When 10-year-old Max wanted to attend an expensive summer camp, he sat down with his father, Ramses Padilla, to come up with ways to raise money. After going through a slew of ideas, Max settled on a lemonade stand.
Through the process of running the business, Max and his father were inspired. They decided to share the experience with others.
It started with just a few of Max’s friends and has grown into the Tinypreneurs initiative.
Tinypreneurs is a mini entrepreneurial fair where children ages six to 15 have their own market stands and pitch their own business ideas to those attending the fair.
They can also improve upon already existing businesses, according to Padilla.
“If kids don’t know how to keep themselves financially stable while running a business, they won’t be able to run it,” Max said about why the Tinypreneurs initiative is important.
Padilla adds the sooner kids learn about what it’s like to run a business, the less likely they are to run into problems with finances later on.
The event will also “inspire and motivate children to express their creativity,” he said.
Also at the events, supporters of the initiative such as the Investor Group, the World Financial Group as well as successful local entrepreneurs make educational presentations about entrepreneurship and managing finances, according to Padilla.
The next Tinypreneurs event is planned for Saturday, Dec. 9 at the River Market.
This event is also a fundraiser for B.C. Children’s Hospital, with all profits the children make from their businesses going to the hospital foundation.
It’s important to teach children social entrepreneurship involves being “conscious of their environment and community … and being aware of the needs of others,” Padilla said.
The children will also have a chance to create holiday gifts to take home with them.
It’s a fun event for the whole family, Padilla said.
*Editor's note: Changes have been made to this story since it was first published. Proceeds from the event don't go directly to B.C. Children's Hospital Foundation. Instead, the children can choose where and if they donate their earnings. As for the Padilla family: "We have an agreement with the foundation (B.C. Children's Hospital) to raise a specific amount, and on the basis of 50/50 to actually recover the cost of putting the initiative together for the children, and no to make a profit," Ramses Padilla said.
