Teen brain in gear

Hi Lou

My son comes from a long line of self taught entrepreneurs.

He is currently in grade 10. He is determined to become a business owner.

I would like him to enroll in a business program that will give him the most exposure to his goal.  We were considering area Universities but have been advised to consider Colleges as well. What do you think?

Darren

Hi Darren,

You are so lucky to have a child who knows what they want. It doesn’t matter if its business or ballet its just so much better when they have a passion that they want to pour their time and talent into. The first thing is given your sons age he should take advantage of starting a business that has low capital costs and that forces him to learn all the things that they never teach you in business school.

By starting and operating a business such as lawn care, house painting, window washing, snow removal, shed building, deck building, your son will have to deal with all aspects of a start up from sales and collections to operations and finance. He will also get to handle all aspects of customer service which is central to business success.  If he can generate enough demand he may even have the opportunity to learn how recruit, hire, and manage staff.

Invest In The Future

As a tenth grader he can also take advantage of  Junior Achievement Canada which has a formal program that teaches young people how to start and manage a business.

Junior Achievement can provide some of the training to help your son’s team develop a business plan and then go through the steps of raising money to support the proposal. Finally he and his team will have to execute to meet the goals of the business.

Most importantly your son will get to meet and interact with other similar minded young people and the volunteers and staff members that make Junior Achievement a success.

With regards to the choice of a university degree or a college diploma as part of  training for the life of a business owner. I would say that understanding the rudiments of  income statements and balance sheets and how to evaluate the health of an enterprise is an aspect of business that gives many owners fits. Your son can get the basics in either environment so it really become a case of where his talents can take him.

The Canadian Institute of Chartered Business Valuators

There are a number of universities and colleges that offer programs in entrepreneurial studies so you may want to search for those in an effort to find the right post secondary environment for your son. I also wanted to bring to your attention the Canadian Institute of Chartered Business Valuators. The CICBV offers a program of studies that trains individuals in the practice of valuating businesses.

If your son is going to be buying and selling existing businesses this body of knowledge would be invaluable. Make it a great two years till your son graduates from high school and happy capitalism!

Link: Junior Achievement Canada
Link: Canadian Institute of Chartered Business Valuators