Business Buzz is a monthly column presented by the Bermuda Economic Development Corporation. Every month, read about entrepreneurship, obtain business management tips, and find out what’s going on in the small business sector.

Are you too young to be an entrepreneur?

Is there an age when we become passionate, competitive, self-starters, who think-outside the box and have strong people skills? In other words how old do you have to be to be an entrepreneur?

Entrepreneurs act with initiative to organise a venture to benefit from an opportunity and, as the decision maker, decide what, how, and how much of a good or service will be produced.

Good examples of young entrepreneurs in Bermuda are ten-year-old lemonade-stand entrepreneur Ashley Stephens, Chloe Burn’s Pop-Up Snack Stand and Nicholas Lines’ Chicken Buoy. As young as five years old, these entrepreneurs show that there really is no age requirement.

It is well known that it has been increasingly difficult to get a job and even more so for 16- to 24-year-olds. The unemployment rate for this age group in Bermuda is reported at 22 percent. But more alarmingly, according to the 2013 Labour force survey, 47 percent of this segment is underemployed. Underemployment is defined by comparing an individual’s current employment situation with an alternative employment situation that the person is willing and able to carry out.

Since it seems employers are hiring less than young people that are willing and able to work, why don’t we create our own jobs? Being your own boss can have many rewards.

To get started on the path to entrepreneurship, identify a market opportunity or niche. The biggest inhibitor in most cases is young people not following through with their own ideas. Thinking your idea is either too obvious, grand or abnormal is often a deterrent. Determine the feasibility of your plans by utilising resources available to help you.

You will be amazed by the amount of assistance available to young entrepreneurs in Bermuda. There are many organisations that are very happy to assist you because they want you to succeed!

The two organisations at the forefront are the Bermuda Economic Development Corporation (BEDC) and the Youth Entrepreneurship Initiative of Bermuda (YEI).

The BEDC provides free advice and guidance to people interested in starting local businesses in Bermuda. The YEI is a not-for-profit organisation that provides best practice enterprise education and youth development programmes to Bermuda. Biz Camp is an example of a youth programme facilitated by the YEI that just concluded in July.

BizCamp is a two week long programme designed to educate aspiring young entrepreneurs aged 13-19 years old about the process of starting a business. During this intensive 35-hour programme, students use a combination of “The Young Person’s Guide to Starting and Running a Business” textbook and workbook, online research, guest lecturers and field-based market research to construct their own business plan.

BEDC has participated as guest presenters as well as judges at Biz Camp. Jamillah Lodge, BEDC business development officer, stated that “working with the students at Biz Camp is awe inspiring. These students are the future leaders of Bermuda and seeing them formalise and present their ideas in a public setting gives me great confidence in our future.”

YEI managing director Joe Mahoney said of Biz Camp: “We believe that the training of youth entrepreneurs is a sustainable solution which responds to the needs of market changes by creating a dynamic responsive workforce.”

Mr Mahoney further stated that through the continued support of partners and sponsors like the BEDC, Department of E-Commerce, Bank of Bermuda Foundation, Argo Foundation, Tokio Millennium Re, XL Foundation, Ace Foundation, PartnerRe, and Cellular One, Biz Camp will continue to impact positively on the lives of young Bermudians.”

I’d like to encourage young people out there to take the first step which is often the hardest. Some say, “you miss every shot you don’t take”. You will require passion. As Ashley says, “Do something that you are passionate about, as passion is the most important part of developing a business.” In addition you have to have self-disciple which will help you develop new skills and build upon current ones. It is a lot of responsibility as the amount of work you put into your business, strategic decisions and the success of your business is all up to you as the Boss!

An entrepreneurial endeavour, regardless of the success of your business, will reward you with invaluable skills, especially at a young age … you will learn what you are good at and what you are not so good at … your comfort levels, etc.

It is likely to be both a great challenge and reward. In learning what it takes to be successful the transferable skills you develop will travel with you for the rest of your life.

Remember it is never too early to start, there is actually less risk involved when undertaking entrepreneurial roles at an early age.

Good luck!

Nikye Atherden is currently participating in the summer employment programme run by the Department of Workforce Development. Nikye is working with the BEDC providing support to the organisation by assisting with various projects. He is currently enrolled in the University of Western Ontario studying Economics.

If you have questions about starting a business in Bermuda, just ask BEDC: e-mail us at info@bedc.bm or call 292-5570.