Latest news with #GlobalEntrepreneurshipMonitor
Forbes
9 hours ago
- Business
- Forbes
5 Ways ChatGPT Is Redefining LinkedIn Networking For Entrepreneurs
Entrepreneur building LinkedIn network According to the Global Entrepreneurship Monitor 2023-2024 report, 24% of young entrepreneurs are actively engaged in starting or running businesses, yet many struggle with time management while balancing growth activities on LinkedIn and other platforms. Teen and young adult entrepreneurs face additional challenges, including building credibility while competing against more established professionals on LinkedIn. LinkedIn has become essential for business development, but traditional LinkedIn networking approaches consume hours without guaranteed returns. This time crunch hits younger entrepreneurs particularly hard as they juggle business building with school, family commitments, and limited resources. Young entrepreneurs face a choice: spend significant time crafting individual LinkedIn messages and content or risk appearing generic in a crowded LinkedIn marketplace. ChatGPT offers entrepreneurs of all ages a middle path—maintaining personalization while scaling LinkedIn networking efforts efficiently. For younger business owners, AI tools level the playing field by helping them create professional content and outreach that competes with seasoned entrepreneurs. Here's how smart business owners are using AI to build meaningful professional relationships on LinkedIn. Writing individual connection requests and follow-up messages can consume several hours each week. Most entrepreneurs either send generic messages or spend too much time personalizing each one. ChatGPT helps you find the middle ground. Use this prompt: "I want to connect with [specific role/industry] professionals on LinkedIn. Help me create a connection message template that I can customize with specific details about each person. The message should be professional, specific, and under 200 characters." For LinkedIn follow-up messages, try: "I recently connected with someone on LinkedIn who [specific background detail] The key is using ChatGPT for structure while adding personal details about each LinkedIn contact. A message that mentions their recent article or company milestone performs far better than AI-generated content alone. Most entrepreneur profiles read like resumes rather than marketing tools. They list past jobs instead of showcasing current value and future potential. ChatGPT can help reframe your LinkedIn profile around client needs. Use this prompt: "I'm an entrepreneur in [industry] who helps [target client] achieve [specific outcome]. Help me write a LinkedIn headline and summary that attracts potential clients, partners, and investors. Focus on results I deliver rather than credentials I have." Your LinkedIn headline should answer this question: "What problem do you solve for whom?" Instead of "Startup Founder," try "Helping Restaurants Increase Revenue 30% Through Data-Driven Marketing | SaaS Entrepreneur | Foodtech Innovator." Young entrepreneurs can add credibility by highlighting specific results rather than relying solely on years of experience. For your LinkedIn summary, lead with client outcomes, include a brief origin story, and end with a clear call to action. It's all about developing and sharing your personal brand. Teen entrepreneurs should focus on passion, problem-solving abilities, and early wins rather than traditional credentials. People connect with entrepreneurs who can help them, regardless of age. Consistent posting on LinkedIn helps build visibility, but many entrepreneurs struggle with creating engaging content. They either share random thoughts or spend hours crafting posts that few people engage with. ChatGPT can generate LinkedIn content ideas aligned with your business goals. Try this prompt: "I'm building a [type of business] and want to attract [specific audience] on LinkedIn. Generate 10 post ideas that position me as an expert while providing value to potential clients. Include questions that encourage engagement." The most effective LinkedIn content for entrepreneurs combines industry insights with personal experiences. Share lessons from specific client projects, predictions based on your expertise, or frameworks you've developed. People follow entrepreneurs who offer practical wisdom, not generic business advice. Post consistently on LinkedIn rather than perfectly. Two valuable posts a week are better than one brilliant post quarterly. Random networking wastes time. Successful entrepreneurs connect strategically on LinkedIn with potential clients, partners, investors, and mentors who align with their business goals. ChatGPT can help you identify ideal LinkedIn connections. Use this prompt: "I'm building [business description] and need to connect with [specific types of people] on LinkedIn. What LinkedIn search terms should I use? What mutual interests or challenges might we share? How should I position myself when reaching out?" Create LinkedIn connection campaigns around specific business objectives. If you're raising funding, target angel investors in your particular industry or sector. If you need strategic partnerships, focus on complementary service providers. Quality beats quantity in LinkedIn entrepreneurial networking. Research LinkedIn prospects before connecting. Check their recent posts, company news, or mutual connections. A reference to their latest achievement or shared connection dramatically increases response rates. Networking isn't