Youth Entrepreneurship
Youth Entrepreneurship - What is it? Why is it Important?
A youth entrepreneur is someone under the age of thirty (in most cases) who owns their own business or is always looking to make an income through risk and initiative. Youth entrepreneurs are important in today's society because they bring fresh business ideas to communities, they lower the amount of youth who are unemployed, youth entrepreneurship helps keep youth motivated in a world where youth get bored easily, it helps youth to put their skills to the test and develop them, and create good connections and lessons for the future!
The 6 Steps to Starting a Business:
1) Do some research and let it help inspire you to come up with ideas for a business that is possible for your budget, location, amount of employees, etc.
2) Once you have your business idea, write up a business plan.
3) Choose a business structure. This is when you choose the legal structure of your business, Small Business Services can help you with this step.
4) Once all the planning for your business is complete it is time to take the step and make it an actual business. To do this you will chose a name for your business and then register it.
5) Once your business is registered you should apply for your nine digit business number.
6) After your business is created, make sure to look into any local forms/applications your company may need.
Need Financial Help Starting Your Business?
Starting a business could be tough for anyone, especially a young entrepreneur. School, necessities and a personal life are all huge consumers of your hard earned pay check. Everyone could use a little help achieving their goals. See the following list of various resources and programs to use when starting a business.
Starter Company
An entrepreneurship program for Ontario youth aged 18 to 29
Strategic Community Entrepreneurship Projects
An entrepreneurship program for young Ontarians aged 15 to 29
Microlending for Women in Ontario
Get financial literacy training, entrepreneurship mentoring and skills development and life skills support
Youth Entrepreneurship Fund (Youth Investment Accelerator Fund)
Apply for investment capital ($100,000- $250,000) to help your business expand
Youth Entrepreneurship Fund (Youth Business Accelerator Program)
Get $5,000-$20,000 to help grow your innovative tech-sector business
School of Social Entrepreneurs
A 6-month fellowship at the Daniels Centre of Learning in Toronto
Northern Business Opportunity Program – Small Business Start-Up Projects
Get money to start a business in Northern Ontario
Summer Company
Get start-up money to kick-off a new summer business
Youth Entrepreneurship Partnership Program
This program gives money to non-profit organizations for projects that: a) educate youth about being an entrepreneur; and b) encourage unique, innovative and collaborative initiatives that promote a culture of entrepreneurship among young Ontarians.
Other Resources:
Innovation, Science and Economic Development Canada
YMCA Summer Work Student Exchange Program
Ministry of Training, Colleges and Universities