What can teenagers do to start their entrepreneurial journey?

Recently we had a post on our blog that was asking all about how teens who already know they wanna be their own boss can get started. The blog query was:

“I am a 40 year old trade educated entrepreneur employing 13 people. I started my business at 30 so fit your figures perfectly. My 15 year old wants to be an entrepreneur but I find it hard to put him on the right track. I have my trade and sales background and contacts gained in my 20's. How does a 15 year old get the experience and contacts required to make it? Where does he start? School pushes the kids to trades or uni and he doesn’t want that.

Anon on our BLOG 2008”

Awesome question, and we know there is a heap of things they can be doing. So for all of you teenpreneurs out there, get started with these ideas......

Use The Frank Team

- The Frank Team has a heap of resources and opportunities for young entrepreneurs of all ages including teenagers.

o Our Young Entrepreneurs Membership program is perfect for teenagers just starting out. Regular newsletters, events & workshops to attend are all part of the program. Join our Young Entrepreneur Network today.

o The Break it Down cards are Frank Team’s business planning tools specific for young entrepreneurs. We have been using them for years in our workshops with young people around Australia and you can have your own set. Get your set of Business Planning cards today.

o Our library of business start-up Articles is a great starting point to start building your knowledge. We also have a great article full of tips for starting up that we have just added - you will love it.

o Sign up to our Events list to be kept up to date with our events for young entrepreneurs that we run regularly. This will give you a chance to meet other young people just like yourself. You will learn from others and get inspired.

o Sign up for IGNITE, our monthly newsletter, that is packed with up to date information about programs and opportunities for young entrepreneurs. Everything from award programs, to training & volunteering opportunities.

Entrepreneurial Work experience & Internships

- Identify some awesome entrepreneurs that you would love to learn from (young and old) near you through some online searching, or by contacting us here at The Frank Team .

- Contact these entrepreneurs directly and ask to do some work experience with them. Offer yourself for free for 1 – 4 weeks, or for a few days a week over 6 months. Get the opportunity to hang around the entrepreneurs and learn from them. They will be impressed with your initiative and will love having you.

Young Achievers Australia Programs

- Find out if your school, college or university is running the Young Achievers program. This is a course that puts young people together in teams who have to set up & run a business. It gives you amazing experience and exposure to entrepreneurial issues that are real!

- www.yaa.org.au

Networking

- Start going to networking events that are close to you. Networking will mean that you start meeting people and creating contacts, you will learn heaps from how professional people conduct themselves at these events, and get to hear from some great speakers.

- Age doesn’t matter at these events! Yea you may stand out as the youngest person there, but that is great as you will have people naturally coming up to you!

- The Frank Team has ongoing networking events for young entrepreneurs in NSW.

- Check out your local Business Enterprise Centre and also through your state government’s business portal for upcoming events. For NSW it is www.business.nsw.gov.au

Read biographies/autobiographies of entrepreneurs

- There are many highly successful entrepreneurs who have been there and done that and then written all about it! Get your hands on some biographies and autobiographies of entrepreneurs and soak up the learning. You will learn all about the highs and lows of making it on an entrepreneurial journey.

- And if you are not a book reader then just start searching online. There are a heap of stories about successful entrepreneurs online, some of them even have interviews with them. This will provide knowledge and inspiration. Just think of a company that you admire, then look for the story of the peeps who started that company – you will be amazed and surprised. The google story, ebay, Apple, Harvey Norman, The Body Shop, Sass & Bide.......the list goes on and on!

- A personal favourite of mine is “Loosing My Virginity” by Richard Branson.

Formal Learning

- Doing some formal learning is advisable, but not necessarily university. A business start up course, a marketing & sales program, online learning in search engine optimisation or a TAFE course in financial management are all a great start and heaps quicker than uni! Plus you can do them at the same time as starting and running your own business. Uni courses may be required if technical skills are needed for the business you want to be in.

