Starting a successful business might seem intimidating, especially if you’re still in high school. However, with the right mindset, a solid plan, and a bit of guidance, it’s entirely possible to turn your entrepreneurial dreams into reality.
In this article, we will explore why it’s important for young ABM students like you to start your entrepreneurship early, and discover the steps on how to successfully start a business.
Why start a business early in life
Starting your entrepreneurial journey early in life is like planting a seed that has the potential to grow into a towering tree. It’s about laying the foundation for a future that’s not only financially rewarding but also personally fulfilling.
Why should you do it in the first place?
The world of entrepreneurship is no longer reserved for seasoned professionals. With the advent of technology and the internet, the playing field has been leveled, allowing young minds like yours to innovate, create, and lead successful ventures.
The statistics speak for themselves. According to a report by the Global Entrepreneurship Monitor, there are approximately 582 million entrepreneurs in the world, and a significant portion of them started their journey before hitting 30.
In a more recent study, the Junior Achievement USA revealed in its survey that 60% of teenagers are more interested in starting their own business in the future instead of working in a traditional job.
But starting a business isn’t confined to a specific age bracket; whether you’re freshly an adult or well into your golden years, entrepreneurship is accessible to all.
So how do you exactly transform your idea into a business, and how do you do it successfully?
Steps to starting a successful business
Step #1: Get into the right mindset
First things first, you need to get in the right mindset. Understand that success doesn’t happen overnight. It’s the result of consistent effort, learning from failures, and staying committed to your goals. So, gear up for a journey that’s as rewarding as it is challenging.
Step #2: Know what you’re passionate about
Determining your business concept is crucial. What are you passionate about? What skills do you possess that others might find valuable? Remember, the best business ideas come from identifying a need and figuring out how to address it.
Whether it’s a product or a service, make sure it’s something you genuinely care about. Most often than not, your business ideas will spark from what you’re already interested in or something you’re already good at. This passion will keep you motivated when things get tough.
Step #3: Outline your business plan
Once you’ve got your idea, it’s time to flesh it out into a business plan. This might sound intimidating, but it’s essentially a roadmap for your business. It outlines your business idea, target market, competition, marketing strategy, and financial projections.
A well-thought-out business plan not only helps you stay organized and focused but also comes in handy if you’re looking to secure funding.
Step #4: Have sufficient funds
Speaking of funding, let’s talk about money. Starting a business requires some initial investment. While you might not have a lot of capital as a high school student, there are ways to work around this. You could start small, use savings, ask family and friends for support, or even look into crowdfunding. The key is to start with what you have and grow from there.
Step #5: Get mentorship
Now, onto one of the most crucial aspects of starting a business – mentorship. Here’s why it’s important: imagine having someone who’s been through the ups and downs of running a business, offering you guidance, advice, and support. This mentor will help you navigate challenges, make informed decisions, and avoid common pitfalls. Plus, they can provide valuable networking opportunities.
So, the important question is, how do you find a mentor? Luckily, there’s the University of Asia and the Pacific’s (UA&P) Entrepreneurial Management Program (EM) to help you.
Mentoring programs designed for young entrepreneurs
The UA&P Entrepreneurial Management Program Is the pioneering entrepreneurship undergraduate program in the Philippines. It aims to provide an intense, holistic, and integrated formation, preparing students to become mentally sharp, socially adept, emotionally mature, physically fit, and morally grounded individuals.
UA&P emphasizes a comprehensive Liberal Education, focusing on developing students not just as technicians but as leaders, innovators, and thinkers capable of articulating their ideas well and aspiring to create a better economy and society.
What’s more, the EM Program encourages students to start their own businesses as early as the college level, offering intense personalized business coaching from seasoned experts and guiding them through real business applications.
But what stands out in the EM Program is its mentorship system. Through the EM Program, students have the opportunity to work with or get mentorship from business experts who are known in various industries.
For more information about the UA&P Entrepreneurial Management Program, click here.