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Business Fundamentals for Young Adults

  • Program Title

Business Fundamentals for Young Adults

Objective

Provide young adults with a foundational understanding of corporate structures, taxation, and business entities to prepare them for entrepreneurial ventures or informed participation in the business world.

Program Components:

Introduction to Business Entities:

  • Overview of different business entities (sole proprietorships, partnerships, LLCs, corporations).
  • Pros and cons of each entity type.
  • Real-world examples and case studies.

Corporate Structures and Governance:

  • Understanding the structure of a corporation (board of directors, executives, shareholders).
  • Roles and responsibilities within a corporation.
  • How corporate decisions are made and implemented.

Business Formation:

  • Steps to start a business: registration, choosing a business name, and legal requirements.
  • Writing a business plan and understanding business licenses and permits.

Taxation Basics:

  • Types of taxes businesses are subject to (income tax, payroll tax, sales tax, etc.).
  • How different business entities are taxed.
  • Understanding tax deductions, credits, and liabilities.

Accounting and Financial Management:

  • Basics of accounting principles and financial statements (balance sheet, income statement, cash flow statement).
  • Bookkeeping essentials and tracking business expenses.
  • Introduction to financial software and tools.

Legal and Compliance Issues:

  • Understanding contracts, intellectual property (trademarks, patents, copyrights), and business law.
  • Compliance with federal, state, and local regulations.
  • Risk management and liability insurance.

Corporate Social Responsibility and Ethics:

  • The role of ethics in business practices.
  • Corporate social responsibility (CSR) and its impact on businesses and communities.
  • Case studies of ethical dilemmas and CSR initiatives.

Practical Applications and Workshops:

  • Business Simulation: Participants create a mock business plan, choose a business entity, and simulate financial transactions.
  • Tax Filing Workshop: Hands-on session on filling out basic tax forms and understanding tax filings.
  • Guest Speakers: Local entrepreneurs, accountants, or business attorneys share insights and answer questions.

Career Paths and Networking:

  • Exploring career opportunities in business and accounting.
  • How to network effectively and find mentors in the business world.

Wrap-Up & Certification:

  • Review of key concepts and skills learned.
  • Final project presentations where participants present their mock business plans.
  • Certificates of completion and feedback session.
  • This program aims to provide young adults with practical knowledge and skills to navigate the complexities of the business world, making them well-prepared for future entrepreneurial or career endeavors. Here’s a detailed program outline to engage kids and young adults in a variety of nature-based activities:
Duration
6-8 weeks, with weekly 2-hour sessions. (Program lengths and sessions can be adjusted)
Age Group
16-25 years

Materials Needed:

  • Workbooks and handouts
  • Financial software or spreadsheet tools
  • Tax forms and filing resources
  • Guest speaker coordination

Evaluation:

  • Pre- and post-program assessments to gauge knowledge improvement.
  • Participant feedback and reflections on the program’s impact.
  • Evaluation of final projects and practical applications.

At Spot of Paradise, we are passionate about changing the lives of children and young adults through nature-based experiences, practical life skills training, and exposure to global opportunities.

Founded by Tomas Johnson, with over 23 years of leadership experience, our organization is driven by the belief that every young person deserves the chance to thrive, no matter their background or circumstances.

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