Teens Know Best -- Getting Started Early in Business

I love fusion words. They illustrate how flexible we've become and how we continue to evolve. For example, first came the term entrepreneur, to designate a person who "organizes, operates, and assumes the risk for a business venture," according to the American Heritage® Dictionary of the English Language. More recently, we've heard the term Mompreneur, which is a fusion of "Mom" and "entrepreneur." These are female business owners with children at home. Many of these mothers are work-at-home parents.

Recently, I discovered the term Teenpreneur and a blog devoted to the concept of teens in business. The Small Business Association knows many kids start businesses long before they graduate from school. These days, teen entrepreneurs have advanced well beyond babysitting, mowing grass and after-school fast food jobs. Thanks to organizations like the SBA and Junior Achievement, teens are getting the support they need while starting some amazing business ventures.

As a high schooler, I was very active in Junior Achievement, even winning a few sales contests (see picture). Being able to combine sales acumen, speaking skills and financial management at an early age contributed to my future success. I'm glad to see J.A. is still around and keeping up with the times.

All these teen business resources make me wish I was more motivated at sixteen...I might have become a female Donald Trump or Bill Gates. Well, without the bad hair, anyway. You know, in today's crazy job market, learning about business is essential for future career development, regardless of one's focus. Kudos to Web sites who recognize the value and cater to teen visitors.

Working with VCs For Your Start-Up Business

Last month, while browsing Yedda, I came across a question about venture capitalists and start-ups.

What is the right time to incorporate a vc in the start up?

I couldn't resist providing the Yedda user with some meaty links to help him out. Here's what I wrote...

There is no "right time." It depends on your business and well, you! Everyone has different timing. Make sure you have a rock solid business plan before you approach a VC. Many VCs look at your track record, either as a previous employee or business owner, but product or service potential and projected return on investment is a big factor. Some VCs specialize in start-ups, and some business owners get funding at the onset, so your question about the timing may be moot.

If you'd like to read about a start-up entrepreneur who attracted VCs early in the game, check out this blog article.
Ramit Sethi, co-founder & VP of Marketing for PBwiki, presents Friday Entrepreneur: Joyce Park, Renkoo posted at I Will Teach You To Be Rich. Ramit interviews Joyce, co-founder and CTO of Renkoo, about her decision to fund her start-up "almost immediately ($3 million in VC)."

There are also some step-by-step articles on eHow.com about getting money from VCs.

• How to Secure Venture Capital Money
• How to Prepare a Pitch to a Venture Capitalist

There's a nice article on CNNMoney titled What a VC wants to see in you, that talks about wooing "even the fussiest venture capitalists." And don't forget to read "Top Ten Lies of Venture Capitalists" by Guy Kawasaki, to help you put things in perspective.

Meanwhile, if you're interested in getting additional help with business planning, reading case studies, and finding other entrepreneurs like yourself, check out JumpUp. JumpUp is a new site by Intuit for small business owners and start-up entrepreneurs. I've added several links under "My Saved Bookmarks" for help in starting a business, so start with my Profile on Kim's JumpUp Page. By the way, just so you know, I work for Intuit...

Good luck!

~ Kim

Five Top Tips for Starting Your Business

1. Define your business by writing a detailed business plan.
I'm amazed at how many people continue to start and/or operate a business without one. Then they wonder why they are failing. Guess what's more amazing. Business owners who think they can attract investors without this important step.

2. Find a mentor or two.
You can ask an old buddy or call a local office of S.C.O.R.E. or a Small Business Development Center. Get trained and take classes from a veteran in your field. You really need someone to be honest enough to "smack you up the side of the head" when you are out of touch with your market. Check your ego at the door and get an expert's help.

3. Get business insurance.
We are such a litigious society, that it's become a requirement of doing business. You're a consultant and you think you don't need it? Come on! Who knows how someone will interpret your omission of key information, even if it occurred after the fact? Cover yourself. Get insured.

4. Network, network, network.
Join the local Chamber, business clubs and national associations. No one ever became rich in a vacuum. No matter what your age, gender or business model, you need to listen to and talk to others to bounce ideas and share resources. Besides, you'll save yourself a ton of legwork if you know who and what to ask. And you might even find a future business partner. Imagine that!

5. Share your knowledge with others.
Give back to the community. Speak at conferences and local business meetings. Spend time with an undergraduate business student or even a high schooler involved in Junior Achievement. It's what good citizens do. If you can't do it for others, do it for yourself. You never know when someone you help today will be in a position to help you tomorrow.

Want more ideas? Visit JumpUp, a new site for small business owners and start-up entrepreneurs. It's operated by Intuit, makers of Quicken, QuickBooks and TurboTax. I work for Intuit on the JumpUp team. Visit my JumpUp profile for some helpful links under "My Saved Bookmarks."