A coalition of businesses in Texas is helping young entrepreneurs form an LLC, incorporate or start a sole proprietorship in an effort to build the next generation of business owners.
The Youth Entrepreneurship Academy selected 13 teenagers from a pool of more than 100 to attend a seven-month long program at Texas Southern University. The students learned how to develop business plans and sales pitches, manage credit and apply for loans, as well as the basics of marketing and economics.
"We believe in the YEA goal of equipping our youth, while growing the number of new, qualified small businesses in the area and ensuring their growth, self-sufficiency and sustainability," said Jonita Reynolds, CEO of the Gulf Coast Community Services Association and one of the academy's sponsors.
The students each moved through the stages to create a new business, and will now benefit from having a mentor for the next year as they attempt to grow and expand their entrepreneurial endeavors.
Having grown up using mobile and internet technology, young entrepreneurs bring new skill sets and knowledge to the business world. Most are familiar with the reach of social media applications such as Facebook and approach it as a marketing tool.
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