Are you interested in starting and running your own business? Do you dream of being your own boss? A recent Nielsen study found that approximately 54 percent of Gen Zers are eager to launch their own businesses. Are you one of them?

A growing number of young people are embracing entrepreneurship, from reselling sneakers online to launching shops on platforms like Etsy. They’re finding innovative ways to earn money while pursuing their passions. Take inspiration from local entrepreneurs like Charlene Peña in Peabody, Massachusetts, who created a headwrap for curly hair that the market lacked; Anj Fayemi, CEO and Co-founder of Rivet; Daniella Pierson, the youngest self-made millionaire and Latina entrepreneur in the U.S.; and Danielle Forward, CEO and co-founder of Natives Rising, a career accelerator for Indigenous people in tech. What unites these trailblazers is their passion for addressing unmet needs through creative solutions. However, building a sustainable income through entrepreneurship can be challenging. That’s why aspiring entrepreneurs need to consider enrolling in valuable postsecondary programs while pursuing their business ventures.

Here are a few questions and answers that we encourage you to consider if you’re interested in business entrepreneurship.

What steps should I take if I want to start my own business?

1. Research. First things first: is there a market for your product or service? Do people want what you’re planning to offer? Is there a need for your product? Check out your competition, too. What are other businesses doing, and how can you do it better? Talk to potential customers to gather feedback and refine your idea before investing your time and money.
2. Create a Business Plan. Outline your vision, goals, and target market. Make financial projections to estimate your earnings, expenditures, and funding needs.
3. Set Up the Legal Side of the Business. You’ll need to choose a legal structure for your business, like a sole proprietorship or an LLC. This choice affects how you’re taxed and your personal liability. After that, you’ll need to register your business name with the local and state authorities to operate legally.
4. Figure Out Your Funding. How will you fund your business? You might use your own savings, apply for loans, seek out investors, or even consider crowdfunding. Create a financial plan to help you keep track of your startup costs and expenses.

What are the key skills of aspiring entrepreneurs?

• Problem-Solving: Identifying challenges and developing effective solutions is crucial for navigating the ups and downs of entrepreneurship.
• Communication: Strong verbal and written communication skills are necessary for pitching ideas, networking, and building relationships with customers, investors, and team members.
• Financial Literacy: Understanding budgeting, financial statements, and cash flow management is essential for making informed decisions and ensuring business sustainability.
• Marketing: Knowledge of marketing strategies, including digital marketing, social media, and branding, can help entrepreneurs attract and retain customers.
• Research and Analytical Skills: The ability to conduct market research, analyze trends, and assess competition helps entrepreneurs make data-driven decisions.
• Creativity and Innovation: Being able to think outside the box and generate unique ideas can differentiate a business in a competitive market.

If you don’t have some of these skills, find people who do that can work with/for you.

Is there a major for students interested in entrepreneurship?

Absolutely! Most colleges and universities offer entrepreneurship majors or concentrations that cover business planning, startup development, and innovation, and you should enroll in one to help you advance your career as an entrepreneur. Some programs focus on the for-profit business sector, while others include a focus on starting non-profit organizations to address social issues. Launching a new business isn’t the only way to pursue an entrepreneurial career. An undergraduate degree in entrepreneurship equips you with the skills to work in business development, product management, or marketing, as well as take on roles in nonprofit leadership.

Preparation, hard work, and resilience go a long way when tackling the challenges of starting your own business. As said best by Quontay “Q” Turner, Founder and Chief Creative of Emerald City Plant Shop, New England’s first Black-owned plant boutique, “Don’t ever let someone tell you that your dreams are too big or unrealistic. Only you and your work ethic decide that.”

Orquidia Montero

Assistant Director, NextGen Talent

Orquidia is the Assistant Director of NextGen Talent. She joined the NGT team from student affairs in higher education, supporting students through their ongoing development in the college setting. As a first-generation Dominican American, Orquidia is passionate about bridging the educational gap for low-income, first-generation collegegoers and students of color. Orquidia has a Master’s in College Student Personnel from the University of Rhode Island and a BA in Modern Languages from the University of Massachusetts Lowell.