Summarize the following:
Decide what you want to do, then go for it.  Your goals can be noble or mundane.  Do you want to help homeless children have a better life?  Do you want to provide people with more food or fashion options?  Whatever your goal is, identify it.  Short-term goals might include “Improve on last week’s sales” or “Get one new investor this quarter.”  Try to set and meet at least three short-term goals each week and month.  Short term goals are better expressed as sub-goals, as their achievement should lead to attaining a longer term goal. Long-term success is composed of consistently meeting short- and medium-term goals. Long-term goals might take the form of a mission or vision statement for your company or organization.  For instance, a long-term goal might be “Ensure everyone who lives in Detroit who needs glasses can get them.” Ensure your goals are realistic, clear, and actionable. After a concept is proven, it is time to gear up. Begin with a simple business model before scaling up. For instance, if you have a beverage business where you create your own fruit juices or sodas, begin by making them at home and selling them at the beach or at school functions.  If you have a pet snack that you think is really great, start by giving them as gifts to your friends and family.  Use this early stage to get feedback about your product or service, and incorporate this feedback into your design and planning process to perfect your enterprise. . Your business plan should be a strategic document outlining where you are and where you want to be.  It should describe the history, organizational framework, and goals of your business.  Use your mission and vision statements as a starting point when developing a business plan.  The finished plan should be used as a guide to decide how to run the business, and delivered to potential investors when seeking funding.  Your mission statement describes what your business or organization does on a daily basis.  For instance, a lemonade business might have a mission statement that reads, “We make great lemonade.” A vision statement describes what you want to do in the big picture, both now and in the future.  For instance, a nonprofit vision statement might read, “We want increase literacy in Detroit to 100%.”  Develop a plan for fulfilling your vision. Identify the audience for your product or service.  Who will buy them?  Who do you want to buy them?  How can you expand your business to make your goods attractive for new markets? Analyze these problems and work your conclusions into your business plan. Think about your competition.  Is your share of the market going to increase or decrease?  How can you make it increase more?  Use past data on similar businesses to determine how the market is changing. Your business plan should include a section on marketing.  How will you advertise your goods or services?  Who are your ads aimed at? As an entrepreneur, you could be the head of a corporation, a nonprofit, a sole proprietorship, or a limited-liability company.  This formal structure will determine your legal and tax obligations, and must be registered with your state government.  A corporation is a public company with stock owned by shareholders.  The corporation is guided by a board of directors.  Usually only very large businesses go public as corporations because they have a complex business structure. A sole proprietorship is probably the type of business you’ll start out with as an entrepreneur.  This type of business is run and operated by just one person.  While it offers flexibility in decision-making, it can be difficult because you will personally be responsible for the enterprise’s liabilities and losses. A partnership is a business arrangement in which two or more parties join forces and have equal stakes in the business profits, decisions, and strategies.  Be sure to partner only with people you trust. An LLC combines elements of corporations and partnerships.  It is run by members, and profits are distributed directly to each member.  A nonprofit is like a corporation in that they have goals and a business-style organization, but they fulfill a public service mission in exchange for tax-free status. Check https://www.sba.gov/starting-business/choose-register-your-business/register-state-agencies for a list of links to state agencies where you can register your business.  Choose your state and proceed with the registration process. Obtain an Employer Identification Number (EIN) from the U.S. Internal Revenue Service. Visit https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online to obtain an EIN.  Talk to a business lawyer in your area before deciding the best legal framework for your business.  If you are a teen, this is especially important since you probably cannot set up most business types legally.  However, the law varies from state to state, so check with an expert (preferably one with experience in your specific line of business) before making a decision.
Set your goals. Target, test, and take a chance. Create a business plan Decide your business’s legal framework.