I wanted to share this resource with those of you who have a young entrepreneur under wing.

As part of Impact culture, we are always striving to improve/expand the reach of our programs one step further from the previous year. We plan to do this with the likes of our new programs Global Youth Entrepreneurship Congress, Connect Ontario, and the I am my Ambition Campaign, while still building on our flagship initiatives the Impact National Conference and Impact Connect.

It is by far the most exciting time of the year for Impact, and we’re excited to see all of you at our events.

Visit http://www.impact.org/

Happy Capitalism!

Who Loves, You Baby!!!

Hi Lou,

I’m so glad that you have this website and forum. Very educational. I listen to you on 640 am in the mornings also.

I have a question, that perhaps other entrepreneurs out there looking for an answer to. If you are trying to launch a business, where do you go for start-up capital? Where do you go for start-up capital if you have no collateral to back it up, but have a product line that you want to manufacture locally, that has pending orders upon production?

Thank you.
Shoreen

Hi Shoreen,

Congratulations on taking a leap of faith on your ability to create a business and operate a business. Now that you have decided to work for yourself you will learn what kind of a hard nut the boss can be!

The best place to go if you are looking to raise less than $250,000 is to your circle of influence or your love money connection- family, friends, and associates. These are the people who know you best and would be willing to consider the business you have been developing and now need capital to bring to the next level.

I would also look to the accountant and lawyer you have working for you now. If you are not working with an accountant and lawyer now your very next task is to start a search for a professional who specializes in serving entrepreneurs. They will have dealt with early stage companies and can offer advice and direction. Some times they might even be able to introduce you to investors.

Your lawyer needs to  be able to help you structure an offering document that will allow you to solicit funds under exemptions of the securities act. This will allow you to solicit funds and stay on the right side of  the law.  You also want advice from your accountant on which form of business organization to use, partnership, partnership, or another structure that might best serve your needs.

I have enclosed the link to a local resource that be able to help you identify resources in your region.

Halton Region Business Development Centre

http://www.halton.ca/business/

Congratulations on your business and happy capitalism!

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