Youth Entrepreneur Program

Through our information gathering and experience, the POISE Foundation realized Financial Literacy is a subject that is not taught in our schools and rarely in our families and communities. However, managing one’s finances is something that every individual will have to engage at some point in their life. Lack of proper budgeting and misuse of credit can create financial devastation that takes a lifetime to recover. We also recognize that many of our young people have bright imaginations and dreams. Along with their talents they could be extremely successful in whatever endeavors they approach. However, they lack the knowledge of how to move from dream to reality. Mostly they do not have the opportunity to exercise their creativity.In order to address these concerns, POISE Foundation, through a funding partnership with the Heinz Endowments, has created a program with the aim of teaching high school students financial literacy and providing an opportunity to put their education to real practical use. This program consists of both an educational component as well as putting what they learn to practice.

The initial site for this program is the Wilkinsburg School District. Fifteen to eighteen students in grades 10 and 11 will be selected to participate in the first class. During the first year, the students will engage in Financial Literacy classes that will educate them on topics that include: Banking, Budgeting, Credit, Consumer Awareness and Privacy, Starting and Financing a Business, and Business Planning. The educational component will teach them what they need to know in order to start and operate a small business.After successful completion of the educational component, three to four teams of the students will develop a business plan and compete for the opportunity to have their business funded for operation. The students will start and operate a for-profit business registered in the state of Pennsylvania. If the business for whatever reason does not succeed, the students will have business mentors to evaluate their plans, and show the possible reasons of not succeeding. However, we do not view this as a failure since over 80% of small businesses fail within the first few years. The knowledge gained from this process will be valuable in their future endeavors. The students will go back to the idea creation and business plan phase.The second year will include additional educational training on personal financial literacy (how to manage their money and investments). We believe this program will be unique in that the students will be the owners of the business and responsible for its operation. Business mentors will be on hand to guide and advise the students.

This program is being operated in conjunction with Urban Youth Action, Inc., a Pittsburgh and Allegheny County youth organization.