14 Year old here!

[SamuelTreanor]

Hello guys,

Im 14 and ever since i started doing business studies at school i have been thinking that when i leave school i want to become and business man. But im not sure were to start that's why i am on this forum trying to seek help. The businesses i would like to start when i am older are 1. Construction business. 2. I think its called landlording were some body buys a house then does it up and rents it out. 3. Starting a Computer repair shop.

How would i be able to get there ? Should i go six forum,college or apprenticeship and is there any other good businesses i should get into ? I am one of them type of people who would learn basically anything to get some where in life and become rich. I Know most teenagers my age want to be rich when there older but i would not give up. If this is helpful im in year 10 and already have a pass in English and working at a B in business and Working at a D in maths (Maths is my weakness but not when it comes to money)

 

[Mike W]

Hello guys,

Im 14 and ever since i started doing business studies at school i have been thinking that when i leave school i want to become and business man. But im not sure were to start that's why i am on this forum trying to seek help. The businesses i would like to start when i am older are 1. Construction business. 2. I think its called landlording were some body buys a house then does it up and rents it out. 3. Starting a Computer repair shop.

How would i be able to get there ? Should i go six forum,college or apprenticeship and is there any other good businesses i should get into ? I am one of them type of people who would learn basically anything to get some where in life and become rich. I Know most teenagers my age want to be rich when there older but i would not give up. If this is helpful im in year 10 and already have a pass in English and working at a B in business and Working at a D in maths (Maths is my weakness but not when it comes to money)

Hi Sam

If you want to make money, forget the Computer Repair shop. Not computers necessarily, or computing related things, just repairs. Nothing in it.

As for the other 2, there's potential in both but with 'landlording' you'd have to have some money to kick you off buying properties. You might be better leaving that until you're older ...but plan to put money away to save up. If when you've save you still want to do it, you can ... or worst case, you've got cash to do something else with.

The bottom line is, whatever you do, hard work is the key. Just graft and you'll be ok. Academically, you might be better trying to get some sort of qualification if you can. Even if it's a business studies type of course, you might find it very useful for the future.

Anyway, at 14 you're still young enough for your mind to change. And, at 16 onwards, you might find your interests have changed. Either way, just remember ....work hard and focus on today, setting yourself attainable goals as you go. The rest will follow.

Good luck!

 

[SamuelTreanor]

Thanks Mike W this was really helpful mate.

-Samuel Treanor

 

[amphis software]

Hi Samuel

find something you are really interested in and you like doing. something you could see yourself doing for the next 10 years or 20 or more. then work very hard at becoming an expert at doing that, whatever it may be. read books, learn about it, work hard at it. the rest will follow...

I hope that helps

Tom

 

[Jet Virtual]

HI Sam maybe start a side business while still at school. Experience is king.

 

[rubyspenshop]

Hi there Sam,

Welcome to the forum. as @jetvirtual said find something you enjoy and work at it. I wish I knew what I wanted to do at 14.

 

[tony84]

2 of the 3 come down to properties, both of which seem to include some sort of manual work.

Because of that i would potentially look at maybe carrying on business into 6th form as this will give you a good understanding of running a business, but also getting a trade behind you (plumbing/electrical/woodwork). Not only will you learn something that would come in handy (which means you will save money by paying someone else to do it - which is very important when starting out) but you will also be building up contacts - dont underestimate the important of a good contact.

 

[Kirk James]

There is only one formula to becoming rich,(financially anyway). You have to spend less than you earn, and invest the rest. Most people spend more than they earn. You can invest in your own business but unless you know what you are doing there is a good chance you will lose your investment. Do not stress, learn from it and keep trying. They say that on your third attempt you will finally nail it. It took me four attempts in owning restaurants to get it right.

My advice would be to work for people in the businesses you are interested in prior to spending you money on it. And as said earlier, do something that you enjoy building, that way it will not seem like work and this already makes you rich in other ways.

It doesn't matter what you do, if you enjoy it you will go the extra little bit to make it work. If you hate your job/business then you will always be watching the clock and you will miss the oppertunity that others will see. I live in a very affluent area, however the biggest houses in my street are owned by a landscaper and a used car dealer, not the doctors and lawyers.

Don't forget to enjoy life and give back to the world, that makes you richer than anyone.

