May 2009 Issue

May 2009 $2.50 US

In This Issue Making My Own Opportunity Joshua Massre

FUTURE CEO STARS

May 2009

In This Issue… 5 Start Now! NFIB YEF 7

Technically Speaking Chip Lowe

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SunAir Power Marketplace for Kids

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Making My Own Opportunity Buchholz Academy

10 Time Lacie Carter 11 Ask GoVenture Media Spark 13

Sam Murdock Réseau des CJE du Québec

14 3rd Annual Conference Illinois Institute of Entre. Ed. 17 Upward Bound National Museum of Education

Why is this Young Entrepreneur so excited? See page 14

18 What Is An Entrepreneur? 21 SIFE Community Action PA Leadership Team/Advanz 23 Micah Toll 25 Scrump-Didly-Umptious NFTE, Inc. 26

Ask Emily

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Our Sponsors

Published by The Consortium for Entrepreneurship Education 1601 W Fifth Ave. #199 Columbus, OH 43212 www.entre-ed.org [email protected] Publisher: Dr. Cathy Ashmore Editor: Michael Ashmore Graphic Design: SPLASH Designs Student Advisory Board: Jasmin Auzenne Rachel Biro, Marcus Craft, Claire He, Chip Lowe, Kelly Rapp, Micah Toll Annual Subscription Available - $25.00 Contact: [email protected]

START NOW!!! 4 Reasons to Start a Business in a Slow Economy By Julie Carney

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he signs of a slumping economy are all around us; rising food prices and tighter lending are just a few of the challenges facing Americans. So where does this leave aspiring entrepreneurs? You may be tempted to put your business plan on hold, but don’t file it away just yet. First, consider these advantages of starting up in a slow economy:

1. There’s less competition competition. If you’re scared to open a business right now, remember: So is everyone else. By starting up now, you could beat a number of your would-be competitors to the punch. Less competition can help in other ways as well. If your bank is dealing with fewer business loan applications, yours may be approved faster. Or if things are slow for your local newspaper, your press release has a better chance of being picked up. 2. You’re forced to make smarter financial decisions. Starting a business now—when there aren’t a lot of funds to go around—means you’ll be more likely to cut unnecessary expenses and stretch every dollar. If conservation is your game plan from the beginning, then you’ll set yourself up for success in future slowdowns. 3. Your business has time to develop. Before growth comes research and development. This trial-and-error phase can last a few months or even a year. You’ll be making mistakes and figuring out strategies to improve. Going through these awkward beginning stages during a slow economy can be ideal. By the time customers have more money to spend, you’ll have operations running smoothly. 4. Good deals are out there there. A slow economy might help you get a better deal on your necessary startup expenses. Office parks in your area may be lowering rates, or you might be able to negotiate a better deal on ad space in some outlets. If you need a vehicle for your business, the auto industry’s losses can be your gains in how much you save on the purchase.

Julie Carney is the senior manager of YEF Programs for the NFIB Young Entrepreneur Foundation. Reprinted with permission from MyBusiness, the magazine of the National Federation of Independent Business; copyright 2009. All rights reserved.

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SunAir POWER HARNESSING THE FUTURE NOW

By Kristine Lesch and Josh Goldade

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he energy industry, as a whole, is facing the huge problem of energy storage. Currently the most common way is to store energy in batteries, but this is usually the first point of failure in a system. By reducing the amount of battery storage required, devices will be more reliable. We, Josh Goldade and Kristine Lesch, began working together in the Fall of 2008 as senior design partners at the University of North Dakota. The project consists of a wind turbine and a solar panel mounted to a central structure that encloses electronic equipment and two gel cell lead acid batteries. This device has the advantage of collecting renewable energy from two sources – wind and solar – which translates into more consistent energy collection over the course of a day. Because of this the number of batteries and the weight of the system is significantly reduced. The company, SunAir Power, was created prior to entering the BOSS Business Plan Competition. The name “SunAir Power” was derived from the energy sources used – solar and wind. Before this competition, we never had any experience working on a business plan, so we were both excited and nervous for this new opportunity. We spent the latter part of Fall 2008 in a

