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Teen Entrepreneurs: A Formula For Success

Mar 27, 2008
Teen entrepreneurs have a fantastic advantage if they follow a few guidelines. By the time you leave school or finish higher education you could have a strong secondary income already in place that could allow you to travel, double your earning power and in the best cases give you the time freedom to do what you like with your life.

A Big Question That Will Increase Teen Entrepreneurs Chances

Are you a natural entrepreneur? During my research on this subject perhaps the single biggest discovery I made was the effects of each person's individual temperament on business success or failure. Natural stereotyped entrepreneurs are born. They tend to have what is called a choleric temperament, which is common with most tycoons - think Donald Trump. So what do you do as a potential teen entrepreneur if you do not have this temperament? There is only one answer and that is to become skilled.

In order to become skilled you need time, and that is where teen entrepreneurs have an advantage. If you have an entrepreneurial tendency as opposed to being a natural entrepreneur, you will need to do one exercise first and foremost - assess yourself. This is not easy at all. It requires each of us, to go on our own into a quiet dark room and take a long, hard, and honest, look at ourselves. It is best to start out knowing what we really are capable of, rather than deluding ourselves as to what we would like to be.

A Reliable Formula:

1) Assess your temperament type. Trying to force a square shape through a round hole is what, in effect, many people try and do when starting a new business that is wrong for their character. They fail before they start.
2) Understand the strengths and weaknesses the above brings. Skill is a virtue of talent and suitability to the demands of each business type.
3) Select a business to fit your temperament type, in addition to any particular experiences or contacts you might have. Choose well and your character will make the business, choose badly and it will break it.
4) Start out spending as little as possible. Obviously the less you risk the less you can lose. Beware of the advertisers who will always encourage you to spend more than you should.
5) Allow 2-3 years of trial and error to become skilled. You may be a genius and make it in less time, but if you allow a realistic timeframe at the start you will not become disappointed and quit.
6) Reinvest 80% of your profits in diversified income-producing assets. It is a huge temptation to spend any new money, especially for impulsive types. If your main business goes pear-shaped you are back to square one in a blink of an eye. I speak from experience here.

Example

Budding teen entrepreneurs who are say, 13, can start a potential income-producing website. Providing the site concept is well researched and viable, and the site is properly structured with good keyword focused content and a sound link strategy, then by the time that person is 16, they will have 3 years sound site history and backlinks, which will bring in free organic traffic. Few new sites can do this, especially in competitive fields. So if you are leaving school or starting 6th form, college or University, you will have a solid basis for an income producing business. And, an this is just as important, you will have through the process added a skill to your CV that will stay with you throughout your life.
About the Author
Charles Challis is the managing director of Applied Serendipity Ltd. He has spent the last 3 years and over $120,000/66,000 GBP researching and testing home businesses. The company website: http://www.home-business-consultant.com is a must-read for prospective home business entrepreneurs. Visit http://www.home-business-consultant.com to save your time and money.
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