NOVEMBER-DECEMBER 2019
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Elisa Orus Plana, Class of 2021.
DECA DIRECT
ARE YOU AN ENTREPRENEUR?
TABLE OF CONTENTS
TOP TIPS FOR BUILDING YOUR FIRST LINKEDIN PROFILE
7 QUESTIONS THAT GET YOU THINKING LIKE AN ENTREPRENEUR
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EDITORIAL
Publisher Frank Peterson Managing Editor Danny Spors Editorial Committee Caitlin Roberts, Debbie Taylor, Christopher Young, CAE Advertising Cindy Allen Design Shawna Hession
3 ENTREPRENEURSHIP:
THE TIME IS NOW
DECA EXECUTIVE OFFICERS
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HOW TO START A BUSINESS WHEN YOU’RE A BUSY STUDENT
COLLEGIATE DECA EXECUTIVE OFFICERS President Anthony Fakhoury Vice President Drew Duboff Vice President Lindsay Joyner Vice President Max May Vice President Michelle Le
BOARD OF DIRECTORS President Ginger Hill President-Elect Mary Peres Secretary John Stiles Treasurer Dave Wait Members Shannon Aaron, Scott Jones, Olga Plagianakos, Brycen Woodley National Advisory Board Chair M. Andy Chaves Ex-Officio Members Richard Faulkner, Frank Peterson
EDITORIAL CORRESPONDENCE DECA Direct Magazine 1908 Association Drive Reston, Virginia 20191-1594 communications@deca.org
DECA Direct (ISSN 1080-0476) is published four times each year—September/ October, November/December, January/ February and March/April. Copyright ©2019 by the Distributive Education Clubs of America, Inc., 1908 Association Drive, Reston, Virginia 20191-1594. All rights reserved. Annual non-member subscription rate is $5.00. Periodicals postage paid at Herndon, Virginia and additional mailing offices. $1.00 of membership fee goes toward subscription to DECA Direct, a publication of DECA, (USPS 566-200), Volume 8, Number 2. Postmaster—Send form 3579 for change of address to: DECA Direct, 1908 Association Drive, Reston, Virginia 20191-1594.
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12 HOW TO INCORPORATE AN ENTREPRENEURIAL
ATTITUDE INTO YOUR DECA CHAPTER
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LISTEN AND LEARN: 3 PODCASTS FOR EMERGING ENTREPRENEURS
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CHAPTER BUZZ
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CLASSROOM CONNECTION
NOVEMBER-DECEMBER | 2019
President D’Andre Vasquez Central Region Vice President Dalton Green Southern Region Vice President Garrett Elkins Western Region Vice President Sam Sawale North Atlantic Region Vice President Will Theodore
This issue of DECA Direct includes instructional content focused on the following performance indicators from National Curriculum Standards: • Describe the nature of entrepreneurship. • Explain the role requirements of entrepreneurs and owners. • Explain tools used by entrepreneurs for venture planning. • Explain the nature of business plans. • Distinguish between using social media for business and personal purposes. • Utilize resources that can contribute to professional development.
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WHATEVER THE OCCASION,
WE’VE GOT YOUR BACK.
Go custom with Joseph Abboud and AWEARNESS Kenneth Cole. Rent modern tuxes from Vera Wang and Calvin Klein.
menswearhouse.com
DECA students and advisors can access our 40% off* discount coupon at deca.org/partner/partners/mens-wearhouse/ *See coupon for details 2
18-1611117_MW_V5
Shop seasonal styles from Levi’s, Lucky Brand and Cole Haan.
ARE YOU AN ENTREPRENEUR? HIGH SCHOOL DIVISION PRESIDENT @decapresident
NOVEMBER
DECA MONTH
1
VIRTUAL BUSINESS CHALLENGE ROUND 1 ENDS
15
24 DECA IDEA CHALLENGE ENTRIES DUE DECEMBER
3
DECA IDEA CHALLENGE BEGINS
COMMUNITY SERVICE CAMPAIGN DUE
deca.org/challenges
deca.org/campaigns
18-24
GLOBAL ENTREPRENEURSHIP WEEK CAMPAIGN DUE
GLOBAL ENTREPRENEURSHIP WEEK genglobal.org
15 INITIAL ONLINE MEMBERSHIP DUES DEADLINE membership. decaregistration.com
15-17 INNOVATIONS + ENTREPRENEURSHIP CONFERENCE Washington D.C. deca.org/iec
THE ULTIMATE DECA POWER TRIP Washington D.C. deca.org/powertrip
20-23
deca.org/campaigns
HONORARY LIFE MEMBERSHIP AWARD APPLICATION PACKET DUE
DECA’s mission statement is to prepare emerging leaders and entrepreneurs in marketing, finance, hospitality and management. So, what exactly does it mean to be an entrepreneur? By definition, an entrepreneur is one who organizes, manages and assumes the risks of a business or enterprise. Although your initial reaction may be, “No, I am not an entrepreneur,” I’d argue that you are probably more of one than you think! Forbes lists the top five personality traits that are important for entrepreneurs to possess. These traits are showcased in various forms by our 228,000+ members across the globe! 1.
PASSION - Members display passion through their commitment to study and prepare for competition, earning their chance to become an ICDC finalist.
2.
RESILIENCE - Members show resilience while facing adversity and supporting one another as a DECA community.
3.
STRONG SENSE OF SELF - Members across the globe show confidence and a great sense of self by using their DECA presentation skills to better themselves, their schools and their communities.
4.
FLEXIBILITY - Through DECA, members learn the importance of flexibility and critical thinking. These 21st century skills are gained through competition, then used to prepare members for college and their careers.
5.
VISION - Whether it’s planning a service project, hosting a fundraiser or winning DECA glass, members set a vision of what success is and consistently work toward reaching it.
