Young entrepreneurs give back

The young participants in the Barbados Entrepreneurship Foundation (BEF) $20 Challenge have embraced the importance and value of “giving back” to society. 

Yesterday, 11 organisations benefited from the generosity of the youngsters who recently completed the eighth cycle of the entrepreneurial competition, which is judged on Profit, Innovation and Corporate Social Responsibility.

Opened to fourth and fifth form secondary school students, the BEF $20 Challenge established in 2011, gives each participant a $20 loan as start-up capital and encourages them to “think outside the box”, to find clever ways to turn that small amount of money into a profitable business in just ten weeks. 

“We make the students think and behave like an entrepreneur. You have to be mentally agile, innovative and you learn very quickly that you will have to work hard… So, it’s that whole real life experience that we are trying to inculcate in young people. If we want to teach our young people how to be entrepreneurs or how to be ready for the business world, you must involve them in business – you must put them in a situation where it is a real life experience,” said Keith Miller, Founding Member of BEF and Champion of the $20 Challenge.

Addressing the Charity Event held at Bagnall’s Point Gallery, Pelican Village yesterday, he also explained that entrants, since 2015, were encouraged to donate a portion of their profits to a worthy cause of their choice.

This year, 15 schools participated in the $20 Challenge with a total of 210 students, and donations were made by 17 businesses formed during the programme.

“All of them from day one, are encouraged to give back to society in whatever format they choose – to a charity, back to their school, a church, their community… It is understanding the concept of the value of taking some of the profit that you have made and using it to help others,” he stressed.

Furthermore, Miller took the opportunity to explain to the students “Having money alone is not enough. Having money can give comfort, such as living in a nice house and it can give you spiritual comfort because you are not under any pressure or stress. However, it will not make you happy and what entrepreneurs quickly learn is that one of the things that really can make you happy is taking your comfort level and sharing it with other people – using your wealth – as in spiritual wealth – health wealth and financial wealth to give back to others.”

“I can’t commend you enough for what you are doing and I want to encourage you to keep on living the rest of your life in that way – you can gain by giving,” he expressed.

Scotiabank, recognising that an investment in young people is an investment in a better future, has been supporting the BEF $20 challenge for the past six years. 

Kim Stanton, Scotiabank’s Director of Business Support added, “Today’s event takes the development of our young people to another level. It encourages them to recognise the importance of giving back to their communities. Investing in young people is a crucial component of our CSR Strategy, they are our future leaders and as such, we believe in providing them with opportunities to become better off and discover their full potential.” (TL)