September 2007 Issue

SEPTEMBER 2007 $2.50 US

In This Issue Different Strokes NFIB Young Entrepreneur Foundation

An Excellent Proposal DECA, Inc.

Hair Today… Salon Tomorrow NFTE

Lacie Carter of NFIB YEF

Have An Invention?

PROTECT IT!

www.YoungInventorsHub.com

September 2007 In This Issue… 4 A Summer Well Spent YEABiz/Utah State Office of Education

5 Entrepreneurial Magic Marketplace for Kids

7 An Excellent Proposal DECA, Inc.

8 An Honest Structure 9 Hair Today…Salon Tomorrow NFTE

10 Feeding Success National Museum of Education

11 Stop-N-Learn

Celebrating Future CEO Stars! The Consortium for Entrepreneurship Education has been providing leadership for over 25 years. Our primary focus has been assisting instructors, which has been quite successful, but we still felt something was missing…and that something was direct communication with the students. Knowing that “experience is the best teacher”, we decided that who better to communicate with potential young entrepreneurs than young entrepreneurs themselves! Thus, Future CEO Stars was born. Our mission is to create a monthly publication that features successful young entrepreneurs from Consortium member organizations…designed to generate the entrepreneurial mind-set! Each issue has feature articles dedicated to stories written by students that tell the secrets of their entrepreneurial success. Our hope is that this magazine will motivate, educate, and stimulate young people to follow their examples and chase their own dream.

Prominent Youth, Inc.

13 Planning in Action National Council on Economic Education

14 Ask GoVenture MediaSpark

15 Business Ventures Home Builder’s Institute

16 How Big Is Your Neighborhood? 18 Networking Toward Net Worth University of Florida

19 Class Projects in the Real World NY REAL

20 Change Adds Up to Dollars 21 Emily’s Advice 23 Starting Young 25 Different Strokes NFIB Young Entrepreneur Foundation

26 Entrepreneurs Solving Social Problems 27 A Different Perspective Youth Entrepreneurs of Kansas

29 A Dream Into Action IL Institute for Entrepreneurship Education

30 NEW Opportunities National Entrepreneurship Week 2008

31 Our Sponsors

Founder of National Entrepreneurship Week, the Consortium for Entrepreneurship Education is a non-profit collaborative representing 90+ member organizations from national, state and local levels. Together we represent over 40,000 teachers and more than two million students. Our common bond is the philosophy that “to be successful in the emergence of a new global marketplace, entrepreneurship education should be a critical component of the overall education experience as a lifelong learning process.” We invite readers to meet the Consortium members at: www.entre-ed.org/_contact Learn about the Young Inventors Hub at: www.younginventorshub.com

Join us!

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: MediaSpark Inc. Graphic Artist: Jeff MacNeil Publishing Advisors: Soorena Salari, Young Inventors Hub Al Abney, Consortium Advisory Council Annual Subscription Available - $25.00 Contact: [email protected]

A Summer Well Spent BY TYLER TOLBERT ©iStockphoto.com, Duncan Walker

At first I thought those two criteria would be difficult to meet. Let’s face it, $100 doesn’t go very far. The problem wasn’t the amount of money though, it was the way I was thinking about it. Every business in existence today had to start somewhere. Very few of them started with huge amounts of cash out of the gate. As long as I could make that $100 work for me throughout the summer, I soon would have a lot more.

Tyler Tolbert, Age 17

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ecoming a teenage entrepreneur, in Riverton Utah, was definitely an eye opening experience for me. In some ways it was easier than I had imagined but in others it was far more difficult. Over the past few years I had thought about starting my own business. I liked the idea of being my own boss. My only problem now was figuring out what my business would be. Last December, I went to a Conference put on by Young Entrepreneurs of America. With over 650 other high school students, I spent the whole day talking to 40 to 50 actual entrepreneurs, venture capitalists, business professionals and investors. The director of this conference then went on to tell us about a new summer program. I knew this was going to be my big chance. It was exactly the push I needed to get me moving toward starting my own business. YEA was going to help with my idea, provide an experienced mentor and help me with start-up capital to get my business going. I applied online at www.yeabiz.com and waited and waited and waited. They say good things come to those who wait and in May it finally came. I learned that I had been chosen to participate in this year’s Summer Startup program. The program started with having several meetings to discuss our business ideas and learn more specifics about finances and marketing. Then, over the course of ten days, we refined our ideas down to an actual business plan. I really struggled over which business idea I should start with. Then YEA Founder, Brian Acord, told us that we could start any business provided it met two main criteria. 1) We had to be able to get a paying client within 7 days, and. 2) Our business had to be able to be started for $100 or less.

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My mentor, Bill Aho, founder of ClearPlay, gave me some great feedback. We talked about keeping my business simple. I was told that I needed to dedicate a minimum of 30 hours per week toward it in order to get it running. I can’t say too much about how valuable it was to have someone with experience helping me out. He had some great ideas that I hadn’t thought of yet. He also had already learned from experience that some of my ideas might not work as easily as I had imagined. If you have an opportunity to learn from someone who has been there, do it. I’m really glad that I took the opportunity to get involved with Young Entrepreneurs of America. They helped me pick an idea and gave me a lot of resources that I didn’t know were out there. In less than 10 days I was able to establish my business, find a great mentor, and start building my future. The business I am in today is creating custom-designed metal artwork for vehicles, homes or gardens. I create my originals using a plasma cutter. I already have several very satisfied clients who, through word of mouth, bring me more business everyday. You can learn more about me and follow my struggles and successes at www.blog.yeabiz.com. This article sponsored by the Utah State Office of Education.

Future CEO Stars

September 2007

Entrepreneurial Magic BY ANDREW YOUNG

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Andrew at Education Days with his friend, Rachel.

y name is Andrew Young and I’m a magician. It seems I have always been destined to do something different. I am the kind of person who does my own thing. When my friends were playing with Teenage Mutant Ninja Turtles, I played with Batman. When my family was watching a movie, I was building a fort. Making my own decisions has worked well for me.

In elementary school I took part in the Marketplace for Kids program that was offered to my class. It showcased innovation and creativity, and introduced me to the concept of entrepreneurship as a career option. This early introduction to owning my own business gave me the confidence I needed to make my own career instead of depending on a company to hire me.

When I was eight years old my mom showed me a magic book she had checked out from the library. From that point on, I was hooked. I checked that book out so many times that the library eventually donated the book to me. Magic continued to be my passion. I would entertain my friends and family with new tricks all the time. In 2003, when I was 13, I was asked to perform my first show for a senior citizens home. At that moment I discovered what I wanted to do in life. I also knew that I could make it happen.

Like I said, I have always done my own thing, so being an Entrepreneur is a natural fit. In the 4 years since that first performance, I have turned my love for magic into a successful business. I perform and speak at business meetings, schools, and workshops. There are not a lot of magicians in North Dakota, so currently I am doing a pretty good amount of traveling. It all comes with owning my own business. This is a pretty good trick considering I am only 17.

