personalized feedback, and learn from other young entrepreneurs and mentors. Some competitions incentivize entrepreneurship by awarding seed funding to promising projects. Entrepreneurship challenges are accessible to everyone, not just club members. International organizations and prestigious universities host countless individual and team-based competitions dedicated to supporting the next generation of innovators.
your finances, and note your successes and challenges. Then, use what you learn to improve and grow. HOW PARENTS CAN SUPPORT THEIR TEEN’S INTEREST IN BUSINESS If you have a business-minded kid, you can also help them learn, grow, and put their ideas into practice . The key? Giving them space to explore their interests while providing the right mix of encouragement, guidance, and independence. Listen to their ideas Teenage entrepreneurship often starts with projects like tutoring, crafting, or neighborhood services. If your kid approaches you with a business idea , hear them out. Encouraging them to articulate their thoughts, questions, and dreams nurtures confidence in themselves and their ideas. Encourage hands-on experience Create opportunities for your teen to test their ideas in real- world settings. Set up a small stand at a local market, offer a service to neighbors, or open an online shop. Hands-on experience — and small steps like designing a flyer, tracking earnings, or delivering an order, shows young entrepreneurs You don’t need to be a business expert to be a resource to young entrepreneurs. Encourage them to consider the cost of raw materials, conduct market research to price their products or services, and develop strategies for tracking profits and expenses. These small lessons in budgeting and planning can cultivate valuable, lifelong financial literacy skills. Focus on effort, not perfection Remind your teen that entrepreneurship is a learning process. Mistakes are part of the journey — and every setback is a chance to grow. Celebrate their initiative, creativity, and persistence, even if their idea evolves or doesn’t immediately succeed. The confidence they gain from trying something new is one of the greatest rewards. Expand their network Another key component of teenage entrepreneurship? Mentorship . If you’re not a business owner or lack startup experience, connect your teen with local entrepreneurs who do. Networking builds confidence and perspective, and it doesn’t have to be formal, either. If you know another parent who runs a business, invite them to chat with your teen. Visit a local shop together and encourage your teen to ask the owner Seeing your teen excited about creating something might make you want to jump in and help. While you may be tempted to take an active role—perhaps as a first customer or investor— your job is to foster independence. The best way to support your teen is to empower them to take action, solve problems, and learn from their own experiences, rather than doing the work for them. what it really takes to run a business. Help them learn business basics how they got started. Let them take charge
Want to get involved? Check out our list of 20 awesome competitions for young entrepreneurs .
SUMMER PROGRAMS FOR YOUNG ENTREPRENEURS While the school year offers much to explore, summer break is one of the best times for young entrepreneurs to commit 100% to a program or activity aligned with their passion and interests. From week-long, in-person boot camps to virtual month-long courses, you can find dozens of programs that fit your talents, lifestyle preferences, and learning style. Learn business skills like investing and accounting, marketing, and how to plan, launch, and grow a small business from scratch. Summer camps for young entrepreneurs may be online, in-person, or residential, with courses typically running one to eight weeks. You can also find pre-college programs at colleges and universities across the U.S. and abroad. TURNING IDEAS INTO ACTION: STARTING A SMALL BUSINESS NOW Think you’re too young to start a business? Think again! These 15 teen entrepreneur success stories prove you’re never too young to turn a great idea into a real company. Building a business is complex, but these three basic steps can help you manage the initial process: • Determine your product or service: One of the best ways to build a business that adds value to people’s lives is by identifying a problem to solve or a gap in the market. Ask yourself: What could I offer that would make people’s lives easier? What do people want but currently lack access to? • Make a basic business plan: Keep it simple when you’re just starting. A business plan should clearly outline your goals, product or service, pricing strategy, promotion methods, and the resources needed to launch. The plan is your roadmap — it doesn’t have to be perfect, but having one helps you stay focused. • Test your idea in the real world: Time to put your plan into action and find your first customers. It’s okay to start small. Reach out to family, friends, or neighbors; consider offering them a free trial or discount in exchange for feedback. Remember, even the most detailed plan will hit a few bumps in the road (that’s perfectly normal). Stay organized, track
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