The

Youth
Entrepreneurship
Toolkit

TheYouthEntrepreneurToolkit1

YouthEntrepreneurship:TeachersPack
INDEX
1.Deni:onofEntrepreneur
2.Upsanddownsofbeinganentrepreneur
3.Mythsaroundentrepreneurship
4.QuickEntrepreneurialFacts
5.IsBusinessOwnershipForYou?
6.TheBusinessPlan
7.PrincesTrust
8.CaseStudy
9.Usefulcontacts

1.Deni,onofEntrepreneur:

entrepreneur

ntrpr nnoun

a person who organizes and operates a business or businesses, taking on

greater than normal financial risks in order to do so.
Someonewhobasically:
1.Becomesawareofaneed(productorservice)
2.Createsabusinesstofulllthatneed
Duetothenatureofentrepreneurs,theycannotbesummarisedinonedeni:vewaybuttheyall
havecommontraits.Thesearesomeofthemostcommon:
Flexibleabletoworkwheneverneeded
SelfMo,vatedcanmo:vatedthemselvestotakeac:on
GoodCommonSenseCanmakejudgementssensiblyandaccurately
Good,mingRequirespa:enceandknowwhentojumpinandgetthingsdone!
Therearealsomul:pletypesofentrepreneurandthesecanbebrokendowntotheacronym
SMILE
S

System,someonewhoishappytobuyaprovensystemanduseit(eg.franchisee)

Money,someonewhomeasurestheirsuccessbythenumberinthebank

Innovator,thecrea:veamongyouwhoenjoydevelopingnewideas

Lifestyle,forthosewhowanttheirhobbyastheirjobandtoearnmoneyfromit

Empirebuilders,thosewhowantpowerandinuenceandtoseetheirbrand
everywhere

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2.Upsanddownsofbeinganentrepreneur

Pros

Cons

Canmakealotofmoney:therichestpeopleinRisk:Thenancialriskinstar:ngupacompany
Britainareentrepreneursofonebusinesstype doesnotguaranteeaxedowofincomefor
oranother.
yourselforyourlovedonesatrst.
Independence:Manypeopledontliketobe Time:runningabusinessmaybeheavily
answerableabossandpreferbeingincontrol demandingonyour:me.
oftheirworkinglives.Theyareleadersas
opposedtofollowers.
PersonalSa,sfac,on:entrepreneurscanbe SlowRateofReturn:Intherstyearsmost
extremelyfullledwithknowingthattheyhave businessesdonotmakeamassiveprot.Time
madetheirownmoneyandcanevenincrease needstobeinvestedforacompanytogrow.
selfesteem.
Family:Alotofpeoplebecomeentrepreneurs Notbeingtakenseriously:canaectcondence
sothattheycanbalancetheirfamilylifeand andabilitytoperform.
cantake:meotohelpwiththefamily.
Socialsa,sfac,on:throughsocial
Economicclimate:maynotbesuitabletonew
entrepreneurship,thereisalotofcommunity ideas.Whatishappeningatna:onalandeven
good,ac:veci:zenshipandwellbeing.For
globallevelcanaectbusinessesnega:vely.
instance,tacklingalocalproblembyseengup
agroup/service/businessthataddressesthat
problem.
Control:Beinginchargeofhow:meisspent Isola,onmanypeoplestar:ngtheirown
andotherareasofworkmanagementleadto businessmayfeellonelyofnotproperly
greaterautonomyandcontroloverlife.
supported.Itisadierentworkcultureand
requiresagreatdealofselfmo:va:on.

