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Description

Product Description

It doesn''t matter how old you are or where you''re from; you can start a profitable business. The Young Entrepreneur''s Guide to Starting and Running a Business will show you how.

Through stories of young entrepreneurs who have started businesses, this book illustrates how to turn hobbies, skills, and interests into profit-making ventures. Mariotti describes the characteristics of the successful entrepreneur and covers the nuts and bolts of getting a business up, running and successful.

Review

"For the real goods, go straight to Mariotti''s book."
-- Inc. magazine

"The Young Entrepreneur''s Guide is the bible of self-help. It not only tells the story of many young people who have made the journey to success and self-respect, but shows step-by-step how you can do the same."
--Jack Kemp

About the Author

Steve Mariotti is the founder of the National Foundation for Teaching Entrepreneurship (NFTE), a non-profit organization that has taught over twenty-five thousand young people across the country how to start their own small businesses.

Excerpt. © Reprinted by permission. All rights reserved.

The Difference Between an Entrepreneur and an Employee
Many people dream of owning their own business, being their own boss, and enjoying the reward of unlimited earnings. Entrepreneurship is the American dream. But most people hesitate to take the plunge. Like them, you may worry that you don''t have enough money, time, or experience to start and operate your own small business.

Michelle insists that there is always time to start your own business, even if you''re a single mother and a full-time college student. Michelle should know; at age nineteen, she started her own business while attending college and caring for her daughters -- Angela, three years old, and Erica, age eighteen months -- and her newborn son, Kristian. Before she started her clothing resale company, À La Mode, Michelle knew nothing about running a business and had very little money. When I met Michelle, I thought she had tremendous natural elegance and poise, but it was clear that she was living a difficult life as a single mother of three children. Today, she''s a successful entrepreneur.

Like Michelle, most Americans earn money by working in business. Business is the buying and selling of products and services in order to make money. Someone who earns a living by working for someone else''s business is an employee of that business.

There are many different kinds of employees. At Ford Motor Company, for instance, some employees build the vehicles, some sell them, and some manage the company. But they all have one thing in common -- they do not own the business, they work for others who do.

Entrepreneurs, in contrast, are both owners and employees. An entrepreneur is responsible for the success or failure of his or her business.

Sell Something for More Than It Costs You to Buy (or Make) It
Michelle loved fashionable clothes, but she lived in New Bedford, Massachusetts. The stores in New Bedford didn''t always sell the latest fashions, and, when they did, they charged high prices. During an entrepreneurship class conducted by the National Foundation for Teaching Entrepreneurship, Inc. (NFTE), Michelle took a trip to Manhattan''s wholesale clothing district. This visit gave Michelle her business idea. A wholesaler is a business that purchases products in bulk from the manufacturer and sells smaller quantities to retailers. Retailers buy small quantities from wholesalers and sell single items to customers. At each step along the road from the manufacturer to the customer, the price of the product increases.

Michelle was surprised that wholesale prices were much lower than the prices of clothing in stores. Michelle knew there were, in her hometown, many young women like herself who would love to buy the latest fashions at reasonable prices. During her visit to the wholesale district, Michelle learned that all she needed to do to be able to buy from a wholesaler was to apply for a sales tax identification number. Anyone can apply for a sales tax number by calling the state sales tax office and requesting an application for a sales tax number. After the application is filled out and returned, the number will be assigned.

Michelle decided to buy clothes wholesale and sell them for higher prices to her neighbors. She invited a dozen friends to her house for a clothes-buying party. If she sold them out of her home, Michelle reasoned, she could offer the latest styles at lower prices than the stores in her town were charging. Michelle had stumbled on the key to business success: Buy (or make) something for less than someone else is willing to pay to buy it from you! Before she visited the wholesale district again, she collected size information from her twelve friends and asked them whether they had any special requests. Michelle''s customers are happy to pay the difference between the wholesale cost and the prices she charges. They know they are getting a great value.

Today, Michelle visits the wholesale district once a month and buys several hundred dollars'' worth of clothes. There are many wholesalers in Manhattan, but Michelle has developed good relationships with a few whose products she really likes.

Michelle was afraid she would have to buy bulk quantities in order to get the wholesalers to sell to her, but she found that most of them are comfortable selling her as few as two or three items. They like dealing with Michelle because she doesn''t ask for credit. She pays in full when she makes her purchases.

Michelle resells the clothes for around twice the wholesale price she paid. Sales are made from her home or on visits to customers'' houses. Michelle''s friends and neighbors are delighted to have a less expensive alternative to the local mall. Her customers also enjoy shopping in a more intimate setting.

As Michelle says, "Who would ever think a teenage mother with three children could ever own her own business and graduate from college?" After she finishes college, Michelle plans to open her own clothing boutique. She hopes her success will spark a revival of small businesses in her community.

Keystoning
In her entrepreneurship class, Michelle learned about keystoning -- buying a product wholesale and then selling it for double the wholesale price. For a simple business, keystoning is a good rule of thumb for covering your costs and making a nice profit. Like Michelle, many young entrepreneurs buy products such as lingerie, cologne, or watches from a wholesaler. You might buy T-shirts from a wholesaler for $3 each, for example, and sell each shirt to your customers for $6.

