Mason Makes Money Fund (MMMF) is proud to support youth entrepreneurs through a unique brand of entrepreneur education, spearheaded by a grant process which awards funding to youth owned businesses.
Three times a year, Mason Makes Money Fund hosts a grant cycle where youth entrepreneurs complete an application, submit it by a deadline, and represent their business through a two-step interview process. Beyond the opportunity to win a $500 grant and a free business strategy session, valued at $40,000, there are five additional ways our grant cycles help youth entrepreneurs:
1. It Encourages Responsibility.
Mason Makes Money Fund holds three grant cycles each year, with deadlines of March 1, July 1, and November 1 as markers to end each cycle. Applicants must submit their applications by the deadline to be considered for that cycle, or they will have to reapply. Holding applicants accountable for meeting deadlines reinforces the necessity of timeliness and following directions.
2. It Helps Them Understand What is Required to Run a Business.
With questions on our application like, “How would $500 help your business?” and “Name three goals you want to achieve with this grant,” youth entrepreneurs must consider their business’ needs and how our support will help to address those needs. While entrepreneurship has become glamorized in popular culture, we want youth to understand that running a business takes hard work, sacrifice, and a continued investment of time and money. Our process helps them to consider and understand their business’ strengths and identify areas of opportunities so that they can properly provide solutions.
3. Our Grant Cycles Teach Interviewing Skills.
Once a candidate moves past the application phase, they are invited to a two-part interview process. During the first round, we ask basic questions about a candidate’s business in an informal, but professional manner. This is designed to help them build self-confidence and develop the courage to promote their businesses. The second round delves deeper into business concepts, with questions about their marketing techniques and their customer profile. Whether they continue down the path of entrepreneurship or not, the ability to interview will work in their favor for career opportunities, college preparation, and in many other areas of their lives.
4. It Reinforces the Importance of Good Communication and Comprehension Skills.
Along with interviewing skills, our grant cycles also cultivate communication and comprehension skills. Every aspect of business and entrepreneurship demands effective communication. Marketing requires communication. Customer service requires communication. Mentorship, networking, and selling products and services all require communication. To do so effectively, it is essential that youth comprehend the needs of their customers to enhance and perfect their strategies. We ask questions that encourage understanding and critical thinking so that they can use what they’ve learned to articulate their business needs.
5. It Teaches Accountability.
Part of an awardee’s responsibility is to report what they accomplished by benefit of the grant within six months of receiving it. They receive a grant contract which outlines the requirements of reporting, and they must follow it to be in compliance and in good standing. Once done, the winner is eligible for more opportunities with the organization. Within every partnership, there are guidelines, which include positive or negative consequences regarding compliance. We want youth to understand this now, so that when they apply for bigger opportunities in the future, as an entrepreneur, they will know what is expected of them.
Every aspect of the grant cycle is meant to educate and inspire youth entrepreneurs. This intentionality makes this program the crown jewel of the organization! For more information on the grant cycle, what we look for in an awardee, and how to apply, visit https://www.masonmakesmoneyfund.org/about, or send an email to info@masonmakesmoneyfund.org.