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what do I need to know for starting a business?

how can I make my first pot of gold as a 10 grader?

business business-management computer-programming business-analysis stocks-investing stock-trading
Thank you comment icon Hi! Before starting a business, you need to make sure you have all your finances sorted, secondly make sure you know what your target consumer is and also who your competition would be. Create a strict business plan, and gain your employees! Create a good strategy, and make sure everything is structurally good. You will have to register your business under your state, you will have to understand taxes and getting your necessary permits for the business. Build up your brand, and plan your marketing, ads ect. Line up professionals to help and guide you as well. Good Luck! Jadon
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Adaobi Maryann’s Answer

Hello Alemnji,

I will be sincere with you. Money should not be your first aim in business.
I understand that money is what we all look out for, but there must be value and service provided for money to come.

Firstly, you should consider what services you are able to offer and what exact needs those services can solve in your locality or area, solving people’s needs in exchange for your pot of gold inflow.

Secondly, you should build consistency and availability. The more consistent and reliable you are in solving people’s problems, the more certain your pot of gold becomes.

Thirdly, quality should always speak for your services. Once there is anything fake or substandard, trust in your brand begins to decline.

Note: There are vital points to understand if you intend to venture into business. If you have the funds, go through business learning; either in school (especially now that we are in the digital age) or through apprenticeship. Training will help you understand the skills you need to develop, expose you to the true needs of people, and guide you toward better ways of solving those needs.
Please devote your time now to learning. If you build well, your pot of gold will not disappoint.

Thank you.
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Sandeep’s Answer

Hello Alemnji,

Starting a business:
Know your customer, pick a simple problem to solve, price it, track costs/profit, and learn basic marketing (social media + word of mouth).

First money as a 10th grader:
Start small and legal: tutoring, reselling items, basic design/video editing, car/bike washing, pet sitting, or helping local shops. Focus on one skill, get 3–5 paying customers, and reinvest what you earn.
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Phil’s Answer

Starting a business is like raising a child; it's a big commitment and can get tough, with no quick finish line. It's smart to choose something you already like doing, so you enjoy it while helping your customers.

If you're around 15 or 16 and just learning to drive, you might want to try lawn care, window washing, house cleaning, or hanging Christmas lights. These are hands-on jobs. Look for nice neighborhoods and knock on doors to offer your services. Just remember, don't put flyers in mailboxes because it's not allowed.

If you're more into tech or online businesses, there are lots of resources to help you get going, like Starter Story on YouTube or following startup influencers like Greg Isenberg.

Be careful about who you follow, as not everyone has good intentions. Don't spend money on courses; instead, learn on your own. Make sure there's a real need for your business idea by talking to potential customers and finding out what they need help with.

Phil recommends the following next steps:

start consuming content relating to businesses you can start. be hyper selective. don't buy courses
take action. install linear.app on your laptop and start keep track of ideas you want to build
as you're building your list of possible ventures. literally, try it out.
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Ellen’s Answer

That's so exciting that you're thinking about starting a business! It can be a very creative pursuit. There's a lot of good advice in this thread.
My favorite resources/frameworks for thinking about starting a business are the Business Model Canvas and the Customer Value Proposition Canvas from Strategyzer.

Ellen recommends the following next steps:

Learn about the Value Proposition Canvas Here: https://www.strategyzer.com/library/the-value-proposition-canvas
Learn about the Business Model Canvas Here: https://www.strategyzer.com/library/the-business-model-canvas
There's also a book: Value Proposition Design by Alex Osterwalder, Yves Pigneu, Grep Bernarda, and Alan Smith
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Jayla’s Answer

Being that young, I think you should start by asking yourself a few questions. What are the top 3/4 things that I am passionate about and then ask yourself how can I see myself putting in some type of work to help people, make change or simply make them happy. When you do work that you love it normally doesn't feel like actual work so I would ask yourself these questions and then based on answers do some research to see how you can profit and make money. For example, when I was that young I made my money by doing photography, making customized baskets for people's birthday, anniversary etc. and I was also very passionate about theatre so I would work at Six Flags during the holiday seasons and work as an character. I was very eager in 10th grade to start doing things to see if I could discover more about myself and quite honestly the only way you can find out what you're good at or most passionate about i by "doing". Lastly, another thing huge thing I would look up is how to begin marketing yourself. This will be a huge piece of making money but you tube will be your best friend for this. Hopes this helps. Good luck!
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Bre’s Answer

When starting a business, first decide what type of business you want and what problems you aim to solve. Once you know this, use it as a strong foundation to build on. Learn the business skills needed to start and succeed. Expect challenges along the way, but don't let them discourage you. Keep pushing forward, and you'll see the success and results you're hoping for.
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Rebecca’s Answer

Thank you for your question. I am glad to know that you would like to become an entrepreneur.
Below are my suggestions :
1. Have you thought about what industry you would like to start your business? Think about something you have strength, interest, etc.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any substitute/alternative, etc.
3. Attend course relevant to the industry and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!
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Jeff’s Answer

Alemnji,

I think there are two ways to start a good business. 1) Consider a problem and find a way to solve it or 2) Find a better way to solve a problem. Probably something that you or your friends may experience. It starts with the idea and when you are trying to think of ideas consider those two situations. From there it is really about testing your solution, getting feedback and then figuring out your target market and how tbest to get their attention.

Good luck in all you do!
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