Q: I would like my ten-year-old daughter to dip her toes in the world of commerce. What resources are out there to assist with this?
Nov 30 2010
Answered by: Simon Mosey Ask a question
As a result of considerable government investment in recent years in enterprise development in both primary and secondary education, various types of support are available to aspiring youngsters through the current educational system.
You could encourage your daughter to take part in ‘Young Enterprise’ where groups of schoolchildren create and sell their own new products. However any trading activity she engages in outside school would have to be approached sensitively as these days there are age limits in certain areas; for example, setting up an e-Bay account as well as trading regulations which would apply to minors. You would therefore need to look into this carefully.
My recommendation is that your daughter finds an issue or hobby that she is passionate about in your local community and becomes a young social entrepreneur. In this way, she can start to understand the principals of entrepreneurship without having to deal with the complications of the tax system. For instance, she could volunteer to help fund-raise for a local cause, or get involved in projects to support a charity with which she empathises.
An increasingly important aspect of business today is an understanding of the concept of sustainability and where better to start than in your local community. Unilever has recently unveiled a new business model that puts sustainability at the heart of its global operations. Its CEO, Paul Polman, was quoted as saying that the new model is 'the only way to do business long term'. It will be this combination of entrepreneurial skills and an understanding of sustainability that today’s youth need to acquire to ensure the competitive future of the UK economy.
Your daughter may also want to check out the website www.businesswings.co.uk which has a section for young entrepreneurs or investigate taking part in the Duke of Edinburgh awards at www.dofe.org.
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