Starting a business when you're young can be a great way for some to gain real-world experience and financial independence. It can also provide an opportunity to learn critical skills such as problem-solving, leadership and communication. 

Mikayla Scott, a 13-year-old entrepreneur, learned that making lemonade out of lemons is a valuable skill. 

"I just wanted to make my own money so I wouldn't have to ask my mom for money,” Scott said.

Scott started Mikayla's Mint Lemonade business because she wanted to create generational wealth for the future one lemonade at a time. She joined the Young Futures financial literacy program to learn the basics of business and how to invest her money. 

"The financial literacy program showed me that I can make my own money and that I want to have more money left over when I want to have something,” Scott said. “It taught me to budget and take out some money, but I also have money in the bank.”

The program is led by chief visionary officer James Mitchell, who teaches financial literacy to children ages 7 to 15 years old. The program's financial literacy and leadership training also equips young people with the practical skills they need to succeed in their chosen career paths.

"The opportunity to support, curate and nurture someone like Mikayla who has an idea and then puts that idea into action is what I was meant to do,” Mitchell said.

In order to combat the wealth gap that plagues communities of color, Mitchell teaches the difference between assets and liabilities through various projects and activities. This is to make information digestible for youth.

'We're an organization with the goal of slowly eradicating poverty, so teaching children financial literacy was an important decision because when it comes to money, time is of the utmost importance,” he said.

The young business owner's mother, Shataya, is also her business partner and always has her back when things get tough in the lemonade business. 

"As a result of licensing and FDA approval, it was taken out of stores because we didn't take the proper channels,” she said.

As a result, Mikayla is now rectifying the situation and seeking Food and Drug Administration approval, by meeting all federal, state and local requirements. 

Meanwhile, Mikayla isn't just sitting around waiting for approval; she's also learning, allowing her to expand her business even further. 

“The licensing process would allow me to sell my products in larger stores such as Whole Foods,” Mikayla said. “I am in contact with them right now."