Youth Entrepreneurship Scheme

Where
Barbados
When
2018
Who
Youth Entrepreneurship Scheme, Division of Youth Affairs, Ministry of Culture, Sports and Youth
Key objectives of the measure:

To influence an entrepreneurial culture among youth that fosters personal development and economic growth. The Youth Entrepreneurship Scheme's key objectives include:

  • Influencing a national appreciation and support for entrepreneurship as a viable career option.
  • Facilitating access to traditional and non-traditional financing options.
  • Engaging in sound financial practices and building strong linkages with agencies that promote entrepreneurial development.
  • Providing innovative and dynamic training and education.
  • Building strong global partnerships and networks with stakeholders.
    Scope of the measure:
    National
    Nature of the measure:
    institutional
    Main feature of the measure:

    The key components of the Youth Entrepreneurship Scheme model of entrepreneurial development are:

    1. Entrepreneurship Education and Training
    2. Direct Technical Assistance
    3. Access to Capital.
    4. Access to Markets & Networks
    5. Awareness Building

    YES delivers a package of strategic business offerings which is designed to meet specific needs of the existing and potential entrepreneur as follows:

    • Business Counselling and Mentorship
    • Entrepreneurial Development Training
    • Direct Technical Assistance
    • Financial Counselling and Referral
    • Accounting Services
    • Marketing Services
    • Entrepreneurship Education - YES Junior Programme /Camp Enterprise

    Business Counselling

    Youth Enterprise Officers and private consultants from YES network of technical partners actively coach and guide entrepreneurs in all aspects of setting up, operating, managing and growing their businesses.

    Entrepreneurial Development Training

    The entrepreneurial development training is a comprehensive and skill-oriented training package that is specifically designed to promote the personal development of entrepreneurs, enhance business management skills and foster good business planning practices.  Training is targeted at all interested clients of YES.

    Technical Assistance

    The Technical Assistance Programme renders support on a one-on-one basis for selected entrepreneurs in an effort to develop the business entity.  Its objective is to provide existing businesses and business in the product development stages with specialized expertise. 

    Financial Counselling and Referral for Financial Assistance

    YES facilitates the link between the young entrepreneur and financial institutions that understand their needs and constraints.  Clients are referred for start-up, expansion and venture capital funding from the Barbados Youth Business Trust, FUNDACCESS, Enterprise Growth Fund Limited, Cooperative Credit Unions, Commercial Banks and angel investors.

    Accounting Service

    The Accounting Service provides clients with assistance in accounting and financial planning and management.  It offers administrative and financial management.

    Results expected through the implementation of the measure:

    The expected outcomes and the results observed from the implementation of the Youth Entrepreneurship Scheme are as follows: 

    • Advancement of the work of youth entrepreneurship – showcasing model entrepreneurs and marketing their successes as a means to encourage others to follow in their footsteps.
    • Creation of structures and new services to support young entrepreneurs.
    • Increased employment among youth.
    • Increased enterprise formation and growth by expanding the numbers of businesses owned by young people that are sustainable, efficiently-run, and profitable.
    • Greater access to assistance by aspiring and practising entrepreneurs to an established network of affordable support services in all the functional areas of business.
    • Provision of relevant and timely information to assist with decision making, problem solving and business development.
    • Enhanced awareness of self-employment as a feasible and sustainable alternative to traditional wage employment.
    • Greater accessibility to traditional and non-traditional financing for market research, feasibility studies, start-up and expansion of businesses.
    • Provision of support for curriculum development and teacher training.
    • Increased investment in infrastructure and services – website, YES! Magazine, Living the Dream Series, enhance access to reference material, and the Internet for research.
    • Fostering of community support for entrepreneurship.
    • The development of corps of well-rounded and productive young people
      Financial resources allocated to implement the measure:

      US$ 609,056

      Goal(s) of UNESCO's 2005 Convention
      Cultural Domain(s)
      Multi-domain
      Cultural Value Chain
      Creation
      Production
      Distribution
      Participation