- Go with topics you are interested in and you enjoy.

Volunteering

- Experience working in any type of team environment and for all sorts of organisations is highly valuable. And you can get this experience for free, while working on real stuff; you do this through volunteering. You can do anything from project management, to marketing to finance & treasury for organisations that need the help and do some awesome stuff in the world. I learnt heaps as a volunteer on my local councils youth committee where we organised all sorts of events with budgets of $20,000, it was awesome.

- Some great places to start to find great volunteering experiences:

o IGNITE

o Oaktree Foundation

o Volunteering Australia

o Conservation Volunteers

o Australia & International opportunities

Just Start a Business!

- There is no better way to learn about being entrepreneurial and starting a business than starting a business. Even if it is just small and in your local area, you will learn heaps! Anything from dog walking, tutoring, fixing computer problems, helping with clean ups around houses are all good and easy businesses to start.

- To learn more about Starting Up your own business see our series of business articles. And particularly our TIPS for starting up your own business.

Any other things you think teens could be doing?

Let us know if you are a teen running your own business already & tell us what your advice would be to other teenpreneurs. Email us at info@frankteam.com.au

If you want to learn more about the steps to starting up your own business then The Frank Team has the prefect tools for you. Our Break it Down cards make starting up your business easy, fun and totally practical.

Starting up in business as a young person can be lonely and tough at times. Come and meet other young entrepreneurs just like you and share ideas and stories with the Frank Team’s Young entrepreneurs membership program.

Need cash to get your idea off the ground? ENYA is here to help!

The Enterprising Network for young Australian’s (ENYA) established the Microenterprise Loan to help young entrepreneurs to get support and financial assistance without asset security or a financial track record. This makes it perfect for young people! Yey!

It is all thanks to the National Australia Bank (NAB) who have partnered with ENYA for this one.

The Microenterprise Loan provides:

• A loan between $500 and $20,000 for the purpose of starting or growing a business.
• A low interest rate: 9.95% p.a. fixed for the term of the loan.
• Access to a wide network of support services.
• Access to the Youth & Enterprise Legal Centre, that can help with legal matters associated to starting and running a small business on a reduced-fee basis.
• The opportunity to learn and develop skills in relation to the challenges facing young people in small business throughout the life of the loan.

To be eligible to apply for the Microenterprise Loan, each applicant will need to satisfy the following requirements:

• Must be between 18 and 29 years of age.
• Must be committed to starting or expanding a business.
• Must not have had any bankruptcies in the last 7 years.
• Must demonstrate sound business planning skills, or the potential to develop these skills.
• Be highly motivated and committed to establishing a sustainable business.
• Must be willing to work with a mentor for at least 12 months.

More information regarding ENYA’s Microenterprise program can be found at www.enya.org.au or by calling ENYA on 1300 136 921.

Teen-Entrepreneur Jemma Tells Frank How She Started Her Dance Empire at 16!

Jemma Nicoll, from NSW

Age: 17

How do you describe your business to people who ask what you do?

My business ‘Inspire’ is a local community dance school, however with a slight twist! Inspire’s motto “dance to a different beat” sums it up perfectly. My aim is to provide an uplifting, encouraging and fun atmosphere where kids of all ages can come and just be…kids of all ages. No stress of competition, and certainly no worry from parents about what sort of music, movements and costumes my students will be exposed to. I want to inspire, motivate, and empower my students to grow to love the art of dance as a means of expression and creativity.

What inspired you to take action when you were just getting started?

I attended a dance conference run by Project Dance, a New York Company who shares similar visions and values as I do. I found it so different to the stress and competition I’d felt in dancing over the years, and discovered how my community was lacking in places where dancers could just come openly and dance without intimidation and competition. My desire to see a break in traditional dance culture, and my passion to fuel a change in my community turned my passion into an action…and Inspire was started!

How long have you been working on it?

