Mind Your Own Business Start it... Grow it... Own it! Putting Your Business Ideas to Work

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the mind of: The business: Computer software for home and office Bill Gates Microsoft, 1975

U.S. Small Business Administration and JA Worldwide BIG IDEA The number of businesses started by young entrepreneurs might surprise you. Throughout this presentation you will find big ideas from young entrepreneurs like you.

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the minds of: The business: Online shoe sales Tony Hsieh Nick Swinmurn Zappos.com, 1999

U.S. Small Business Administration and JA Worldwide Teens Mean Business  Creativity  Initiative  Hard work  Success Welcome to the world of small business ownership!

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the mind of: The business: A record label for rap music Russell Simmons Def Jam Records, 1984

U.S. Small Business Administration and JA Worldwide Mind Your Own Business Teens’ online resource to plan, start, and run a business Created by JA Worldwide and the U.S. Small Business Administration Launched September 13, 2005

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the mind of: The business: Cookies from scratch Debbie Fields, a.k.a., Mrs. Fields Mrs. Fields Cookies

U.S. Small Business Administration and JA Worldwide 5 Key Areas of Achievement Explore - Plan your career as entrepreneur Succeed – Online success stories about teen entrepreneurs Connect – The importance of networking Build – Tips on business organization, money management and creating a business image Decide – Get help with the crucial business planning stages

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the mind of: The business: Cosmetics for the Latina complexion Monica Ramirez Zalia Cosmetics, 2001

U.S. Small Business Administration and JA Worldwide EXPLORE…what if? So you want to run your own small business… be your own boss? These are the seeds of entrepreneurship of which every successful business begins. Your first steps:   Understand and know yourself – what kind of entrepreneur are you?   What are your interests?   What is most fun for you?   How do you like to spend your time?   How hard are you willing to work?

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the minds of: The business: Organize information on the Web Segey Brin Larry Page Google, 1998

U.S. Small Business Administration and JA Worldwide Decide…now what? You decide that you have what it takes!   Constantly innovate   Are committed to serving their customers   Understand their strengths and weaknesses  Are realistic and well researched   Have a clear sense of purpose and understand their product or service Businesses succeed because they:

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the mind of: The business: Nail polish in that perfect shade of blue Dineh Mojajer Hard Candy, 1995

U.S. Small Business Administration and JA Worldwide Build…make it happen Make it legal  Research and select the right legal structure  Name your business and product Create your image   Have a good strategy Mange your money   Where will your money come from?   What profit do you expect? Organize it   How will your business get things done?   Who does what?

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the mind of: The business: African-American cable television network Robert L. Johnson Black Entertainment Television (BET), 1980

U.S. Small Business Administration and JA Worldwide Connect…develop your network  Successful entrepreneurs have a variety of people to help them get ahead: mentors, coaches and friends   Get advice. Stay connected. Listen.   Join business organizations and clubs to learn how others succeed

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the mind of: The business: No sweat athletic gear Kevin Plank Under Armour, 1996

U.S. Small Business Administration and JA Worldwide Succeed…manage for success Good business is about good life skills  Set goals  Take action  Ask for help  Listen to good advice  Follow-up with people  Work to exceed expectations

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Businesses Started by Young Entrepreneurs The idea: From the mind of: The business: Custom-built computers direct to the customer Michael Dell Dell Computers, 1984

U.S. Small Business Administration and JA Worldwide What’s the BIG IDEA Get started!