Close to two dozen new businesses popped up in the area this summer, as budding young entrepreneurs turned their ideas into reality.
Thanks to the Biz Kids program, youth in Cold Lake and Bonnyville had the opportunity to get a taste of what it was like to be a business owner. Hosted by Community Futures Lakeland, kids between the ages of 10 and 16 are paired up with mentors in the community and attend a series of workshops where they learn the ins-and-outs of the business world.
“They come in the beginning and they really don't understand a lot of the business terminology. We make them commit to doing at least two public events, so some of them are a little intimidated that they have to go and set up in some place to do that. We teach them to do an income expense statement so they're actually keeping track of their money,” said Phyllis Maki, general manager of Community Futures Lakeland. “It's really fun to watch them develop those skills.”
They don't take any shortcuts either. Each young entrepreneur is required to apply for a business license so they are able to operate throughout July and August. In order to earn up to $100 in seed capital to start their business, they are required to pitch their financial need to a panel of program representatives.
If this year's group of Biz Kids are any indication, the future of the local business community looks bright. To celebrate their success, the Biz Kids hosted a public market outside of the Bonnyville Centennial Centre last week. Everything from lawn care, lemonade, and baked goods, to greeting cards, custom pins, and tooth fairy pillows were on display.
For 11-year-old Lyvia Mongeau of Cold Lake, owner of Squirmies, Biz Kids offered her a chance to turn a personal creation into a money-making endeavour.
“I have a hard time concentrating in class, so I take my squirmies into class every day. Sometimes I'll put cotton or bags into them,” explained Mongeau, adding that she knew right away it was going to be her business idea.
“I've been building and making crafts ever since I was seven, so when I realized I had one under my bed I was just like, ‘done!'”
The handcrafted sock buddies were a hit in the tradeshows she attended throughout the summer. Mongeau was quick to credit her mom, Corey Vik, with helping Squirmies be a success.
A former business owner herself, Vik had nothing but praise for both her daughter and the program.
“I think she had a lot of fun; it was an avenue for her to learn more about business… She does have ADHD and she's chosen to not go on medication. With these (squirmies) it's different than just a regular stress ball or fidget, it's a way for her to express her creativity with the bright colours, and to have the cotton feel or the crinkly bag.”
Another year of Biz Kids behind them, the program shows no signs of slowing down. While not all of the Biz Kids choose to continue their business, Maki noted there are the few that do. Regardless, they each walk away with a sense of accomplishment and a binder full of valuable life lessons.