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3.Mythbus,ng
MythNumber1
AreEntrepreneursbornormade?Entrepreneursareborn,notmade.Itsintheirgenes.Theyallinvented
somethinginagaragewhentheywere12,wearstrangeclothestoworkandaregenerallyunintelligibleat
par:es.Thisisthenerdtheoryofentrepreneurship.TRUEorFALSE?
RealtyNumber1
Theaverageentrepreneuris35to45yearsold,has10yearsplusexperienceinalargecompany,hasan
averageeduca:onandIQ,and,contrarytopopularmyth,hasasurprisinglynormalpsychologicalprole.As
agroup,theylookandtalklikeyouandmeafairlyaveragebunch.
MythNumber2
Entrepreneursareonlyinbusinesstomakemoney?Theentrepreneursoverridinggoalistobea
millionaire.Heorshedoesitforthemoney,pureandsimple.TRUEorFALSE
RealityNumber2
Researchdeniesthismyth.Rela:velyfewentrepreneurseverearnthekindofbuckspaidtoCEOsthese
days.Theentrepreneursrealobsessionistopursuehisorhercustomer/productvision.Moneyisthe
necessaryfueltodothis.Investorsorlenderscanspotthegetrichquicktypesandavoidthemlikethe
plague.
MythNumber3
Entrepreneursareshadycharacters,readytotakelegalshortcutsandaregenerallyontheprowlforsuckers
totakeadvantageof.TRUEorFALSE
RealityNumber3
Comparedtounethicalbusinessleadersfeaturedinthenews,entrepreneursdontseemsogreedyanerall.
Insuchasorrystateofaairs,theHondasandBransonsandWaltonsoftheworldlookmoreandmorelike
saintlyprotectorsofoldfashionedvirtue.Theunhappyfactisthatlowethicsandillegaltac:csseempreoy
welldistributedthroughoutthepopula:on.
MythNumber4
Entrepreneursarehighrisktakersrealdartthrowers.TRUEorFALSE
RealityNumber4
Entrepreneursmaybeinnova:ve,butthatdoesntmakethemfoolish.Itstheirmoneytheyrerisking.The
realityisthatbigcompanyexecu:vesregularlytakegreaterriskswithshareholdersmoneythan
entrepreneursarewillingtotakewiththeirown.Astotheriskofleavingasecurejobandstar:ngouton
theirown,allriskisrela:ve.Mostentrepreneursbelievethatthegreaterriskistoleaveyourfuturereward
andsa:sfac:oninthehandsofaseriesofcorporatebosses,allofwhomhavetheirownagendastopush.
Beengonthecorporatelooeryforthenext30yearsisariskmostentrepreneursarentwillingtotake.
MythNumber5:"Only1%ofthepopulaDonoftheUKcanbeentrepreneurs?"
Heresthelatestonetohitthestreet:Toomanyentrepreneursspoilthena:onalbrew.Everyonecantgoo
andjustdohisownthing.Whosgoingtominethecoal,producethesteelandmakethecars?Every
countryneedsitsfootsoldierstoo.TRUEorFALSE
RealityNumber5
Noonessugges:ngthateveryonejustdohisorherthingorthatthewholeworldshouldworkinagarage.
Whatissuggestedisthateveryoneneedstobecomecompe::ve,includingthefolksingiantcorpora:ons.
Formavericksandfootsoldiersalike,astrongdoseofoldfashionedenterpriseisntabadplacetostart.The
UnitedKingdomasasocietybeingdenedbyitspoli:calparametersasacapitalistmeritocracyencourages
freeentrepreneurialspiritandencouragesittoredistributewealthbetweenlargercorpora:onsandthe
people.

TheYouthEntrepreneurToolkit4

4.QuickEntrepreneurialFacts

Mostentrepreneursareapreoyaveragelot:
40%havesecondaryeduca:onorless
Womensucceedasonenasmen
Mostdidnotplantoowntheirownbusiness,butitcameaboutbecauseofcircumstance

5.IsBusinessOwnershipForYou?
Businessesfallintotwocategories:thoseprovidingservicesandthoseprovidingproducts.Asyou
thinkofbecomingabusinessowner,youmustbecomeacrea:vethinker.Thismeansthinkingof
thingsyouenjoydoinganddecidingifthesethingsyouenjoycanassistyouinmakingmoney.As
youthink,rememberitwillbe
importanttothinkofthingsyouenjoy,notjustthingsyoudowell.

7.PrincesTrust

ThePrincesTrustisaninvaluableorganisa:onoeringhelpforthosewhomaywanttostartupa
business
Ifyouwanttostartupabusinessandareinthefollowingcircumstances:
aged1830
unemployedorworkinglessthan16hoursaweek
livinginEngland,WalesorNorthernIreland.
Thenyouqualifyforallsortsofhelpinyourbusinessenterprisefromtheprincestrustsuchas:
Alowinterestloanofupto4,000(upto5,000forapartnership)
Ongoingadvicefromabusinessmentor
Freelegalhelpline,sponsoredbyBarclays.
Agrantofupto1,500inspecialcircumstances(subjecttolocalavailability)
Atestmarke:nggrantofupto250(subjecttolocalavailability)

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8.CaseStudies
CaseStudyLouisFranklandStarlinkUK

Whatdoyoudo?
Imafreelancewebdesigner.Thisinvolvesdesigningpeopleswebsites,computerprogramming
andonlineshopstoo.