Commissioner Roger Johnson, Kristine Lesch, Josh Goldade, and U.S. Senator Kent Conrad crash course for business plan writing. Thankfully, we found people who had experience in entrepreneurship who were great resources and provided much needed support in forming our business-oriented mindset and creating a marketable product. We were comfortable presenting the power generator from a technical, design perspective but had to accept constructive criticism on how to present a business model. After numerous practice sessions in front of entrepreneurs, venture capitalists, and advisors, we felt ready for the BOSS competition. SunAir Power was originally aiming to develop a renewable energy system that could be mounted on an interstate advertisement to provide power for overnight lighting. This system would be stationary but would still need to be lightweight enough to safely mount on top of the billboard structure. After winning the BOSS Business Plan Competition, we dove into market research for the advertising industry. Unfortunately we determined that the market would not be profitable because of the small profit percentage between unlit and lit billboards in rural areas. Thus began the restructuring of our entire business model. After contact with numerous people in the community

with experience in this industry, the decision was made to focus more on a portable generator system for use in remote locations. For a stable source of income, we are pursuing a contract through the Department of Defense that will give us the opportunity to sell many units at a specified agreement. This generator would allow the military to have their surveillance and communications equipment out in the field for longer periods of time without frequent refueling as they currently do with fossil fuel generators. We will also market the product through internet sales to individual consumers. SunAir Power will be developed and maintained in Grand Forks, ND in order to support rural economic development. It will also provide greater visibility to the renewable energy industry in this area. Overall, we have had a great experience developing a small business in North Dakota. The welcoming atmosphere and openness found here is fantastic and has eased our transition into entrepreneurship.

The BOSS Business Plan Competition is held annually in conjunction with Marketplace for Entrepreneurs. The Organizing Sponsors for Marketplace for Entrepreneurs and the BOSS Business Plan Competition are U.S. Senator Kent Conrad and ND Agriculture Commissioner Roger Johnson, (now President of the National Farmers Union). More information can be found at www.MarketplaceForEntrepreneurs.org.

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Future CEO Stars

May 2009

Making My Own Opportunity By Joshua Massre

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run a computer consulting business in Atlanta, Georgia, called Affordable Computer Consulting, which specializes in helping small businesses who need an affordable way to get help with their computers. I have some friends who help out, but the business is mostly run by me. I go out and do all of the computer work, be it helping to set up a new network or installing a new printer. I started Affordable Computer Consulting in August 2008 as a quick way to make some spending money but it ended up being so successful that I kept going. I had just graduated from Buchholz High School in Gainesville, Florida, where I was a student in the Academy of Entrepreneurship. For four years I had been learning about starting a business, and I had also gained experience as the Chief Technology Officer for the Academy during my senior year. I was starting college in a different state, and I needed to earn some money. I decided that it would be a good idea to make a living doing something with computers. It was difficult finding people who were willing to give me a chance, since I had no formal experience. It took almost a month of searching, but finally I managed to find someone willing to give me a shot, mostly through luck. I started out doing work for a doctor’s office that was upgrading their computers. I knew someone who used to work at the office and she recommended me to them. I set up their network and they were so pleased with my work that they passed my name along to another company. Since then my business has just kept growing. I have four clients now and I do computer work on a weekly basis. I decided that the best way to keep my business growing is to undercut the competition by charging a lot less than they do. Most companies charge over $150 an hour for computer support and installation. I charge almost half of that. At first this was to make up for my lack of professional experience (although I knew plenty about computers, this is the first time I’ve put it to professional use) but I decided to keep my fees low so that I can attract more customers.