I began Inspire in February 2008; so we have nearly seen an entire year through! However it required a couple of months of planning beforehand in regards to certification and legal requirements, so it was from around December 07 that I began to seriously work on commencing this business.

What is the biggest challenge you’ve had to overcome?

Combining a business with the completion of my HSC was a massive challenge! The HSC is strenuous in itself, so balancing this with the maintenance of a dance school provided mixed responses when I told people. However I knew I was organised and had good time management skills and it was time to put them to the test. I had a great support network of family and friends too. Of course there were times I wished for more than 24 hours in a day! But when it’s something you’re really passionate about, the obstacles become somewhat exciting to overcome because you know it’s something you really want to accomplish....a little challenge can’t get in your way!

What do you like most about being in business?

I love people- I love working with people, getting to know and understand people. The great thing about being in business is that there are so many opportunities to develop a wide variety of relationships.

I also love the fact that through being in business, I can bring impact to those around me and pass down my knowledge and passion for the creative arts. Starting a business is allowing me to inspire many young dancers, and setting an example and providing a role model figure for my students is just such a rewarding experience.

What do you like least about being in business?

This past year, the thing I liked least and continually became frustrated with was that I could not spend all my time and energy into growing Inspire because of my HSC! However I guess this takes a positive turn- I have graduated now and can now focus everything I have into planning the year ahead. But business itself…there is nothing to dislike!

How do you market your services?

Inspire has printed out flyers, posters and business cards. I’m currently in the process of sending out an official letter to all the local churches in the area with plans for 2009, as well as printing a small ad in school newsletters.

Inspire had its first concert recently which drew quite a surprisingly large crowd. It is these sorts of events that incites the masses and brings about the power of word of mouth (a very handy promotional tactic!). One of my younger students who is in kindergarten, took her dance music in for show and tell and ended up performing to her entire grade, which got me thinking how powerful that would have been in inspiring more people to come!

How do you keep your creativity flowing?

It’s important to continue drawing inspiration from everything around you. I try and grab hold of every possible opportunity- whether it is attending dance workshops and business seminars/forums, or talking to people already in the industry who may give a fresh spin on ideas and new ways of thinking. With dance, you can keep your creativity flowing just in your every day life. As things happen and events unfold around you, you can learn to adapt these things to dance. For example, my latest dance work was a piece inspired from the 2004 Boxing Day Tsunamis. I like to draw my inspiration from real things that happen and try to interpret them.

How have The FRANK Team helped you to make your ideas a reality?

The FRANK Team is certainly a wonderful source of inspiration, motivation and encouragement! They are the reason why many of these young entrepreneurs we hear of have begun their pioneering pilgrimages, and successful ones at that! Ignite provides the exact support all entrepreneurs are looking for, and also provides golden opportunities of all sorts. For example they featured the 30 Under 30 Entrepreneurial Business Awards, so I took the chance to apply and Inspire ended up as a top finalist. So I can undoubtedly say thank you to FRANK for that!

What advice do you have for young people out there trying to start a business or community project?

Embrace every opportunity, and don’t allow yourself to be discouraged by difficulty. View the obstacles as learning curves and a chance to grow, not a chance to shy away. True confidence is living and acting boldly in the presence of fear, so if you can do this you can do anything! Be very clear on what your aim and purpose is in starting the business or project, and make sure you can effectively communicate this to those you come into contact with.

CONGRATS JEMMA!

To learn how to start your own business, use The Frank Team's Business Break it Down cards. http://www.frankteam.com.au/entrepreneur/start-up-business-cards.html

Ytrep Profile - Just Creative Design

Jacob Cass is a self-employed freelance graphic designer, working in the fields of logo design, print design, web design and branding with the majority of his time spent designing and implementing marketing promotions for small businesses such as logos, brochures, letterhead, business cards, email signatures and more. You will also find him blogging on his popular website Just Creative Design which provides free graphic design tips, articles and resources. He's also the latest young entrepreneur to be profiled on our blog!

