What are your tips to budding entrepreneurs? Is high school too early to be crafting a business plan?
I say no, what say you?
To answer your second question first- no, I don't think a HS aged entrepeneur is too young to start a business or craft a business plan. However, it is important to ask a few questions before proceeding. What industry do you wish to enter? How does your product or service help to build a sustain a community, virtual or real? Where is your initial capital coming from? It's important to consider all of this when determining how successful an entrepeneur might be. A good idea and hard work are not enough to sustain long term growth in a highly competitive market. Other more implicit or psycological factors are more important in my view.
And what are the psychological factors you think would impact a HS aged individual? I agree that there are some things that need to be taken into consideration, but at any age startup costs are a huge hurdle since the majority of startups face having little to no money. And if it's your first start up obtaining backing is hard.
I believe that a HS student is open to most if not all fields any other adult may be.
I agree with Amina. A HS student is too amateur to even craft a business plan. The student will need prerequisite knowledge from an adult who is experienced and only through his help, he might be able to do it. And the psychological factors might be being isolated from his HS life and also the stress he is subjected to due to both HS and the business he's running.
I can't help but disagreeing with you. There are plenty of business plan books that are readily available. If a student can grasp other ideas, why not a business plan?
See, this I think is an issue, the fact that we do not expect that our youth can do this. I'm not saying a HS student should start some huge business that requires and office and time away from school. I'm suggesting the HS student begin businesses within their reach, $100 businesses they can start with things they are talented at.
I am studying to teach an Entrepreneurship course to HS students. By the end of the course they will have a business plan, a product, and a good idea of who their audience might be. I believe it's possible and we are limiting students otherwise.
Let me be clear- one can never be too young to start a small business. In the end, it's a good learning experience and that's always good. A small small venture like the one mentioned above is fine. I assumed that the venture was larger and something that was to be sustained. It doesn't sound like that is the case. As a nation, we most certainly encourage small business and our tax laws prove that. Small businesses sustain communities and they are vital to the health of the economy . The sooner our youth get a grasp of this the better. If the stakes are low ($100 initial out of pocket investment) then sure, I would encourage! ;) hope this helps!
Thanks for your feedback! Team Branch