about collecting LinkedIn connections—it's about building relationships that create mutual value. Many entrepreneurs connect and then disappear, missing opportunities to develop partnerships. ChatGPT can help you maintain consistent LinkedIn engagement. Try this prompt: "I want to stay connected with my LinkedIn network without being pushy. Help me create a system for engaging with others' content, sharing valuable resources, and maintaining relationships over time." Engage with others' LinkedIn content before promoting your own. Comment thoughtfully on posts from potential clients or partners. Share relevant articles with specific LinkedIn connections who might find them helpful. Make introductions between contacts who could benefit from knowing each other. Use ChatGPT to draft LinkedIn comments that add value rather than just praise. Instead of "Great post!" try something like "This reminds me of a similar challenge we faced at [company]. We found that [specific insight] was particularly helpful. Thanks for sharing your perspective." ChatGPT makes LinkedIn networking more efficient, but successful entrepreneurs still invest time in building genuine relationships on LinkedIn. Use AI to handle structure, templates, and initial drafts, then add personal touches that reflect authentic interest in others. The entrepreneurs who succeed on LinkedIn provide value before asking for anything—regardless of their age or experience level. They share insights, make connections, and solve problems for others. ChatGPT makes these LinkedIn activities more scalable, giving younger entrepreneurs the tools to compete professionally. For teen and young entrepreneurs, start with one area—perhaps optimizing your LinkedIn profile or planning your next month of LinkedIn content. As you see results, expand your use of AI tools to other LinkedIn networking activities. The key advantage younger entrepreneurs have is adaptability and a willingness to embrace new tools, such as AI.
IOL News
5 days ago
- Business
- IOL News
Why youth-owned businesses fail financially — and what we can do about it
According to the Global Entrepreneurship Monitor, youth entrepreneurs in South Africa face a high failure rate. Image: Pexels South Africa's entrepreneurial spirit is alive, especially among our youth. From township tech innovators to rural agropreneurs, young people are stepping up to build businesses that solve problems and create jobs. And yet, despite their creativity and drive, many youth owned businesses collapse within the first two to three years. The number one culprit? Financial illiteracy. The Harsh Reality Behind the Numbers According to the Global Entrepreneurship Monitor, youth entrepreneurs in South Africa face a high failure rate — and while access to funding is often cited, a deeper issue lurks beneath: a lack of foundational financial understanding. Many brilliant young founders don't know how to: Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Price their products profitably Separate personal and business finances Read or use financial statements Budget or forecast cash flow Navigate tax compliance and business accounting Without these basics, even the best ideas become financially unsustainable. Passion may get them started, but poor financial management brings them to a halt. Financial literacy isn't a luxury, it's a lifeline As a Business Accountant and Money Coach, I've worked with countless youth entrepreneurs who are hustling hard but bleeding money quietly. They're often unaware of what's truly costing them — because they don't have the tools to measure, track, or forecast their finances. Some of the most common pitfalls I see include: Over-reliance on informal lending or stokvels with no plan to service debt • Undervaluing their services , leading to unsustainable pricing No financial systems or records , making it impossible to scale or secure funding • Late or non-existent tax submissions , putting them at risk with SARS Financial literacy isn't about being an accountant — it's about understanding your money well enough to make informed decisions that sustain and grow your business. So, What's the Solution? We don't need to wait for schools to overhaul the curriculum. There are immediate, actionable ways we can shift the tide: Incorporate Financial Literacy into All Enterprise Development Programs No business development intervention should exist without a strong financial training component — not just once-off workshops, but ongoing mentorship and accountability. 2. Use Digital Tools to Demystify the Numbers With platforms like QuickBooks, Xero, and even simple Excel templates, we can make financial tracking more accessible. Youth should be taught how to read dashboards and track their money in real time. 3. Start with Personal Finance A financially literate business owner is first a financially responsible individual. Managing personal debt, building savings, and understanding credit are the foundation for strong business money habits. Create Peer Learning Spaces Financial literacy improves when it's made relatable. We need safe, youth-led spaces where entrepreneurs can share mistakes, ask questions, and grow together. My Call to Action To funders, incubators, and government agencies: stop handing out funding without embedding financial literacy. You're setting our youth up to fail. To youth entrepreneurs: the hustle is noble, but the numbers are non-negotiable. Equip yourself. Ask for help. Learn the language of money — because your idea deserves longevity.