MEMBERSHIP CAMPAIGN DUE deca.org/campaigns
OUTSTANDING SERVICE AWARD APPLICATION PACKET DUE PROMOTIONAL CAMPAIGN DUE deca.org/campaigns
4-7 NEW YORK EXPERIENCE II New York City, NY deca.org/nye
NEW YORK EXPERIENCE I
ACTE CAREERTECH VISION
New York City, NY deca.org/nye
Anaheim, CA acteonline.org/careertech
In the words of Harriet Tubman, “Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience and the passion to reach for the stars and to change the world.” Although by definition you may not yet be considered an entrepreneur, through your passion in DECA, you are gaining the traits necessary to be one soon!
NOVEMBER-DECEMBER | 2019
D’ANDRE VASQUEZ
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FIND AND FUEL
YOUR PASSION
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at Cornell SC Johnson College of Business Cornell University is a place where anything is possible and nothing is off limits. Our undergraduate business programs offer an immersive, collaborative learning experience from internationally renowned faculty and industry leaders, in an Ivy League setting. Our model for business education reflects the future of business itself: flexible, diverse, and collaborative. At the Charles H. Dyson School of Applied Economics and Management, our business is a better world. Students take on real global challenges in one of the world’s most competitive business programs. The School of Hotel Administration is home to expert faculty and industry leaders at the top hospitality business school in the world. Whatever your passion, whatever your dream, let us help you find it at the Cornell SC Johnson College of Business.
IT’S TODAY’S BUSINESS, REIMAGINED. BUSINESS.CORNELL.EDU
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ENTREPRENEURSHIP:
THE TIME IS NOW ANTHONY FAKHOURY COLLEGIATE DECA PRESIDENT @cdeca_anthony
DECA MONTH
1 HONORARY LIFE MEMBERSHIP AWARD CANDIDATE NOMINATION DUE OUTSTANDING SERVICE AWARD CANDIDATE NOMINATION DUE
15 DECA IDEA CHALLENGE BEGINS deca.org/challenges
INITIAL ONLINE MEMBERSHIP DUES DEADLINE membership. decaregistration.com
18-24 GLOBAL ENTREPRENEURSHIP WEEK genglobal.org
21-23 ENGAGE CONFERENCE Chicago, IL deca.org/engage
24 DECA IDEA CHALLENGE ENTRIES DUE
29 STOCK MARKET GAME ENDS | ROUND 1
Hello, entrepreneurs, dreamers and DECA members. When getting ready for work or school, are you happy? When waking up bright and early to start your day, do you feel fulfilled? If you answered “Yes,” then odds are you’re on a good path. According to a Gallup poll, it is a path that only 29% of Americans are on. 71% of Americans say they are dissatisfied with their current occupation. 70% of all Americans also say they want to be self-employed.
DECEMBER
3 HONORARY LIFE MEMBERSHIP AWARD APPLICATION PACKET DUE OUTSTANDING SERVICE AWARD APPLICATION PACKET DUE
4-7 ACTE CAREERTECH VISION Anaheim, CA acteonline.org/careertech
Well, what’s the holdup? Why are so many people staying in their comfort zones? For many, every paycheck is critical; every paycheck has a purpose, and going a few weeks or months without one can hurt. However, ask yourself this: Would you rather be stable right now or be living your best life 10 years from now? If you dedicate as much time to something you are passionate about as you do to a job you dislike, then you will notice that sometimes sacrifices are necessary to conquer your biggest dreams. There is no better time to start a business than right now. With the marketing industry booming, it has become easier than ever to start a business and attract customers. Organizations like DECA are truly amazing in times like these because through DECA, we have been able to build our confidence, boost our morale and expand our network. 600,000 businesses are started each year. Will you be a part of that? The time to face your fears and become an entrepreneur is now. Participating in DECA’s entrepreneurship competitive events can help you think outside the box and take a step towards becoming a self-made entrepreneur. These events challenge you to be creative and give you a real-world look into the scenarios that entrepreneurs face every day. If you already have an idea that you want feedback on, explore the Entrepreneurship-Starting a Business event. You never know what feedback you might get to help implement your idea.
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NOVEMBER
Successful entrepreneur Gary Vaynerchuk was once asked what to do when you have an idea you feel passionate about. He said, “If you feel good, then take on the responsibility of sharing it. The world needs more of it.”
So, take action and get to work! Use the resources provided by DECA, be confident and always remember to stay positive. 5
Top Tips for Building Your First LinkedIn Profile JULIA PITLYK
WITH OVER 645 MILLION USERS, LinkedIn is the web’s
largest professional networking site and the best platform for building a professional, online brand. But as a student, you may be wondering, “Do I really need a LinkedIn profile?” Absolutely! Creating a LinkedIn profile now gives you a jumpstart on building your network, especially when it comes to connecting with professionals who are living your #careergoals. The sooner you start building a profile, the easier it will be to update it as you gain more experiences and accomplishments through jobs, internships, DECA and more. 6
To get your LinkedIn profile off to a successful start, check out these key tips:
PUT YOUR BEST FACE FORWARD: LinkedIn is the place to build your professional brand, so use a photo that reflects your best DECA-self. This is NOT the platform for heavy filters, artsy angles or party pics. Make it easy by having a friend or advisor snap a photo of you at your next DECA conference – DECA dress looks great on a LinkedIn profile!
SHINE IN YOUR SUMMARY: LinkedIn’s Summary section is often one of the first things someone visiting your profile will see – think of it as your personal “elevator pitch.” As a student, use it to highlight your past experiences, professional interests and your future career and education aspirations. And remember, this is all about you, so use a voice and style that feels authentic to you!
