Ambitious or Foolhardy? Knowing When It’s Okay to Fail as a Teen Entrepreneur

Posted April 30, 2014 by

Consider this: You’ve put in hours upon hours of hard work and determination to get your business off the ground, but something’s not quite right. While you are still psyched on your business idea, you’re not getting the response you expected from everyone else.

Do you push on through the growing pains, or is it time to throw in the towel?

While almost no entrepreneur wants to leave their business idea at the door and move on, taking that on and making a decision one way or another is usually one of the most telling moments for a new entrepreneur’s long-term success. You must ask yourself, “Does my business idea solve a real-life problem or does it only indulge my entrepreneurial fantasies?” It’s a tough question, especially if you’ve already started a business and invested time and money into it.

However, what’s successful isn’t necessarily easy. It’s important to reflect on your business model regularly and ask yourself that question. If your business is more self-indulgent than you originally intended it to be, you have two choices: revise your business idea to answer a market need, or let the business go and start a new one.

ipad-collaborationIf you choose to revise your original business idea, go through and analyze your business step by step from your marketing (how customers find you), products or services (what you offer), and customer loyalty and retention (how you keep your business booming). Go a step further and ask for help! Tap into your parents’ or school teachers’ years of experience, dig deep in the markets by researching similar businesses with several years under their belts, and outline your next steps to save your business.

If you’re considering letting your business go, it’s important to know that being an entrepreneur is not a touch-and-go lifestyle. Owning a business is hard work and picking up and dropping businesses on a whim isn’t sustainable. Think back to when you started your business – you factored in a long-term view, right? Do the same thing here, but on a more personal level instead of professional. At this point in your young life, are you more comfortable with a boss giving you a check every month, or do you crave being your own boss and cultivating your own business ideas?

Only you can answer the questions detailed above, but one key factor to being a successful teen entrepreneur is to not stress out! Being a teen entrepreneur should be a fun learning experience whether you do keep your original business idea running or whether you decide to start fresh. Remember that you’re young, you have time on your side, and you have many advantages to being a teen entrepreneur.