YOUTH AND BUSINESS September 1999

YOUTH AND BUSINESS
September 1999

Youth Enterprise Education is receiving enthusiastic support throughout NSW from the State Government, education institutions and the business community. Through sponsorship and support of numerous youth enterprise education programs, the Department of State and Regional Development (DSRD) encourages young people to develop practical skills, abilities and attitudes relating to business management. Students gain an appreciation of how business enterprises operate and how business decisions are made.

The Enterprise Education Programs supported by DSRD are:

Australian Business Week - a one week program for Year 11 students who learn about business by running their own computer simulated company with the assistance of a mentor from the business community.

Plan Your Own Enterprise - a business planning competition for senior high school students which raises students awareness of small business management and planning principles and practises.

Operation Livewire - encourages young people 18-25 to start their own business through a planning competition. Participants are matched with Mentors who guide them through important business processes.

Young Achievement Australia Business Skills - over a 26 week period, groups of Year 10 and 11 students operate their own company, raising share capital; designing, manufacturing and selling a product; and winding up the company, paying a dividend to shareholders. Students also work with mentors from the business community.

BUSINESS KNOWLEDGE

There is truth to the saying `knowledge is a powerful thing'. Whilst finance is essential to the success of small companies, business knowledge is also a powerful tool.

Small business owners and managers often neglect their own training. With two possible scenarios existing;
experienced entrepreneurs can often be too complacent in their comfort zone and

the younger manager is enthusiastic about their product or innovation, but can often lack the business insight that comes with years or generations of experience.
Both scenarios can lead to problems going unnoticed until it is too late or until important opportunities have passed by.

Competition is tough in today's business climate. Small businesses are not only expected to be experts in their particular field, they are required to be practised in all facets of business from marketing and public relations to financial planning and staffing.

Small business is a personal venture. Owners have often devoted their lives to making their business dream a reality. However, current ABS data shows only 25 per cent of small businesses have some form of management training in place.

Business knowledge is the most powerful gift of all - between achieving the status quo or charging ahead of the rest.