WORK & VOLUNTEER EXPERIENCE: LinkedIn profiles are all about showing your experience, and if you’re in DECA, you definitely have some to share! Use the Work Experience section to highlight your internships, afterschool jobs or even work you’ve done with your school-based enterprise. Because you can upload videos and presentations to this section, consider adding a “role” as member of DECA to highlight your project work.
REACH OUT FOR RECOMMENDATIONS: Recommendations are super valuable in building your LinkedIn profile – think of them as “word of mouth marketing” for yourself. To start growing your recommendations, send a professional LinkedIn message to your teachers, DECA advisors or other business professionals you have a direct relationship with to request their recommendation. Once you see what they’ve wrote, you may have some new ideas for more skills to add to your profile!
KEEP IT UPDATED: Like your résumé, your LinkedIn profile should be constantly evolving, so don’t set-it-and-forget-it. Schedule a few times a year to update your summary and refresh Skills, Experiences and Accomplishments. Creating this habit now will help you keep it up-to-date along with your career, allowing you to always put your best profile forward. Have you published your perfect profile yet? When you do, be sure to follow DECA’s LinkedIn page at
linkedin.com/company/deca-inc
Then, head to the Volunteer Experience section to list any volunteer projects, events or steady volunteer work that you do to give back. Each of these sections allow you to write a description about your experiences – keep it short and focused on both what you contributed as well as what you learned from each experience. Think about DECA community service projects you’ve been a part of.
The Skills section of your profile is the perfect place to do a little self-promotion, and LinkedIn makes it super easy! You can select from suggested skills based off of your profile or select from their list of skills across areas like Industry Knowledge, Tools & Technologies and Interpersonal Skills. At a loss for what to add? Ask your advisor for ideas or add some of the skills DECA members know best: Public Speaking, Presentation Development, Leadership, Customer Service and Networking.
ADD YOUR ACCOMPLISHMENTS:
NOVEMBER-DECEMBER | 2019
SHOW OFF YOUR SKILLS:
The Accomplishment section of LinkedIn was made for DECA members! This section lets you highlight Courses, Projects, Awards and more with detailed descriptions. Use this to list your business courses, any competitive events you’ve participated in, and, of course, any #DECAGlass you may have won.
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ENTREPRENEURS HAVE A UNIQUE MINDSET THAT COMBINES A DIFFERENT WAY OF LOOKING AT THE WORLD WITH A FEARLESS, CAN’T-STOP-WON’T-STOP ATTITUDE. Curious about what goes on in the mind of an entrepreneur? Read on to learn how successful entrepreneurs think, and start developing your own entrepreneurial mindset for DECA and beyond.
Most entrepreneurs will tell you that the journey of entrepreneurship all starts with an idea, with many of the best ideas coming from looking at the world around them and finding ways to make it better. Finding a problem that needs solving and creating a solution, or looking at a current solution and asking “How can I make this better?” is the type of curiosity that leads to breakthrough ideas. Take Uber, who noticed the inconvenience of waiting for a taxi and found a better way to find a ride. Or Tesla, who took the automobile and found a way to make it better both for users and the environment. Cultivate your entrepreneurial curiosity by looking at every product, service and process you encounter and asking yourself what you could do to improve it.
HOW CAN I BE MORE EFFICIENT? It’s no secret that entrepreneurs work a lot. While their minds are often always thinking about their business or the next big idea, being a successful entrepreneur actually isn’t about an always-on hustle. Successful entrepreneurs are fierce about their time because, for them, time really is money.
To be more like an entrepreneur, get on top of your time management in whatever way works for you: written to-do lists, physical planners or one of hundreds of digital apps and programs that keep you on time and on top of your game. (Wunderlist & Trello are a couple of our favorites.) And while you’re at it, take a look at where your time may be going to waste (yes, we’re talking about things like hours of mindless scrolling on Instagram). Look for ways to get a better return on your time, like an entrepreneur would. See our article “5 Ways to Fuel Your Inner Entrepreneur” (page 12) or some great ways to spend some of that time you’re saving.
WHAT DO I NEED TO GET DONE TODAY? You know some of those perks of entrepreneurship that you’ve heard about, like no boss and completely controlling your own schedule? While pretty great, the flipside of these perks is that being an entrepreneur requires an immense amount of self-motivation with very little room for procrastination. While you set the schedule, you are also the one solely responsible for getting things done. For entrepreneurs, putting off their to-do list until the next day is like leaving money on the table for their business. Each day, define what you need to get done to make progress against your goals – whether they be your DECA project, preparing for team tryouts or even getting your own business started.
NOVEMBER-DECEMBER | 2019
HOW CAN I MAKE THIS BETTER?
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“WHAT ARE MY STRENGTHS AND MY WEAKNESSES?” Because entrepreneurs are the face of their business, selfawareness is critical to their success. Knowing your strengths helps you understand the type of activities you excel at and how you best interact with others. And while it’s not always fun, knowing your weaknesses helps you determine where you may need to gain some additional competencies or experience challenges when communicating with others. For entrepreneurs, knowing both their strengths and weaknesses helps them successfully position themselves and their business to potential customers, clients and investors. Plus, this knowledge also helps them determine who would be complementary business partners or employees – a strategy you can use with pairing up with someone for your next competitive event. Start identifying your strengths and weaknesses by doing some self-reflection. Then, reach out to people you trust like your teammates, fellow chapter members or your DECA advisor for some additional perspective. Remember to keep an open mind – it’s always about constant improvement!
WHERE CAN I GET FEEDBACK? In the same spirit of constant improvement, entrepreneurs aren’t afraid of feedback – good or bad. In fact, they seek it out. Being so immersed in their business or product, they often need an honest, outside perspective in order to keep finetuning their work. And while it may be tough to hear at times, getting constructive feedback early is much better to deal with than after a product or idea has already launched. Of course, taking feedback from just anyone isn’t the best idea. Instead, entrepreneurs often have a trusted network of individuals (including friends, family, business partners and investors) who want to see them succeed and will provide constructive, honest feedback. For more success in your DECA work and beyond, begin building this trusted network for yourself, and ask them for feedback early and often!
