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What is one small business or project a 14-year-old can start right now to learn how to lead and manage money?

I want to be a CEO one day.

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Michelle’s Answer

Hello, Fathimath !

It is fabulous that you are ready to take some steps towards learning about business and leadership ! Even though you might not be able to open a business as you've asked, just yet, there are some things you can do to expand your ideas and knowledge so you can learn more about this career before you start.

I would like to provide you with specific local programs where you live, however you did not indicate your city, town or state. There are some Nationwide Programs that may be worth looking into for what you want and you can ask your guidance counselor at school for ones that are where you live.

Some nationwide programs that you can connect with are The Youth Entrepreneurship Association, as they connect young entrepreneurs across the U.S., offering mentorship, networking, and guidance for developing business ideas, with opportunities to start a school club or participate in national programs. Also, The Nestlé Youth Entrepreneurship Platform provides free access to resources, training, and mentorship for students exploring business concepts. Look these programs up online for details.

Other programs are Distributive Education Club of America and Future Business Leaders of America and they offer local, regional, and national competitive events that test business skills and foster confidence in problem solving and collaboration. Distributive Education Clubs of America focuses on marketing, sales, and distribution of goods and services. It operates under the name DECA. Their mission is to prepare emerging leaders and entrepreneurs for careers in marketing, finance, hospitality, and management. The Future Business Leaders of America prepares middle school, high school, and collegiate students for careers in business, leadership, technology, and entrepreneurship.

The National Foundation for Teaching Entrepreneurship provides project based learning and competitive events in classrooms, camps, and online formats, with support from business leaders and entrepreneurs. As well, the Small Business Development Centers across the country offer counseling, training, and business plan competitions for student entrepreneurs, with some providing internships and grant programs.

You can also look through a search or ask your guidance counselor about any local to you programs. These may be very valuable to you in that in no time at all, you will know just how to start a career. Also ask your guidance counselor for any Financial Literacy trainings for teens in the area where you live or if there may be any coming to your school.

For the rest of your time in school, take as many business courses as possible. Also take accounting if your high school offers it. Join a business extracurricular or any extracurricular to sharpen your interaction/people skills.

I hope this helps and I wish you all the best !
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Bob’s Answer

Martha and Michelle offer sound advice. Having over the years been a President, a COO, a CEO and Board Chairman of several high tech global businesses and start ups; the first step is to find a local need that is unfilled or poorly filled. An example could be to speak with neighbors to see should there be a need, such as a Residential Directory of folks living in a designated area surrounding your parents home. You could provide a community digital resource of names, phone numbers, e-mail addresses, resident addresses, schools children attend, et cetera. And, charge a small amount for this service. And, perhaps provide a listing of preferred local vendors that your neighborhood residents successfully employ to perform various services. Also, you could build and provide a listing and photos of dogs in the neighborhood. In this way neighbors can identify, should dogs become loose, their owners contact information. You could expand by using the digital records, to provide a hard copy Residential Directory you can charge for. If successful, you could entice other teens in a broader area of residents to expand the business. The new teens would use your formats and sales pitch. You could provide assistance and charge for your help.
Again, find a service that is desired by those close by and see if you can fill and charge for the need. In this example, you would be providing an information hub for residents in your area.
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Martha D.’s Answer

Hi Fathimath - this is an excellent question. I would suggest starting with something you could do on your own, such as baby-sitting or tending pets. If you are good with crafts, you could sell handmade objects, such as jewelry, fiber objects, cards using your drawing or photography. Almost immediately, you would begin learning about marketing, sales, and budgeting. As your business grows and you involve more people, you will learn about hiring, training, and managing others.
Another way to learn about these things is working for an existing small business where you could see the decision-making in all these areas. You could learn from decisions you don't agree with as well as those you do. Rules may vary per state, but the general minimum age is 14 years old (see link below).
Wishing you good luck!

Martha D. recommends the following next steps:

Dept. of Labor - https://www.dol.gov/general/topic/youthlabor/agerequirements#:~:text=As%20a%20general%20rule%2C%20the,under%20the%20age%20of%2016.
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