What made you decide to start your own business?

Originally I started out doing graphic design work as a hobby for friends and family for free and I just loved it so when people were starting to ask “how much for this” and “how much for that” I knew it was time to start charging money for my design so really I guess it was just natural for me to start my own business.

How long have you been in business for?

I am 20 now but I got my first paid job when I was 16 so I guess I could say 4 years however I have only been doing it seriously for the past two years.

Why graphic design for you?

I believe I touched on this in the first answer… because I really love it. I surround myself in design every day and regularly discuss and converse with other designers through the use of my blog. I am also subscribed to about 200 other RSS feeds (subscriptions) that I read on a daily basis – this really keeps me motivated and up to date with what is happening in the design world.

What are some of the trials you’ve been through in starting your business?

There have been many lessons learnt but no mistakes. The first thing that comes to mind is the problems that I have had with my many web hosting providers. Because my business grew so quickly, my web hosts couldn’t keep up with the traffic on my website so it in turn shut down my website which I could not get up again for about 10 days (a huge amount of time in regards to a website being down). So I guess the thing I learnt out of that was to think big – I should have gone with a bigger and better web hosting provider.

The next big trial I went through was actually building up my business and reputation. I put the hard yards in for 6 months straight and it really paid off. I don’t have to do as much as I did before as I have now built my reputation and my loyal readers / clients now do the work for me.

Check out his site and blog at www.justcreativedesign.com - Jacob has some pretty cool articles, downloads, and links to awesome photos on the web!

Oh to be a millionaire!

In the past year, the number of high net worth Aussies increased by 11 000 - to 172 000. These 172 000 people are worth, on average, $3.2 million each, according to the World Wealth Report released last month.

The most popular things that these people lke to invest in include:
- private jet aircraft
- custom-designed and made yachts
- luxury cars
- fine art
- jewellery

My only conclusion is to get to the point that I can afford my customised yacht and my fine art collection - start my own business!

Green Business - a Threat or an Opportunity?

I don't think a single day goes by that we don't hear something about climate change or petrol prices. Or both. Multiple times.

There's two ways we can look at climate change, and petrol prices - a threat or an opportunity.

Yes, they are a threat to our way of life, the well-being of our people and our planet. And also a threat to how we currently do business, as we move to cut greenhouse gas emissions and costs are driven up in various ways.

They're also an AMAZING opportunity for new business. According to BRW (July 3-9, 2008), up to 3.25 million workers will need to re/up-skill if Australia makes big cuts to greenhouse gas emissions. Possible areas are renewable energy, green buildings, and low emission vehicles (if you could put out a less expensive hybrid, I can assure you that I would buy it!).

How about, instead of just up-skilling, up-skill and get out there on your own? Start up a green business, taking advantage of the huge opportunities for growth, and help the move towards green technology and lower emissions.

TOP 5 PITFALLS TO WATCH OUT FOR YOUNG ENTREPRENUERS JUST STARTING OUT

There is no such thing as a mistake, just mis-takes! So learn from them
and keep going. But watch out for:

1. MANAGE YOUR TIME
You still have to do your homework, sport, chores, friends, families - so manage your time to fit it all in. Use timetables and checklists.

2. DON'T BREAK THE LAW
Do your research, ask around and make sure you don't do something really wrong! There is still a lot of room for your awesome ideas, within the law!

3. GET THINGS IN WRITING
Any agreements you make with friends, family, customers, suppliers etc you should get in writing, contracts, quotes, prices, what you will deliver etc, to protect yourself and others.

4. CAREFULLY MANAGE YOUR MONEY
You have worked hard to make it, so look after it! It’s very easy to just go out and blow it all on yourself, but then how will your business have its doors open tomorrow for you to make more money?? So put aside money for bills and costs before you pay yourself, avoid debt early on, and regularly check your cashflow and where your money is coming from. Also shop around for the best bank account so that all your hard earned dosh is not being taken in charges!