My Secrets of Success 1 Accept the help of others—be willing to take advice from other people who are more experienced than you are. 2 Keep trying. It may seem like you aren’t getting anywhere at first, but success doesn’t happen right away. Don’t give up. 3 Have a plan. When I first started, I didn’t have a plan. If I did, it may have helped me past some issues I encountered. 4. Don’t expect other people to do things the way you want them. If something is essential to your business, make sure you do it, that way it gets done right. Future CEO Stars

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Time You Have Less Than You Think By Lacie Carter

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hen I was younger I thought that I had all the time in the world. In some ways it’s a great feeling, but the down side is that I lacked a sense of urgency to do things that were really important to me. I have, through trial and error, learned to manage my time with a very busy schedule. It hasn’t been easy. I’ve had to learn to prioritize, as well as not do some other things that I would have enjoyed. Swimming has been my passion since I was in second grade. As a student-athlete, I have found that managing my time around studies, sports, and extra-curricular activities requires flexibility and versatility. Having received an academic as well as a swimming scholarship, I felt the added pressure to push myself 110%, so that I met my own expectations as well as my family’s. Having chosen to attend a university out of state, Henderson State, I was on my own as a young adult to learn how to deal with success, failure, pressure and change. After only two semesters, I learned the hard way; never overload your academic schedule, while participating in a sports activity that is equally demanding of my time. I finished out my first year with a 3.80 GPA, while swimming career personal best times but at a cost to my health. I was diagnosed with chronic fatigue after my first year of college. With the summer off to recoup, I spent part of my time in Colorado working for the National Park Service in my major field of study. Having been given this opportunity, I learned that my chosen degree field in Park & Recreation Management and Travel & Tourism Management was a perfect fit for me. I was on track academically in the career choices that I had made. Upon returning home I was able work with my sister, who had taken over my small business, a summer swim lesson program. I knew that I still was not ready to give up the swimming competitive side of things. Taking advantage of my opportunity to get much needed rest and my family’s support, I returned for the fall semester rested and ready to dive into new challenges with a lighter academic load and a new outlook. While team sports might mirror life with all its drama, the principles of respect, honesty, integrity and above all focus, are something that I have been able to apply to my time management on and off the playing field upon returning. I still have the drive and passion to perform in the classroom and on the playing field, but now I manage time in my busy schedule to spend with friends in activities outside the academic and pool setting. Time is one of the greatest assets in my life. I have learned that I must first create a vision – starting with the end in mind, and dive in. This means following my passion and spending time on activities that make me happy and give me a sense of meaning and purpose!

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SAM MURDOCK... LABELED for Success

by Katherine Korakakis

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am started making music when he was 10 years old, playing keyboards in a band. He also started his business around the same time, by making CDs and selling them to his neighbors. His parents where very supportive and encouraged him to do what he loved. At 17 he left home with his guitar and traveled through Canada for nine months. He wandered through small towns and along the way he met interesting people who were in bands. The bands he met weren’t involved in mainstream music, but they had a good sound. He continued on his travels and while in Halix, he met the right people at the right time, including his current business partner, Sebastien Leduc. “It all started with needing a platform for Sebastien and I to release our music.” The type of music Sam creates is neoclassical. They decided to stop looking for a record label and create their own. They named their label p572. Not only were they able to put out their own album, they were also able to sign 15 other bands. They work their business out of a house that is combined with a recording studio. The bands that are recording are able to live in the house. Currently there are 6 different bands living there. “When you’re an artist, money is usually an issue.” By providing the bands with a place to call home, they can focus their talents on creating music and not have to worry about paying bills. The house expenses, as well as the costs for producing the music, is divided equally amongst all who live there. “Basically it’s a co-op, where we share the costs of living and creating.” Sam says, “You have to work with the right people, people that work best with your skills and talents”. He says that the partnership he has built works because he is a musician more than he is a business man and his partner is the exact opposite. This way they complement each other. He also says that it is important to keep going even when the money is tight. His advice is to never give up and invent your own rules when necessary. He adds, “Don’t try to reinvent the wheel. Look for what others are doing right and use what you can to help you do what you love!” He loves music, and even if he doesn’t get to play in a band touring the world, he is making music every day and getting paid! Sam’s business is currently expanding into the publishing and visual fields. To learn more about his business, go to www.p572.com

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The 3rd Annual IIEE Young Entrepreneurs Conference “If you weren’t there....You should have been!!!”

Ariell Buckingham “Student Entrepreneur of the Year”

Michael Hennessy receives an Award of Special Recognition (pictured with Ida Manning) 14 14

Craig Lindvahl “Entrepreneurship Teacher of the Year”

For more info and pictures go to www.IIEE.org Future CEO Stars

May 2009

Students come to Chicago each year to learn and network. They have FUN too, but for many attendees that’s just a BONUS!

