1. Not Creating Achievable Goals Many teen entrepreneurs start their business with the mindset of “Go Big or Go Home”. For example, teens may assume it is easy to sell their product to the whole student body, but in reality, that might not be the case. In a 10-year study by the Wall Street Journal, 75% of startups fail because they are not able to deliver projected returns (Gosh as cited by Gage in the Wall Street Journal, 2012). Make sure the goals you set are attainable ones for your company. Quick Fix: Make specific short-term and long-term goals so you can clearly see if you fail to get something achieved by your desired time.
2. Not Thinking about Marketing Businesses need to find people to buy their products. The best way to reach people is through marketing. Armando Pizano, founder of the Bridge Tutoring Program, believes that marketing was a strong factor in the success of his company. “We’re marketing through Collegiate Scholars, Global Leaders, we are getting featured by Mikva Challenge...and we are working on a website.” Marketing through various resources has been vital in the growth of his company. Quick Fix: Contact two resources or people you know who could help spread the word about your product!
3. Not Collaborating with Other People Having two founders, or business owners, can increase your odds of success. In fact, you raise 30% more money and are 19% less likely to hastily expand your business (Smallbiztrends.com, 2016; seriousstartups.com, 2014). Tracy Frizzell, co-founder of Economic Awareness Council, said that “Working with other people is essential because any one person is not going to have all the skills required to make your business the very best.”
Quick Fix: Find people who have complementary skill sets and the same vision for your project.