Teen Business

Updated: April 30, 2013

By Christa Fletcher

With the struggling economy, competitive college admissions and the high cost of paying for a higher education, most people aren't surprised by the recent surge of young entrepreneurs. In fact, some experts, like business journalist Donna Fenn, believe "It's the perfect storm for a youth entrepreneur revolution," since this generation knows how to turn their own needs into commodities other teens want in a simple and cost-efficient way.

"The best thing about this generation is they are very collaborative with each other and they have many resources available to them," said Fenn, the author of Upstarts! How GenY Entrepreneurs Are Rocking the World of Business.

With the rise of young, cool business owners and the ease of selling products and services over the internet, starting a business is not only easier than in previous decades, it's down right trendy for teens. To see a collection of real teen stories, check out our slideshow of Theil Fellowship winners and watch our series on young entrepreneurs.

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"Their big advantage is an incredible support network of parents and technology -- they can be very frugal," said Fenn.

Alright, so you know how to use a computer and have a great idea, but still need advice on what to do next? As the go-to gal for all things business, Fenn says the best thing you can do is to: "Find a mentor, someone who is really smart and understands what you want to accomplish."

With a mentor, you have someone you can turn to for questions, or some much needed encouragement, because as Jessica Lighter, founder of Cliche Cosmetics explains below: "You will be told 'no' a million times before you make it and even after. You have to think that for every no that you get, you are getting closer to that 'yes.'"