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See you next year in Chicago at IIEE’s Young Entrepreneur Conference!!! 16

Future CEO Stars

May 2009

Upward BOUND! By Gay Evans

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he summer for many high school students is a time for relaxing and enjoying the break from school. However, for over forty students in Akron, Ohio, the summer is devoted to self-improvement and learning. These students are part of the Upward Bound Math and Science Program which is run each summer by The University of Akron. Upward Bound is a perfect name for a program which offers high school students the opportunity to pursue their dreams and to prepare them for their future. The Upward Bound Program offered by The University of Akron is only one of many nationwide. Each year over 40 Akron Public High School students are selected to participate in the program. Although it is available for all high school grades, students who began as freshmen are definitely dedicated to increasing their knowledge of Science and Math and very prepared for the real world. The program is well organized by its directors, Mr. John Vesalo, and Ms. Marcia Weidknecht. During the sixweek program, the students live on campus in a residence hall throughout the week, and then return home for the weekend. This provides them with a university dormitory experience. They take on personal responsibility by living together as friends and enjoy studying and socializing during the week. The focus of five of the six weeks is on Math and Science. They study Chemistry, Biology, Physics, Math, and are given the rare chance to learn Polymer Science,

Future CEO Stars May 2009

since the University of Akron is ranked second in the nation in Polymer Studies. In addition to the Math and Science coursework, the students have Language and Literature Composition, Technical Writing, and Research. Their day also includes a Positive Youth Development Class and Group Athletics. What a wonderful summer of learning and personal growth. So much information is compressed into a tightly-scheduled 5-week program with each hour of the day well planned, including study time and tutoring in the evening. There is also a sixth week, which focuses on “Inventucation,” a week of training that combines invention and education. This is sponsored by The Akron Community Foundation and administered by the National Museum of Education. It is during this week when students have the unique opportunity to use the lessons that they have learned in the other classes to brainstorm and innovate. They are first taught to experience their world “differently” through the “Inventucation” training, which includes all disciplines. As they begin to learn to find problems in their individual worlds, they are encouraged to solve those problems by creating solutions---solutions which are really inventions in their infancy. Once they have envisioned inventive solutions, they progress to creating designs from their ideas, developing prototypes, testing outcomes, developing business plans, and eventually marketing strategies. The student, therefore, moves from innovator and inventor to entrepreneur. The Upward Bound Program has allowed

students to blossom in many ways, using what they are learning to invent and to hopefully create marketable products. Two students have even employed their science and math skills to become a part of the nationally-recognized Student Board of Advisors for the National Gallery for America’s Young Inventors. Senior, Sara Lute, and Junior, Bongbi Vue applied and were selected to become members of this prestigious 6-member group. Their knowledge in math and science was used in August of 2008 to help the other 4 National Board members select six of America’s “brightest and best” young inventors for induction into the National Gallery for America’s Young Inventors. These Akron High School students who have dedicated their summers to growth through Upward Bound Math and Science definitely have high goals. They have dreams of productive futures and they know that strong math, science and writing skills are the foundation. Nothing will hold them back as long as they keep looking forward and reaching upward!

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50 CANDY BARS or 4 MAGAZINE SUBSCRIPTIONS? Either earns you $25. The question is do you want to work SMARTER or HARDER?

or

Honestly, do you really have to think about this? For more information on this innovative and easy class fundraiser contact Mike Ashmore at [email protected]

SIFE Community Action in Pittsburgh Helping People Help Themselves

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he Students in Free Enterprise (SIFE) YWCA project at Carnegie Mellon University assist the local YWCA’s Enterprising Women class. The fourteen club members involved with this project advise underprivileged women on how to improve their business plans. Through this class these women learn technical, managerial, accounting, marketing, and other business skills necessary to run their businesses successfully. Additionally, the project prints yearbooks for the class, orders each woman their first set of professional business cards, and plans an on-campus showcase to promote their new businesses. This program promotes successful networking and creates an atmosphere filled with new business ideas, tricks, and advice. Finally as each semester comes to an end, the student members critique the women’s business plans. The ultimate goal is to help maintain as many successful businesses as possible. With the current state of the economy the micro-enterprise era has a huge potential for growth. Thus, on February 28th, the Carnegie Mellon University Students in Free Enterprise organization in conjunction with the YWCA of greater Pittsburgh and the SBA hosted the first annual Microenterprise Symposium. The goal was to impact one hundred female Microentrepreneurs in the city of Pittsburgh and provide publicity for the opportunities available with the YWCA’s Enterprising Women program.