I learned the “tricks” I needed to turn my love of magic into money early on.

This year I got the chance to give back to the program that sparked my interest in creating a business. I was invited to showcase my business at several of the

2007 Marketplace for Kids “Education Days” held throughout North Dakota. During my presentation, called “The Magic of Young,” I discussed how I started my business, the value of leadership and teamwork, as well as the importance of believing in your dreams. It may seem that I have made creating my own career sound easy, but I have faced many challenges throughout the years. My business has been very comparable to my favorite quote, “The road to success is often dotted with many parking places.” In every business there are challenges and obstacles, and I have certainly faced mine. It all comes with the job. I believe that my love for seeing how different people enjoy magic drives me to continue what I love which makes the inevitable business challenges seem small. Some of the secrets to my success include support from family and friends and their belief in me, planning, organization, and most importantly, love and passion for what I am doing. All this, and a little magic, and you can be an entrepreneur too!

Andrew Giving Back

Future CEO Stars

September 2007

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What’s Your Idea? Do you want to get your story in this magazine? How about a chance to WIN FREE STUFF? We know that sometimes students make the best teachers. Gaining knowledge off another’s experience is so much better than trying to learn from reading a boring old text book. And that’s why we want to hear your stories!! Do you have a product, invention, or business idea that you know the world needs? Or a story of pure success? Well…let us hear it!

We want to print your stories in this magazine! For your effort you could win prizes including magazine subscriptions, cash, or even the Grand Prize of a trip for two to the ‘08 National Consortium for Entrepreneurship Education Forum (location to be determined in November 07) to receiverecognition for your achievement.

Sound Good? What are you waiting for? All we need is 300 to 500 words telling your story. Here’s some of the information we’re looking for: * What is your GREAT Business Idea? * How do you plan to tell the world about it (Marketing Plan)? * What problem are you solving? * How do you plan to get the money you need to make it happen? * Would there be any problems in making it happen?

No idea is too big, or too crazy! Big Dreams Lead To Big Results! We look forward to reading and sharing your future success story, so get started! Also remember that all submissions could be printed so don’t share anything that you want to keep to yourself. Our goal is to help make your plan a reality, not to spoil your competitive edge. If you want to keep it secret, keep it to yourself until you have a patent, copyright, or trademark. Send your story, name, grade, school, and home address to Mike Ashmore, editor of “Future CEO Stars” at [email protected] (please use the words “Student Submission” in the subject line) or mail it to Consortium for Entrepreneurship Education, 1601 W Fifth Ave. #199, Columbus, OH 43212.

An Excellent Proposal BY JOE WITTNEBEN

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s children, our parents often encourage us to get down and dirty if we want to make money. Go shovel snow. Go pull weeds. Go clean! It can be discouraging knowing that all of our youthful creativity is being wasted on mowing lawns and dog sitting. Just because we’re young, it does not mean we can’t have professional (and successful) businesses. Enter the Internet. For most of us, the Internet has been around since childhood and unlike parents and adults before us, we have been growing right along with the World Wide Web. Ten years ago, the Internet was said to be “the next big thing,” and ten years later, it still is. DECA, An Association of Marketing Students, spotted the trend of online businesses by designing a competitive event around the subject. Immensely popular among students, the event gives members the option to create a business plan for any potential area of online business. Last year’s first place winners, Mike Abbene and Matt Giambrone from Walt Whitman High School in New York created a business plan for an online service like no other. Convenient Cuisines (CC) was their entrepreneurial startup, “an online interface between food establishments and the public.” By harnessing the power and mass communication available through the Internet, Mike and Matt systematically laid out the step-by-step process of gathering and arranging restaurant information throughout New York City and the Long Island area. Free to the general public, the investment relies on any number of the 20,000 regional restaurants to register with CC to be seen or featured on their site. Additionally, restaurants had the Future CEO Stars

September 2007

option to link with the Web site to allow customers online ordering, catering, and reservation options. Restaurants choosing these service plans will have an order management system installed in their store that both processes and organizes online orders/reser vations, and makes restaurant functioning more efficient.

in Boston. Matt plans on majoring in biological engineering with a business major at Cornell University. When commenting on how this experience sharpened their skills, Mike shared through his involvement and participation in role plays he learned about e-commerce and networking. “It fueled interest and enthusiasm. DECA put me on the right path. Without it I would probably be Their project, going to college with designed as a an undeclared major.” proposal for a Matt responded, $250,000 Small “DECA has helped me Business Assolearn to work better ciation (SBA) 7(a) with others to accomloan, covered all plish a task, and has of the bases. With improved my personal the startup capital relations skills as well; they could get from Mike Abbene and Matt Giambrone and, of course we with their first place trophy. savings and family, learned a ton about CC would begin as what it takes to be in a Limited Liability business. We now realize the incredible Company (LLC) and undergo an amount of time and effort it takes to plan extensive 11-month development period. a business that realistically has a shot at During this time of testing layouts, functioning successfully and being profitmechanics, and restaurant feedback, able.” It is likely that after college they time would accrue for employees to imwill put Convenient Cuisines in action. plement advertising, generate demand, and prove the service’s functionality. The DECA is not just about dreaming big. increased awareness reduced the slow Realistic visions fare the best. While start new businesses often have. This DECA cannot give loans to members’ business plan accurately factored in the outstanding business proposals, it did product development period, included give them the red stamp approval and a all possible expenses, and had a finan- first-place international title, quite a good cial buffer to allow for unforeseen events. endorsement for when they do go in for All said, the predicted three-year profits their first business loan. amount to $401,380. Both Mike and Matt are attending college now. Mike is majoring in business administration with a concentration in entrepreneurship at Northeastern University

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hat is integrity? When describing a piece of steel, integrity refers to its purity, strength and consistency. In building a bridge or sky scraper you can imagine the critical nature of working with materials of the highest integrity possible. When people’s lives depend on it, there is not a lot of room for error. So how does this differ from the level of integrity a person uses when they build their reputation? Is it important to be honest with your customers even when it would be easier to lie? Not if you have an endless source of new customers who don’t talk to each other, but for most businesses that simply isn’t the case. For long term success, honesty is truly the best policy.

