in. Think about your growth:
   • Hiring employees or volunteers
   • Opening of special stores
   • Get additional funding
   • Advertisement
   • Expand your distribution network
   • New, related services
3. Continue to invest. Don't stop looking for new ways to improve your business, or get stuck in one set way of working. Take the initial income you earn and put it back into your business in the form of advertising, better equipment, or more resources.
   • On the other hand, you can reinvest your earned income in other ventures or companies.
   • Whatever you do, don't waste your income on toys, games, cars and other goods. Manage your money carefully.
4. Work hard. Starting a new business requires hours of dedication and sacrifice. Depending on how young you are, you can juggle as well as your entrepreneurial activity. Whatever field you occupy, you have to establish a fixed work schedule and stick to it.
   • For example, you can set aside time every day between 6:00 AM and 8:00 AM to build your business.
5. Plan for the future. Consider both your own life and the future of your entrepreneurial activity. Every day ask yourself if you are running your business and living your life in the best way. If every day were like today, what would the cumulative effect be? Would you be happy? Would your actions have a positive effect on others and the environment in the long term?
   • If you find that your business or your personal life is missing something, be proactive and make positive changes. Remember that success doesn't just mean having a lot of money. It also means that you have personal satisfaction with who you are.
6. Be ready to switch. If your original business idea or organization isn't working out well, don't be afraid to pull the plug. If you feel that another business unit or related sector is more promising, you can pursue a new venture in that sector.
   • If your business model needs to be revised, work with your team to shift focus from things like soda to fruit juices.
   • If your business is growing too fast, you may have to downsize by letting go of staff, closing unproductive stores, or shutting down bad products.
   • Stay alert and always look for new opportunities.

Tips

• Keep an accurate record of your income tax for at least four years. You need them when calculating federal income taxes, federal wage and tax statements, and state taxes.