Two weekends ago I had the pleasure of speaking to a group of young ladies about the importance of establishing healthy financial behaviors as young women. Here’s the rundown of my presentation:
I advised the group to mimic the professional behaviors of women like Beyonce, Michelle Obama and Oprah who have all excelled in their respective careers while maintaining admirable public images.
We discussed the consequences of debt and emphasized the importance of saving money.
The most impactful advice I gave the girls was to “Ball on a Budget.”
As you all know by now, budgeting is a topic that I am super passionate about. Too often people stretch themselves thin to meet an irrelevant standard or impress people that do not matter. It is extremely important to stay in your lane when managing your personal finances. I thought my “Ballin on a Budget” explanation was pretty thorough until I received a question at the end of my presentation. A young lady asked, “How do I ball on a budget with no job?” It was a very good question considering all the girls participating in the workshop were younger than the legal working age. Plus, you must have income in order to budget and ball. My answer was simple, I told the girls to change their perception of what “working” means.
Most people think about working as being an employee. An employee is hired by a company to perform certain duties, during specified hours of the day and in return, the employee is paid a set amount of money at the end of their pay period. There is a less common approach to working referred to as entrepreneurship. Entrepreneurship is when person organizes and operates a business that they started. They become their own boss and assume all responsibilities related to running their company. Instead of being hired by a company, an entrepreneur does the hiring. They are the BAWSE!! Entrepreneurs make their own work schedules and they have the potential to earn more money than an “employee” who works for someone else. Although the potential rewards of being an entrepreneur exceed those of being a traditional employee, there are some risks to consider when pursuing an entrepreneurial career. In the early stages of your business, income (if any) can fluctuate. Entrepreneurs encounter a lot of rejection and they work long hours. It is the individual’s responsibility to determine if the risks are worth the reward. If you are a high risk, high reward type of individual, keep in mind that entrepreneurs make up the biggest segment of millionaires in the U.S., whereas entertainers account for less than 1% of all millionaires.
So back to the question, how can you ball on a budget without a job? Make a job! Ok, ok. I can hear your grumbling questions over the internet, “Well how do I make a job?” Here are 8 tips to pursuing your first entrepreneurial venture:
Write down your talents.
Write down your strengths.
Write down your hobbies.
Write down the things that other people like about you.
Review your list.
Circle the things on the list that people are willing to pay for.
Put a box around the item that has the most potential.
Develop a strategy to launch your business around the item in #7.
Once you put #8 into action, you will have become an entrepreneur. And don’t think you are too young. There are thousands of youth across the world that have already started businesses who are younger than you. Here are a few:
This is Zoe Damacela, she is the CEO of Zoe Damacela Apparel. She started her first
business at 8 years old.
This is Thomas Suarez, a 14 year old app developer and founder of CarrotCorp, a
company that designs games for mobile devices.
This is Leanna Archer. She started her company, Leanna’s Inc at 9 years old.
Leanna’s Inc makes all natural hair care products.
There is an old saying,”If you do what you love, you will never work a day in your life.” I want our
readers to never work a day in their lives. Working for other people is so 1990. Develop your strengths
and talents early while you don’t have anything to loose. The older you get, the harder it gets to
become an entrepreneur. So get started now. You do not have to be a businesswoman, you can BE the
…then you can really Ball on a Budget