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4.7 out of 54.7 out of 5
579 global ratings

Top reviews from the United States

Book Reader
5.0 out of 5 starsVerified Purchase
Packed with usable information
Reviewed in the United States on June 26, 2017
Excellent book. It''s easy to follow. I loved the real life examples. It starts from the beginning, each chapter building on the last one. It lays out each of the pieces of a strong foundation for any business, from micro on up. I''m not young, but definitely an... See more
Excellent book. It''s easy to follow. I loved the real life examples. It starts from the beginning, each chapter building on the last one. It lays out each of the pieces of a strong foundation for any business, from micro on up.

I''m not young, but definitely an entrepreneur. This book is very helpful to me. Anyone with an idea, and not much else, can learn a lot by reading it. It is not intimidating. It is realistic and encouraging.
21 people found this helpful
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D.M.C.
5.0 out of 5 starsVerified Purchase
Great gift for young entrepreneurs
Reviewed in the United States on January 5, 2018
Gave this book to my thirteen year old grandson for Christmas.
He started reading the book the day after Christmas. He commented that he was learning
a lot on the best way to start a business.
16 people found this helpful
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Julia
4.0 out of 5 starsVerified Purchase
Fantastic so far!
Reviewed in the United States on November 3, 2019
I once was in Barnes and Nobles when I saw this book. I stopped and really enjoyed the first couple of pages. I didn''t purchase the book. That was almost a year ago. I finally decided to go back and read a few more pages at the store and was sold based on the content. This... See more
I once was in Barnes and Nobles when I saw this book. I stopped and really enjoyed the first couple of pages. I didn''t purchase the book. That was almost a year ago. I finally decided to go back and read a few more pages at the store and was sold based on the content. This book asks some very thought provoking points to help shape the readers mind to really considering a business and becoming an entrepreneur. The reason I did not give it five stars is because I haven''t finished it. But its fantastic so far!
5 people found this helpful
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Angela
5.0 out of 5 starsVerified Purchase
Great book!!!
Reviewed in the United States on January 8, 2020
AMAZING READ!! I was a little apprehensive since it looked like a textbook in person, but this book is full of great tips, examples, and is very easy to understand. It’s hard for me to read a book if it’s not interesting and engaging from the beginning, but this book was... See more
AMAZING READ!! I was a little apprehensive since it looked like a textbook in person, but this book is full of great tips, examples, and is very easy to understand. It’s hard for me to read a book if it’s not interesting and engaging from the beginning, but this book was hard to put down. Definitely would recommend!
5 people found this helpful
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Michael C. Shada
5.0 out of 5 starsVerified Purchase
Straight and to the point advice
Reviewed in the United States on July 3, 2017
This book is a must-read for anyone wishing to start a business of their own.
It''s an easy read with forms for drafting a business plan.
Filled with great advice and examples of real start-ups.
6 people found this helpful
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Nico
5.0 out of 5 starsVerified Purchase
Just buy it.
Reviewed in the United States on February 25, 2016
I just received this purchase and I''ve already gobbled up the first few chapters. This book is amazing. Not only is it filled to the brim with useful real-world examples and exercises, it encourages and inspires the reader. So happy with this book. Get it. You won''t regret... See more
I just received this purchase and I''ve already gobbled up the first few chapters. This book is amazing. Not only is it filled to the brim with useful real-world examples and exercises, it encourages and inspires the reader. So happy with this book. Get it. You won''t regret it.
12 people found this helpful
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David Mathews
5.0 out of 5 starsVerified Purchase
Best Business Textbook
Reviewed in the United States on July 17, 2017
Very easy to read but more like a textbook. Took me under 3-4 hours to read but gave a very good general foundation for business knowledge that is more than sufficient to help you know how to get on your feet.
3 people found this helpful
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Mercy Abundy
5.0 out of 5 starsVerified Purchase
Filled with Great Content!
Reviewed in the United States on July 12, 2020
This book is beyond well written. I am so glad I decided to purchase.
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Top reviews from other countries

ZM Red
4.0 out of 5 starsVerified Purchase
...plenty of charts and graphs and other interesting tidbits...
Reviewed in Canada on January 1, 2017
Great book. It was a lot bigger than I expected and reminds me of a textbook I might read in school. The content is very informative, even for adults, as it outlines some important topics people often forget about (such as legal matters). The reading can get a bit dry at...See more
Great book. It was a lot bigger than I expected and reminds me of a textbook I might read in school. The content is very informative, even for adults, as it outlines some important topics people often forget about (such as legal matters). The reading can get a bit dry at times, but there are plenty of charts and graphs and other interesting tidbits that can give you a small break from reading plain text. One star was deducted due to the fact that this book focuses on US laws, but rest assured, most of the information found here can be easily translated to our Country.
3 people found this helpful
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Liya Polynice
5.0 out of 5 starsVerified Purchase
For future entrepreneurs
Reviewed in Canada on April 19, 2017
I bought this for a friend but I started reading it before giving it to her. The content is very useful for anyone looking to start a business.
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