I have a small blackish mole with a red/brown ring around it. I am very worried and I am hoping its not cancer. If it is cancer is it in early stages?

Pigmented lesion. Melanoma can occur at a young age, so having an odd looking, multicolored, or irregularly pigmented lesion seen and removed is worthwhile. Only good pathologic exam of the removed specimen can determine reliably how deep (advanced) it is if it is malignant. Don't delay having it seen by someone who can help.
Dermatologist. Most moles/nevi are benign in younger people. Nevi in younger adults/adolescents tend to be more benign (congenital or spitz Nevis). If the mole is in a sun exposed region and is A (asymmetric), B (has irregular borders), C (changes color over time) and D (is greater than 1 cm), than it is more worrisome for melanoma. You are young and if you are worried, reassurance from a dermatologist may help.
Why do you ask? Even though you're only 16, if you feel you have to ask us, you need to have it seen by your personal physician. Get on the phone and make an appointment. I'm glad you're health- aware. Best wishes.