Content

• Steps
• Part 1 of 4: Finding an Entrepreneurial Idea
• Part 2 of 4: Getting Started
• Part 3 of 4: Establishing an Enterprise
• Part 4 of 4: Business Development
• Tips

Becoming a successful young entrepreneur is not an easy task.Make a plan to reach the top, set goals, and provide start-up capital. Grow your business through hard work, surround yourself with great people and tell everyone about your product or service. As soon as you catch your luck, immediately invest your income in other commercial projects or in your business.

Steps

Part 1 of 4: Finding an Entrepreneurial Idea

1. 1 Conduct a personal audit. Before becoming an entrepreneur, you will need to determine if you have what it takes to be successful. Take a real look at your strengths and weaknesses. In particular, assess your baggage (knowledge and experience), abilities (skills and preferences) and personal qualities (persistence, ability to overcome difficulties). Do you have the knowledge and experience you need to be successful in your chosen field? Will you be able to cope with failure and difficulties on the road to success? Finally, evaluate how you are with the finances for starting a business.
2. 2 Find the answers. Many people are aware of what they would like to do, or imagine useful products or services that they would like to have. However, few people are actually working on it. To become a successful young entrepreneur, you need to open up to inspiration and see the world through the eyes of someone who can solve any problem. To nudge your thought process, ask leading questions:
   • What content would you like to see on the Internet?
   • What game would you like to play?
   • Is there a product or service that you would use to help the homeless?
   • Whatever development you choose, you should start by defining the problem and the desire to solve it. Write down all your ideas, no matter how crazy they seem to you.
3. 3 Give yourself the opportunity get creative. Give yourself some inspiration before you get started. Set aside space in your schedule for stress-free activities and plunge into the flow of free creativity. Take a walk in the woods, read a book in a quiet place, drive a car without any ultimate goal. Give yourself time to quietly contemplate, ponder, and search for ideas on how you can best develop your entrepreneurial spirit.
   • Move more! Don't sit in one place for more than an hour. Regular exercise - at least 30 minutes daily - is essential for physical and mental health. Even a casual walk will nudge your thought process and create a rush of creativity.
4. 4 Learn from others. Do your research on how other young entrepreneurs have been successful. Think about how you could apply their ideas, methods or technical solutions to your business. Read their books and articles. Communicate as much as possible with other young aspiring entrepreneurs. By being around these people, you will grow, learn, and understand what it takes to be successful.
   • In addition to learning from other aspiring entrepreneurs, ask employees and colleagues for information.
   • Seek advice from knowledgeable friends, buddies, and successful businessmen on how to best grow your business.
5. 5 Live with passion. You will only succeed if you believe in and are delighted with your product. Your energy will inspire potential investors and partners and help you grow your business.
   • Your hobbies can inspire you to work. Determine what interests you the most and consider how to go in that direction. For example, if you are interested in rescuing whales, you can develop an application to help track whale populations or publicize whale hunts around the world.
6. 6 Take risks. The most successful entrepreneurs wouldn't be where they are now, playing risk-free. As an entrepreneur, you must consider the risks when promoting your business.
   • For example, you may decide to create a search engine, although there are already many search engines out there. If you are sure that your search engine is better than others or contains something that is not found anywhere else, then go ahead!
   • Taking risks does not mean jumping blindly. Do your homework before developing a new service or opening a new store.

