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Young Entrepreneurs FAQs
What is an entrepreneur?An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. An entrepreneur: sees an opportunity, makes a plan, starts the business, manages the business, and receives the profits. What is a mentor and how can I find one?A mentor is a caring, experienced individual who volunteers as your guide. Your mentor can help you focus your talents and create a successful business. You can have more than one mentor. National mentor organizations can assist you in finding a cyber-mentor or a mentor in your community. What is a business plan and why do I need one?A business plan precisely defines your business, identifies your goals and serves as your firm's resume. Its basic components include a current and pro forma balance sheet, an income statement and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package. Additionally, it can tell your sales personnel, suppliers and others about your operations and goals. What type of insurance do I need to protect my business?The following types of insurance are to be considered when starting your business:
How do I get started?You need to list reasons for wanting to go into business. Some of the most common reasons for starting a business are:
What legal issues do I need to consider before starting my business?Patents, Copyrights, etc. Business Structures. Business Tax Forms. Insurance. Bankruptcy. Bill of Rights. Teen Safety. Child Labor. Additional information on these resources can be found in the Legal Issues FAQs section. How do I protect my business from being stolen?There are several ways to protect your business. They include:
What do I need to do to organize my business?The importance of structuring your business is for both legal and tax purposes. How you structure your business depends on the management style and financial needs you desire. Your business can be classified under the following business structures:
What are my rights under the Youth Labor Bill of Rights Act?The right to a fair and full day's pay for a fair and full day's work. The right to a safe workplace and the right to file a complaint if the job is unsafe. The right to overtime pay for every hour work beyond 40 hours a week. The right to equal employment opportunity without regard to race, color, religion, sex, national origin or disability in an environment free of sexual and physical harassment. What are some of the different types of jobs that are hazardous for youth/teens under age 18?The following jobs are considered hazardous for teens under age 18:
For additional listing of hazardous jobs, check out the Youth & Labor website. Where can I find out how some individuals started a successful business?Listening to the story of how someone started a business and made it succeed can give you ideas about how to run your business. Read some success stories from Pennsylvania SBDC clients to learn about the numerous ways the SBDCs can help your business. Where can I meet other young people interested in business in my community?Many national youth group associations have local chapters in your community where you can meet other teens with interests similar to yours and also participate in fun activities. |
