Kids can teach us a lot about business!

By Rebecca Stopford, Company and Commercial Partner at Oxley and Coward Solicitors, Rotherham.

In the last month I have had the privilege to meet three groups of the country's budding entrepreneurs-to-be, through the "BIG Entrepreneur Exchange Programme." And it was all extremely encouraging and refreshing.

It's a long time since I was at school and Business Studies was sadly not an option . The closest was Economics but it was all boring graphs and dry language; the students of today are thankfully getting proper hands on experience in the real world of business and they are loving it.

At Ecclesfield School, groups of students are planning the set up of a new business and taking trips out of class with the teacher to visit real examples such as a McDonald's franchise. Their ideas are simple to implement and low cost - such as car wash services , poster design and party planning.

At Meadowhead School the students are actually already running their small businesses - kicked off with a loan of just £25 ( and no other financial input allowed) they are helped along by staff and entrepreneur mentoring. The difficulties and restrictions they face will be echoed by anyone running or thinking of setting up a business in the current climate, and I think that there are lessons for us all to learn from the approaches that they have taken with this challenge.

The students have taken the time to identify the customers available to them (mostly cash- strapped fellow students!). They have sourced products to attract their target customer base and appreciated that slow growth, putting profits back in to the business - rather than using credit - sets firm foundations and reduces risk. Wow. Maybe they should have been running the economy over the past two years!

These students have had more hurdles than most - such as age restrictions, lack of cash, and serious time constraints such as home work - but these obstacles are not putting them off. The common theme is that they are enthused and energised by business and have masses of questions to ask; they are not afraid to ask for help and see it all business experience as a learning process.

You don't need to go back to school to get timely business guidance. For all new ventures there are business agencies available, but the high street services of solicitors and accountants should not be forgotten for the provision of considered independent advice. Many will provide a free consultation - just ask.

I offer a free initial consultation and also a free website audit. Call me on 01709 510999 or email me at Rebecca.stopford@oxcow.co.uk for further information, and we will try and help your business finish top of the class next year!