Next week, business-savvy teens will get a free crash course in entrepreneurship.

The Youth Entrepreneurship Initiative, in conjunction with the Economic Development Department, will offer a mini BizCamp from February 14 to 19. It will be a combination of in-person workshops held mornings at Impact Academy and online video lectures done in participants’ own time.

Joe Mahoney, executive director of the YEI, said the goal is to inspire young people to become business-savvy and understand economic self-sufficiency through self-employment.

“Participants are provided with a business plan template,” he said. “After learning the concepts, they complete the plan with information for their own business.”

The camp will help students to brainstorm an idea for a business; they do not have to arrive with one.

“We ask them what are their hobbies,” Mr Mahoney said. “We ask them what are their passions. What do they have skills for? We try to get an assessment of their interests and go that way.”

He said it is a short window of time, but many students who are shy to begin with stand up and deliver their business plan at the end of the week.

“Some of the ones who are more energetic really get into what their business might be,” he said.

Mr Mahoney has been involved with the programme in Bermuda for two decades. During that time he has seen more than 1,000 students go through it.

“There are many of them in business now, or working in banks,” he said. “It gives them a good view of what to expect.”

The camp will feature the award winning National Foundation for Teaching Entrepreneurship curriculum modified for BizCamp’s format along with interactive activities leading to each participant presenting a business plan at the end of the session.

Participants will learn about opportunity recognition, cost of goods, pricing, industry analysis, target customers, marketing and many other aspects of running a company.

All participants completing a business plan will be awarded certificates, and some may be eligible to enter the Bermuda Economic Development Corporation’s Youth Rocket Pitch competition in October. They will have a chance to win prizes and venture funding up to $2,500 to further their entrepreneurial journey.

“This is an awesome opportunity to see what the future of Bermudian entrepreneurship looks like,” the BEDC’s Jamillah Lodge said.

BEDC director Ray Jones said entrepreneurship is a crucial pillar of Bermuda’s economy.

“Nurturing entrepreneurial aspirations in Bermuda’s youth will ensure that the island will continue to be in good hands with businesses starting, creating jobs, and growing self-sufficiency and sustainability,” Mr Jones said.

“The EDD is pleased to continue to support BizCamps as it has over time, and we can’t wait to see what great ideas Bermuda’s students will present at the end of the week.”

BizCamp is free, and open to students ages 13 to 18.

Sign-up is open from now until Saturday. Electronic applications are available at www.yei.bm, or by e-mailing BizCamp@yei.bm.