Forbes
05-06-2025
- Business
- Forbes
5 ChatGPT Prompts That Can Help Teens Launch A Startup
teen entrepreneur using ChatGPT to help with her business Teen entrepreneurship continues to be on the rise. According to Junior Achievement research, 66% of U.S. teens aged 13-17 say they're likely to consider starting a business as adults, with the 2023-2024 Global Entrepreneurship Monitor finding that 24% of 18- to 24-year-olds are currently entrepreneurs. These young founders aren't just dreaming—they're building real ventures that generate revenue and create social impact, and they are using ChatGPT prompts to help them. At WIT (Whatever It Takes), the organization I founded in 2009, we have worked with over 10,000 young entrepreneurs. Over the past year, I've observed a shift in how teens approach business planning. With our guidance, they are using AI tools like ChatGPT not as shortcuts but as strategic thinking partners to clarify ideas, test concepts, and accelerate execution. The most successful teen entrepreneurs have discovered specific prompts that help them move from idea to action. These aren't generic brainstorming sessions—they're using targeted questions that address the unique challenges young founders face: limited resources, school commitments, and the need to prove their concepts quickly. Here are five ChatGPT prompts that consistently help teen entrepreneurs build businesses that matter. "I notice that [specific group of people] A teen might use this prompt after noticing students at school struggling to afford lunch. Instead of assuming they understand the full scope, they could ask ChatGPT to research school lunch debt as a systemic issue. This research may lead them to create a product-based business where the proceeds help pay off lunch debt—combining profit with purpose. Teens notice problems differently than adults because they experience unique frustrations—from school organization challenges to social media overwhelm to environmental concerns. According to Square's research on Gen Z entrepreneurs, 84% plan to still be business owners five years from now, making them ideal candidates for problem-solving businesses. "I'm [age] years old with approximately [dollar amount] to invest and [number] hours per week available between school and other commitments. Based on these constraints, what are three business models I could realistically launch this summer? For each option, include startup costs, time requirements, and the first three steps to get started." This prompt addresses the elephant in the room: most teen entrepreneurs have limited money and time. When a 16-year-old entrepreneur employs this approach to evaluate a greeting card business concept, they may discover that they can start with $200 and scale gradually. By being realistic about constraints upfront, they avoid overcommitting and can build toward sustainable revenue goals. According to Square's Gen Z report, 45% of young entrepreneurs use their savings to start businesses, with 80% launching online or with a mobile component. This data supports the effectiveness of constraint-based planning—when teens work within realistic limitations, they create more sustainable business models. "Act like a [specific demographic] and give me honest feedback on this business idea: [describe your concept]. What would excite you about this? What concerns would you have? How much would you realistically pay? What would need to change for you to become a customer?" Teen entrepreneurs often struggle with customer research because they can't easily survey large groups or hire market research firms. This prompt helps simulate customer feedback by having ChatGPT adopt specific personas. A teen developing a podcast for teenage female athletes could use this approach by asking ChatGPT to respond to different types of teen athletes. This helps identify content themes that resonate and messaging that feels authentic to the target audience. The prompt works best when you get specific about