Do you have a business idea and would love to see it in action?
Are you excited to get going?
Are you sure that what you have in mind as a business can become a reality?
In our previous post “MAKE YOUR DREAM REAL AND YOU SUCCESSFUL” dated 8 September 2016 we spoke about dreaming big and writing your dream down. With that done we now need to make sure that your dream can work for real.
Have you spoken to anybody about your business idea? Have you shared it with your parents , a relative, a friend or a teacher? If not I recommend that you do so. Hear what they have to say. As we said previously you might hear some very negative comments but do not because of that let you abandon your idea straight away. Further discussion is advised.
Let us now take a closer look at what you have in mind. The following factors need your attention:
Is my Teen Business idea feasible and attainable. I agree with you that a successful and sustainable business start off with a business idea but the important part however is to convert that idea or dream into a real opportunity. It’s not always so easy as it might seem and needs careful consideration. It is wrong to get involved into any kind of business without making sure of all the facts and only then can you make a calculated decision. Let us look at the following example:
Dream : Have my own garden service:
Ask the following questions:-
Is there a real market for that?
Are there people over and above my parents or relatives close by who would prefer me to work in their garden(s)?
What are the needs of any potential clients?
Will I be able to handle it?
Do I have the skills and the knowledge to do a professional job?
How will my service compare with that of my competitors?
What can I incorporate in my service which will be unique or let me “stand out amongst the crowd?”
How many possible gardens could be available?
Do I have the necessary tools and equipment to work with?
What about transport to move my equipment around from one client to another?
I am sure you can add on more to this list but this gives you an idea about what to consider before just jumping in, spend a lot of money and at the end discover that there is no need for your dream business. Avoid losing money, steer away from becoming discouraged or simply just giving up.
Look at the following case study:
Selling Candy Floss
One Saturday morning I was walking along the corridor of a big shopping centre when I noticed a group of people crowding together some fifty meters away from where I was. At first I thought something was wrong but getting closer I was amazed to see this teenager selling Candy Floss to a lot of people, young and old, and certainly making some good money. I stopped dead in my tracks watching him in action. He had the necessary machine going with the ingredients neatly arranged out on a table next to him. He was smiling all the way. The only support he had was, as I later learned, his mother who was handling the money matters for him. The reason being that his hands had more than enough sugar on it to touch any money.
What can we learn from this example?
This Teen Entrepreneur made sure he –
- Had the right spot to produce and sell his product.
- He arranged with the Management of the complex for permission to be there and abide to the rules applicable.
- Chose a safe environment for doing business.
- Was in a spot where enough feet were moving through the complex thus providing a continuous flow of customers.
- Had his stand nicely positioned, clean, colourful with a whole bunch of balloons drawing attention and of course hygienic.
- Had a helper on hand (mother).
- Provided a fast, efficient and friendly service.
- Acted “business like” reflected by his body language (more posts about body language coming soon).
- Chose the right product to sell- people love something sweet and the older generation had a treat to something they knew as children.
- The product was priced correctly.
I stood watching this guy enjoying what he was doing, even standing ready for a quick photo while the cash flowed in. The point here is his attention to important detail and putting his customers first.
I briefly spoke to his mother and she told me “we allow him to have his own business on condition that it does not take up so much of his time that his school work suffers. We have an agreement that we discuss the progress his Teen Business shows and how he can improve further. For that reason we as a family have a brainstorming session once a month seeking new initiatives and creative ways to take his business a step further. We as parents are at this stage his mentors, but he has the responsibility to make his business work. More posts on brainstorming coming soon.
To end off this session I want to pull back the curtain a bit further and ask you to think about the following aspects which we will put under the spotlight as we go along.
Skills needed to manage your Teen Business successfully
Marketing skills
Managerial skills
Communication skills
Working with people
Body language
Handling conflict
Financial literacy
Coping with and handling fear and failure
Administrative skills
Brainstorming
Creativity
So much more will be added to this list showing you the way forward and assisting you with good sound advice.
In the meantime take a good hard look at all the detail presented in this post, compare it with what you already have in your plan of action , bring about changes if necessary, stay passionate about what you want to achieve and enjoy what you are doing. We will gladly answer all your questions and will appreciate your comments. Talk soon!!