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Who Wants to be a Zillionaire?
If you answered "Ooo! Ooo! Me!," then you may want to become an entrepreneur
(ahn' tra pra nur). Yeah, we know, the dictionary can be pretty boring, but they
know how to pronounce big words like that. They say that an entrepreneur is "a
person who organizes and manages a business undertaking, assuming the risk for
the sake of profit."
The simpler version: Entrepreneurs are
inventors of businesses. The number one way most millionaires make their
fortunes is by operating a business. Some of the most successful entrepreneurs
today are Bill Gates (Microsoft), Master
P (No Limit Records), Oprah Winfrey (Harpo
Productions), and Ted Turner (Formerly owner of TBS, now Vice Chairman of Time
Warner, Inc.) just to name a few. Each of these people did four basic
things.
- They saw a need for a new product or service.
- They created that new and wonderful product or service.
- They started a business to offer their product or service to customers.
- They got rich!! (Okay, so maybe it's not quite that simple, but you can
definitely make some extra spending money by starting your own business.)
Can someone under 21 become an entrepreneur?
Yep! Any person (any age) who starts and operates a business is an
entrepreneur. Lots of teens earn money detailing cars, landscaping, babysitting,
or even doing Web design.
Anytime you sell products or services for the
sake of earning a profit in a free enterprise system, you are engaged in
business. And that makes you an entrepreneur.
A Free what system?
Free enterprise is an economic system in which every person regardless of
age, race, religion, gender, or political beliefs has the right to engage in
legal business activities.
Once you start a business and offer a product
or service, you are participating in free enterprise. Some other interesting
aspects of free enterprise are:
- As the business owner, you get to set whatever price you want for your
products. (Calm down. Even though it seems like a good idea, selling lemonade in
front of your house for $700.00 a cup may not be your most profitable venture.)
- You may offer your products to any customer who is interested, but...
- Those customers are free to make their own choices about what they will
buy.
- Other people can also start businesses that may compete with your business.
(Like That "sweet" little 5 year old down the block who is trying to ruin you by
selling her lemonade for $0.50 a cup.)
- However, you can raise or lower prices in order to compete with those other
business owners.
In a free enterprise system, the government puts no limit on the amount of
income you can make. If you are willing to do the work to be a zillionaire,
YoungBiz will show you how to get started. The rest is up to you. Good luck!
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