A pilot project started at Memorial University in St. John's, Nfld., last August to trains current or former Canadian Forces members in entrepreneurship.
Based In Business was designed as part of the Students In Free Enterprise (SIFE) program at Memorial's business school and it is run by business students. The pilot had five participants from Atlantic Canada: two had already started businesses and the other three had ideas about what they wanted to pursue.
They were taught lessons in accounting, finance, marketing, ethics, basic law, and small business loans.
Sarah Fisher, a 21-year-old student of commerce and accounting, currently runs Based In Business, which is being brought back for other participants in 2010. She said it was so successful the school hopes to make it a national program within the next two years.
Ms. Fisher said Based in Business is made up of three parts:
1. Online modules to access entrepreneurial drive and previous business knowledge.
2. A week-long intensive entrepreneurial training camp, where participants are taught the business background needed to run a small business.
3. A year-long mentorship, partnering participants with the Institute of Chartered Accountants of Newfoundland and Labrador, which is currently continuing.
“CF members have given so much to our country. Based In Business provides SIFE Memorial with the chance to give back to them and provide them with the skills that we are learning through school to make sure they can be prepared for the next phase of their lives,” she said.