There is something artificial when everyone is agreeing with each other. It’s useful to indulge people who don’t agree, and see their viewpoint or force yourself to explain things better.” -David Sack, founder of Yammer
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HOW CAN I FAIL TODAY? Wait, what? Isn’t entrepreneurship all about finding ways to win? Well, yes. But entrepreneurs also know that failure is inevitable, especially if you’re taking risks and trying to do things differently. Failing is an opportunity to learn, and entrepreneurs really take this to heart. Take it from Sara Blakely, the Founder/Inventor of Spanx who became the youngest self-made female billionaire in 2012 at the age of 41. When she was growing up, her father would ask her and her brother to share their daily failures at the dinner table so that they could celebrate what they gained from the experience. This created her personal mantra of “Failure is not trying,” which later gave her the resilience to pursue her billiondollar idea. While you may not directly try to fail on a daily basis, know that failure is going to happen. When it does, take a page from Sara’s book and find the positive lesson or memory from the experience, embrace the failure and move on!
You have to see failure as the beginning and the middle, but never entertain it as an end.” -Herrin, founder and CEO of Stella & Dot
WHY NOT ME? This last question is a big one, because it helps create a mindset that can combat the self-doubt that can easily come from the pressures of entrepreneurship. Because, if you haven’t already noticed, entrepreneurship can be tough! Asking “Why not me?” lets entrepreneurs take a step back and remember they already have all the skills, attitudes and motivation they need to succeed. Whether you’re starting a business, kicking off a big project or facing some other type of new opportunity, it’s easy to get wrapped in why things might not work out for you. Instead, ask “Why not me?” and, like an entrepreneur, you’ll start to realize all the reasons why it will.
Ready to take your entrepreneurial mindset to the next level?
Consider competing for some #DECAGlass in one of DECA’s entrepreneurship competitive events.
LOOKING TO IMMERSE YOURSELF IN ALL THINGS ENTREPRENEURSHIP?
Check out this list on what to read, listen to and learn from in order to prime your mind as a current or future entrepreneur. Who knows, maybe they’ll spark your next big business idea!
THE LEAN STARTUP: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses | Eric Ries The concepts and frameworks in this book are essential for thinking like a modern entrepreneur, so much so that they actually provided the foundation for DECA’s Entrepreneurship competitive events. Look to this book to learn the principles of operating a modern-day startup, rapid prototyping, ideation and more. Bonus: Check out the books Business Model Generation and Value Proposition Design, both by Alexander Osterwalder and Yves Pigneur, for more sources of inspiration for DECA’s Entrepreneurship events. 12
HOW I BUILT THIS | NPR How I Built This is a podcast about “innovators, entrepreneurs, idealists, and the stories behind the movements they built.” Awesome, right? In each ~30 minute episode, host Guy Raz directly interviews an entrepreneur or innovator from some of the world’s best known startups, and their journeys are epic! Here are a few favorites: •
Warby Parker: Dave Gilboa & Neil Blumenthal
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Clif Bar: Gary Erickson
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Spanx: Sara Blakely
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Five Guys: Jerry Murrell
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1-800-GOT-JUNK?: Brian Scudamore
THE PITCH | Gimlet Media When you’re ready to graduate from Shark Tank, start listening to The Pitch, which Forbes called “The best business podcast on startup life.” Each episode takes you behind-the-scenes to hear real-life entrepreneurs pitch their businesses to venture capital investors and all the feedback that follows. •
Nuts Can Kill. Are Seeds the Answer? (#49, Blake’s Seed Based)
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Fitbit…for Dogs (#52, Waggit)
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What Is Michael Phelps Jamming to Right Now? ($70, Earbuds)
Successful entrepreneurs will tell you that a huge secret to their success is to never. stop. learning. Even though you may still be in school, start sharpening some additional skills now for a head start on your success. Below are two great resources that allow you to learn some of the most in-demand business and technology skills for free. You may even find a skill that will give you a winning edge in your next written event or role play! SKILLSHARE: Find hundreds of free classes on everything from graphic design, video and web development to business analytics, marketing and productivity. CODECADEMY: A little bit of development knowledge goes a long way, especially as the tech industry continues to boom with new startups. Codecademy offers free courses on the basics of computer science, data science, web development and more.
NOVEMBER-DECEMBER | 2019
Start with a few of these top picks:
Have some favorite resources of your own? We want to know! Tell us on Twitter by tagging @DECAInc.
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Well, the mission of DECA is to prepare emerging leaders and entrepreneurs. So why not get a head start? The same basic principles that apply to starting a business also apply to your chapter.
en·tre·pre·neur·ship noun. the capacity and willingness to develop, organize and manage a business venture, along with any of its risks, in order to make a profit.
1. ASSESS YOUR ASSETS AND LIABILITIES Just like any startup, your chapter has assets that are in place to help you succeed and liabilities that hold you back. A major key to success is trying to limit the impact of your liabilities while maximizing the potential of your assets. You can do this by creating a “balance sheet” for your chapter, helping you take stock of your current situation. Your strongest assets will be your chapter advisors, your chartered association and local business partners who are willing to support you. Your liabilities will depend on what your chapter needs to achieve its goals. Once you understand your chapter’s strengths and weaknesses, you can capitalize upon them.
2. PITCH YOURSELF TO INVESTORS Surrounding every chapter there is a local community ready and willing to help you reach your goals. Treat these individuals and local business leaders like investors. Invite some of them to come into your chapter and speak during a meeting, share tips on real-world applications of your DECA skills, or provide feedback on projects. You could even host a mock competition to help prepare your chapter for your chartered association conference or this year’s #DECAICDC in Nashville. These techniques will strengthen the relationship with investors that already exist in your local community.