5. DON'T STOP IF YOU FAIL
Failure is not a bad thing - ask any successful young person in business and they will tell you that failure and mistakes is what got them to where they are now! Work out why it didn't work, how it can be improved, learn and then try again.

TOP 5 TIPS FOR YOUNG ENTREPRENEURS JUST STARTING OUT

1. BE EXCITED & interested in your business idea
It takes a lot of hard work to make your idea happen so you want to make sure you really
enjoy it, whether it is food, computers, helping people, service etc, and your excitement
attracts people too! Being excited and energetic comes easy to young people, so use that
to your advantage.

2. GET YOUR IDEAS ON PAPER
This will help you get structure to your idea, plan things out, you can show it to others, and
it will show you where to start. Keep it simple.

3. DO SOME RESEARCH
It doesn't need to be too much, just enough to get you started. Research costs, prices to
charge, what competitors are doing, what customers want, legalities etc.

4. START SMALL
Just build yourself 1 customer at a time, this way you don't need much money to start with
at all. Just make a small profit each time so that you can keep going, and get a little better
next time.

5. JUST GIVE IT A GO!
The easiest thing to do is to have a great idea, the hardest thing to do is to actually give it
a go and do something about it, and by giving it a go you will learn a lot about yourself
and money. So just get started, NOW!

Great Business Ideas That Are Way Too Easy!

Start your own business by:

- signing and promoting local bands to high school and uni crowds

-teaching older people how to use modern technologies - computers, the internet, mobile phones, blogs

Both quick, relatively easy and using skills you might just have, hiding inside you...

What's your simple business idea that's way too easy?

Another Amazing Young Entrepreneur

It never ceases to amaze us here at The FRANK Team the potential in young entrepreneurs. Check out this article on a young entrepreneur from South Australia, Shane Yeend, who started his own business at 15 and (in no particular order) brought the E-Entertainment television network to Australia, created a board game that outsold Monopoly in Australia in 90 days and is now a global market leader in DVD games, among other things!

Who's the most amazing young entrepreneur you know? Or know of? We'd love to hear your opinions!

Business opportunities

Did you know that in Australia, there is only one employment agency that specialises in employment for the over 55’s age group? This problem poses a challenge for all the young entrepreneurs. Maybe it’s your time to set up a business to help increase their employment opportunities.

Testing Your Business or Project Idea

So you’ve had an idea! You think it would make a really great business and are thinking about starting up. So what are some “tests” you should put that idea through to really work out if it’s “the one” you should pursue with all of your time, energy & money? Try these:

Excitement levels
When you think of your idea and turning it into a business, how excited does that thought make you? Starting and running a business takes a lot of heart and soul to make it truly successful, so if the idea doesn’t “rock your boat” in some way then it’s probably not right. The most successful business people will always tell you that passion for your idea and business is essential. So really ask yourself right now, does this idea wake me up at night? Does this idea fill my belly with butterflies when I think of where I can take it? Does this idea lead directly to thoughts of who you could work with on it? If you answered yes to these, then your idea has passed its 1st test!!

Outsiders
Have you told anyone else about the idea? What do they think of it? Of course, you may be worried about people “stealing” your amazing idea, so put due processes in place to protect yourself (MOUs or confidentiality agreements or get some legal advice if you’re truly worried), but then get out there and ask everyone you know what they think! Get them to pick it apart and ask you a million questions. This will help you to see what research still needs to be done, where the holes in the idea are, where there is more potential in the idea and perhaps will show you if the idea is not right in its current form. Of course, “advisers” have been proven wrong before, but no one has built a successful business without the advice of others. If your idea has withstood this barrage, you are doing really well.

