By Guadi Rabino
Staff Writer
Want to start a new business? It’s not as difficult as you think!
With the development of a new after school program called the Young Entrepreneur’s Academy, any South Bay student ranging from 6th to 12th grade can begin to practice mastering all different aspects of handling a new business.
“I always had ideas about business in general and I always wanted to be an entrepreneur,” former student Young Entrepreneur Academy student, Hannah Lauson said. “After watching Shark Tank I realized you need to know a lot more than just a product idea so I decided to join so I can write up a business plan and start a business that I am not essentially sticking with but I just wanted to learn about the whole progress.”
Run by the Manhattan Beach Chambers of Commerce, the Young Entrepreneur’s Academy is a national program that is being implemented in several states across the country. This program helps aspiring entrepreneurs develop their business once a week during 3-hour classes.
“I was really impressed with the level of confidence that was built in the students,” Rachel Thomas, MBMS 8th grade english teacher said. “A lot of kids came in very shy and indecisive, but by the end of the course they really knew what they wanted to do and were able to go out and get it.”
Through this program, students learn about the managing aspects of a business and how to maintain one. They learn to make a business plan specific to their personal company as well as learning about market analysis. The class also teaches social skills and how to behave professionally in front of investors.
“At the end of the class session in May, we have an investors panel,” Thomas said. “Which is similar to Shark Tank, and so the kids present their business, which are in fact legal businesses at this point, and after presenting their business the investors decide whether or not they want to invest in the student. I’d have to say that this is my favorite part of the program since I get to work one-on-one with kids in order to help them prepare.”
Students of the Y.E.A dealt with all aspects of the business world and got to experience all of the different factors of starting a business. They were able to speak to all of the experts available to them in order to get a further understanding of their business.
“The mentors helped me evaluate whether my business was viable and taught me how to develop a business plan looking at my expenses, profit, short and long term goals, marketing, and the customers I was targeting,” former student Isabelle Lau said. “I was able to speak to attorneys, accountants, and successful entrepreneurs. During the program, people came in to help us make logos and websites. The program introduced me to all aspects of starting a business, beginning from developing my idea, to getting a business license, to knowing who my target market was.”
The students of the academy were very involved in the program which, according to Lau, led the environment of the class to be more competitive and for the students to be more passionate about their business and business in general.
“I was very impressed with the fact that all the entrepreneurs were interested in earning money at a young age,” Lau said. “They had an idea and worked very hard to make it successful. I hope to apply this kind of determination to whatever I pursue in the future.”
The curriculum at the Y.E.A is mainly being taught by Thomas after being hired by the Chamber of Commerce. While she teaches the basics of business she brings in experts for more in depth information on each individual aspect of business.
“I have previously worked in business but I am not a business expert by any means,” Thomas said, “But I can teach all the basics and the experts can go more into depth with those aspects. That is pretty much the curriculum being taught at this program.”
Each class has a wide range of students that meet every Tuesday from 5-8 pm at the Costa computer lab from October until May. According to Thomas teaching to such a broad audience can often times be difficult.
“It is 6th through 12th graders, sixth graders have a much different understanding of the world and perspective than 12th graders do,” Thomas said. “So I try to look at the lesson plan and change it so that the twelve graders don’t feel bored and so that the sixth graders don’t feel confused.”
Overall students are given the chance, to learn to appreciate the curriculum being taught and more importantly can learn to walk away with a greater appreciation for the class and for business in general.
“I had really no understanding on how to get anything done formally,” Lauson said. “There is so much government stuff you have to set up and I just would not have been able to do that without this class and I think it will help me in the long run if I ever want to do something like that ever again.”
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