Based on this definition, the “business venture” is your chapter. The risks are long hours, hard work and the fundraising efforts required. The profit you are seeking is the well-being and overall success of your chapter’s members. This can manifest itself in many forms, such as college acceptances, earning DECA glass or nailing a job interview. Here are four unique ways you can bring an entrepreneurial attitude to your DECA chapter, no matter what your goals are. If something is important enough, or you believe something is important enough, even if you are scared, you will keep going.” -Elon Musk, CEO of Tesla Motors and SpaceX
3. TAKE RISKS Every business involves both success and failure. Your DECA chapter is no different. To be successful, there are always going to be inherent risks involved. You may be unsure whether a certain idea is truly going to benefit you and your chapter in the long run; however, if you don’t take the risk, you will never be able to improve. Make calculated decisions among your chapter’s leadership team and be willing to try new things. Host a new fundraiser, change the way you prepare for competition or switch up your meeting format. These changes may be difficult at first, but will most likely better your chapter’s performance.
4. COMMIT TO YOUR ACTIONS Regardless of what changes you are making within your DECA chapter, be confident when it comes to your attempts to improve. The most successful chapters in the world are the ones that commit and put their hearts into every action they take to be better. This same is true of every successful entrepreneur. Make sure you are as committed, driven and dedicated as you can be. If you follow this rule alone, your chapter will flourish and you’ll see immediate results.
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YOU MAY BE ASKING, “HOW DOES ENTREPRENEURSHIP APPLY TO MY CHAPTER?”
With your new entrepreneurial mindset, challenge yourself to make a positive change in your chapter or this year! 15
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HOW TO START A BUSINESS WHEN YOU’RE A BUSY STUDENT
NOVEMBER-DECEMBER | 2019
DREW DUBOFF | Collegiate Vice President
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IF YOU’VE BEEN BITTEN BY THE ENTREPRENEURIAL BUG,
then you’re probably dreaming of starting a business but may not know where to start. Let me tell you… I’ve been there. I know what it’s like to start a business as a busy college student with many competing priorities. So, if you’re ready to start a business, here are the key steps to follow:
1. Develop a Business Plan 2. Write Down The Steps to Reach Your Goals 3. Batch Your Tasks 4. Invest in Yourself and Your Business 5. Learn How to Prioritize
1. DEVELOP A BUSINESS PLAN Here are the main elements to include: •
Executive Summary
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Introduction
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SWOT Analysis
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Five-Year Plan
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Financing Plan
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Conclusion
NOTE: your business plan does not have to be perfect and it is not something that you need to spend very long on. It’s a document that should guide you and will always be subject to revisions. Now, let’s discuss these elements with a little more detail.
EXECUTIVE SUMMARY
INTRODUCTION
The executive summary is a brief overview of what you will be discussing in the business plan. Think of it as the SparkNotes or CliffsNotes of your plan. It should provide a glance at the potential of your business and show how your idea can fit into the current business scene.
In the introduction, you should aim to discuss a few things: •
Who the business is owned and operated by
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Description of the business and the services or products offered
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Unique characteristics
Unlike the executive summary, which is an overview of the entire business plan, the introduction is focused on providing an overview of the business itself.
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SWOT ANALYSIS
FINANCING PLAN
A SWOT Analysis has four components:
When running a business, you need to know how you will finance your ideas. It may be as simple as using the money you make from a part-time job. Maybe, you’re also asking friends and family to invest. Having initial capital is critical to getting your business off the ground.
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Strengths
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Weaknesses
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Opportunities
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Threats
Your strengths and weaknesses are always an internal evaluation while the opportunities and threats are an external evaluation. Consider asking a marketing teacher or professor for some help in creating this the first time.
FIVE-YEAR PLAN Imagine if you were pitching your business idea to an investor with venture capital funding. They’d want to know how they can make their money back, right? That’s what this section is all about!
As you construct your financing plan, consider including the following topics: •
Profit & loss statements
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Fixed overhead
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Contract labor
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Cost of operations
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Capital requirements
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Time to achieve profitability
Not all of these may apply initially, but it’s good to keep them in mind for the future as you revise your business plan.
In a five-year plan, you should include the following topics: •
Expansion opportunities
CONCLUSION
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Marketing plan
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Target market and demographics
When it comes to the conclusion, you should be summarizing a few topics:
Cover how you plan to grow and details about the audience you plan on reaching. This is a section that can benefit from in-depth market statistics to show viability for your business before it’s even created.
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What the business (investment) opportunity entails
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Growth strategy
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Offer
If you pitch this to an investor for funding, it may be helpful to come with a “memorandum of understanding” document for them to sign (if they like your concept).
A lot of people underestimate what goes into running a successful business, especially when you don’t have much time to begin with. To maximize your time, write down everything that you have to do - or as much as you can think of off the top of your head. For example, if you’re starting an online business, your to-do list may include: •
Buy a domain and hosting
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Design and build your website
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Write content for a blog
Then, you want to take your big ideas and break them down into actionable tasks that include reasonable deadlines or timeframes. This allows you to incorporate those tasks around your class and extracurricular schedule.
THE 12-WEEK YEAR If you’ve never heard of The 12-Week Year, then you’re not alone! I only came across it recently when a client of mine sent me a copy. It’s a book by Brian P. Moran and Michael Lennington that goes over how to get a lot done in short periods of time. Instead of viewing your goals as annual, they encourage you to view your goals as quarterly, or 12-week goals. In essence, you have four years in every calendar year. This drives you to accomplish much more in your day and week. And, when you don’t have much time to work, this system gives you actionable ways to check off items on your to-do list.
