Entrepreneurs
- What is an entrepreneur?
- What is a mentor, and how can I find one?
- What is a business plan, and why do I need one?
- What type of insurance do I need to protect my business?
- How do I get started?
- What legal issues do I need to consider before starting my business?
- How do I protect my business idea from being stolen?
- What do I need to do to organize my business?
- What are my rights under the Youth Labor Bill of Rights Act?
- What are some of the different types of jobs that are hazardous for youth/teens under age 18?
- Where can I find out how some individuals started a successful business?
- Where can I meet other young people interested in business in my community?
1. 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.
2. 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.
3. What is a business plan, and why do I need one?
A business plan precisely defines your business, identifies your goals, and serves as your firm's résumé. Its basic components include a current and pro forma balance
sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. Because it provides
specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package. Additionally, it can tell your
sales personnel, suppliers, and others about your operations and goals.
4. What type of insurance do I need to protect my business?
The following types of insurance may be needed when starting your business:
- business interruption
- liability
- product liability
- fire
5. How do I get started?
You need to list your reasons for wanting to go into business. Some of the most common reasons for starting a business are to:
- be your own boss
- have financial independence
- have creative freedom
- use your skills and knowledge
6. What legal issues do I need to consider before starting my business?
- Patents, copyrights, etc.
- Business structures
- Business tax forms
- Insurance
- Bankruptcy
- Bill of Rights
- Teen safety
- Child labor
Additional information on these resources can be found on the Legal Issues page.
7. How do I protect my business idea from being stolen?
There are several ways to protect your business. They include:
- patent—a property right granted by the government to the inventor to make, use, and sell the invention for a given period of time
- copyright—protects your literary or artistic work; allows you to sell, give away, or show your work (copyrights must be tangible and physical)
- trademark—name, mark, symbol, or motto, legally restricted to the use of the owner or manufacturer, that identifies your company and/or its product
- trade secret—information that you do not want known by your competition because your business would lose significant advantages
8. What do I need to do to organize my business?
How you structure your business depends on your management style and your financial goals. Your business can be classified under the following business structures:
- sole proprietorship
- partnership
- corporation
9. 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 of 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
10. What are some of the different types of jobs that are hazardous for youth/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 Department of Labor's Youth & Labor page at http://www.dol.gov/dol/topic/youthlabor/index.htm .
11. 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.
12. 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.
service of
Penn State
This site is a product of Penn State Outreach Marketing and Communications.
Web site questions? E-mail WebInfo@outreach.psu.edu.
Privacy and Legal Statements | Copyright © 2009 The Pennsylvania State University