An Honest Structure

©iStockphoto.com, Chi Photo

With regard to integrity, our culture cuts a lot of slack for young people. We tend to be quick to forgiv e as long as you promise to “not do it again”. Then the infraction occurs again and once more, with the right words, all is forgiven. This doesn’t do anyone any favors. It reinforces acceptance of a lack of integrity. Nothing is changed, nothing is learned, and bad behavior consistently survives to strike another day. In contrast, tell one of your auto detailing customers “I don’t know what happened to your car, I guess my dog ate it” and see how long you stay in business, let alone out of court. Of course, this is a ridiculous example but it drives home the point that the behavior is completely unacceptable. Meaning what you say and saying what you mean are important cornerstones to developing a reputation of having good integrity. Consistency is critical. So if you consistently miss deadlines, and consistently give excuses, you probably will be consistently out of work. That’s not the type of consistency that does much good. Customers count on being able to depend on what they are told. Of course, things happen that are unpreventable. As long as the problem is communicated promptly and accurately, without excuses, customers are more likely to be okay with it. In fact, handling problems in the correct manner can actually go a long way in strengthening one’s integrity, as long as it is there in the first place. If you have ever been caught in a traffic jam because a stop light has failed, you know what happens when the integrity of a system has been compromised. Fault isn’t an issue. All that matters is fixing the problem and getting back on the schedule you counted on. If a cop promptly shows up and starts directing traffic, the system is restored and the problem is solved with its integrity intact. On the other hand, if the cop spends all his time going from car to car blaming the problem on the electric company, has anything been solved? Actions define good integrity, not words. Many businesses advertise having good integrity. If their actions don’t match their words, they tend to not advertise anything for very long. Customer goodwill is critical for long term success in most entrepreneurial ventures. Without integrity, customer goodwill simply does not exist. Just like the steel used to build a bridge or skyscraper, it is very important to use the highest grade of integrity possible. A business’s life depends on the word of the people who build it. It needs to be as strong as steel.

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Future CEO Stars

September 2007

Hair Today ... Salon Tomorrow BY ANNTWINETTE MARTIN

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y name is Anntwinette Martin and I am a licensed cosmetologist from Cleveland, Ohio. My business, Urban Beauty, is currently a booth that I rent out of a salon called Distinctive Images, where I provide hair services for women, men, and children. My plan is to open my own shop and then develop that into a chain of salons.

In fact, after becoming involved with this program, I have been able to teach my brothers a thing or two. In following my plan I have had to make decisions that affected my goals, and in turn, have reflected on my future. Sometimes plans change. After high school I started to attend the University of Akron. In doing this I discovered that lots of loans were available to me. Although a traditional college education would be very helpful, I felt that my money could be better used toward opening a salon. I had to make a big decision.

Ever since I was a young girl I have been passionate about designing hair. I would play “hair salon” and dreamed of working in the industry. In taking my dream to reality, I was inspired by my brothers who are both entrepreneurs themselves. One owns Some people said a barber shop, that I wouldn’t and the other used finish school at to own an auto home, and that I detailing business. Anntwinette Martin couldn’t get what They have been I needed from very helpful by community college. passing on their experiences, I thought about the entrepreneurs that I both good and bad. Learning from others have met with my involvement with ECITY. mistakes is definitely less expensive and Many spoke about their loved ones who less painful than making them yourself. told them that they shouldn’t start a busiI decided to go to cosmetology school ness. They feared that it wouldn’t work, during high school, attend college, and that they were too young, or that they then open my business. In high school I couldn’t become rich from their dreams. also started attending the NFTE program Armed with my positive attitude, I made at ECITY. This program provides me with my decision and stuck with it. a lot of the basics of business ownership.

Future CEO Stars

August 2007

In the end I decided to stay home, continue my education at Cuyahoga Community College, work at the salon, and build my start up capital. I made this decision based on how I wanted my life to be in the end. I knew that I had worked hard in high school to receive my cosmetology license. I also knew that I wanted to acquire a business degree and open a hair salon. With those goals in mind I chose my own course appropriately. I didn’t let others tell me that I would fail because, in reality, they aren’t me. Their opinions are based on their experience, skills and level of motivation, not mine. So, where am I today? Well, I have had the opportunity with NFTE and ECITY to be one of NFTE’s 2007 Young Entrepreneurs of the year. I was honored at three award banquets, spoke at my city’s public library, and was recognized on the front page of the business section of The Cleveland Plain Dealer. Currently, I have completed my work at Cuyahoga Community College and will transfer to Tiffin University in the spring of 2008 to finish my Bachelor degree in Business. My future is bright and right on track. Although I have made some adjustments along the way, I am achieving my goals. My advice to anyone is stay focused on the end result you want to achieve and follow the path that best takes you there.

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Team Tastie’s Mench-Munch Burger

Feeding Success BY GAY EVANS

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he National Museum of Education is always finding new and innovative ways to promote entrepreneurship and innovation. This year they have taken the cake, well actually, made the burger. They partnered with the Burton Morgan Foundation to sponsor the first-ever “Entrepreneur Challenge” taking place at Menches Restaurant, specializing in hamburgers. On July 16, 2007, a group of high school seniors from Garfield and Tallmadge High Schools, members of the “Destination College” program, gathered in Akron, Ohio for an interesting challenge. These select twelve young adults were divided into 3 teams and charged with creating a unique burger platter. Loosely based on the concept of the television show “The Apprentice”, without “The Donald” firing anyone, they were put to work. Their specific mission was they had 3 days to create an originally designed hamburger platter and develop a marketing strategy that would out sell their peers. The three teams were definitely up to the challenge. Using materials graciously provided by Menches Restaurant, a landmark in the Akron community for over 120 years, and a budget of $25 for ancillary materials, they went to task. Their work produced some amazing results. The first team, “Team Tastie” came up with the “Mench Munch” burger. It featured a star shaped hamburger,

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french fries used as stripes and a side dish of a cored apple filled with apple bits, blueberries and grapes. The second team, “The Condiment Crew” not to be out done created the “Tropical Paradise Burger”. This Polynesian Paradise platter consisted of a burger glazed with pineapple barbeque sauce and a side dish of tropical fruits including mangoes, papayas, grapes and berries served in half of an orange. Last but certainly not least was team “Burger Buddies” who stuck with Akron’s rubber and automotive history. Their entry, Akronite Burger Bites, featured a NASCAR theme using stop light colors created with cheese and peppers to adorn their bacon cheeseburger. With fliers in hand and the event a day away, the students hit the streets. Promoting both the overall event and their specific entry, they worked very hard to get the citizens of Akron to participate. And participate they did! On the day of the challenge, both with carry out orders and lunch time dining, Menches was jumping.

