Each summer, teens exchange their bookbags for aprons, uniforms, and name tags, taking on seasonal jobs for extra cash. These grocery clerks, ice cream scoopers, and lifeguards fill the needs created by seasonal businesses while satisfying a need of their own: spending money.
But this summer is different. Many pools are closed (scratch lifeguarding), restaurants are struggling (forget ice cream scooping), and furloughed adults are filling many of vacancies that would have fallen to teens.
A recent Bloomberg article entitled “Young Americans Struggle to Find Jobs, Internships This Summer,” explained, well, you get the idea.
Even once-guaranteed jobs are being eliminated. A New York City, a program that employs around 75,000 teens each summer was scrapped altogether.
Owning a business is a tradeoff. Or is it?
In normal times, the biggest item in the “cons” column of the entrepreneurial life is something called “opportunity cost.” Merriam-Webster defines opportunity cost this way:
Sure, entrepreneurship is fun. Sometimes, flashy. And occasionally, lucrative. But the time and attention given to starting your own business takes time away from guaranteed income through other means. But this summer, the opportunity cost may not be a factor, after all.
If part-time jobs aren’t anywhere to be seen, there’s only one thing left to do: turn that idea into reality. Put your lawn-mowing, app-developing, jewelry-making, gadget-inventing skills to use.
How, you ask? You’ve come to the right place. Our collection of resources is waiting for you:
- If you need some inspiration, learn from real young entrepreneurs who’ve gone before you.
- If you already have an idea, put in on paper with our free business plan guide.
- And if you’re stumped as to how to navigate entrepreneurship amidst quarantine, watch the replay of our webinar, “Stuck-at-Home Startup.”