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I was recently at a sports memorabilia shop with my kids and a few of my nephews as they examined baseball and football cards of their favorite players. They spent far more time looking at each card than I probably would have at their age. After they made their purchases, I found out why:
Some of them wanted to start their own business selling cards.
They're not alone in their desire to start a business. Some recent research shows many teens are interested in entrepreneurship. Here are just a few ways teen entrepreneurs are shaping the business market.
1. 75% of teens consider entrepreneurship
According to research from Junior Achievement USA, 3 out of 4 teens are interested in starting their own businesses. Most of the teens in the survey said it would be better to start their businesses before they turn 30.
Not only did the survey show that teens are interested in entrepreneurship, but it also highlighted the importance of young entrepreneurs wanting help to get started with their ideas. One-third of teens who want to start a business say they need a role model who's a business owner to help them.
How to do it: If you're a young entrepreneur or want to volunteer to help young entrepreneurs, joining the Junior Achievement (JA) organization is a great way to connect with others. With school programs and mentoring opportunities, JA can be a valuable resource.
2. They're tapping into their tech savviness
Many teen entrepreneurs use their tech abilities to launch businesses or market their products using social media. Shopify and Ownr note that some of the most popular teen businesses are website design, online content creation, e-commerce, and even social media consulting.
But if you're looking to build a large business, you may eventually need to learn some new tech, like marketing management software , that can help you expand your business's reach.
3. They're solving their own unique problems
Like adult entrepreneurs, teens are solving problems for their customers, too. Shopify recently highlighted the story of a young entrepreneur in California who started a business selling small skateboards that fit into lockers. The teen started the business simply because his regular skateboard was too big for his backpack and locker!
He started by selling to his friends and promoting them on social media , and his skateboard business, called Locker Board, has continued to grow since then -- even attracting the attention and an investment from billionaire Richard Branson!
How to do it: If you have a great business idea but don't know where to go from there, you may want to check out the Biz Kids website. This online resource teaches kids about business fundamentals and how to market an idea and make money from it.
4. Young entrepreneurs want to give back
JA research shows that 58% of teens would be likely to start a business if it contributes to a social need. The teen entrepreneurs even said they'd be willing to make less money in their venture if it was for a good cause.
That aligns with the sentiments of the younger generation, with research showing that 9 in 10 Gen Zers say they are passionate about social causes.
With the majority of teens having an interest in entrepreneurship and their innate desire to have a positive impact on their world, I'm excited to see what new ideas younger business owners come up with…sports memorabilia shops included.
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