Howdidyoudoit?
ItaughtmyselfhowtodoallthiswhenIwaslioleandthenataboutage11Ithought,hangon,I
canmakemoneyoutofthissoIdecidedIwould!Isawagapinthemarketatthe:me,everyone
hadeitheraprivateconsultantorhadtodoitthemselves.Ioeredacosteec:vepackage.
Istartedmyownbusinessatage11andahalf.Icreatedbrandingformycompany,wrotea
businessplantokeepontarget.ThisisneededforbankloansnotthatIcouldgetoneatthisage.
IusedbirthdayandChristmasmoneyascapital.Marke:ngwasdonebywordofmouthasking
peopleiftheyneededwebsites.Fridayadwasawasteof:menoresponsesatallthewrong
market.
Whatarethedemands?
Its:meconsuming.Youhavetobeabletoworkfornopay,doeverythingyourselfputinahellof
alotofhoursintheearlydays.Dontgetfriendstohelp.Youneedtoreallybeabletotrustthem
andthiscanleadtofallout.Idontrecommendit.
Youhavetomo:vateyourselfandmakesureyouarereliableanddependableforyourself.You
needtodevelopyourselfcondenceandenthusiasmoryouwontgetanythingdone.Anoverall
visionisneededyoucantgoinitjustforthemoney.Ithastobesomethingyouenjoy.Find
somethingyouthinkyoucandoandwillenjoy.Therewillalwaysbehorridbitsbuttheresalotof
jobsa:sfac:on.
NowIamnearly18andmybusinesshastakenofs:lldonethroughwordofmouth.Iearna
comfortableamount;between2and4kayear.ThisvarysaccordingtomyworkloadImadealot
morelastyearbutImatcollegesowillscaleitdownthisyear.
Willyouhaveyourownbusinesswhenyouleavecollege?
Iamstudyingmaths,physics,compu:ngandelectronics.Thisisafallbackifthebusiness
crashes,IcangetamainstreamjobinsomethingIenjoy.Meanwhile,thecoursesIamdoingwill
helpmewithgeengtouniversitytodocomputerscience.Thisdegreewillhelpmeasaperson
peoplewilltakememoreseriouslyifIhaveadegree.Ihaveexperiencedprejudicebyadults.I
wenttoMicroBiz(acomputerfairinHorsham)aged13aneventforbusinessesandstallholders
wereincrediblycondescendingthinkingIwasjustthereforfreebies!Youcanttakethistoheart
though.
Mylongtermplanistoevolvethebusinessintosonwaredesign/engineering.
IintendtomakeenoughmoneytopayforUni,plustakeagapyeartohelpmedevelopmy
companywww.starlinkuk.com
Quickadvicetoanyyoung
Dontletotherpeoplesnega:veopinionsgetintheway.
Keepgoingwithyourvision.
HAVEFUN!

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Worksheets
and
Activities

Whats included?

Entrepreneurial Test

Ideas and monetising them!
Writing a business plan

Page

8-9
10 - 11
12 - 13

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EntrepreneurialTest

Are Entrepreneurs Born or Made?

Could you be the next Richard Branson?

HaveyougottheskillstothinkofanIdealikeFacebook,Yahoo,Google,Twioer,
AndTurnitIntoaProtableBusiness?
TaketheQuizbelowandseehowyouratecomparedtotheproleofsuccessful
entrepreneurs.
ArethesestatementslargelyTRUEorFALSEforyou?
1.Youareabsolutelyobsessedwithapassionforwhateveryoudo?

..................................
2.Youabsolutelyhateobeyingrules,followingothersorworkinginateam?

..................................
3.Youalwaysseethingsdierentlytoothers,evenwhenachild?

..................................
4.Youareverycarefulwithmoneywatchingeverypenny?

..................................
5.Youareveryindependent?

..................................
6.Yourgoalisthehighestsalarypossible?

..................................
7.Youarenaturallyarisktaker?

..................................
8.YouarealwaysOp:mis:c?

..................................
9.Failurehasnowplaceforthosedes:nedforsuccess?

