Entrepreneurial Skills & Money Making Ideas For Youth
The rate of unemployment is high and still more students are graduating whereby they populate the number of unemployed youths.
We do complain that there is no job while some are making something out of nothing.
Young people nowadays are into various ventures where they make a living from. Some graduates are going from one interview to another and yet could not get employed. Some try to develop their skills by going for a vocational training whereby they are now making waves and financially okay. I have seen graduates who said that they can learn anything because learning of skills is for those who are not graduates. Do you know that after spending years at home they end up doing what they said they cannot do.
Well, to avoid too much talks, you understand what am saying. I want you to know that there is a potential in each and everyone of us which we need to discover. I am saying this because it concerns you and me as a youth. Everyone has an idea, regardless of your skills, experience or background. Starting any new business is sometimes the hardest step. It depends on what you want to do and how you plan towards making your business idea a reality. Therefore, to help you out at this stage, there are the different types of businesses you can start, as well as some other things to consider before choosing your ideal business.
1. Provide a service: The first option is to provide a service. The best thing about providing a service is that everyone is qualified regardless of age because we all have a skill, knowledge or experience that other people are willing to pay for in the form of a service that you provide; or, they are willing to pay you to teach them your specific skill or knowledge. Young people with a need or desire to earn extra money can sell and provide a service. Providing a service is a great option for young entrepreneurs because in many instances the initial investment to get started is little more than business cards and a bit of initial advertising, and often not even that.
2. Sell products: Another possibility is to purchase new products in huge quantities at wholesale prices and resell these items for a profit. You can sell them from home, online, at markets, or kiosks in town. You might choose to purchase secondhand products and resell these items for a profit using many of the same venues from which you purchased them. Like providing a service, selling new or used products have no boundaries, and everyone is qualified regardless of age and experience.
3. Manufacture/Produce simple products: A third option is to manufacture and sell a product at retail prices directly to consumers, or at wholesale prices and in bulk directly to other business owners such as retailers, wholesalers and distributors. Since we all know how to make something, or with basic training can quickly learn how to make a simple product that can be sold for a profit. Ideally, you will want to start with something you already know and turn a hobby into a profitable business. However, there are also literally hundreds of products that can easily be made at home with just basic training, and then sold for big profits. Just a few of these include candles, soap, clothing, artworks, jewelry (bead making and wireworks), shoes, Ankara bags, and picture frames.
You may want to ask: How Much Money Can I Earn?
How much extra money do you want to earn? I have to put the answer in the form of a question because operating your own business, even if it is a small part-time money-making enterprise, almost always gives you the potential to earn more money than you would be able to by working a job. Why? One reason is simple duplication. When you work for someone else, there is only you and only so many hours in the day to work for a specific set wage. When you operate a business, you can duplicate yourself by hiring employees and therefore increase productivity and duplicate your customers. If you’re really ambitious you can even duplicate your business by opening in new geographical areas to sell more products and services to more customers and earn more profits and income. Without question, there are upper limits to how much money you can earn operating a small business, but at the same time your ability to earn an above-average income or a ton of extra cash will be determined by your ambition and motivation, and not by punching a time clock trading hours for a wage.
Choosing the Right Money-making Opportunity
The type of business or money-making opportunity that you are considering must suit you. You may have an interest and even experience in a specific business, selling a product, providing a specific service, or making and selling a product, but that doesn’t necessarily make it a good thing for you to do to make money. There are many points to consider when finding a good match, including doing what you want and believe that you would enjoy, capitalizing on current skills and experiences, the amount of money you have to invest to get started, and if you are younger than 16 or so, obtaining parental permission and support.
I will advise you to do what you love.
Make sure that it is something you believe you will enjoy. If you don’t like what you are doing, chances are you won’t stick with it for long, and even if you do, you probably won’t be motivated to do a good job. What you get out of your business in the form of satisfaction, money and enjoyment will be the direct result of what you put into your business. If you don’t enjoy what you’re doing, it’s safe to assume that will be reflected in the success (or lack of it) of your business.
All successful business people, regardless of their ages, share a common trait, which is “They love what they do.” If you enjoy bead-making, you can consider starting a personal training service for those interested in learning bead-making; if you like catering, then you start making snacks and package your products in a unique way. The old saying “Do what you love and the money will follow” is great advice. Ultimately, if you don’t think you would enjoy it, then don’t start. You can’t stay motivated and rise to new challenges if you don’t like what you’re doing.
Capitalize on your skills and knowledge. The first thing you should know about capitalizing on your skills and knowledge is not to worry if you lack business skills and experience in areas such as producing and selling. These are important skills to have, but at the same time they are also skills that you can learn. More important is the question, “What specific skill or specialized knowledge do you currently have that can be used to start your own business?”
Skills and knowledge that you possess are your best and by far your most marketable asset. For instance, if you know how to play the piano, that is a skill that other people will pay you to teach them. Or, if you know how to build a website, that is also a skill that you can capitalize on by starting your own website-building service and training service.
However, with that said, most people have a tendency to underestimated the true value of their skills, experiences and knowledge. But keep this in mind: What may come naturally to you may not come so naturally to others. Likewise, you might think your particular knowledge or expertise may be of little value, but if someone else needs or wants to learn about that knowledge, needs the service, or needs the product, it is very valuable to them. Create a list of all of your skills, experiences and specific knowledge. Then look for ways to build a business or money-making opportunity around one or more of these.
Startup Capital: Another important issue you need to consider in terms of finding a good match is the amount of money you have to start a business. The first question is, do you have access to the money needed to start the business? If not, it probably isn’t a good match, at least right now, and you should consider alternatives. An alternative might be to start a different type of business that requires less money to get rolling, or find a partner to help share the costs of the business startup and workload.
The money needed to start a business (called “investment capital”) can be broken into two categories:
The first is startup capital, what you need to purchase equipment, meet legal requirements, or buy inventory, for example.
The second is working capital, the money you need to pay all the bills until the business is earning money and reaches a break-even point. Unfortunately, more times than not, a new business that is started without enough money will ultimately fail. This is the harsh reality of the business world.
On a positive note, the vast majority of young people who start a business have little in the way of personal expenses to pay (such as rent or mortgage payments), which means that you can use most of your startup money for the business. Likewise, there are businesses which require little capital without the issues discussed earlier.
With these tips I believe you will make something out of nothing whereby you achieve those things you think you cannot.
I will like to have your own view or opinion concerning this. Please make use of the comment.
Note: Some parts of this article was culled from