By: Kelly Kim
When we look ahead to the future, the world is constantly changing, with new technology,
resources, innovations, and more. As our world continues to advance, entrepreneurship has become a
job prospect that has grown rapidly, and become much more accessible for individuals to explore.
Entrepreneurship can be precisely defined as the act of starting a new business in hopes of gaining
financial profit. The face of the future generation of entrepreneurs is standing right in front of us. To
prepare the next generation of youth entrepreneurs, the greatest help that can be provided is key
information about what exactly entrepreneurship is, and understanding financial literacy, which go hand
in hand with becoming a successful entrepreneur.
“The best time to start is now.” One of the most important steps that young entrepreneurs must
first realize is that it is never too early, or never too late to begin exploring entrepreneurship, or planning
and working towards their specific goals in entrepreneurship. Once you begin, you will have a starting
point to build on, and will be able to accumulate more knowledge, experience, and money as you go.
Furthermore, young entrepreneurs must realize that there will be obstacles along the journey, but the
results will be incredibly rewarding and valuable. An excellent way to continue pushing forward in spite
of challenges, can be to repeat powerful affirmations, or seek help from outsiders. For instance,
reminding yourself that “I have the courage to make my dreams reality”, or that “I am defining my own
version of success”, are great examples of maintaining a positive attitude and self-motivating yourself
towards success. Entrepreneurship requires creativity, leadership, and problem-solving skills, among
other skill sets that are beneficial for any entrepreneur to possess. In addition to these skills that
entrepreneurs should possess, it is also very crucial to remember ethics and integrity. Morals and ethics
refer simply to “what is right and what is wrong”, and although they do not affect the finances or specific
functions of a business, they can alter the public’s perception of your business.
As a business owner, it is important to stick to an ethical code of conduct, and be as honest and transparent as possible while running your business. Finally, it is vital to remember that entrepreneurship is a never-ending growth process. Entrepreneurship is often taught in classrooms nowadays, so some high-school students are
able to immerse themselves in the education of learning about entrepreneurship. However, there are
always ways for entrepreneurs to further their learning or experience in running a business. You can take
college programs that allow you to obtain higher degrees in business or entrepreneurship, and you can
also network with other entrepreneurs to share and gain valuable advice. Whether you are just beginning
to explore the field of entrepreneurship, or if you already have an established business of your own,
there will always be opportunities and chances to learn more, and grow.
Financial literacy is also a broad topic that is significant for entrepreneurs to be aware of.
Financial literacy describes the ability to possess skills and knowledge that allows individuals to make
responsible and informed decisions regarding their financial resources. Financial literacy is key for
entrepreneurs, as it directly contributes to the financial and overall success of a business.
An entrepreneur fully understanding financial literacy will be able to maintain an accurate budget for their
business. After all, making monetary profit is the main reward of running a for-profit business, and in
order to make profit, you must keep track of, and stick to a reasonable budget with expenses, profit,
revenue, etc. Being financially literate can include that you are able to read and analyze financial
statements such as the income statement, balance sheets, etc., which will guide you in making proper
decisions for your business. Overall, financial literacy is often overlooked, but without possessing the
right tools and financial skills, it is difficult for a business to thrive in the long run.
In conclusion, entrepreneurship is a broad field with many areas for youth to explore and learn
more about. Entrepreneurship may simply serve as someone’s creative outlet, or it could become
someone’s professional career. Whether or not you are certain if entrepreneurship is the path of interest
for you, it is helpful to know these basic concepts surrounding entrepreneurship and financial literacy, in
order to succeed as a youth entrepreneur. Remember, you all are change-makers, and you have the
potential to become the future entrepreneurs of tomorrow.