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How to Talk to a
Young Person About Business

Sharing your business knowledge with the younger generation can be very rewarding. Here are some key steps to getting started:

1. Watch for the right time. When a teen or preteen is bored or needs money, there is an incentive to learn the skills of business.
2. Encourage self-expression. Help young people use their natural talents to create a business that compliments their personality and work style.
3. Search for a niche. Assist beginners in assessing the needs in the marketplace and finding ways to fill those needs.
4. Evaluate cost of goods. Show your business protégé the nuts and bolts of creating a pricing structure that maximizes profits.
5. Write a plan. Don’t skip steps. Show teens and preteens how to create a business plan that outlines procedures for startup and operations.
6. Introduce concepts gradually. Don’t overburden budding entrepreneurs with unnecessary information. Watch for clues they are ready for the next level.
7. Teach time management. Encourage young entrepreneurs to study their business plan and create a schedule with target dates for launching the business.
8. Stay legal. Show teens how to keep good records. Follow all requirements and accepted practices for legal business operations in your state.
9. Celebrate the grand opening. Help get the business started by tapping into your network of business associates and staging an open house. You’ll be surprised how many adults are willing to offer support.
10. Expect growth. Youth-owned enterprises typically grow slowly as maturity develops. Don’t take over. Struggle builds strength and character.

For business plan ideas and worksheets check out these sites:

www.americanexpress.com

www.bplans.com

For great books on business for young entrepreneurs try these titles:

Growing a Business: A Young Entrepreneur’s Start-Up Guide, (YoungBiz Holding USA Ltd.)

The Totally Awesome Business Book for Kids, by Adriane G. Berg and Arthur Berg Bochner (New Market Press)

Fast Cash for Kids, 2^nd ed., by Bonnie and Noel Drew (Career Press)

The Young Entrepreneur’s Guide to Starting and Running a Business, by Steve Mariotti (Random House)