Learn something new every day
More Info... by email
A young entrepreneur does exactly the same things any entrepreneur does. Typically, young people must adhere to the same laws that older people follow when running a business, and in some cases, age becomes a complication because of rules about child labor. Some people use this term to refer to people who are already legal adults, in which case a young entrepreneur is no different than any adult entrepreneur. The day-to-day tasks undertaken when becoming an entrepreneur may be very different depending on the business in question and the role of the business owner in the total process.
Typically, an entrepreneur is a person who is responsible for starting and running a business. He or she is often responsible for any financial risks the business undertakes, but conversely may be the sole beneficiary of any profits. Young entrepreneurs who are still minors typically must run businesses with very little start up money and usually do not hire employees. This means that the individual in question gets a hand-on understanding of how business works at all steps in the process.
One thing a young entrepreneur often does is come up with a great idea. A child entrepreneur may need help navigating the complexities of business and dealing with adult associates, but he or she is typically responsible for the initial concept and business plan used. Once an idea has been established, the young entrepreneur must take steps to make that idea into a reality. These steps will be different for all small businesses, but typically involve the actual creation of the product or service, advertising, and sales.
When running a business as a young entrepreneur, a person can face a number of difficulties due to lack of experience. As such, one of the things a young business owner does is generate experience to be used in future entrepreneurial ventures. Many people view a small business run by a child or young person as a starter venture, but some businesses started by children can grow into very profitable ventures that last a lifetime.
It is important to note that one step for any young entrepreneur should involve obtaining appropriate licenses. Even children running lemonade stands, which is quite common in some areas, can be seen as running a business in the eyes of some officials. Failing to learn about the legal aspects of running a business, including paying taxes and adhering to all relevant employment laws, can be disastrous for a child entrepreneur. For this reason, more experienced adults must often oversee at least part of any entrepreneurial project undertaken by a minor.
One of our editors will review your suggestion and make changes if warranted. Note that depending on the number of suggestions we receive, this can take anywhere from a few hours to a few days. Thank you for helping to improve wiseGEEK!