 

[broadex]

Read the book Rich Dad poor dad. It changed my life.

 

[CKG]

I think if I had my time again I'd prefer to have followed an academic business route and get a business related degree and then possibly an MBA from a good business school and move into corporate management.

You may not be building your own business from the get go but you are surrounding yourself with high calibre people and building contacts for the future that will help massively if you decide to start or acquire your own business. in the future.

Spit and sawdust small business is great and it's where I made myself but it has it's shortcomings.

 

[lando111]

Hi Samuel,

Once you've decided on which career you want to aim for, consider trying to get some some Saturday/Holiday work.

There will be limitations of what you can do no doubt, but it gets you into the trade you want to pursue and may just open a few doors for you when you need them.

Good luck!

 

[PaulThompson]

Hi Sam
Good luck with it, not many 14 year olds are thinking like you do so its a great start
As has been said, go as far as you can academically, if that's not 6th form then start talking to your teachers about the local colleges, they have a stack of courses and it could be a way to get to university (if you want) without taking A-levels... (My wife teaches level 2 Art, students can then go onto level 3 and then to uni.. it's the same with other subjects) - it will take longer but it might suit you better than a more academic route.
In the meantime work your behind off, be the best you can and aim for the best you can. It might just happen and if you just fall a little short of your first million by 25, that wouldn't be bad. (and if you do, remember us all here!!)
When you get to starting up, property is great but you do need some cash so could be something for later on, unless you find someone to invest in you... maybe family/friends (remember CKG's comments) but seed capital is vital... otherwise you have to sell your soul!
Hope it goes well, looking forward to hearing about your success on the news!!

 

[Chris Ashdown]

I would suggest now is the time to start

Get selling on Ebay by using one of your parents as the account holder, Go to things like car boot sales, second hand shops and the like and buy a few cheap items and try and sell them for a profit on Ebay

You will learn all about distribution buying and selling, Getting the best prices, understanding the perceived value of stock you buy and the costs in time and energy of running a business

Time you are 18 you will be highly experienced in business and can go into any branch you like

 

[tony84]

I disagree.

At 14 you should not really be looking at starting a business and working not to the degree of going to carboots on a saturday/sunday spending time on ebay etc. You have the next 40 years for that.

Go out have a laugh, meet new people, make new friends enjoy being at home knowing your tea is made washing is done and no bills to pay.

 

[Christine Hough]

but also getting a trade behind you (plumbing/electrical/woodwork).

This is good advice. But mix it with imagination if you want to have something unique. For example if electrical is your thing, maybe link it with lighting design.

 

[MyAccountantOnline]

I disagree.

At 14 you should not really be looking at starting a business and working not to the degree of going to carboots on a saturday/sunday spending time on ebay etc. You have the next 40 years for that.

Go out have a laugh, meet new people, make new friends enjoy being at home knowing your tea is made washing is done and no bills to pay.

Hi Samuel

I'm with Tony on this one.

Concentrate on working hard at school and enjoying life.

Very best of luck to you

 

[Christine Hough]

Maybe dream a bit was what I meant by imagination.

I get the impression that Samuel is wanting to do business because he enjoys it (or thinks he would) So even at 14 let him enjoy dreaming big.

 

[Matthew : TekHive Hosting]

Hello Samuel,

Just remember you can do anything if you put your mind do it, there is nothing bad about starting young I was the same when I was your age. Just because you want to start young doesn't mean you cant go out and have a laugh, meet new people or do well at school.

What I will say is be ready to start from the bottom, cleaning cars, window cleaning, painting etc.

Best regards,

 

[Fred_the_frog]

When I was 14 (4 years ago) I told everyone I was going to be a millionaire and everyone laughed. They all settled for being comfortable and stuff. I never did and I still haven't.

I don't have many skills, apart from being fairly academic and creative, but I can't do much to the extent that someone would pay for it. I thought about what business to start, I thought long and hard. I kept looking at ecommerce businesses but something would always stop me. Then I realised that instead of trying to run a little business that I don't have much interest in, I should learn a trade that I am interested in.

When I was at college one day a job opportunity came up for a trainee accountant. I applied and got the job (this was not too long ago). Now I am working and studying AAT (call it an apprenticeship if you like), and will go on to do the Chartered Accountant qualification. Then i'll work in the industry for a bit and then venture out on my own. Then i'll be in an industry that I am knowledgeable in and know what i'm doing. My plan will be to grow it big and have offices all over the UK (but I keep that bit to myself ).

