Pdf in business university of wyoming

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  • University of Wyoming
  • PDF PROCUREMENT CARD POLICIES AND PROCEDURES - University of Wyoming
  • University of Wyoming Athletics Matching Program

University of Wyoming Athletics Matching Program

2009 Youth entrepreneurs get a head start
in business
Situation:
Wyoming's most valuable asset is young people. The 4-H youth career
development issue team was formed to create opportunities for youth to
gain valuable workforce education and skills that will benefit them now and
in the future. The team secured $152,000 to help each county build career
development programs for youth.
Sublette County is one example of implementation. The county hosted
Wyoming's a Youth Business Ventures contest open to youth ages 8-18. An educational
most valuable workshop on entrepreneurism and business plan writing and development
was offered as a precursor to the event. Three individuals and a family of
asset is young four siblings prepared business plans and competed to begin their entrepre-
people. neurial businesses. Each young entrepreneur in the contest was awarded
start-up funds ranging from $390-$1,000.
Impacts:
The state contest involved 21 youth who wrote business plans. Business
enterprises ranged from livestock production to designing custom cakes to
creating a mobile book store. Through the Youth Business Ventures pro-
gram, participants collected market research on potential competitors and
customer demographics, developed marketing plans, and created financial
reports to estimate production costs and potential incomes. Youth presented
their business plans and marketing strategies to a panel of business leaders
and University of Wyoming Cooperative Extension Service educators. A total
of $12,923 was distributed to 4-H members to start or expand their business
operations.
Direct impacts of the Youth Business Ventures program in Sublette
County include youth gaining real-life skills in everything from writing and
marketing to budgeting and money management, and the community has
become fully engaged in the concept of youth entrepreneurism. A brief sum-
mary of the four businesses started:
Show Pigs from the Farm, started by four siblings with $1,000 awarded
to purchase a breeding sow that was to farrow that August. They also pre-
sented their plan at the state contest and received money to purchase a
farrowing crate for the sow. By late summer, they had 10 piglets and have
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artificially inseminated the sow along with three others in hopes to have
about 35 show pigs to sell to 4-H'ers this year.
Preston's Lawn Care, created by a 9-year-old, completed 15 jobs for
customers, including three regular customers.
No Worries Animal Care, the dream of a 13-year-old who recognized
the need for more boarding facilities as well as making house calls while pet
owners were away.
Jake Wash, earned nearly $400 from the contest to purchase a portable
pressure washer he used to wash parking lots for businesses and cars out-
side a local wireless provider and coffee shop.
Following up with 4-H participants, 57 percent reported making a profit
their first year. One 9-year-old stated, Following up with
? "I have already started mowing lawns and am working on finding 4-H participants,
new customers. I put the money I saved from my business into a
bank savings account that makes the most interest." 57 percent
reported making
a profit their first
year.
Warren Crawford Robin Schamber
Youth Development Specialist 4-H/Youth Extension Educator
Wyoming State 4-H Office Sublette County
(307) 766-5170 (307) 367-4380
e-mail: crawford@uwyo.edu e-mail: rschambe@uwyo.edu

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