demographics, pain points, and contexts. "Act like a stressed high school senior applying to college" produces better insights than "Act like a teenager." "I want to test this business idea: [describe concept] without spending more than [budget amount] or more than [time commitment]. Design three simple experiments I could run this week to validate customer demand. For each test, explain what I'd learn, how to measure success, and what results would indicate I should move forward." This prompt helps teens embrace the lean startup methodology without getting lost in business jargon. The focus on "this week" creates urgency and prevents endless planning without action. A teenager wanting to test a clothing line concept could use this prompt to design simple validation experiments, such as posting design mockups on social media to gauge interest, creating a Google Form to collect pre-orders, and asking friends to share the concept with their networks. These tests cost nothing but provide crucial data about demand and pricing. "Turn this business idea into a clear 60-second explanation: [describe your business]. The explanation should include: the problem you solve, your solution, who it helps, why they'd choose you over alternatives, and what success looks like. Write it in conversational language a teenager would actually use." Clear communication separates successful entrepreneurs from those with good ideas but poor execution. This prompt helps teens distill complex concepts into compelling explanations they can use everywhere—from social media posts to conversations with potential mentors. The emphasis on "conversational language a teenager would actually use" is important. Many business pitch templates sound artificial when delivered by young founders. Authenticity matters more than corporate jargon. The difference between teens who use these prompts effectively and those who don't comes down to follow-through. ChatGPT provides direction, but action creates results. The most successful young entrepreneurs I work with use these prompts as starting points, not endpoints. They take the AI-generated suggestions and immediately test them in the real world. They call potential customers, create simple prototypes, and iterate based on actual feedback. Recent research from Junior Achievement shows that 69% of teens have business ideas but feel uncertain about the starting process, with fear of failure being the top concern for 67% of potential teen entrepreneurs. These prompts address that uncertainty by breaking down abstract concepts into concrete next steps. Teen entrepreneurs using AI tools like ChatGPT represent a shift in how business education is happening. According to Global Entrepreneurship Monitor research, young entrepreneurs are 1.6 times more likely than adults to want to start a business, and they're particularly active in technology, food and beverage, fashion, and entertainment sectors. Instead of waiting for formal entrepreneurship classes or MBA programs, these young founders are accessing strategic thinking tools immediately. This trend aligns with broader shifts in education and the workforce. The World Economic Forum identifies creativity, critical thinking, and resilience as top skills for 2025—capabilities that entrepreneurship naturally develops. Programs like WIT provide structured support for this journey, but the tools themselves are becoming increasingly accessible. A teenager with internet access can now access business planning resources that were previously available only to established entrepreneurs with significant budgets. The key is using these tools thoughtfully. ChatGPT can accelerate thinking and provide frameworks, but it can't replace the hard work of building relationships, creating products, and serving customers. The best business idea isn't the most original—it's the one that solves a real problem for real people. AI tools can help identify those opportunities, but only action can turn them into businesses that matter.