I would also plan to start a little sideline business to make a bit of money. The only thing I don't like about the job is that you can work as hard as you like but at the end of the day all you're getting is a set salary. I can't think to myself 'I wonder what things will be like this time next year' because in reality not much will have changed- it will still be me working for a set salary. That's why I want to get out and start on my own or with someone else.

This is my favourite quote:

You have to learn the rules of the game. And then you have to play better than anyone else. - Albert Einstein

 

[beasty]

I think if I had my time again I'd prefer to have followed an academic business route and get a business related degree and then possibly an MBA from a good business school and move into corporate management.

You may not be building your own business from the get go but you are surrounding yourself with high calibre people and building contacts for the future that will help massively if you decide to start or acquire your own business. in the future.

Spit and sawdust small business is great and it's where I made myself but it has it's shortcomings.

Nothing to stop you starting one now

I have been looking at MBAs recently as I have previous business degrees, theoretical training is best when you can balance it with some actual real world financial perils or opportunity.

I am looking forward at 38 to being a student again (Sure this will wear off), I am told it is 1 to 3 years to do the MBA.

Anyhow, balance is the key, do some of everything, play sports, get drunk, hussle at a market stall and learn..

Good luck

P.S. ignore people that use cliches, they are generally lazy thinkers

 

[Karllacey]

Hi Samuel,

I think it is wonderful that you have started to develop an entrepreneur attitude at the tender age of 14.

Yes, it is all good and well spending time with friends and having a laugh and so on, but as in adult life there is a time for fun and games and there is a time for focus. As you seem to have developed the focus attitude quite early allow me to pass on my experience which caters for all of the industries you have worked in

Firstly, like the above poster said - stay away from computers - the market is awash with computer maintenance, repairs, builds and everything along these lines. Building a PC is becoming a thing of the past and diversifying into laptops are fiddly at best and involve circuitry work and is not hugely profitable.

With regards the other options, landlording involves capital and other factors such as estate agents, and property development - which can bring several upfront costs into the hundreds of thousands of pounds which may or may not yield benefits as it is strongly linked to the current housing market prices. You might want to move onto this after you consider my third point.

So lastly you mentioned the construction industry which is what I work in. Now, there are numerous trades within the construction industry, from general contractors, estimators, quantity surveyors, M & E, civil engineering and so on so on and there are various ways of obtaining work: through agents, principle contractors, direct with clients, residential etc etc. One thing to bear in mind, that the construction industry is arguably one of the most competitive markets and you need a unique selling point (USP) on accessing clients up and down the country. It is also very much bound by leglisation legalities as well (health and safety, environmental, equal opportunities, accreditations and such) and there are several loopholes which need to be carried out before you can achieve success in the industry. However, the construction industry is about to explode like a volcano and there is a shortage of contractors out there which may take some time to catch up on.

So in conclusion, I would recommend that you brush your trades in the construction industry, see if you can pick up some localized clients to carry out basic maintenance work on their properties (friends and family and such) see if you can get them to pass on details of other people who you can do work for and build up a small base of people who you are doing work for. Carry out your work at school, get your badges and work SMART (you do not necessary have to work hard - I have seen the hardest workers fail - working smart is always the best way). Utilize contacts to enable you to access into main contractors (this will probably be when your around 21 with a substantial amount of experience) to develop sub contractor relationships. Build this and monitor it and then consider the options of landlording and doing computer repairs as a hobby.

You could furthermore consider the view that landlording is not the right way to go, but by becoming a principle contractor.

This is of course, a basic overview and there is so much to be learned by starting your own business such as:

Sales
Marketing
Online Marketing
Finance
HMCE (VAT & Inland Revenue)
Purchasing
Management
Customer Services
Record Keeping / Administration
Legal
Operations

This is not meant to scare you of course, these are things that you pick up to a certain degree when you are exposed to it.

I recommend that you could start by reading the Secret by Rhonda Byrne and Dale Carnegie's Making Friends and Influencing People

Good to see you posting here Samuel and I wish you the ultimate success in life.

 

[10032012]

Sam,

There is some really good advice in this topic.

