David Batstone writes about young entrepreneurs in Peru, where kids have the desire to move from day laborers (getting paid for hours worked) to business owners (getting paid on the value you bring to your clients).
Frank Sales, a 15-year old who helps run a micro-enterprise fund for his peers, told me, We have the desire and the work effort; we just lack access to capital! Frank’s group helps nearly 15,000 kids get a start on creating their own venture. Over the past 18 months, it has experienced a 95% repayment on loans. In its program, children are required to pay 1% interest on principal, and put into personal savings 1% of their profits. The micro-credit agency provides workshops on writing business plans and operating a budget and charting cash flow, including putting into place a simple accounting system.
It’s sound like an amazing program that gives kids an opportunity by providing capital, by encouraging savings and by aiding the development of plans, budgets, etc. (sounds like entrepreneur coaching)
