Business Plan Basics for Teen Entrepreneurs

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Have a great idea for a business venture? If so, you’re not alone. Millions of would-be entrepreneurs dream and scheme every day about the ideas they’d love to bring to life.

But why doesn’t every inspiring idea make it from creative concept to actuality? This simple fact: There’s more to being a successful entrepreneur than having a great idea. In fact, the idea is just the start. Without a clear plan for how the idea can become reality, dreams can get stalled before they ever have a chance to take off.

The clear plan we’re talking about? It’s called a Business Plan. And taking the time to create one for your idea can pay off…big time.

A business plan is exactly what it sounds like – it’s a written plan outlining your idea, your goals, and your approach for making them happen. But the business plan is more than just collection of thoughts and ideas scribbled in a notebook. A formal business plan will end up being a detailed document that can open doors for potential investors, collaborators, and distributors. A business plan tells the world that you mean business (pun intended) – that you’re approaching your idea with sense of clarity and purpose, and from an informed point of view.

Like a Boss was created to give you the tools you need to succeed as you reach for your dreams, so over the next few months we’ll be walking you through the how-to’s of writing a kick-butt business plan that will capture the essence of your idea and empower you to take inspired action. We’ll break down the 10 components of a business plan into bite-size chunks and give you examples of each so you can take your idea and run with it.

But before diving in, we encourage you to set aside some time, grab a notebook, get comfy, and answer the following 10 questions. If you need to do some research to answer them, go for it. Everything you do now will just making writing the business plan that much easier. And if these prompts bring up more questions for you, don’t forget we have a resident entrepreneurial expert here at Like a Boss to help you figure things out.

Here goes:

1. How would you describe your business idea in a few sentences?

2. Why do you want to create your business?

3. What is your ultimate goal of starting your business?

4. Who else is doing the same kind of thing you want to do?

5. Who would be interested in buying your product / using your services?

6. What makes your idea unique from your competition?

7. How will your business venture fit into your already busy schedule?

8. How much money do you think you need to get started?

9. Who is in your “fan club” (those who want to see you succeed and will help you do so)?

10. What kind of resources do you have at your disposal to help you move forward?

How did that go? Once you’ve answered the questions, you’re ready to get started on tackling the business plan itself. Check back soon for Part 1 of Business Plan writing!




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