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How would you start your own business?

Im 14 and I really want to have my own business when I'm older but I don't know where to start.

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Adris’s Answer

That's fantastic to hear that you have such ambition at the age of 14! Starting a business can be a rewarding endeavor, but it's also filled with challenges. Here's a basic roadmap to help guide you:

Educate Yourself:

Business Basics: Learn about business fundamentals. There are many online courses, including free ones, that cover topics like business planning, marketing, finance, and operations.
Industry Knowledge: Familiarize yourself with the industry you're interested in. Read articles, watch videos, and follow industry leaders on social media.
Skills: Develop the skills you'll need. For instance, if you want to start a tech company, learning to code might be beneficial.
Discover Your Passion:

Think about what you love to do, what problems you want to solve, or what you believe is missing in the market.
Your business idea doesn't have to be entirely unique, but it should be something you're passionate about.
Market Research:

Research to see if there's a demand for your product or service.
Look at competitors and identify what sets your business apart.
Create a Business Plan:

Outline your business idea, mission, vision, target audience, marketing strategy, operational plan, and financial projections.
There are templates available online to help you get started.
Save and Fundraise:

Starting a business requires capital. Start saving early.
Look into crowdfunding, seeking investors, or taking out a small business loan once you're older.
Legal Structure:

Decide on a legal structure for your business (e.g., sole proprietorship, partnership, limited company).
In the UK, you'll need to register your business with Companies House and get any necessary licenses or permits.
Build Your Brand:

Create a logo, website, and social media presence.
Network with other entrepreneurs and potential customers.
Start Small:

Consider starting with a small-scale version of your business to test the waters.
Get feedback, make adjustments, and grow from there.
Stay Resilient:

Every entrepreneur faces challenges. Don't get discouraged by failures or setbacks.
Learn from every experience, and use it to improve.
Mentorship and Support:

Seek out mentors who can guide you, offer advice, and share their experiences.
Join entrepreneurial clubs or groups, online communities, and attend workshops or seminars.
Given your age, you have time on your side. You can start by:

Reading Books: There are many excellent books on entrepreneurship.
Taking Online Courses: Platforms like Coursera, Udemy, and Khan Academy offer courses in entrepreneurship and business.
Starting Small: For instance, if you have a hobby or skill, consider monetizing it. You could start by selling crafts, offering tutoring, or providing a service in your community.
Remember, the journey of entrepreneurship is a marathon, not a sprint. Continuous learning, perseverance, and adaptability will be key. Best of luck!
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Gael’s Answer

Beginning with what you truly love and want to dedicate your professional life to is a fantastic first step! You should also consider whether you aim to earn money from your venture or if you're more interested in establishing a non-profit entity, such as a charity. If your goal is to profit, it's crucial to ponder over the potential income your business could bring in and the expenses involved in creating your products. Start by figuring out the costs, like estimating the amount you'd need to spend to create your product, including the materials required to complete it. The selling price of your product should exceed its production cost, allowing you to earn a profit. It's also vital to estimate your potential sales. Consider who might be interested in purchasing your product (your target market) and how much they might buy over time. This way, you can predict the possible revenue and profit your business could generate in the future.
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Rebecca’s Answer

Thank you for your question. I am glad to hear that you would like to be entrepreneur. Have you have thought about what industry you would like to start your business?
Below are my suggestions :
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitute, etc.
3. Take industry related courses and management courses in the college
4. Work in the industry some time to understand the operating model and establish people network
5. Start the industry online first if possible
Hope this helps! Good Luck!
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Anthony’s Answer

Hello.
Please, note the following, concerning how to start your own business :-
1. Identity the type of business.
2. Interest and knowledge in the business.
3. Location of the business.
4. Capital.
5. Favourable marketing conditions.
6. Favourable government policies.
Best regards.
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Cory’s Answer

Find someone in the industry you like and ask them to be a mentor and coach. Offer them free labor in exchange and make sure your parents are aware of everything.

Most professional jobs have a technical group in metro areas. Not sure which industry you are interested but I would imagine there is a group local or a smaller mom/pop business that will entertain labor for coaching.
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Chris’s Answer

Hello. Great to hear your entrepreneurial spirit. First it is great to write down the ideas you love. Anything that can translate to the world of business. Whether it be cooking, clothing brand, cosmetology, landscaping there are so many options out there. First take a page and write all the ideas you can think of. Since you are 14 you may still have some hidden talents to discover. Start by taking what is called an “APTITUDE TEST” . It is a test where you answer questions about yourself and it helps you based off your answers what careers may fit your personality. You will discover more about yourself as you grow and what you think you want as a career now may change later on. For now I would take that list of interests and see which of those you can cross off the list now. If you like helping others, try volunteering at your local food bank or trash pick up. If you are interested in culinary arts and foods, when you become old enough for a work permit take a summer job at a local diner. The list goes on and because I am unaware what is on your personal list, you will have to do the searching. You can always google, “what is a good career if I’m interested in (THIS PARTICULAR FIELD)” insert whatever topic you are interested in and google will help with some suggestions. You can also gear your high school and college career in a business direction so when the time comes To start one you are already prepared.
Thank you comment icon Hi Chris, this is great information on how to find careers to explore, but it doesn't directly answer the student's question. Do you have any advice on starting your own business? Gurpreet Lally, Admin
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Tara’s Answer

Exactly where to start depends on the kind of business you want to have. But generally, ask yourself a few things to make sure the kind of business you start is right for you. Like
-what am I passionate about?
-what kind of problems do I want to help solve for people?
-in what ways do I want to help?
-what kind of lifestyle will likely come with what I'm thinking of doing and is it a lifestyle that I want?
-do I want to have a store/shop/physical location or do I want to do it all online?

You need to decide the industry you want to work in, like fashion, writing, tech, marketing, etc.

You need to have the proper training/education for your chosen field.

You need to just figure out what you want to do , what your business will be first because different businesses require different things to get started. It varies widely! For some of them you only need to take a course online and get an email marketing account. Others require a college degree and tons of startup money. So until you're perfectly clear on the kind of business you want to start, it's hard to say how you can get started.
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Aimee’s Answer

Start by identifying your interest and passions. What are the things that you get excited about or like doing? Businesses can come from anywhere so its important that you have an interest in that area because that will help you to be more successful. Spend time exploring and learning about that area - whether its a love of numbers or sport, etc. Ask people you know or join groups to learn more about it. The next thing you should do is look at what problems you can help solve in your particular area of interest. Businesses help to serve a customer need or solve a particular problem. Once you identify the problem then you can start identifying solutions or business proposals to address this problem. From there you can put together a plan to start building your business.
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