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2. WRITE DOWN THE STEPS TO REACH YOUR GOALS
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3. BATCH YOUR TASKS If you don’t already practice this, I highly recommend it to increase your productivity! There are so many things to do when running a business. If you can organize your tasks into different categories you can be more productive. For example, let’s say some of the items on my to-do list for this week are: •
Post on social media 5x per week
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Publish blog posts 2x per week
Instead of performing those tasks individually, I would batch them! I’ll create all of the graphics for social media and for my blog posts at one time and save them to my computer for easy reference. Then, I’ll queue up the social media posts (easy to do this a month in advance) in a scheduler such as Hootsuite so I don’t have to actively post every day. Finally, I’ll write both blog posts in one sitting and then schedule them for publication on different days. It would take up so much time to do these tasks individually. With batching, you would save many hours per week!
4. INVEST IN YOURSELF AND YOUR BUSINESS When it comes to investing in yourself and your business, I generally classify this within two main categories: Information and Tools. Information can be anything from eCourses and eBooks to hiring a coach and/or mentor to further your business’ progress. If you don’t actively invest in your knowledge, then you will be lagging when it comes to growing your business. Tools are what you use to grow your business. For example, I have email marketing software, scheduling software and more. While I advocate for lean entrepreneurship, there are some necessary expenses, and if you skip out on them, you could be hindering your progress. Don’t let that happen to you!
5. LEARN HOW TO PRIORITIZE
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Prioritization is an important concept to learn. If you want to succeed in business, you have to learn how to get stuff done in a limited time. That means spending time only on topics that need to be dealt with.
You should do tasks in the order listed. Have an honest chat with yourself about what actually needs to get done to start and grow your business. Utilizing the 12-week year technique that I discussed earlier will help you prioritize tasks.
If you’re unfamiliar with the Eisenhower matrix, it classifies tasks as:
Make sure you also prioritize your academics and extracurriculars. You also may want to prioritize your business over a social activity. In fact, it’s not a bad idea at all. Those are the times when I’m the most productive!
•
Urgent and important
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Urgent and unimportant
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Important and not urgent
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Unimportant and not urgent
CONCLUSION If you want to start a business while you’re in school, I encourage you to do it! Being your own boss can be very rewarding. I love hearing from my clients that are now flourishing—hearing from your customers is an incredibly uplifting and motivating experience. At the end of the day, that’s what being in business is about. It’s about helping people first and money second.
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LISTEN AND LEARN: 3 PODCASTS FOR EMERGING ENTREPRENEURS
IF YOU ARE AN EMERGING ENTREPRENEUR, then you already know that seeking out new skills and strategies is essential to turn your ideas into reality. But between school, homework and extracurricular activities, finding time to read the right books and keep up with the latest blogs can be a struggle – not ideal when maximizing your productivity is crucial to success. So how can you get a steady stream of ideas and inspiration? Podcasts. Packed with expert interviews, fascinating conversations and useful advice, podcasts are a chance to learn from the best minds in business and gain insights that apply to your entrepreneurial journey. Whether you're commuting to school, working out or just unwinding at the end of the day, podcasts can fit perfectly into your schedule at any time. Plus, with so many options to choose from, you are guaranteed to find episodes that are relevant to whatever you are working on. Here are three entrepreneurship-focused podcasts that we think are some of the best to get you started.
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YOUPRENEUR FM PODCAST Chris Ducker is a proud British entrepreneur, best-selling author and international keynote speaker, who brings you his take on what it means to be a personal brand entrepreneur in the 21st century. This podcast covers everything from building a personal brand to delegating like a king and creating online products and services to marketing yourself as the go-to leader in your industry. Typical Length: 22 Minutes | Frequency: Weekly Episodes We Recommend: 300: How to Build a Successful Personal Brand Business, with 14 Experts! 321: Building a Personal Brand in the 21st Century, with Gary Vaynerchuk 306: Why the World Needs You, with Pat Flynn
THE ENTRELEADERSHIP PODCAST BUILDING A STORYBRAND Hosted by Alex Judd, the EntreLeadership Podcast features lively discussions and tips on leadership and business by some of the top minds in the business, like Mark Cuban, Seth Godin, Jim Collins and Simon Sinek. With a wealth of information all in one place, this podcast will help you become a well-rounded entrepreneur. Typical Length: 44 Minutes | Frequency: Weekly
If you’re frustrated because you struggle to get the word out about your product or service, the Building a StoryBrand podcast will help. Donald Miller is the founder of StoryBrand, a company that helps businesses to refine their messaging strategy by focusing on the power of storytelling– an important concept for startups and small businesses. Harness the 2,000-year-old proven power of stories to get people talking about your brand, grow your company and have a blast doing it!
Top 3 Episodes:
Typical Length: 41 Minutes | Frequency: Weekly
103: Donald Miller–Branding Your Story
Top 3 Episodes:
331: How to Accomplish Impossible Goals
3: How to Be the Guide and Attract More Customers
302: Atomic Habits
55: 5 Huge Paradigm Shifts that Will Change the Way You Do Marketing 78: How to Stop Wasting Time and Start Wielding It
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EACH YEAR DECA AWARDS OVER $300,000 IN SCHOLARSHIPS TO DESERVING HIGH SCHOOL AND COLLEGE MEMBERS THANKS TO THE GENEROUS SUPPORT OF OUR NATIONAL ADVISORY BOARD MEMBERS AND CORPORATE PARTNERS.
Here are three important tips to keep in mind when applying for DECA scholarships:
1. DON’T WAIT UNTIL THE LAST MINUTE! The deadline for scholarship applications is January 17, 2020. This date may seem far away, but between winter break, the holidays and celebrating with family and friends, January 17 will be here your sooner than you may think! Plus, you want to take your time with these applications, especially if you’re applying for more than one scholarship. Do yourself and favor and start working on your scholarship applications now, so you’ll have adequate time to gather recommendation letters and transcripts, plus have time to review and edit your applications so they are picture-perfect.
