Is your Dream Teen Business functioning successfully or is it suffering the pains of decline or even failure?
Are you getting the results you have been dreaming about?
Do you have a nagging feeling that all is not going well or else should I rather say not going according to plan?
Are you being confronted by a failing business and seeing your dream shattered to pieces?
Did you fail to notice the warning signals that your business was slipping, losing its competiveness and profitability?
What went wrong or what should have been done right from the start which could have prevented such a dramatic experience?
If you are at this point busy planning your dream business then this post is a must read for you.
Critical important components supporting your business towards success, sustainability and profitability.
Do you have enough managerial know-how or the ability to manage your business effectively? This may sound very harsh but at the end of the day you must remember that you are the boss, the CEO of your business and therefore you have the responsibility to keep your business up and running, sustainable as well as profitable. It is of high importance that you determine what skills you as CEO need so immediately you must take a good hard look at your strengths and weaknesses. This is when things become really interesting and you have the opportunity to start focussing on them. We will be posting about the so-called SWOT (Strengths, Weaknesses, Opportunities and Threats) Analyses soon and how to go about it.
You must make very sure that you have, right from the beginning, put adequate and relevant planning into your dream business. It makes no sense to just dive in. Your plan of action together with set goals along the way will be your guide to reach your destination. The business plan you have designed or are busy designing should amongst others provide you with managerial information from which you should be able to make meaningful and calculated decisions to keep your business on track. In the posts ahead we will be taking a good hard look at what a business plan is all about and how you should pave your way through it. At the end of the day you should have a well thought through written business plan to your disposal. Speaking to teens I often get told that they do not have readymade answers for all the things they have to plan for or keep in mind when planning and executing their business plan .
There are solutions for that. Meanwhile keep in mind that we will be focussing on the importance of objectives, goals, outcomes to be reached as well as a timetable by which activities should be completed and/or set in motion .We most certainly will be paying attention to what your competitors are busy with. Specific administrative functions must be put in place. We will touch on these matters soon.
How does your written marketing plan shape up to the demands of the day. Does it contain the correct elements needed to really put your business on the map. We need to look at this in detail. It is the easiest thing in the world to spend money, but to spend it wisely is something else. We could right now list many ways to market your business but is it done through the right channels and does it reach your target audience. What is the amount you have set aside for marketing. Have you got a well planned budget worked out. We will be posting on all these matters in detail so watch this space.
Something we need to talk about is the tendency by many teens not to ask for advice, either being too shy to ask, or the fear many have that people might think they are stupid. This is where so much useful advice is lost leaving the potential teen entrepreneur with limited information to work with. I cannot emphasise enough that you must find and speak to informed people who can assist you in formulating a business plan, financial budget or marketing strategy for your business. Start with your parents, a teacher, family members who might have specific expertise but best of all send us your questions and comments and we will gladly attend to them.
Remember no person on earth knows everything there is to know. Asking a question is no shame, it actually shows you are eager to find answers and broaden your knowledge. People respect that and will surely put you on the right track. If you have some time available you can read up on highly successful entrepreneurs and you will find they surround themselves with highly trained and competent people working for and along with them.
Last but not least I would like to touch on something you must always keep in mind to do. When you have made a mistake admit it and look it straight in the eye. A mistake is an opportunity to learn something from. The important thing is how you react to the mistake and turn the coin around. Be positive, correct what is wrong, lift up your head and go forward. Do not be afraid to ask for help or advice. It shows you are serious about your business.
During a conversation with teens at a camp meeting the question was raised why there are so many small businesses failing during the first year or two of its existence.
This pattern is something teen entrepreneurs are afraid of and steer away from. I was told that they are afraid of that and therefore do not view entrepreneurship as a career opportunity, but as a last possible outcome if all else fails. One reason could be that it is actually so easy to become an entrepreneur you simply have to make the choice and there you are. You become the CEO of your very own company with the snap of a finger. Many are free to start without any knowledge at all, maybe even without any money to their name. There are no restrictions , they are free to choose and that is it.
What they do not realise are the realities out there. Freedom of choice opens up two opportunities being success or failure. Failing because of a lack of relevant skills or knowledge can cause huge negative reactions. Stress, depression, losing everything, debt, family breakups , drug addiction and many more. I once asked a teen what his plans were after completing his formal schooling to which he replied “I am going to do my own thing, I’m going to weld security gates for people. “ I asked him if he had anything planned or how he was going to get started. He had nothing in place simply saying “it can’t be difficult. ”This is certainly not the way to go about your career, get yourself properly prepared and then walk out courageously and do your very best. Think about what this post is all about, we are going to talk in much more detail about everything. Gather your questions and send them to me. Together we can make a difference.
Talk soon