Condiment Crew’s Tropical Paradise Burger

Burger Buddies’ Akronite Burger Bites

In the end it was a very successful event. Although Team Tastie technically sold the most burgers, everybody who participated won. The students all gained a new perspective on marketing, product design, promotion and competition. Menches gained a huge lunch crowd and the patrons satisfied their appetite in a unique and original way. Future CEO Stars

September 2007

Stop-N-Learn BY ERIK ODEGARD StopNShop merchandise

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icture the typical teenager. They just float through high school, making their grades, playing sports, spending time with friends and possibly earning a little spending money with a part-time job. As for me, Erik Odegard, I guess I’m not that typical. Although I do play varsity soccer and football in the fall season, I also am a co-owner of a small business called StopNShop. Through Prominent Youth, Inc., I and some other high school students in the Kansas City metro area have the opportunity to own and run a small business and get paid in the process. StopNShop is basically a resale retail shop. We sell, on consignment, products for customers who want a better profit than what they could earn themselves by having a garage sale. This is how it works. We contact a potential customer and sell them on the idea. We then receive their items, research how best to market them, then promote and sell them. Although we do run an actual retail outlet, currently a lot of our sales are also through eBay. Once an item is sold, we take our 25% of the final sale price and then send a check for the other 75% to the original owner. We have been running since the summer of 2005 and currently move over a $1,000 worth of product every month. Owning a business, in many ways, is great. I get a real sense of accomplishment from profiting directly through my own efforts. It does take a lot of my time though, and not just in ways you would expect. In fact, the only aspect Future CEO Stars

September 2007

that I dislike about owning a business is that I can’t clock out, leave my job and forget about it. When working fast food or other part time jobs, you go in, work a few hours, leave and it’s over. You don’t constantly worry about who is making the fries. When owning a small business, your mind is always thinking about what needs to be done. In a very real sense, it is never over. If that is the price to pay for the freedom that comes with being my own boss, in my mind it is definitely worth it. The secret to our success at StopNShop, and my tip for any teen starting a small business, is be organized. I know it sounds boring and it is often overlooked, but if we weren’t running a tight ship at our shop it would have sunk a long time ago. It is the main part of the “value added” service we provide. If we didn’t know exactly where each product was in our sales process things would be lost, shipped to the wrong people, not paid for and forgotten. When dealing with customers as suppliers, if they are not satisfied, they will lose interest in letting us help them. Without their products we are out of business.

Inside an eBay Office.

Taking part in StopNShop has been invaluable to me. What I’ve learned goes way beyond anything I could have picked up from a book. I am now a senior in high school and soon will be moving on with my life. I am sure that my experiences with Prominent Youth and StopNShop will be helping me all the way.

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Does your class need money? Is your teacher looking for an effective way to raise funding for a class project? ©iStockphoto.com, Scott Hancock

Are you tired of selling cookies or candy? Do you want to avoid the hassle of having to deliver what you sell?

We have your solution! For more information have your teacher contact The Consortium for Entrepreneurship Education: [email protected]

The Consortium for Entrepreneurship Education is a qualified 501(c3) non profit corporation and, therefore follows all rules, laws, and requirements pertaining to maintaining this status.

Cole Adams

Planning in Action BY COLE ADAMS

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y name is Cole Adams, I live in Rye, New Hampshire and I am an aspiring entrepreneur. It’s in my blood, I think, as I come from a family full of them. My grandfather, Walt Cheney, has started more than 30 different companies in his lifetime, (primarily for real estate development and management) and he is in the process of teaching me how to do the same. I go to Phillips Exeter Academy, so my school year is pretty much booked solid, but for the past few summers I have been working with him. I’ve been doing things such as site planning, accounting, and working with town officials to put together Zoning and Planning Board applications. He has taught me a lot about what it takes to run a successful business and I take any opportunity I can to apply those lessons to my life. This summer I took a week off from work to attend a camp called Entreprep that proved to be one of those opportunities. It’s a camp for young entrepreneurs that helps them come up with business ideas, and then provides them with the resources necessary to plan and run their businesses for one day as a test run. I devoted the whole week to creating a Future CEO Stars

September 2007

complete business plan that I could use to actually start a real company. My company, PlanCommand Inc., is one-stop shopping for your Zoning Board or Adjustment/Planning Board approval needs. The company would utilize the combined real estate expertise and experience of my grandfather and other members of my family. Whether for individuals or multi-million dollar real estate concerns, we can secure all necessary approvals. While the idea is a good one for me, putting it down on paper and strategizing about the plan was far more difficult than I thought it would be. When I began writing my business plan, I realized that I had no idea what should be in it, so I started small. First I wrote up a short pitch and a few quick reasons why I thought the idea was solid and had potential. I found that the more I wrote, the more questions I had, and all those questions need answers. For example, what kind of company would it be? How would the employees be paid? And the big one, how is this company going to make money? So, with the help and guidance of some of the mentors that the camp provided, I went about answering them.

I came to understand that for my company to be a real possibility, I needed to find some hard evidence to prove that it would be both feasible and profitable. I needed real world proof. To get this I put together questionnaires to send out to town Board members and sent a business summary to the Town Planner of New Market, New Hampshire. I also compiled a yearly history of all the Planning and Zoning activity for the town. It was hard work, but definitely worth it, and with all the information I found I was able to put together a financial summary that looked very promising and backed up by hard evidence. Overall I am more confident now about my business being a great success than ever before. In writing my business plan I realized that the planning process was more important and most useful than I realized. It is definitely an exercise well worth doing.

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?

“

Ask GoVenture

I have trouble finding good, potential customers. What do I need to know to find good sales prospects?

”

Know the Color of Their Underwear! Well, that may be a bit more information than you need — unless, of course, you sell underwear! But the more you know about your prospects, the more likely you are to make a sale. To find out the key information you need, you must prepare to ask for it. Here’s what you should try to obtain and record in your prospecting database:

Desire

Need/Pain

Hot | Warm | Cool | Cold | Unknown

High | Med | Low | None | Unknown What level of need or pain does the prospect have for a product such as yours?

Funds Yes | Likely | Unlikely | No | Unknown Does the prospect have the funds to purchase your product?

High | Med | Low | None | Unknown

Does the prospect actually want your product?

Type

FAST FACTS Birth story of Wrigley’s In 1891, 29-year old William Wrigley Jr. arrived in Chicago with $32. He began selling baking powder and came up with the idea of offering two free packages of chewing gum with each can. People were more interested in the chewing gum, so Wrigley began to market gum under his own name. He introduced Juicy Fruit in 1893 and Spearmint a year later. Today, the Wrigley Co. operates 14 factories around the world. Source: “The Branding of America.” Library of Congress American Memory Collection

Decision Maker | Influencer Is this person a decision maker or influencer?

Status What is the likelihood that the prospect might purchase sometime in the future? You should also make note of any specific likes and objections the prospect may have, as well as the specific value your product can provide. Once you have all this information at your disposal, use it wisely and you are sure to improve your success rate.

About GoVenture GoVenture is a line of award-winning educational games and simulations, including software, board games, mobile games, website, books, and more. GoVenture educational games and simulations offer the fastest, most effective and fun learning experiences ever! Similar to how pilots train using flight simulators, highly visual and realistic GoVenture programs enable youth and adults to gain years of business, money and life experience in minutes. Become the CEO of a virtual business, a stockbroker trading on a virtual exchange, or navigate your way through the next 50 virtual years of your financial future.

