FAQs
You’ve got questions, we have answers! See our list of FAQs below, and feel free to contact us with any additional questions.
No. Kids are naturally creative and entrepreneurial and enjoy learning about the world around them. Running a business requires a variety of different skills, and kids, just like business owners, aren’t expected to be good at everything. Most kids really enjoy making the products and the creative side of the marketing, while others really love learning about the numbers and how to make a profit. The young entrepreneur program is meant to be an enjoyable, rewarding experience that provides kids with some real world knowledge and skills, and also a sense of pride and accomplishment upon completion.
Kids do not need to have an idea for a product before starting the entrepreneurship program. We provide a number of product options for kids to choose from. They are welcome to choose one of the products and make it as is, or they can innovate and build off the idea, or they come up with an idea on their own.
Kids can start at with any age group and can take the entrepreneurship programsfor one term, or year after year to build and develop their skills – and their businesses. Returning students can continue to build the business they started the previous term, or they can apply some of the skills they’ve learned to start an entirely new business.
Kids are naturally entrepreneurial. Some important traits entrepreneurs posses, which many parents are familiar with include:
- Creativity
- Passion/excitement for ideas and activities
- Challenges rules that don’t seem to make sense
- High energy
- Perseverance
- Risk taking
- Curiosity
Sometimes what may seem troublesome, ie. challenging rules, can actually be a form of creativity and entrepreneurial intellect.
No past experience is needed to support kids through our programs. The concepts are easy to grasp and applicable to our day-to-day lives. We provide resources for parents to stay in the loop throughout the entrepreneur program, including email updates and summaries of key concepts, and ways to help draw connections to support their learning throughout the week.
Parents can suggest ideas if they think it’s important to do so, but should let the kids lead the process as much as possible. It’s ok to help them with something they may be struggling with, like a step in their product assembly or the creation of their marketing materials, but it’s best to let them come up with most of the ideas on their own and make the final decisions as it relates to the creative aspects of their business.
Kids need to feel empowered and learn that making mistakes is ok. There are no overnight successes, good things take time and effort, and learning from mistakes is an important part of the process. That said, this should be a fun experience for the kids, nothing should be stressful or overwhelming, so parents should support kids as needed. If in doubt, please feel free to call or send us an email to discuss.
Our facilitators come with varied backgrounds; from educators, to business people and entrepreneurs. Most importantly, they are all outgoing lesson instructors, activity planners, and creativity seekers who engage kids with our easy-to-use materials and make the learning process fun. They’re inspiring and passionate about making a difference in the lives of children as they teach YE Learning Labs’ innovative curriculum in a creative way, tailored to the age group.
Young Entrepreneur Learning Labs’ programs conclude with a Market day, at which kids will “earn” a nominal amount from the sale of their products, with little to no legitimate profit earned, considering the costs involved in participating in the program and the materials provided for the products.
Please note that if your child plans to continue operating their business beyond Market Day, you are advised to seek out resources and advice regarding legal and tax considerations that must be met. There are many free resources online, which can walk you through the process of starting a legal business and answer any questions you have, such as:
http://www.servicecanada.gc.ca/eng/subjects/business//index.shtml
http://www.canadabusiness.ca/eng/
http://www.bcbusinessregistry.ca/startingabusiness.htm
If you are unsure of the next steps, please call our office for support.
