YOUTH ENTREPRENEURSHIP

By: Joseph Molina National Veterans Chamber of Commerce

veteransccsd@gmail.com

It has been my experience that today’s youth and especially those coming from a military environment tend to start businesses in areas of personal interest including types of businesses that represent a rewarding aspect of their lives, which result in businesses that are full of innovation, out of the box ideas that hit a home run!

I had the pleasure of experiencing one the most remarkable business plan presentations from a group of Jr. High School students on “The process of starting a business” it was clear to me that these young students were prepared with the knowledge and passion needed to be an entrepreneur. I realized that these entrepreneurial kids could not do it alone, they needed assistance, mentorship, and guidance and most of all our support. Here is how we can help.

“Promote an Entrepreneurial Environment”: To promote entrepreneurship, the birth of new ideas, we need to have an “Entrepreneurial Mind-Set” – a way of thinking that perceives entrepreneurship as a “New Opportunity”, a way to find and create new solutions to old problems or new solutions to new problems. Having the right mind-set will encourage the right environment that welcomes entrepreneurs and their entrepreneurial ideas.

• Allow Youth to try new things: With the understanding that mistakes and or failures are just part of a business cycle. They are nothing more than opportunities to try something in a different way. • Provide resources: Be ready to invest time and money in a few tools, resources and or training. • Create a platform of business opportunities: Connect with businesses and organizations in the community to bring potential opportunities to the youth encouraging them to learn as well as contributing to a business. • Make kids be accountable and responsible for money earned: It is important that they learn how to manage money. This becomes a crucial skill as the business grows • Be a mentor or a business coach: Mentors are key to the success of these young entrepreneurs. Mentors/ business coaches are essential to the development of business ideas and business concepts. Mentors/ business coaches help by guiding and directing the business process, brainstorming ideas and identify solutions to potential obstacles. Creating a Youth entrepreneurship program is easy. Youth programs can be located at a local school or at a community college. You only need a group of passionate teachers, parents and/or volunteers who will commit to supporting the idea

1. “Business Idea Pitch It Competition”: This project allows for students to present their business idea in front of a panel of judges providing constructive feedback. 2. “Take it to the Market”: This gives a group of students the experience and skills to create and implement a sales strategy for a product or service as well as identify its market potential. 3. “Marketing Plan Competition”: The business community submits a “Project” for a group of students to work on. These are real life scenarios/issues that students help identify solutions to solve the problem. 4. Invention and Innovation: Students submit “a prototype” of an idea or product that currently does NOT exist but could be created and possibly developed. Students showcase their prototype in front of a panel of judges.

MEET SOME YOUNG ENTREPRENEURS

Catherine Cook

After looking at her brother’s yearbook, Catherine Cook, the youngest of the Cook siblings, came up with the idea of creating a social media website that functioned as an online version of a person’s yearbook. MyYearbook merged with an ad-supported site that allowed users to post and take online quizzes. Venture capital funding for the site reached $4.1 million by 2006.

Hart Main

When he was 13, Hart Main came up with the idea of macho-scented candles. Hart and his parents put in small amounts of money to start the business, and they collaborated to create the ManCan candles. ManCan candles, which come in aromas like Campfire, Bacon, Sawdust, Fresh Cut Grass, and Grandpa’s Pipe. Hart’s candles may be found in retailers around the country, with yearly sales topping six figures.

In Summary, the youth of today have an amazing entrepreneurial and philanthropic spirit, an unlimited source of ideas and a potential for greatness. Let’s come together and create platforms for “opportunities” that can be utilized by our next generation of Entrepreneurs.