GoVenture Activity

Word Scramble — Marketing

ARKMET

More than just fun and learning, GoVenture provides an experience that enables you to realize your potential, both in terms of what is possible and the wisdom of how to make it happen.

ARNDB SATDIVERGIN

RCAHERES

CPRIE

MEGSNET

CODRPUT

ROCENSUM

MINOPORTO

GOOL

CAPEL

DETTNYII

GoVenture is used in homes, schools, universities, and businesses throughout North America and around the world. Visit the GoVenture website for many more free resources!

Answers:

Market, Brand, Advertising, Price, Product, Promotion, Place, Research, Segment, Consumer, Logo, Identity

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www.goventure.net

Future CEO Stars

September 2007

Business Ventures in the Residential Construction Industry It’s Exciting! It’s Fun! It’s Challenging! Prizes! Prizes! Prizes!

Win a bonus prize!

©iStockphoto.com, Alex Slobodkin

through F and win a fun prize! Submit your answers to questions A your name and grade; (2) your One entr y per student. Provide: (1) name, address and phone teacher’s name and subject; (3) the your answers for questions A number of your school; and (4) il to [email protected] or through F. Submit your entr y via ema fax to 202-266-8999. end with a plan! Start with a good business ethic and is a good business ethic? A. Learning What Matters – What r product? B. Know Your Business – What is you name? C. Making It Special – What’s in a reach your customers? D. Corner The Market – How will you s – Where does it grow? E. If Money Doesn’t Grow On Tree you need a business plan? F. Getting Down To Business – Do

Custom home builders generally:

Are you up for the challenge? Test your knowledge! What type of building company do you want – custom or production? Do you know the difference? Answer all the questions correctly for the following two categories by placing the number next to the type of builder that the statement describes. Answer to bonus questions will appear in the next issue. 1. A site-specific home built from a unique set of plans for a specific client. 2. Are generally small-volume builders (those that build 25 or fewer homes a year). 3. Are large-volume builders (those that build more than 25 homes a year). 4. Build all types of housing — single-family, condos, town houses, and rental properties.

Production home builders generally:

7. Build one-of-a-kind houses. 8. Build single-family homes. 9. Generally build for all price points — entry level, move up, luxury, etc. 10. Builders also build on land they own. 11. Builders may offer design/build services. 12. Tend to build high-end homes.

5. Build on land they own.

13. Tend to use stock plans.

6. Build on land you own.

14. Usually offer a variety of plan choices and options. Information provided by the National Association of Home Builders.

Remember to ask your teacher to order your house plans today. Build! Build! Build! For details contact C. Deanna Lewis via email at [email protected] or phone at 202-266-8927. Future CEO Stars

September 2007

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AK

YT

How Big Is Your Neighborhood?

NU

Have you ever thought about the market for your business?

BC

AB

What opportunities are specific to your state? What opportunities do other areas have to offer?

WA

Is your business idea limited by its location? What areas have the most potential for growth?

MT OR

What areas are economically depressed? Where do you want to leave your mark?

NV CA

ID

UT

AZ HI

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Future CEO Stars

September 2007

©iStockphoto.com, Malcolm Romain

NT

NL SK

QC MB PE NB NS ME NH VT MA MI NY RI CT PA NJ OH IN DE WV MD VA KY DC NC TN

ON ND

MN WI

SD

WY

IA

NE CO

IL

KS

MO

OK

NM TX

AR LA

MS AL

SC GA

Now…look at a GLOBE!

WA Future CEO Stars

September 2007

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©iStockphoto.com, Andrei Tchernov

Networking Toward Net Worth BY ABHI LOKESH

W

hile growing up I was always taught to see opportunities where most others only saw obstacles. It is in my nature to take on challenges with determination and see them through to the end. I am currently an Integrative Biology major in the honors program at the University of Florida. I also have a passion for technology and medicine. This combination has driven me to find opportunities that integrated both fields. Sounds easy right? Of course, I am kidding. If you choose a specialized field, let alone two, your options for career related networking are definitely narrowed.

entrepreneurs and converse with them individually about their beginnings, challenges, inspirations, and future goals. These people’s stories motivated me toward becoming a real-life entrepreneur. I also found myself surrounded by students with a similar passion. It didn’t take long for three of us to get together and create our own nonprofit organization, swaziAID, dedicated to helping the people of Swaziland (www.swaziaid.org). We were semifinalists in UF’s 2006-07 collegiate business plan competition. In only a year we have managed to grow tremendously in the community. Each step of the way, CEI has proAbhi Lokesh vided us with beneficial guidance and insight.

I started during my freshman year by looking for groups that embraced similar academic and innovative interests to my own. After taking a class in Social Entrepreneurship and listening to lectures from professors at CEI (Center for Entrepreneurship and Innovation), I knew that I had found what I was looking for. Over the past year and a half I have been one of their student ambassadors. Without a doubt, I can truly say that CEI has played a crucial role in making me who I am today. CEI provided me with opportunities I didn’t know existed. Through their Breakfast Speaker Series, I have had a chance to meet with prominent

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The unique feature of CEI comes not from their interest in simply teaching students the fastest way to financial success, but their emphasis on community service and their focus on the entrepreneurial mindset. We conducted a high school mentoring program, where we partnered with Buchholz High School’s entrepreneurship program and helped their students with their own business plans and ventures. I came away truly impressed at their level of commitment at such a young age.

students to work with real companies located in the Gainesville Technology Incubator. For a semester, students put their skills into practice in a real world situation and learn from prominent local business leaders. My internship with a local seedstage neuroscience company furthered my passion for medical technology and led to a paid research position. This year also marked the creation of CEI and UF’s new high school summer program, Young Entrepreneurs for Leadership and Change (YELC). Focusing on social entrepreneurship, YELC students take college level courses, engage in community service, and participate in various events around campus. I was fortunate to be chosen as a staff member for this program. With my sights set on going to medical school and eventually creating my own biotechnology company, I feel like I have had an enriching experience here at CEI and UF that few students are privileged to have or even know about. The education that I have received from entrepreneurship has provided me with invaluable skills that will undoubtedly set me apart. I encourage every student to apply an entrepreneurial outlook to life and see what it really takes to make aspirations into realities.