The event, held in the University Center of the Carnegie Mellon campus, offered a full day of various workshops dealing with key topics for small business. They included marketing, branding, creative financing, dealing with legal issues and internet advertising. The symposium also featured interactive seminars, a question and answer panel of successful female entrepreneurs, and a networking session for the 61 women who attended. The end result was the women were not only better equipped to run a successful business but they were also very inspired to do so. Through their personal impact on these women in Pittsburgh, the SIFE team feels that they have enabled them to move towards success and spread what they’ve learned to other potential female entrepreneurs. In addition, through their fundraising efforts for the YWCA, the SIFE students believe they have helped advance their work to continue well into the future. Students In Free Enterprise (SIFE) is a global non-profit organization active on more than 1,800 college campuses in more than 43 countries and territories. Student teams develop projects to help create economic opportunity by teaching concepts related to free market economics, business ethics, entrepreneurship, personal finance and success skills. SIFE students leverage their classroom experience, the expertise of their faculty advisor and business advisory board, and the resources of their university to develop projects that empower people to live better lives. SIFE student projects address a variety of topics, such as market economics, entrepreneurship, financial literacy, personal success skills, environmental sustainability and business ethics. Rather than mandating a uniform set of projects, teams are encouraged to work within the framework of these topics while adapting their approach to the diverse needs of people in different communities. Article provided by the PA Leadership Team and ADVANZ Future CEO Stars May 2009

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Scrump-Didly-Umptious By Avingston Arnold Illustration from IStockphoto.com

Assignment: Create a business plan to compete at the local NFTE competition at Crenshaw High School. Progress made toward completion with only a week until the competition: zero. Actually, that’s not entirely fair - we did give out a survey to see what students wanted to spend their money on, but we hadn’t really analyzed the data. As we sat in class with perplexed looks on our faces contemplating which business to start from our long list of ideas, we knew we must decide soon. Scratch that. We must decide NOW. We looked at each other and decided to go with what the survey said most students enjoyed and will purchase if sold on campus. What do the students want? They want better food! More specifically, they want chicken wings. We decided to give them what they wanted and we called it ScrumpDidly-Umptious. Home-made chicken wings using only the best ingredients and unique flavor combinations that no one had ever tasted before.

group that actually won the classroom competition. How does this happen? We thought about our student market and what they wanted most, and we delivered. Today, Scrump-Didly-Umptious is better than we could have dreamed. We came from almost not making and finishing our business plan to becoming the most talked about business at Crenshaw High School and in our NFTE class. The main reason I think Scrump-Didly-Umptious is successful is because everyone loves chicken no matter what their race, age or gender. We want to make the best hot wings known to man. We have our own unique flavor and style of cooking. Our flavor is unlike anything that most people have tasted. In the near future we want to become larger than Wingstop and other places that sell our style of chicken. Scrump-Didly-Umptious has high hopes for the future.

As the CEO of the company, joined by COO, Audrey Edwards, we stayed late after school every day for that entire week crunching numbers, decorating a poster board, and creating the presentation that was needed for the competition. We watched the time fly past and we were certain that we wouldn’t make the deadline. An hour before the judges walked into the classroom for our business plan competition, we finally corrected all of the mistakes on our presentation and were ready to compete.

Owning your own business is hard work and many people are not cut out for the job. Many times I’ve thought that it is overwhelming to maintain this business, but I thank my mentor Mary San Jose, for never letting us quit. She helped us in the very beginning before we even had a name or a product. The only thing that kept me going is the fact that I don’t like to fail, so I push myself and the business to its limit. Now we are about to come to our first anniversary of operation and I can say with a smile on my face that I am happy with the outcome of the business.