Anyone done it before? Why not?
If your idea looks like it will be the “first of its kind” or “too good to be true”, ask yourself, why has no one else had this idea or done something with this idea before. Often the reason why no one has done it before is because it is not a really great idea, or its time has not yet come. Do your research in your industry to really find out why no one has done this before. It could be that the idea is so simple that no one has seen it yet, and it is truly brilliant. Or it could be that others have not seen any value or money in the idea. You need to find that answer for yourself too, to pass this test.

Uniqueness
Every customer you will get, generally, means you are taking them away from someone else! So what is going to make yours stand out such that customers will come to you rather than anyone else? How well do you then know your potential competitors, direct and indirect? Do a SWOT not only on yourself, but also on your competitors. You will learn a lot about your idea with this test.

Start up costs
How much is it going to cost you, and thus how much may you have to risk to get it started? Can you put together a 6 month budget to see what you are going to have to put on the line to start it up? How does that amount make you feel? Perhaps you can get out and sell some of your idea (product or service) at cost or for free to really test your market. Just starting small is a great test for your idea – just selling 1 tutoring lesson, 1 new computer mouse, 1 piece of clothing on ebay – what was the experience like, what was the demand like, get your customer to give you feedback, learn, learn and learn more. This will provide a huge wealth of information that will help to direct your next move in testing your idea further. And by the way, if you do this you have started your business!!!

The market
Of course a general look at your individual industry market and the general economic market can help to test your idea. How are other businesses doing in your area? Are they growing, stable or contracting? Get out there and look at trends, read industry magazines, talk to people in the industry, go to networking events – really submerge yourself in the market you are thinking about. You will get a sense of the vibe and energy around your area. Good vibes = good idea!

The numbers
Now depending on the type of entrepreneur you are and why you are starting, the financial numbers can also help to test your idea. For those of you just wanting to get out there, and get started and see how it goes – do just that, just start now. Others want to see that the “numbers” all add up – that is, that there is going to be profit and good profit in this idea. This will mean putting together at least a 1 year budget backed up with your research of the industry, competitors and market information. Get someone on your team who is really good at all of this stuff, and put your idea up against the toughest test, financial! Here at The FRANK Team we just got started, and then looked at the numbers as the phones started ringing, it has been purely organic from that point onwards

Of course this is all just some general guidance based on our experiences here at The FRANK Team and how we test our ideas as we come up with them – and the tests we have learnt the hard way that you should put your ideas through before going ahead with them. You need to do your own research and then ultimately it is going to be your decision.

And remember, there is no one way or right way when it comes to business. Just make it up!

So what is your great idea? How have you tested it so far?

Jessica Kiely
The FRANK Team

Young Entrepreneurs Workshop!!!

Do you want to start your own business?
Do you want to learn from other young people running their own business?
Do you want to take your business further?

Come along to the Young Entrepreneurs event The FRANK Team is putting on this June!!!

The SSHED- Sutherland Shire Hub for Economic Development is a world class biz incubator helping out biz's in the Sutherland area and they're hosting another Young Entrepreneurs Workshop on the 2nd June from 10am-2pm.

This is a great opportunity for skills training, facilitated networking, and self promotion! It’s run by young people, for young people and it’s free!

We have a great line up of speakers and guests at this year’s workshop, with Luke Janssen from Tigerspike as our key note speaker! And throughout the day you will also hear from other young entrepreneurs, including Jessica Kiely, Director of The FRANK Team!

Plus you: - attend a skills workshop, either:
Effective and fun biz planning for those just starting out!
OR
Another exciting new workshop to be announced
- get feedback on your business ideas from a panel of successful young entrepreneurs
- and there's lots of opportunities for you to make new contacts.

Getting involved again for the third year in a row are Sutherland Shire Council, the SSHED, GROW Sydney, University of Wollongong and the workshop is being run by The FRANK Team.

If you would like more info about the event, a flyer or an agenda, if you've got any questions, or you'd like to register please email me anna@frankteam.com.au or check out our website
http://www.frankteam.com.au/


Hope to see you there!