..................................
10.Peopledescribeyouasstable,reliableandlikelytosucceed?

..................................
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EntrepreneurialTest
NowTakeYourScore
Thisquizisjusttoseehowalikeyouaretothemostsuccessfulentrepreneurs!
Itdoesnotmeanthatifyouscorepoorlythatyoucannotstartabusiness!
1to5areTRUE
6to10areFALSE
Sohowdoyou,eupwiththerest?
10outof10

YippeeandYahooyouarethenextbigstory

810

Wellonyourway,justneedtherightidea

68

Needtheideaandtodevelopsomeofyourskills.

46

Getwellqualiedanddosomethingonthesideonly

24

Youaredes:nedtobeanemployee,chooseyourcareerwell.

02

Whyareyouevendoingthistest?

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YouthEntrepreneurship

Complicated?Nah,itsyourplantomakemoney

Step1Giveupyourpaperround!

Basically,youwillneedabitof:metomakeevenmoremoney
Step2Findsomethingyouenjoy

Thereisnopointindoingsomethingyoudontenjoy!
Step3Findawaytomakeithappenmone,zeit!

Askfriendsandrela:vesabouthowtheywoulddoitandques:on
themifyouhaveanideaheckstandonthestreetaskingpeopleifyou
haveto!
Step4Testyouridea

Putasidesomemoney(orborrowsomefromtheparents)andtest
youridea!Giveitaboutamonthtotest,businessesusuallystartslow,
butoncetheballisrolling,moveontostep5
Step5REALMONEY!

Nowthatyouhavefoundaideathatappearstowork,youneed
somerealmoneytomakeitwork,youcansourcethisfromThePrinces
Trustorfromlocalbusinessassocia:ons(Seereverse).
Step6Paperwork!

Nowyouneedtotalktoafewimportantpeople,dontworry
theywonttakeyourmoney,theyjustwanttokeeptabsonwhetheryou
areworking(Seereverse).
Step7Prot!

Youshouldhavemadesomemoneynow!Dowithitwhatyoufeel
necessarybutmayIsuggestreinves:nginyourownbusinessorpaying
peopleback.Ifpeoplehavehelpedyouandyouthinkyouhavearm
stanceinthebusinessworld(canworkwithoutexternalfunds)thenpay
themback!
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CheckSheet
Idea?
Doyouenjoyit?
Canyougetmoneyfromit?
Haveyoutalkedtofriends,familyand/orbystanders?
Doyouhavefunding(ifneeded)totestyouridea?
Didyourtes:ngwork?
Areyoureadytodiveinandmakemoney?
Writeabusinessplan(seeworksheet2)
Getmorefunding(ifneeded)tostartproperly
InformInlandRevenue
Theykeeptrackofwhoisworkingandifyouearnmorethanaround
4000,youmighthavetopaythemsomemoney.Ifyoudontno:fy
themthenyoucouldgetanesotakethe:metotalktothem.

Informfriends

Tellyourfriends,theymighthaveideasandtellyourschoolorcollege
theyappreciatebeingintheknowsotheycanhelp(youcanalsohavean
extraexcuseasidefromthedogatemyhomework)

Thatsyousettogocongratula:ons

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Wri:ngabusinessplan
Step1Writewhatyouaregoingtodo

Writedown,asclearlyasyoucan,whatyouareseengout
todoandhow.
Step2Writehowyourbusinessisgoingtowork

Writedownwhatisgoingtohappenandwhatthebusiness
willachieve
Step3Writedownwhoyourtargetmarketis

Nowbeasspecicasyoucanifyouaretarge:ng2535
yearoldswithoneleglongerthantheother,thensaythat!
Step4Whoisgoingtobeworkingwithyou

Thisisanyinforma:onaboutwhoyouaregoingtobe
workingwith,ifany,andyourself.
Step5Financing

Howwillyouaordtodowhatyouaredoing?Sourcesof
funds,amountsoffundsandanyusefulinforma:on
Step6Risks!

Thisisanothercri:calone;youhavetolistanythingthat
mightaectthebusinessbadlylikeschool/collegewith:me
commitments.
Step7Aboutyou!

Thisiswhereyous:ckyourCVandanyoneassociatedwith
thebusinessdirectly.
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MyBusinessPlan

1
2
3
4
5
6

JustaoachyourCVofamazingachievements;itstoolongtotin!

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