Young entrepreneurs could get a leg up in running their own business this summer, thanks to the upcoming Youth Entrepreneur Challenge.
The challenge, which is being hosted by Urban Village Academy, is designed to help give local youth a bit of a head start in running their own business, explained vice-principal JaimeLynn Jelley.
“We know there are a lot of kids in the area that do so, whether it’s dog walking, lawn cutting — it could be anything,” she said.
The challenge is open to any youth ages eight to 16, and can be either a business they’re trying to create or have done before, or an idea for a business they want to try out.
Participants will have access to local experts, who will lead a number of online instructional sessions to that will teach them everything they need to know about running a business — from creating and building a brand, marketing themselves and their business to managing finances, how to prices your product or service competitively, and how to develop your pitch and connect with clients.
In the last session, the participants will deliver their business pitch to the judges, which will consist of several local business experts, all of whom have volunteered their time.
“Having access to these local community experts will allow them to gain important skills,” said Jelley. “Whether they continue to do their own business in the future the skills they will learn about marketing themselves, creating connections, managing finance, are all things that will stay with them and that they will need for the rest of their lives as they’re applying for college or university or one day applying for jobs — or even running their own business.”
Registration for the challenge is $65 per business, money that will be used to cover the cost of the prizes, including business cards for each team with the logo they’ve created during the online sessions.
“(The challenge) will help give the tools and help (kids) develop their business, so even if they’re not the winner, (they) still now have a fantastic business for the summer with all the tools (they) will need,” she said.
The grand prize winner will receive the rest of the registration money which will provide them with a website start up, the opportunity to create business swag, a gift for the purchase of resources or supplies they may need, as well as an ad and article in a local magazine.
“We have a lot of smart, capable youth that I think could really benefit from this. Maybe they’re doing hobbies that could be turned into a business that they just never thought about,” she said. “It’s an incredible opportunity for kids to learn these kinds of skills at a young age and in a way that is exciting because it’s part of a business that they’re invested in.”