CEI also created the GTEC Consultancy Program, which allows University of Florida’s Future CEO Stars

September 2007

Class Projects in the REAL World BY ASHLEY POWELL

Back Row left to right: Zack Storms, Tony Sliski, Branden McLaughlin, Anthony Ford Front row left to right: Kody Haney, Lindsey Perry, Erica Carlin, Ashley Powell

I

n the fall of 2005 I was a member of NYREAL group that had the opportunity to partake in an entrepreneurship competition. The challenge required us to design and produce a marketing plan, including a marketing theme and related materials, and a basic layout of a proposed water park being planned for construction near Interstate 86 at Belmont, NY. Our team created a theme centered on New York Oasis (NYO). Part of the team designed and constructed a concept model of a portion of the park. My part of the team created marketing materials including a PowerPoint presentation, a website, and billboard displays. In April, 2006, we presented our ideas to a panel of judges at Houghton College. The water park challenge taught our class valuable team building and networking skills. We learned that everyone needs to have input on a project of this scale. One person can not run the whole show. Opinions need to be considered, and others’ voices need to be heard. Being in a high school class and learning these things first hand helped me immensely. In a way, we taught ourselves these skills. Learning from experience is one of the most powerful ways to gain REAL understanding. The next fall our class was presented with another entrepreneurship challenge. This time we were asked to create a business plan for a new business, or marketing plan for an existing business, in our local community. We chose to develop a marketing Future CEO Stars

September 2007

plan for Appalachian Arms of Scio, NY. Tracy Schmitt, owner of Appalachian Arms, asked my Entrepreneur class to create a marketing plan that could help expand his market and hopefully increase his sales. We worked with Mr. Schmitt throughout the year and successfully created a marketing plan that we believe will help expand his business. We took our work to a competition held at St. Bonaventure University in April 2007. We received an award for ethics at the competition. These entrepreneurship challenges helped everyone in our class learn useful workplace skills. Because Mr. Schmitt owned his own business and actually asked us to help him, it put a REAL world task into our school experience. Knowing that a businessman put his trust into my class to help him with his business was a definite motivator to get the job done, and done right. Mr. Schmitt believes in our advice and suggestions and has promised to use them to help strengthen his business. NYREAL is a program of the Cattaraugus-Allegany BOCES in Olean, NY.

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©iStockphoto.com, Erik Hanson

Change Adds Up to Dollars O

ne of the only constants in the universe is change. At one point or another during their professional careers, most entrepreneurs have to deal with it. It doesn’t matter how good your product, price or service is, if you can’t adapt to your environment you are at a serious disadvantage. Even the best buggy whip manufacturer in the world was basically put out of business by Henry Ford’s Model T. This has always been a reality for private business owners, but with the rapid advancement of today’s technology, it is even more so than ever before. For instance, advancement in technology trends has created warehouses full of useless cassette tapes, record players, video game systems, and Walkmans. Fortunately most entrepreneurs are quite adaptable and very aware of their competitive environment, at least in the beginning. In fact, that is how most of them became entrepreneurs in the first place. A problem for many of them, however, is that after they become successful, they lose their insight. They start a business and do a fantastic job of satisfying a current need. Before they know it they are hiring lots of people and opening branches all over the place. They get very comfortable in their success and so engrained in how they do business that they can’t even see their death blow coming. Do you think the founder of Buggy Whips Inc. looked at the Model T as anything more than a passing fad? Being aware and staying that way are two different things. For long term success it’s best to be both. Change can also be environmentally based. Let’s look at one of the most horrendous catastrophes mankind has

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ever faced. In the 14th century the planet was hit with the Bubonic Plague pandemic. It is estimated that in the 1340’s the death toll reached over 75 million worldwide. Europe alone lost between one and two thirds of its population to this disease. Definitely a major disaster, but did anything good come out of it? Prior to the plague there was a thriving business community built around the reproduction of books. People who basically hand wrote copies, known as scribes, were as common then as computer programmers are today. All of a sudden, the work force was greatly diminished. Wages skyrocketed because demand far exceeded supply. Due to the disaster, there was also a major increase in demand for spiritual comfort in the form of Bibles. Manufacturers found themselves in an unusual dilemma. They had too many orders and no way to fill them. One enterprising entrepreneur came up with a solution. He created a machine that could mass produce books, more specifically, Bibles. Not only did his business survive, he secured his place in history. He ushered in the modern age with one of the most important inventions mankind has created. This entrepreneur was Johannes Gutenberg and his invention was the moveable type printing press. His surviving Bibles are among the most valuable books in existence today. Change is neither good nor bad, it just “is”. How it’s dealt with determines its quality. Disaster or opportunity is up to the individual. The point is, staying alert is critical for long term success. Be aware or beware.

Future CEO Stars

September 2007

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

g n u o Y g Startin

H

ow young is too young to start a business? Well apparently 6 isn’t, at least not for Mary Kay Hill of Sacramento, CA. It seems she isn’t alone in her thinking either. Mary Kay secured her start up capital for her retail outlet through Umpqua Bank. So what business is this aspiring entrepreneur undertaking? Why a lemonade stand, of course! Umpqua Bank’s program, designed to encourage entrepreneurial thinking, provided $10 allocations for Sacramento’s elementary school students to start their own lemonade stands. According to Ray Davis, president and chief executive of Umpqua Bank, a subsidiary of Umpqua Holdings, “Umpqua Future CEO Stars

September 2007

is always looking for ways to recognize and support the entrepreneurial spirit that drives community growth. Giving kids lemonade stand supplies and start-up capital is a fun and unexpected way to express our support of small business and community.”1 Umpqua’s project is just one of many examples of the help available for young people who want to start an entrepreneurial venture. Entrepreneurship Education has historically been reserved for young people who are at least old enough to spell it, but times are definitely changing. According to Hank Kopcial, executive director of the National Federation of Independent Business’ Young Entrepreneurs Foundation, “Young people are expressing interest in going into

business in larger numbers than five years ago.” Astute organizations are encouraging this thinking because they understand that entrepreneurship is a viable option to America’s challenge in finding its position in the emerging world economy. In fact last year alone NFIB YEF awarded over 400 scholarships, worth $480,000, to help young people who have demonstrated interest in entrepreneurship continue their education. Hank Kopcial points out “there is tremendous growth in the number of programs being offered at both the high school and college levels that encourage entrepreneurship. Our scholarships quite often allow young people to get into those programs. “ Today’s small business is definitely redefined from businesses of the past. The traditional limitations of having large amounts of start up capital to set up a store front have been overcome with the availability of high speed internet access. “With the internet many young people are starting multinational businesses from the desk in their bedroom” points out Kopcial. Today’s world offers business options that are basically only limited by a person’s imagination. With the encouragement and support available through such organizations as NFIB YEF there is no reason not to try. Finding the resources, support, and information necessary to get a business from “a good idea” to an actual entrepreneurial undertaking is a big challenge. As Mary Kay discovered at the age of 6, it is definitely out there. With today’s technology it is even more accessible than ever before. A good place to start is doing an internet word search on “Entrepreneurial Education”. Even if you don’t spell it right your search engine will probably correct you and take you to your future. 1 borrowed from The New York Times July 16th, 2007 “The Lemonade Stand That Umpqua Bank Built”

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THE NFIB YOUNG ENTREPRENEUR FOUNDATION

Help kids get it.

