Bermudians start their own companies next summer.

Plans are still in the works, but the Bermuda Small Business Development Corporation (BSBDC) has launched a student entrepreneurship programme to give young people first hand experience in running a business on their own.

General manager William Spriggs indicated that the Minister of Development and Opportunity services, Terry Lister, brought the idea to the Corporation after learning about a similar programme in Canada.

BSBDC is prepared to grant full-time students loans of up to $3,000 to pursue summer and part-time businesses beginning next April. Students must submit their business plans to the Corporation. Responsibility and accountability are key as students must put up a deposit of 10 to 15 percent and agree in writing to pay back the loan by December of 2001.

Close to 40 people aged between 15 and 30 turned out at the Bermuda College on Tuesday night.

Young entrepreneurs get tips on succeeding in the business world They were there for the first rap/information session to learn how they could become entrepreneurs.

A deejay was on-hand to play music to "switch things up for the young people'', as Mr. Spriggs spoke to the keen audience members aided by his colleague's business systems officer, Lucrecia Ming, and business development officer, Neville Grant.

Mr. Spriggs said: "Doors open around us everyday and you should applaud yourselves for coming and listening.

"We think this is a worthwhile endeavour and we are going to convince you of that.

"It's a power packed programme to give you a skills set to send your employers through the roof. You will have something your peers and colleagues don't have.'' A second information session will be held in December and students' business plans will be due between January and June.

BSBDC will assist students with the planning process of writing their own business plans and with determining how students will pay off their loans.

Mr. Spriggs told the audience: "It's not about us giving you $3 or $5,000 and then allowing you to make mistakes.

"We are not trying to make this financially burdensome -- we are trying to help you get your own business here.'' He encouraged audience members not to try to run away from debt, but said that the corporation would be willing to help students restructure their repayment plans if necessary.

Ms Ming encouraged students to "think break even,'' when thinking about business ideas make choices which would be most profitable.

And Mr. Grant said that a business "should be what people want rather than what I in my arrogance want to ram down your throat to sell to you.'' Creating a business is a huge undertaking for anyone so the deejay kicked off the session with Aaliyah's hit "If at first you don't succeed''.

Students were later reminded by Mr. Spriggs not to let failure scare them.

He said: "Winners do not always make the right decision but they make the decision turn out right.'' In his speech Mr. Grant added: "By no means is this going to be easy.

"Chances are things may go wrong. You have to stick to the task at hand.'' Mr. Spriggs said he was pleased that the event was well attended by responsive young people.

He said: "I thought it went really well -- The session flowed well and it sparked interest. It was a good opening session that provided a good foundation and body of knowledge.

"We want to see students being empowered with the best practical business information and ideas. And we want them to be able to use that to create a small business while in school, but becoming a small spring board into understanding the full value of entrepreneurship in terms of skills development, mind expansion, and money management.'' The venture is a summer programme reserved for full-time students, but Mr.

Spriggs stressed that the Corporation can deal with other young people who may want try to launch their own businesses on a one on one basis.

IN THE BUSINESS OF LEARNING And another thing... BSBDC general manager William Spriggs speaks to budding entrepreneurs for a rap/information session