Young Entrepreneurs

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.

How do I protect my business from being stolen?

There are several ways to protect your business. They include:

  • Patents – a property right granted by the government to the inventor to make, use and sell the invention for a given period of time.
  • Copyrights – protects your literary or artistic work, allows you to sell, give away or show your work, and copyrights must be tangible and physical.
  • Trademarks – name, mark, symbol or motto, legally restricted to the use of the owner or manufacturer, that identifies your company and/or its product.
  • Trade Secrets – information that you do not want known by your competition because your business would lose significant advantages.

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:

  • Sole Proprietorship
  • Partnership
  • Corporation
  • Franchise

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:

  • Manufacturing or Storing Explosives
  • Coal Mining
  • Logging and Sawmilling
  • Power-driven Hoisting Equipment
  • Power-driven Bakery Machines
  • Roofing Operations
  • Excavation Operations

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.