30 Small Business Ideas for Teens

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In this article, we will take a look at the 30 small business ideas for teens. If you want to skip our detailed analysis, you can go directly to 5 Small Business Ideas for Teens.

Why is Mentorship Important for Young Entrepreneurs?

On September 27, 2022, Junior Achievement USA and EY partnered to survey 1,005 teens across the United States. According to the report, 58% of teens suggested that they were highly likely to start a business. These teens claimed they intended to start a business that solved or met societal problems or needs. Three in four teens stated they would consider becoming a business owner instead of working for someone else. Almost 55% of surveyed teens were skeptical and required mentorship and training to become successful. 32% suggested that having a role model who is a business owner would be immensely helpful for guidance and mentorship.

Mentorship in schools and universities fosters entrepreneurship among teenagers. On March 20, the Philippine News Agency reported that over 200 students from the San Nicolas National High School (SNHS) attended a youth entrepreneurship event held by Go Negosyo in alliance with the Department of Education. The session was mentored by Anna Magalona-Goo, a young entrepreneur and founder of But First Coffee PH, a leading Philippines-based cafe franchise, and James Amparo founder of the We Will Rice program for farmers.

Similarly, incubators help youth entrepreneurs execute novel business ideas. One such youth incubator is the Young Founders Lab. The Young Founders Lab is a start-up BootCamp. Students enroll to set up revenue-generating startups in groups or individually. The Young Founders Lab is present in 62 countries, has received more than 4,200 business applications, and has provided more than 22,000 hours of mentorship. The incubator allocated $390,000 in financial aid to business owners. Some notable mentors at the Young Founders Lab include Kevin Junker, Michael Bervell, and Luke Heine. Kevin Junker talks about finance and technology, Michael Bervell focuses on media and technology, and Luke mentors technology-based and non-profit startups. Luke's Fair Opportunity Project has delivered free college application advice to more than 63,000 educators and provided one-on-one mentorship to students. Michael Bervell's, Billion Dollar Startup Ideas, program has a reach of over 850,000 people.

Notable Startups by Teen Entrepreneurs

Let's now take a look at a few cutting-edge startups founded by teenagers. Delv.AI is a search workflow optimizer backed by artificial intelligence. The startup was founded by Pranjali Awasthi, a 16-year-old. She came up with the startup idea while she was interning at university research labs. In September 2021, she was accepted to the HFO residency, where she executed and launched her startup. While she was interning at university research labs she realized the challenges in extracting required information from a search engine. She pondered whether artificial intelligence could help users extract more relevant and concrete answers. On October 9, 2023, Business Insider reported that Delv.AI had raised $450,000 from funds and incubators. The startup is currently valued at $12 million. You can also take a look at some of the most powerful alternatives to Elasticsearch.