Super Young Entrepreneur: Starting a Buisness when you are Under 18

Recently while reading an article about Suhas Gopinath (CEO and Chairman of Globals Inc, an IT MNC & once awarded youngest Entrepreneur at the age of 17), I come across the various challenges he has faced & how he our come the challenges at that time. Today, Global is a multi-million dollar company with offices in the United States, India, Canada, Germany, Italy, the United Kingdom, Spain, Australia, Singapore and the Middle East and has 100 employees in India and 56 abroad.

"Research showing that the average age of entrepreneurs is declining"

Some of the specific issues and challenges faced by entrepreneurs aged under 18

Entrepreneurs who are aged fewer than 18 faces some additional challenge as compare to those who are above 18 like: 

CHALLENGES :

• Barriers to setting up a business bank account, accessing credit and raising business finance.

• Legal status as a minor and the type of work that you can do

• Balancing business with your education

• The usual business headaches of registering your company, understanding tax etc

But all this issues stands nowhere if you have solid idea & burning desire to start your entrepreneurial journey.

SOLUTIONS :

Bank accounts and raising finance

People aged under 18 are legally considered to be a minor.

You can’t open a business bank account because for that you need PAN card & in India 18 years is the minimum age for person to Get a PAN card.

Unable to borrow money or have a credit card.

So if required then you need to raise finance from alternative source. This could be:

• Getting a loan from a family member to fund your venture

• Going into business jointly with an adult who is legally able to access finance

• Get finance from enterprise funds, trusts or agencies

Now a day’s there are many business you can set up with very little finance. If you already have a computer and an internet connection in your house it’s possible to start up an online business with a little investment. A lack of finance doesn’t have to be a barrier to business success.

Balancing your business, education and social time

It is essential that you find a good balance between your business, your education and things such as seeing your friends and relaxing with your family.

 

A young age and a lack of experience:

Some time you might feel that your age could be a barrier & people you meet would not take you seriously. But the good news is that many people are impressed by young entrepreneurs and see it as a good thing; so as long as you manage yourself in most professional manner, other business people will take you professionally & seriously.

 

 

Ask for Help:

 
There are so many organizations that can provide you with practical business advice and even funding. There are huge information available about starting a business on internet. You can join communities & Forums from where you can get the answer of all your queries.

                                                                     

How Universities & Institutes can contribute:

Universities/Institutions can play a vital role to ensure a dynamic entrepreneurial economy in the near future - when our youth reach adulthood. Young generation aspire to be millionaires or billionaires but are unaware of the social responsibilities that can come with this too.

Getting these aspiring entrepreneurs to understand entrepreneurship as a means to social change and innovation rather than personal economic gains is important task , which can be taken care by a collective effort from media, education institutions and successful entrepreneurs."