Part 2 of 4: Getting Started

1. 1 Set goals for yourself. First, decide what exactly you want to do, and then start doing it. Your goals can be noble or mundane. Do you want to help and improve the lives of homeless children? Do you want to provide people with a variety of food or fashion items? Whatever your purpose, define it.
   • Short-term goals may include "sell more than last week" or "get one new investor this quarter." Try to set and achieve at least three short-term goals each week and month.
   • It is better to build short-term plans as stages of a whole, so that their implementation would lead to the achievement of far-reaching goals. Sustained success consists of consistently achieving short and medium term goals.
   • Long-term plans can be presented in the form of a mission statement and a vision for your organization or company. An example of a long-term goal: “Be sure that every resident of Yekaterinburg who needs glasses will receive them”.
   • Make sure your goals are realistic, understandable, and relevant.
2. 2 Set a goal, check everything and - go! Now that the idea has taken shape, it's time to set yourself up for work. Start with a simple sales model before you jump into a big deal. For example, if you want to start a beverage business and make your own juices or soda, start making them at home and selling them on the beach or during school events. If you've come up with a pet food that you think is superior to existing offerings, start giving it away as small gifts to friends and family. During this initial stage, you will receive feedback on your product or service and use this information in the planning process to improve your business.
3. 3 Make a business plan. A business plan is a strategic document showing where you are now and where you would like to go. It should describe how you came up with your idea and what the organizational structure and goals of your business are. Use the overall vision and thoughts on the future development of the company as a starting point for creating a business plan. The final plan should look like a guide to running your business, and you pass it on to investors when you seek funding.
   • A mission statement includes a description of what your business or organization does on a daily basis. For example, the mission statement of a lemonade company might be “We make great lemonade”.
   • A vision statement shows you the big picture of what you are going to do next, right now and in the future. For example, a vision statement for a non-profit organization might sound like this: “We want to achieve universal literacy in Yekaterinburg”. And write a plan for the execution of your ideas.
   • Determine the target audience for your product or service. Who will buy them? Who would you like to see as buyers? How to expand your business to make your products attractive to new consumers? Analyze these issues and incorporate the results of the analysis into the business plan.
   • Think about the competition. Will your market share decrease or increase? How to make it grow? Study historical data or the experience of similar companies in order to understand what changes are taking place in the market.
   • Your business plan should contain marketing information. How are you going to advertise your products or services? Who is your ad for?
4. 4 Consider the legal basis for your business. You can be the head of a corporation, a non-profit organization, a private limited company, or a sole proprietor. This organizational form will determine your legal and tax obligations and must be registered with the authorities.
   • A corporation is a public company whose shares are owned by shareholders. The corporation is governed by a board of directors. Usually only very large enterprises go from a private company to a public company by issuing shares on the market because they have a complex business structure.
   • The sole proprietor is probably the organizational form with which you start your business. This type of entrepreneurship is started and run by one person. Although there is the possibility of flexible decision-making, difficulties can arise, because you are personally liable for the obligations and losses of the enterprise.
   • A partnership is a cooperation scheme in which two or more parties combine their efforts and have equal shares of profit, equal rights in making decisions in the development and strategy of a business. Think and choose partners you trust.
   • A closed joint stock company combines elements of corporation and partnership. It is managed by the members of the company and profits are accrued directly to each member.
   • A nonprofit organization is akin to a corporation with goals and a business structure, but it solves social problems in exchange for tax exemptions.
   • Speak with a business legal professional practicing in your area before deciding which legal format you will be working in. If you are under eighteen, this is especially important, as you probably cannot legally engage in many activities yet. However, laws may differ from region to region, so consult an expert (preferably one with experience in the area of ​​your interest) before making a decision.

Part 3 of 4: Establishing an Enterprise

1. 1 Look for initial funds. The easiest way to start a business is to get a personal loan. The business plan should include a reason why family or friends will invest in you. Do not attract investment solely because of personal relationships, as failure will lead to division and alienation. State your idea, infect them with your enthusiasm to make them want to invest.
   • You can also use the capabilities of sites for "people's" fundraising for the project, such as Boomstarter or Planeta.ru.
2. 2 Take out a business start-up loan. If you are planning an intensive cash flow, then you may need to apply for financing from banking institutions or from investors. Look for venture capitalists (willing to try their luck by investing in new, untested ideas) and talk to your local financial institutions - banks and credit unions - about getting funding.
   • Although the capital raised can provide you with larger sums of money than personal loans or your own funds, you will need to pay interest. Take care to get a low interest rate and a small low minimum monthly payment.
   • It is difficult for teenagers to get a business loan. The best option for you is to borrow money from relatives and friends. If you really need a business loan, ask a parent or guardian to be your guarantor. Include in your plan getting a loan as soon as you turn 18 - then you can get a credit card and transfer the required copay amount on a regular basis.
3. 3 Choose a location. Your business should be located where there is ample work space. If you have a small tech startup that makes awesome apps, you need a humble office.Well, if you are in the garment business, you probably need a large warehouse to produce and store garments, fabrics and raw materials.
   • Ask the competent authorities for information on the city planning regulations adopted in this city or county. Certain types of businesses cannot be located near housing or other types of commercial real estate.
   • Leave room for growth. Think about your long-term growth strategy and whether the current space can accommodate the sprawling company.
   • Consider the prerequisites for your business, such as a safe location, suitable neighborhood, outdoor advertising, and the like.
   • If you are a teenager, be sure to ask in advance if the real estate agency you will be renting has special facilities for minors. Lease agreements with minors carry the risk that not all agencies will want to sign them. If you are unable to rent premises from one real estate agency, contact another. Alternatively, ask your parent or guardian to rent the space on your behalf and transfer the rent through it as your proxy.
4. 4 Hiring employees. When your business is actually ready to open, you may need staff to help you succeed. Consider placing ads in local newspapers and on employment sites such as HeadHunter to advise which employee you are looking for. Ask candidates to provide a resume and a cover letter about why the proposed position is suitable for them.
   • Do some interviews. Don't hire the first candidate that seems right to you. If you are recruiting for two positions, you should interview at least 15 candidates.
   • If you are a minor entrepreneur, it may be difficult to recruit staff for your company. Because of your age, people may be skeptical about your ability to run a business. In addition, the legal framework for concluding agreements with minors is rather fragile, and potential employees may be in doubt about whether to commit themselves to you.To be able to attract competent employees, it is better to have a solid business plan and small achievements (local recognition , growing market share or high profitability) before inviting candidates.
5. 5 Purchase of equipment. Depending on your needs, you may need a lot of new equipment, or maybe the existing one will be enough for you. If necessary, the equipment can be rented, bought new or bought used.
   • You can rent essential items - including desks, machinery, or vehicles - to reduce your initial investment. However, if your business continues to grow, you should buy your own equipment, otherwise you will overpay for the rent.
   • You can buy used equipment. When companies close or buy new equipment, the old one is put up for sale. Depending on the needs of your business, you can pick up something at government surplus equipment sales.
   • You can buy new equipment. This is the most expensive option, but then you will have what you need, and you do not have to worry about the subsequent overpayment for the rented equipment.
   • A minor may need the help of a parent or guardian to arrange rental equipment. If you fail to take equipment in one place - go to another.
6. 6 Stock up on the materials you need. Depending on your field of activity, you may need a different amount of materials. Think about what materials you will need immediately and what in the future.Identify the main manufacturers and find the one who offers the best value for money among them.
   • For example, if you are opening a salad bar, then you will need regular suppliers of lettuce, carrots and other vegetables. Contact local farmers for information on ordering the required ingredients.
7. 7 Application of the marketing plan. Once you're ready, start putting your marketing and sales plan into action. Buy ad space, establish business connections with local entrepreneurs, and reach your target audience as planned. Review your marketing efforts to see which ones are most successful. Match the ups and downs in your sales to your marketing spending. Ask customers how they found out about your company and write down the responses. You can then use the insights you receive to fine-tune your marketing strategy.
   • The most important thing is the high quality of the goods or services. Word of mouth is free and one of the most effective ways to advertise.