The NFIB Young Entrepreneur Foundation provides FREE programs that allow teachers to equip students with the information they need to know to start their own companies. ENTREPRENEUR-IN-THE-CLASSROOM CURRICULUM Brings real-life stories of entrepreneurs into your classroom, letting students learn firsthand about the risks and rewards of operating a small business. TAKE TIME TO TEACH MENTORING PROGRAM The T3 program allows our NFIB members to share their wisdom with your students through real-world experience. JOHNNY MONEY - COMING SOON! This online simulation game lets kids expolore the risks and rewards of business ownership in an engaging platform perfect for class and homework assignments.

To download this FREE CURRICULUM or for more information, visit www.NFIB.com/eitc (800) 552-6342

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Future CEO Stars

September 2007

Different Strokes BY LACIE CARTER

I

n 2nd grade I joined the local yearround swim team in my home town of Lake Charles, LA. Since we have a pool, my parents thought it would be a good idea for me to be a strong swimmer. I am thankful they did, because it has been an integral part of my life ever since. For the past 10 years, learning to keep my head above water, master the strokes and swim fast have been an important part of my education. In fact, they are lessons I apply both in and out of the water.

As with every small business, I have encountered problems along the way. Fortunately, I am also a member of a non-professional swim team called US Swimming. Through this affiliation I found a mentor to help me out by the name of Dave Thomas. Dave’s advice has been invaluable and I am eternally grateful for having it. The growth of my business brings new complications. Dave has been there with each new challenge, helping me to figure out a solution.

I have had to hire emAfter starting high ployees, do a lot of school, instead of finddreaded paperwork and ing a low-level summer deal with rescheduling job to earn some extra because of rain outs, to spending money, I put name a few. It is hard to Lacie Carter my own resources to juggle the office end of work. With my knowlthe business and remain edge, experience and an instructor on the pool an available pool, I focused my efforts deck. My name and reputation built my toward being able to teach swimming business, and it is important that I relessons. I obtained all my Red Cross main visible to protect it. My solution, at certifications and placed a flyer at a least with regard to rescheduling, is my local summer day care. That was four web site that I am launching very soon. years ago. Since that meager beginning It will help with some of this hassle, but my small business has grown in a big in reality a lot of people still want the way. That first year I started with only personal contact of a phone call. 24 swimmers; I now have over 140! With the end of another season I have Not only has my business grown, hung my “temporarily closed” sign up but through these efforts I have also once again. Next year may be a bit earned my USA Swimming Coach different because I am entering a new Credentials. Future CEO Stars

September 2007

chapter in my life. I started my freshman year at Henderson State University in Arkansas. I am pursuing a double major in Park & Recreation Management and Travel & Tourism with a minor in Business Administration. With this course load I am also continuing my own swimming career as a member of Red Wave Women’s Swim Team. My experience operating my smallbusiness helped me to obtain a $1,000 National Federation of Independent Business Young Entrepreneur Award, sponsored by the NFIB Young Entrepreneur Foundation. This award is given to encourage young entrepreneurs to continue pursuing their small-business endeavors which is exactly what I plan to do. I am considering taking over one of the city’s recreation pool sites as an additional venue. In attempting this I will certainly seek the advice of others who have gone before me. It is my dream to come full circle and own an indoor competitive pool to launch my own year-round United States Swim Club someday. Although it sometimes seems like I am swimming upstream, I know I am on my way.

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Entrepreneurs Solving Social Problems

©iStockphoto.com, Bluestocking

“S

ocial entrepreneurship” is a hot topic these days, but what does it mean and how does it affect you and me? Technically speaking it is recognizing a social problem and using entrepreneurial principles to correct it or cause a positive change. Social Entrepreneurs typically work through civic organizations or non profit groups, but can also work in privatefor-profit or even governmental sectors. A current example of this concept in action is the big movement, by large companies and small, to solve our current gas situation. The focus on moving toward becoming environmentally friendly with the solution, while at the same time being successful in business, is definitely social entrepreneurship at its best. This movement has a very positive impact for people, society, and our planet as a whole. Social Entrepreneurs can be found wherever a problem needs to be solved. From improving health care to helping the economically challenged, these insightful people are definitely making a difference.

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This socially-conscious practice dispels the idea that business is only concerned about money and that “Capitalism” is a bad word. This myth has historic beginnings. In the past some big entrepreneurs, like Andrew Carnegie, solved a current problem but didn’t look at the long-term effect of their solution. Carnegie made a lot of steel when our country desperately needed it. Unfortunately, environmental concerns were not a big issue in his day. They didn’t look at the total impact of their solution and actually created new problems in the process. Today’s Entrepreneurs tend to view the world in a different way. For a modern day example let’s look at Bill Gates and Warren Buffett. Bill Gates gives 58% of his income toward solving the planet’s problems. Granted this may seem like charity except for the fact that Mr. Gates is very selective about what his foundation supports. His money doesn’t go for just treating the symptom of any given problem. His focus is on creating workable, long-term solutions.

Warren Buffett was so impressed with Gates’ work that he donated 30 billion dollars to the cause. Although Buffett’s actions were purely charity, it seems that the social entrepreneurship element was a motivating factor. According to Wikipedia, “youth social entrepreneurship is an increasingly common approach to engaging youth voice in solving social problems.” They go on to say that youth organizations such as the International Youth Foundation (www.iyfnet.org), and YouthActionNet (www.youthactionnet.org) promote social entrepreneurial efforts through a variety of incentives. Are there opportunities available in your community to put your social entrepreneurial spirit in action? Odds are pretty good that there are plenty of socially sound solutions ready to be found. Regardless of whether your goal is to make a profit or just solve a problem, the business skills needed to be successful are the same in the end. Put yours to work! Future CEO Stars

September 2007

A Different Perspective BY PAUL WEMMER ©iStockphoto.com, Joe Cicak

D

uring the spring of 1997 I participated in the Youth Entrepreneurs of Kansas course at North High School in Wichita, Kansas. My story is somewhat non-traditional when paired with the typical definition of an entrepreneur. I do not own my own business; I work for

The idea came from the simple fact that fishing is my favorite hobby. This choice handed me the opportunity to try new rods and reels. The core of my plan was to provide better service than my competition, which included local and national sporting goods stores. I competed by catering to consumers, listening to what they wanted, providing personal knowledge and advice, but most importantly, I cared. I cared about my customers and they knew it. As I grew older and enrolled in college courses I realized this business venture was not going to make me rich. This being the case, I decided to put it on hold and find a position in an existing company. As I have progressed through my career working for other people, the mindset I acquired while in my actual entrepreneurial venture has helped me to advance at a fast pace. The principles of giving a customer what they want and genuinely caring can be easily applied when dealing with a company, a boss, a co-worker or a client. Again, I feel that entrepreneurship is not only being an independent business owner but also is a state of mind. It is the way you carry yourself and the way you present to others.