I would add by saying "play caution to the wind"... buying books of successful businesspeople rarely makes anyone a success. Usually the book publisher rakes it in even more than the celebrity him/herself. Very rare for them to write any of the book themselves and the hard times will often be watered down and masked... you never hear people evading tax in their autobiographies!! haha

There are some good books out there which can change your perspective and make you more motivated, but in all honesty the people buying these books usually have some sort of crush on the person. Whether the person is seen to be handsome or beautiful or are seen in a really good light... its this what dictates whether the book is a good read or not.

I would avoid computers at all costs - the market is saturated, repairs is tricky - to be competitive you might do "no fix no fee" (in the old days you would charge a call out fee plus per the hour) you can be sure time consuming repairs be digging into your bottom line and the market is relatively dying (sorry I should say shrinking) - more people are buying smart phones and tablets than PCs these days. This leaves a big market for commercial clients and rarely would any of these do any form of transaction outside of a contract with a big price tag.

Lets not steer away from the obvious - your age will be a big prejudice.

I would avoid eBay at all costs... to be competitive would be really tricky (considering at your age you wont be able to join any wholesalers etc) - to make a small profit but only to be making a loss once you paid your ebay fees isn't a good indicator to whether or not you are a good business person.

What other interests do you have? What are you hoping to do for work experience? This might be a good opportunity to learn the ropes. You will get two types of people... one, who will always doubt you for your age, and two, who will observe you as a "boy genius"

 

[WHARTY]

Hi Samuel,

I think it is wonderful that you have started to develop an entrepreneur attitude at the tender age of 14.

Yes, it is all good and well spending time with friends and having a laugh and so on, but as in adult life there is a time for fun and games and there is a time for focus. As you seem to have developed the focus attitude quite early allow me to pass on my experience which caters for all of the industries you have worked in

Firstly, like the above poster said - stay away from computers - the market is awash with computer maintenance, repairs, builds and everything along these lines. Building a PC is becoming a thing of the past and diversifying into laptops are fiddly at best and involve circuitry work and is not hugely profitable.

With regards the other options, landlording involves capital and other factors such as estate agents, and property development - which can bring several upfront costs into the hundreds of thousands of pounds which may or may not yield benefits as it is strongly linked to the current housing market prices. You might want to move onto this after you consider my third point.

So lastly you mentioned the construction industry which is what I work in. Now, there are numerous trades within the construction industry, from general contractors, estimators, quantity surveyors, M & E, civil engineering and so on so on and there are various ways of obtaining work: through agents, principle contractors, direct with clients, residential etc etc. One thing to bear in mind, that the construction industry is arguably one of the most competitive markets and you need a unique selling point (USP) on accessing clients up and down the country. It is also very much bound by leglisation legalities as well (health and safety, environmental, equal opportunities, accreditations and such) and there are several loopholes which need to be carried out before you can achieve success in the industry. However, the construction industry is about to explode like a volcano and there is a shortage of contractors out there which may take some time to catch up on.

So in conclusion, I would recommend that you brush your trades in the construction industry, see if you can pick up some localized clients to carry out basic maintenance work on their properties (friends and family and such) see if you can get them to pass on details of other people who you can do work for and build up a small base of people who you are doing work for. Carry out your work at school, get your badges and work SMART (you do not necessary have to work hard - I have seen the hardest workers fail - working smart is always the best way). Utilize contacts to enable you to access into main contractors (this will probably be when your around 21 with a substantial amount of experience) to develop sub contractor relationships. Build this and monitor it and then consider the options of landlording and doing computer repairs as a hobby.

You could furthermore consider the view that landlording is not the right way to go, but by becoming a principle contractor.

This is of course, a basic overview and there is so much to be learned by starting your own business such as:

Sales
Marketing
Online Marketing
Finance
HMCE (VAT & Inland Revenue)
Purchasing
Management
Customer Services
Record Keeping / Administration
Legal
Operations

This is not meant to scare you of course, these are things that you pick up to a certain degree when you are exposed to it.

I recommend that you could start by reading the Secret by Rhonda Byrne and Dale Carnegie's Making Friends and Influencing People

Good to see you posting here Samuel and I wish you the ultimate success in life.

Both books are good reads but i think "The Secret" is a bit much for a 14 year old!

Saying that, "Think And Grow Rich" is also a good read.

 

[beasty]

Or just start tomorrow and then write your own book