Part 4 of 4: Business Development

1. 1 Stimulate business activity. Use the opportunities and strengths of the local and online community to promote your business. Open a YouTube channel dedicated to stories about your business, including your latest achievements. In other words, your goal should be to create your brand - an image that will be recognized by your consumers. Your brand should connect you with your customers under the same value system.
   • You can build a brand by working to expand customer interactions outside of the store, or directly through business contacts. For example, your reputation might support community involvement or charity.
   • For example, if you have a candy business and are about to release a new kind, you could put out a short YouTube video about what the new product is, what it tastes like, what people think of it, and where people can buy it.
   • Be also active on social media such as VKontakte, Facebook or Twitter. Inform about promotions, news and discounts on your products and services.
   • Additionally, you can invite representatives of the local press or TV company and tell them about the development of your business.
   • As the company grows, it is possible to hire marketing staff who can organize the right advertising.
2. 2 Expand your business gradually. Having achieved some success and having worked out the methods, start expanding your business. If you are in the beverage business, do deals with local merchants to sell your bottled drinks. If you make clothes, bring samples of your product to local stores to generate interest and sell through them. How and where you expand depends on the activity you are doing. As the rpm increases, consider:
   • hire workers, attract volunteers;
   • open specialized stores;
   • get additional funding;
   • launch ads;
   • expand distribution networks;
   • offer new, related services.
3. 3 Keep investing. Do not stop looking for new ways to improve your business, do not let yourself get stuck moving in only one direction. Put the first money earned into circulation on advertising, improved equipment, and additional raw materials.
   • Or invest your income in other businesses.
   • Whatever you do, just don't waste your money on toys, cars and other unnecessary waste. Spend earned money carefully.
4. 4 Be hard working. Starting a new business requires dedication and certain sacrifices. If you are young, you may be torn between school and work. But no matter what you do, the main thing is to set a work schedule and stick to it.
   • For example, you can set aside time every evening from 6:00 am to 8:00 am to get busy.
5. 5 Plan for the future. Think about your future and how you see your work. Ask yourself every day if you are living right and doing business well. If every day went by like today, what would you save up in the end? Would you be happy? Will your actions have a positive impact on others and the world around you in the long term?
   • If you suddenly see that you are missing something in your work or personal life, take the situation into your own hands and change it for the better. Remember, success isn't just a lot of money. It is also the satisfaction of who you are, the feeling of personal fulfillment.
6. 6 Get ready to take it to the next level. If your initial idea didn't turn out to be fruitful, don't be afraid to end it. If you find that another line of business or a related industry looks more promising, start a new business in that area.
   • If your business model needs to be overhauled, switch to a different direction, for example, from soda to fruit juices.
   • If your business is growing too quickly, you may have to slow down by cutting headcounts, closing unproductive outlets, and ditching weak headings.
   • Keep your ears open, always look for new opportunities.

Tips

• Keep tax records for at least four years. You will need them when calculating the federal income tax withholding on your business, when drawing up your payroll and tax returns, and when calculating government taxes.