Forbes
27-05-2025
- Business
- Forbes
5 Tools To Help Teen Entrepreneurs Sell Digital Products
teen boy building his digital product Teen entrepreneurship is on the rise, according to recent Junior Achievement research. With 60% of teens preferring to start their own business rather than working a traditional job. Unlike previous generations limited to babysitting and lawn mowing, today's young entrepreneurs are building global brands from their bedrooms. Teens are jumping straight into global markets—thanks to digital products. With no need to manage inventory or handle shipping, they're building businesses around downloadable items, such as study guides, fitness trackers, and social media kits. It's a trend backed by numbers: the digital goods economy is on track to hit $74.5 billion by 2025, and individual creators, including teens, are claiming a growing slice of that market. The entrepreneurial benefits extend beyond income. When teens design, market, and sell digital products, they develop skills in customer research, brand positioning, and iterative improvement—capabilities that strengthen college applications and prepare them for future careers. Unlike physical businesses, which require fixed schedules, digital products can be created during flexible hours and sold automatically through online platforms. Research from the Global Entrepreneurship Monitor shows that youth are 1.6 times more likely to want to start a business than adults, with many gravitating toward technology-enabled ventures. Digital products align perfectly with this preference while teaching essential business fundamentals. Here are five platforms empowering teen entrepreneurs to launch successful digital product businesses: Best for: Simple digital products like PDFs, templates, and planners Gumroad is a popular choice for teens launching their first digital product. There are no monthly fees—just a small commission taken from each sale—which makes it a low-risk and easy way to get started. You can upload a file, set your price, and start sharing your link with potential buyers in just a few steps. It also comes with helpful tools like email collection and basic analytics, so you can begin to understand who's buying your product and how they found it. Many teen creators use Gumroad to sell everything from printable study guides to productivity planners and design templates. The clean interface keeps things simple, allowing the focus to stay on building a digital product people want. Best for: Course creation, memberships, and subscription products As teen entrepreneurs develop more sophisticated offerings, Payhip provides advanced functionality without overwhelming complexity. The platform supports online courses, membership communities, and recurring subscriptions—business models that generate ongoing revenue. Payhip includes coupon systems, affiliate marketing tools, and upselling capabilities. These features introduce young entrepreneurs to customer lifetime value concepts and retention strategies typically learned much later in business education. Teens teaching skills such as music lessons, coding tutorials, or academic support find Payhip particularly valuable for packaging their knowledge into structured digital product courses. Best for: Designing polished, visually engaging digital products Canva isn't a sales platform, but it's where many teen digital products begin. Its drag-and-drop tools and massive template library make it easy to create professional-looking designs—no design background is required. Whether it's planners, social media kits, or educational worksheets, Canva gives teen creators the freedom to bring their digital product ideas to life. The platform also supports collaboration, allowing teens to co-create with friends, mentors, or classmates. For those building a brand, Canva's built-in brand kit tools help keep fonts, colors, and styles consistent across products. Canva's accessibility has lowered the barrier to great design—now, creativity counts more than technical skill. Best for: Interactive dashboards and productivity templates Notion has evolved beyond note-taking into a platform where teens create and sell sophisticated productivity tools. The demand for Notion templates reflects broader trends toward digital organization and remote work capabilities. Teen entrepreneurs build study dashboards, content planning systems, and goal-tracking templates that solve real problems for their peers. These products often gain traction through social media demonstrations, particularly on TikTok, where Notion tutorials frequently go viral. Creating Notion products develops systems thinking and user experience design skills—capabilities valuable across multiple career paths. Best for: Teens with existing social media followings Stan Store transforms social media presence into business infrastructure. The platform creates customizable landing pages that consolidate product sales, appointment booking, and email collection into a single link. This approach is particularly beneficial for teens who are already active on Instagram, TikTok, or YouTube and want to monetize their audience. Stan Store's mobile-optimized design recognizes that most teen commerce happens on smartphones. The platform works exceptionally well for influence-based products, such as social media templates, content calendars, and personal branding guides. Successful teen digital products typically address problems the creators understand personally. Academic tools perform consistently well, including exam preparation guides, note-taking templates, and college application resources. Wellness and lifestyle products represent another strong category. Teens create habit trackers, gratitude journals, and self-care planners that resonate with peers facing similar challenges. Creative assets, such as social media templates, digital stickers, and photo editing presets, capitalize on the visual nature of teen communication and the growth of the creator economy. Creating and selling digital products isn't just about making money — it's hands-on entrepreneurial education. Teens learn to identify market gaps, price strategically, and adapt their approach based on customer feedback. These aren't abstract lessons; they're real-world skills that translate into future success in business, school, and beyond. These experiences also stand out on college applications. Admissions officers are increasingly drawn to students who show initiative, resilience, and problem-solving — qualities that traditional extracurriculars don't always showcase. At WIT (Whatever It Takes), which I launched in 2009, we created a digital workbook using Canva called Pitch to Press to help teen entrepreneurs gain visibility for their ventures. The workbook includes templates, real teen case studies, and step-by-step instructions tailored to the unique challenges of getting press as a young entrepreneur. It's designed to empower teens to tell their stories — and make them heard. It also serves as an example for teen entrepreneurs who want to create their own digital product. The most important step is beginning with a single product that solves a problem you understand. Start by identifying frustrations in your daily life—inefficient study methods, organizational challenges, or skill gaps among peers. Start with something small. Use one of the tools above to create a basic digital product—maybe a planner, template, or guide—and ask a few friends or classmates to try it out. Their feedback can help you improve it before sharing it more widely. Selling digital products isn't just a way to make extra money—it's a chance for teens to build something around what they're good at or passionate about. The market is growing, the tools are accessible, and the experience gained along the way can shape future college, career, or business paths.