2. YOU MUST REGISTER AND CREATE AN ACCOUNT TO SUBMIT YOUR SCHOLARSHIP APPLICATIONS. You will submit all of your scholarship applications through the DECA Scholarship website. Be sure to take the time to create your profile to include everything that the application asks for. After you have registered, your information will be saved and you can access your applications with a username and password. Include all of the activities and leadership positions you’ve held in DECA to increase your chances for scholarship success!
3. LOOK FOR APPLICATIONS THAT ARE SPECIFIC TO YOU. With scholarships from a wide range of corporate sponsors, your affiliation or interests with a certain company or industry could help increase your chances of receiving that scholarship. For example, if you have interests in pursuing a hospitality course of study, then be sure to apply for the Marriott International Scholarship, or if you are an associate of Publix, be sure to apply for the Publix Scholarship. DECA’s corporate sponsors admire members for their DECA and Collegiate DECA involvement, leadership abilities, community service activities and academic performance. Be sure to apply and take advantage of these scholarships opportunities exclusively offered to DECA members. Not only can you apply for these scholarships, but you can also take advantage of DECA’s college and organization partners that offer scholarships directly through their specific college, university or organization. Nevertheless, it never hurts to try! You never know where a DECA scholarship may take you. Find more information and apply to DECA scholarships at
deca.org/scholarships
NOVEMBER-DECEMBER | 2019
Many of these scholarships are offered exclusively to DECA members to help them pursue their dreams of higher education.
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CHAPTER BUZZ Pinnacle DECA took 80 members to this year’s Arizona Fall Leadership Conference where they learned many new skills!
ALMA DECA ARKANSAS
The Alma DECA community awareness committee met with a representative from The Arkansas Children’s Hospital Injury Prevention Center for training on a program to reduce injury and death among teen drivers. The chapter is partnering with ACH to help spread awareness about the importance of motor vehicle safety because in Arkansas, teens die in car crashes at a higher rate than in the United States as a whole.
CORAL GLADES DECA FLORIDA
Coral Glades DECA hosted their annual ice cream social to kick-start the year. Both new and old members made friends. The event started with rotations of five different rooms featuring their chapter projects. After each group was complete, the event ended with ice cream! The social was a great success and the chapter looks forward to continuing the tradition next year.
NORTH GWINNETT DECA GEORGIA
Georgia DECA is collecting money to help support the Juvenile Diabetes Research Foundation this year. North Gwinnett High School held their school’s very first Silent Disco to raise money for the cause. The event was open to the entire school with over 100 students in attendance. The chapter raised over $1,000 that will go directly to support Juvenile Diabetes Research.
BLUE SPRINGS DECA MISSOURI
Blue Spring DECA’s school-based enterprise class had the chance to learn first-hand from the creatives at Collective EX, a new Kansas City establishment that celebrates collaboration, creativity and meaningful experiences. The members are taking this inspiration back to their chapter to help design a brand-new store in 2020.
BOONSLICK TECHNICAL EDUCATION CENTER DECA MISSOURI
Boonslick Technical Education Center (BTEC) DECA had 21 members attend Career Day with the St. Louis Cardinals in September. Members listened to guest speakers from the St. Louis Cardinals, St. Louis Blues and Fox 2 KTVI TV station about careers in sports marketing. They learned the importance of networking and taking small steps toward an end goal. At the end of the day, they also enjoyed watching the Cardinals win over the Nationals.
SALINE COUNTY CAREER CENTER DECA MISSOURI
Saline County Career Center DECA held their first leadership conference in Branson, Missouri. This year marks the first year their chapter has had such a young group of leaders. The leadership team is made up of mostly sophomores along with one senior and one junior. Members were able to learn about leadership skills, marketing strategies and DECA competition tips while attending the conference.
Alma DECA
LINCOLN EAST DECA NEBRASKA
Lincoln East DECA members made tie blankets for children at St. Elizabeth Hospital. With over 75% of their members contributing, they accomplished their first community service project of the year.
Coral Glades DECA
PLAINVIEW-OLD BETHPAGE DECA NEW YORK
Plainview-Old Bethpage DECA held their annual installation ceremony on October 3 where they welcomed 160 new and returning members. Legislator Arnie Drucker, a proud supporter of DECA, and Samantha Valenza, a DECA alumna, both gave motivational speeches encouraging members to take advantage of all that DECA has to offer.
Blue Springs DECA
CHATHAM CHARTER DECA NORTH CAROLINA
Chatham Charter DECA introduced a new program called DECA Diamond Member of the Month in October. Chapter officers began this campaign to encourage and reward exceptional effort from chapter members. After much anticipation, Carter Phillips was named the first Diamond Member of the Month for being the first member to complete the chapter’s district competition requirement!
Saline County Career Center DECA
PONCA CITY DECA OKLAHOMA
Ponca City DECA is currently finishing up preparation for the third annual Kindness Workshop. The Kindness Workshop is meant to increase the awareness of the wonderful possibilities that come from showing kindness and respect to others. The events will be held on Fridays in November and volunteers will read books and conduct learning practices to share the theme of kindness and respect. There will also be a poster contest. The workshop will conclude with a morning assembly to cheer on the achievements that the students have learned along the way.
Plainview-Old Bethpage DECA
Ponca City DECA
NOVEMBER-DECEMBER | 2019
PINNACLE DECA ARIZONA
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CHAPTER BUZZ NORTHMONT DECA OHIO
Northmont DECA hosted an annual Powder Puff game during homecoming week. The chapter had a successful event while implementing project management skills for a successful chapter fundraiser.
KLAMATH UNION DECA OREGON
Klamath Union DECA started the new school year by inviting all students to make a tiedye shirt for the first home football game. Students used their creative talents to make unique school spirit shirts.