Paul Wemmer ‘the man’. I have been doing so for almost five years but I absolutely still consider myself a successful entrepreneur. Entrepreneurship isn’t just about an individual who organizes a business assuming the risk for sake of profit. In truth, it is also a way of thinking. I began my career with a business plan to sell new and used fishing equipment. Future CEO Stars

September 2007

entrepreneurial thinking has helped me with a number of my experiences. My creative mindset gives me a different perspective about traveling, making business decisions, employee issues, overseas manufacturers and competing with direct sourcing. Again, challenges are just problems without solutions and it is your way of thinking which allows

• Always treat a company’s money as you would your own. • Don’t sweat anything; with effort everything works out over time. • Surround yourself with positive and successful people. • Competition is healthy if it is honest. • Embrace every opportunity you can and don’t think you are above any job. you to overcome them. The future is always uncertain and my goal remains to someday own my own company; one with employees who are entrepreneurs as well.

In five years I have become a National Sales Manager with The Hayes Company in Wichita, Kansas. We are a global manufacturer of creative lawn and garden décor (think shepherd hooks, wind chimes, bird feeders and gnomes). I now have employees who report to me. I call on many accounts ranging from large national retailers to smaller regional ones. This amazing company has afforded me some very unique opportunities; however, it hasn’t been easy as challenges rarely are. I could write a book about how my

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The Entrepreneur You pursue newly discovered, fleeting opportunities. You seek freedom, financial reward, creativity, and control of your own future. You are clever and resourceful. Your supporters depend upon you and cheer your success, often as bystanders, but sometimes with an offer of a hand up. Meanwhile, the naysayers anticipate your failure, yet you remain one step ahead. In the distance are visions of victory and cries of defeat from fellow entrepreneurs. Against the odds, you remain determined and focused. You’ve invested your heart, energy, and savings to achieve your goal. The risks and sacrifices are many. So are the rewards. You are an entrepreneur!

“If a picture is worth a thousand words, imagine the value of the experience in a GoVenture simulation!” GoVenture educational games and simulations. The fastest, most effective, and fun way to learn.

www.goventure.net

A Dream Into Action BY TRAVIS WOLFE

O

ne thing I have learned in life is, be careful about what you start. Actually I am kidding; I did, in fact, take part in starting something, but in reality, I hope it goes on for a long, long time.

nd and With our plan in hand a big empty room with a o get to kitchen, it was time to work. A partial list of what we accomplished is:

It started out two years ago in the middle of my Introduction to Business class. My teacher, Mr. Dan Boynton, was talking about his dream of one day starting an entrepreneurship class. Well my mother is an executive at the Illinois Department of Opportunity Returns. They give various grants to organizations throughout the state and can be influential in making things like Entrepreneurship classes happen. With a lot of additional help from the Illinois Institute for Entrepreneurship Education, one thing led to another and a year later Mr. Boynton had his class.

eate • Built a wall to create nthe shop, which included cutting and moving counters/ cabinets.

I was fortunate enough to be one of the 23 seniors who, along with 5 juniors, were members of the first Entrepreneurship class at St. Teresa Catholic School in Decatur, Illinois. Our mission, as Mr. Boynton saw it, was to plan, design and run a successful school-based business. Lots of students are involved with similar projects but few get to be involved from the beginning.

• Obtained the following equipment at no charge from our vendors: large cooler with sliding glass doors for our cold drinks, coffee grinder, coffee maker, iced tea brewer, slush puppie® and cappuccino machines.

We started, of course, with learning a lot of the fundamentals of entrepreneurship. Hitting the books hard, we were determined to gather all the information we could to make our business work. The first actual step in moving toward our goal was to come up with a viable business plan. To do this we split up into four teams, each creating a plan for our business, which was decided upon as an in-school coffee shop. Our class met in the old cafeteria/kitchen, which became available after the opening of our school’s new wing, so it was a perfect fit. After creating our plans, instead of just choosing one, we all worked together to compile the best parts of each into one. Our perfect plan!

Future CEO Stars

September 2007

• Painted the walls of the entire lower hallway. • Obtained 10 tables and 40 chairs, and recovered all the chairs. • Installed a laminate wood floor in the order area of the shop. • Created relationships with vendors.

• Researched suppliers of our food items and other necessary products such as paper products, coffee cups, etc. • Created a menu. • Established a system of accounting using QuickBooks Pro® Software.

A great first day!

It was a lot of work and well worth it. Our grand opening was in March during our school’ `s recognition of The Feast of St. Joseph. We were a big hit selling over 300 dollars worth of product the first day alone! The K-9 Kafe became an institution at St Teresa’s and now it is up to the next Entrepreneurship class to make it grow. Starting things, in my book, is well worth it. You never know, until you try, what will come of it. It started with one man voicing his dream and those around him made it happen!

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” ? W E N s “What’ Do You Recognize Opportunities? Entrepreneurs typically see opportunities where others see only problems. Through creative thinking and a positive outlook they see beyond the problem and focus on the solution. Fred Smith disliked the fact that shipping products across the country was a slow and inefficient process. Fred saw an opportunity and, even though everyone told him “it couldn’t be done”, today you know it as Federal Express. Entrpreneurs goals aren’t constrained by negative thinking, limited available resources, or others’ opinions. A cook in Kentucky discovered that people really liked one of his recipes. He saw an opportunity to make some money by sharing it. He didn’t have any capital to start a restaurant so he began by selling his chicken recipe

door-to-door. He then franchised it to restaurants until he finally licensed it exclusively to the one who did it best. This man’s image, Colonel Harlan Sanders, is still the trademark for Kentucky Fried Chicken. Opportunities are simply solutions in action. Capitalizing on an opportunity, after seeing through the problem, involves creating a step by step plan that leads to the solution. Pierre Omidyar, in a conversation with his fiancée, learned how hard it was to find collectables. Seeing an opportunity to put modern technology to work he created an on-line platform to make this easier. Yes, you guessed it, eBay was born! One person’s problem is another’s successful opportunity. Just like The Colonel going door-todoor, will you recognize it when it knocks? Take advantage of the opportunity to get involved with National Entrepreneurship Week in your area TODAY! For more information go to:

www.nationalEweek.com

Feb 23 to Mar 1, 2008

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!!!

Future CEO Stars

Appalachian Regional Commission

www.arc.gov

Buchholz High School

www.bhs.sbac.edu

The Coleman Foundation

www.colemanfoundation.org

DECA, Inc.

www.deca.org

Home Builders Institute

www.hbi.org

Illinois Institute for Entrepreneurship Education

www.iiee.org

Marketplace for Kids

www.marketplaceforkids.org

MediaSpark

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

NFTE

www.nfte.com

NY REAL

www.nyreal.org

Prominent Youth, Inc.

www.prominentyouth.com

The University of Florida

www.cei.ufl.edu

Utah State Office of Education

www.schools.utah.gov

Youth Entrepreneurs of Kansas

www.yeks.org

Yourhomework.com

www.yourhomework.com

September 2007

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Future CEO Stars

September 2007