Observer
20-05-2025
- Business
- Observer
Oman achieves exceptional progress in GEM report
Muscat, May 20 The Authority for Small and Medium Enterprises Development (ASMED) on Tuesday organised a workshop to review the Sultanate of Oman's results in the Global Entrepreneurship Monitor (GEM) 2024 report. The Sultanate of Oman has achieved exceptional progress in the 2024-2025 GEM report, ranking eighth globally out of 56 countries covered by the report. Sayyid Mazin bin Saif al Busaidy, Deputy Chairman of ASMED, presented a number of themes that the authority has focused on implementing to empower and develop the SME sector, including a number of services and programmes provided to entrepreneurs. He also reviewed the most prominent results achieved by the Authority since its establishment and its efforts to enhance local added value programmes for SMEs by implementing the Enterprise Escalation Programme and the Supplier Development Programme, to increase investment opportunities for SMEs and support them in accessing local and global markets with their services and products. The workshop was titled "Towards Empowering and Sustainable Growth of Small and Medium Enterprises in the Sultanate of Oman". It was attended by representatives of government units and private sector establishments. Qais bin Rashid al Toobi, ASMED Deputy Chairman for Finance and Investment, explained that the workshop includes 15 working papers covering all areas of relevance to the sector of entrepreneurship and SMEs, the legislative environment and future plans in this field. 'ASMED joins hands with all partners — through initiatives, programmes and other events — to achieve partnerships to empower SMEs and the entrepreneurship sector,' said Al Toobi, noting that the Authority offers programmes in financing, investment, capacity building and marketing. The workshop reviewed efforts to motivate SMEs and enhance opportunities for partnerships and integration among the government and private sectors, to help empower SMEs, raise the sector's contribution to the gross domestic product (GDP) and augment Oman's rankings in the GEM report. The workshop included papers that explored entrepreneurial ratios and indices, as well as the outcome of GEM report 2024. The workshop also included specialised training sessions to empower the owners of SMEs and help them benefit from non-traditional financing platforms. The workshop dealt with the index of entrepreneurship in vocational education, colleges and universities; and highlighted efforts made to establish business centres in all governorates to empower SMEs and startups; and to support technology-based and innovation-based startups through the Promising Omani Startup Programme. This is a three-spot improvement from Oman's 2023 ranking when it ranked eleventh. This reflects ongoing efforts to enhance the entrepreneurship business environment; and support small and medium enterprises. Dr Abdullah al Shukaili from the University of Nizwa explained the improvement in the results of the sub-indicators of GEM for the Sultanate of Oman for the year 2024, which led to an improvement in the level of entrepreneurship. He also stated that the GEM is an important and reliable resource that assists decision-makers and contributes to improving entrepreneurship outcomes, both qualitatively and quantitatively, worldwide by providing comprehensive indicators and valuable information on entrepreneurship and mechanisms for improving and developing it, contributing to its continuity and sustainability.
