Friday, 30 August 2013

Body of the business: Capital and resources for your business

Body of the business:
Capital and resources for your business
 When kids already know what kind of business they want to try, the next step is to determine how much resources they will need to get if off the ground.

Starting a business with capital:
Borrow or save?
If your are willing to help your child start his business, you may lend him the capital. Make sure he commits to a payback plan, with a specific time-frame and specific amount of payment. A young entrepreneur may want to get into the T-shirt business. He may have nice designs and his peers may want to order from him, but without capital, he cannot produce the shirts. If he already has orders, you may lend him the amount for production and he can pay you back as soon as he has collected payment.

Some young entrepreneurs save money for a business. There was a time when kids sold “baler bracelets”. These do not cost much, so one group of teenagers pooled their savings to produce the bracelets. We encourage kids to save P20 from their allowance everyday so that at the end of the school year, they would have approximately P5,000 as start-up capital for a business venture they want to start in the summer.

Starting a business without capital:
Use your smarts
You can be the main asset of your entrepreneurial venture. Stick to what you know and love doing best. Merle S. Alferez named her tutorial center MSA, after her initials. She started with a P240 start-up capital, which paid for a small signboard in front of her rented house.

Many kids can start with no capital if their businesses rely on their strengths or talents.

Use your smart for … smart business ideas:
Strong Intelligences
Smart Business Ideas
Linguistic intelligence:
Word smart
Homework helper, tutorials, review center, language classes
Logical math intelligence:
Number smart
Distribute a product; sell based on commission; website development
Spartial intelligence
Picture Smart
Photography, art lessons, sell art work, T-shirt designs
Naturalist intelligence
Nature Smart
Gardening business, sell herbs/plants, sell dogs/fishes, dog grooming; baking, cooking
Musical intelligence
Music Smart
Music /voice lesson; radio station DJ
Bodily-kinesthetic intelligence:
Body Smart
Kid coach; repairs, carpentry, cleaning businesses; spa and massage services
Interpersonal intelligence
People Smart
Babysitting; party planning
Intrapersonal intelligence
Self Smart
Create a podcast on reflection; scrapbook making

Spintelligence: The student becomes a teacher
Raffy, a third year student, decided to put his talent for “fire spinning” to good use. He would conduct classes in his village during weekends for teens who would like to learn to do fire spinning, popularly know as “poy” among Filipinos( for “apoy”, which means fire in the vernacular). He also proposed to create a business called “Spintelligence” to encourage other students to take up this hobby. He offered to teach classes in school and had a few students. One of his students eventually became a teacher, too.

Lesson fro youth entrepreneurs:
1.    Stick to what you love and know how to do best.
2.    Multiply yourself by empowering others.

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