After we were done presenting, we sat down and waited for the judges to deliberate and see which group got to go to the competition’s semi-finals. To our surprise, we were selected! And we were the group who could not even make up our minds! We were the group that started late with only a survey and hope to guide us. Even so, we were the

Most people in our business class thought that our venture was on a rocky slope that would soon come tumbling down, but we were able to save the business from falling because of all the hours my partners and I put into the operation. Now that I’m a business owner, I can say I’ve done more in the business world in my first year than most people do until

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they get out of college. I love the feeling of saying I own my own business. Owning a business changes a person and it gives them more responsibility in life. I feel this is true because I’ve looked back at how much I have changed in the three years between entering the NFTE program and now. I’m pleased with the results because I feel that I have grown as a person. I have always known that I would run my own business but I didn’t know what kind of business. I thank NFTE for helping me with ScrumpDidly-Umptious. NFTE has helped me a great deal with the business world. It’s difficult to really know how to be an entrepreneur, and those that learn are usually in their late twenties, or even older. NFTE helped us to get where we are now. I’m excited to have taken the NFTE class at Crenshaw. They helped Scrump-Didly-Umptious succeed and without them there we may not have even thought of starting this business.

Future CEO Stars

May 2009

Emily’s Advice E

Q&A

mily actually represents a group of entrepreneurs and educators who are willing to answer your business related questions. What do you want to know? What haven’t you been able to discover on your own? Emily is up to the challenge and wants to share her experience with you. Put Emily to the test. She is here for you! Submit your questions to [email protected]

Q

Dear Emily: I think I want to be an entrepreneur, but don’t know if I am cut out for it. What traits do I need to have to become successful? Sincerely, “Iwanna B.”

A

Dear Iwanna: Is there a particular personality characteristic that defines the ultimate entrepreneur? Probably not. Some common ones do include being confident, positive, open minded, quick thinking and willing to take risks. Entrepreneurs need to be able to see opportunities through what others perceive as problems. They also need to be ready, willing and able to act on them accordingly. To do this takes an almost intuitive sense that some feel you must be born with but I believe can be developed through education and experiences. If one trait stands out more than most it would have to be self motivation. It is essential for an entrepreneur, to become and remain successful, to be highly self-motivated. Motivation can come in many forms. From passion for your chosen profession to fear of going out of business, you have to have a lot of internal “hustle”. Since I mentioned ‘fear” it might be good to point out that although some believe entrepreneurs are “fearless”, it simply is not the case. The difference between an entrepreneur who does their own thing and someone who works at a job they hate is their “response” to fear. An entrepreneur channels their fear into motivation toward a solution. In contrast, the non-entrepreneur is paralyzed by it and won’t take risks. Above all else, believe in yourself and have faith in your ability. You will do it if you really want to! Sincerely, Emily the Entrepreneur

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Future CEO Stars

May 2009

Our Sponsors W

e would like to thank the sponsors of Future CEO Stars whose forward thinking, support, and generous contributions made this publication possible. It is organizations like these that keep your education focused, moving forward, challenging, and potentially profitable. To learn more about what they have to offer please feel free to visit their websites listed below.

When an organization really cares,

it shows!!! Appalachian Regional Commission

www.arc.gov

Buchholz High School

www.bhs.sbac.edu

The Coleman Foundation

www.colemanfoundation.org

E*TRADE Financial

www.etrade.com

Illinois Institute for Entrepreneurship Education

www.iiee.org

Marketplace for Kids

www.marketplaceforkids.org

MediaSpark Inc

www.mediaspark.com

National Council on Economic Education

www.ncee.net

National Museum of Education

www.nmoe.org

NFIB Young Entrepreneur Foundation

www.nfib.com/yef

National Foundation for Teaching Entrepreneurship

www.nfte.com

NY REAL

www.nyreal.org

Réseau des CJE du Quebec

www.cjereseau.org

University of Florida

www.cei.ufl.edu

Yourhomework.com

www.yourhomework.com

USA Today

www.usatoday.com/educate

Small Business Development Center

www.ohiosbdc.com

AdVanz, LLC Ohio Department of Education

education.ohio.gov

Future Fu uturre CEO CEO Stars Starrs

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