Young entrepreneurs in southeast Saskatchewan have an exciting opportunity to showcase their creativity and entrepreneurial spirit through the YouthBiz competition. Open to students in Grades 6 to 12, this competition allows participants to develop business ideas, enhance financial literacy, and engage with the local business community.
“It’s really just an opportunity for them to learn about what it means to run a business and be an entrepreneur,” said Andria Brady, general manager of Community Futures Sunrise. “Students come up with a business idea and enter the contest, competing for prizes. They can work individually, with a buddy or two, or as a classroom group. The contest is open to students throughout southeast Saskatchewan within the Community Futures Sunrise region.”
This includes Estevan, Moosomin, Carnduff, Weyburn, Pangman, and Radville, and is open to those in traditional classrooms as well as homeschooled students.
Since its launch in 2007, YouthBiz has inspired over 3,500 students to explore entrepreneurship by developing unique business concepts, crafting business plans, calculating costs, and creating marketing strategies. Last year, Community Futures Sunrise awarded $4,300 in prize money for the most innovative and well-executed business ideas.
Past entries have included a diverse range of businesses, such as car washes, hair salons, pet care, and manufacturing. “This year, we will introduce a category specifically for young people who have had a business in operation over the summer," said Brady. "We’re seeing more young entrepreneurs running small businesses, so we wanted to recognize that with a special category.”
“Every year, we have 250 to 300 students enter. It’d be great to see even more participants this year.”
The competition offers cash prizes of $500 for first place, $300 for second, and $200 for third. There are also bonus prize opportunities for outstanding entries. Students can submit either fun or feasible business ideas as part of the contest.
Participants will learn how to calculate and track expenses and income, decide on marketing strategies, create a business plan, and research specifics including target demographics and customers.
“Every business now really needs to be online. Creating a basic website and marketing materials is essential, but it all starts with a solid business plan and financials. Those are the foundations of any well-operated business.”
Students are reminded to review their submissions carefully, as points will be deducted for spelling and grammar errors. “Entries with significant spelling and grammar mistakes may not score as highly as those that demonstrate strong communication skills.”
To participate, students need to complete the intake form by Oct. 4. All six modules must be submitted by Nov. 15 at 1 p.m. Teachers interested in incorporating YouthBiz into their classrooms can request a personal information session—either in person or virtually—by emailing youthbiz@cfsunrise.ca.