COPPERAS COVE DECA TEXAS
Copperas Cove DECA officers collected and inventoried school supplies as they worked to fill the school bus for CCISD’s 5th Annual “Stuff the Bus” event. It was very hot, but the officers had a lot of fun working together to help children in need.
HALTOM DECA TEXAS
Haltom DECA’s chapter president, Eliezar DeLeon, received recognition at his school after advocating for CTE Programs. He worked with the Mayor of Haltom, David Averrit, to proclaim February as CTE Month in Haltom, spreading awareness for all CTE Programs around Haltom.
LOS FRESNOS DECA TEXAS
Los Fresnos DECA officers have no age limit for their potential recruits! Officers visited with students from kindergarten through fifth grade regarding DECA and their experiences. Students responded very well to the possibilities available for them in the future. They learned how to properly shake hands, make appropriate eye contact and for a fun bonus, they competed in tying the perfect tie knot. The students favorite part was learning the DECA diamond hand sign.
ATLEE DECA VIRGINIA
Atlee DECA members created promise cards at their second chapter meeting of the year, inspired by Alex Sheen’s nonprofit organization, Because I Said I Would. Goals relating to DECA or marketing classes were written on the cards and then decorated. Then the cards were given to advisors at the end of the meeting to keep until the members fulfilled their promises.
BROAD RUN DECA VIRGINIA
Broad Run DECA’s chapter officer team conducted their Summer Planning Meeting in June 2019. The officers took an entire day to plan their Program of Leadership and select a theme for their chapter (Leave Your Legacy). Their chapter advisors met with the presidents and as a team, they picked out a book for the entire officer team to read over the summer. This year, the presidents picked the book, Because I Said I Would. The officers will use the book as inspiration and motivation throughout the entire school year. What a great way to start Leaving their DECA Legacy within their chapter, school and community!
Northmont DECA
Klamath Union DECA
ISSAQUAH DECA WASHINGTON
Issaquah DECA recently hosted a mentor night - a mock competition with guest judges from the University of Washington’s Foster School of Business. 77 enthusiastic members attended the mentor night and gained valuable experience to aid them in future competitions. ICDC, Issaquah DECA is coming for you!
WAUSAU WEST DECA WISCONSIN
Wausau West DECA recently held their annual fall DECA tailgate. The tailgate is funded by business partners and provides free food to potential members. Veteran DECA members had a chance to speak to interested members about the valuable organization. It’s a yearly event that members look forward to and provides a great networking opportunity for all!
Broad Run DECA
Wausau West DECA
STATEMENT OF OWNERSHIP, MANAGEMENT AND CIRCULATION
(1) Publication Title: DECA Direct. (2) Publication Number: 0566-200. (3) Filing Date: 10/10/2019. (4) Issue Frequency: 4 times/year: Sept./Oct., Nov./Dec., Jan./Feb., Mar./Apr. (5) Number of Issues Published Annually: 4. (6) Annual Subscription Price: $5.00. (7) Complete Mailing Address of Known Office of Publication (Not printer): DECA Inc., 1908 Association Dr., Reston, VA 20191-1594. Contact Person: Frank Peterson. Telephone: 703-860-5000. (8) Complete Mailing Address of Headquarters or General Business Office of Publisher: DECA Inc., 1908 Association Dr., Reston, VA 20191-1594. (9) Full Names and Complete Mailing Addresses of Publisher, Editor, and Managing Editor: Publisher: Frank Peterson, DECA Inc., 1908 Association Dr., Reston, VA 201911594. Editor: Frank Peterson, DECA Inc., 1908 Association Dr., Reston, VA 20191-1594. Managing Editor: Danny Spors, DECA Inc., 1908 Association Dr., Reston, VA 20191-1594. (10) Owner: Full Name, Complete Mailing Address: DECA Inc., 1908 Association Dr., Reston, VA 20191-1594. (11) Known Bondholders, Mortgagees, and Other Security Holders Owning or Holding 1 Percent or More of Total Amount of Bonds, Mortgages, or Other Securities: None. (12) Tax Status (For completion by nonprofit organizations authorized to mail at nonprofit rates): The purpose, function, and nonprofit status of this organization and the exempt status for federal income tax purposes: Has Not Changed During Preceding 12 Months. (13) Publication Title: DECA Direct. (14) Issue Date for Circulation Data Below: September 19, 2019. (15) Extent and Nature of Circulation: Average No. Copies Each Issue During Preceding 12 Months/No. Copies of Single Issue Published Nearest to Filing Date: (a) Total Number of Copies (Net press run): 122,274/136,603. (b) Paid and/or Requested Circulation: (1) Paid/Requested Outside-County Mail Subscriptions Stated on Form 3541. (Include advertiser’s proof and exchange copies): 115,464/134,638. (2) Paid In-County Subscriptions Stated on Form 3541 (Include advertiser’s proof and exchange copies) 0/0. (3) Paid distribution outside the mails: 0/0. (4) Other Classes Mailed Through the USPS: 5,084/12. (c) Total Paid and/or Requested Circulation [Sum of 15b (1), (2), (3), and (4)]: 120,549/134,650. (d) Free or Nominal Rate Distribution (By Mail and Outside the Mail): (1) Outside-County included on PS Form 3541: 0/0. (2) Free or Nominal Rate In-County Copies Included on PS Form 3541: 0/0. (3) Free or Nominal Rate Copies Mailed at Other Classes Mailed Through the USPS: 0/0. (4) Free or Nominal Rate Distribution Outside the Mail (Carriers or other means): 1,649/1,953. (e) Total Free or Nominal Rate Distribution (Sum of 15d (1), (2), (3), and (4)): 0/0. (f) Total Distribution (Sum of 15c and 15e): 122,274/136,603. (g) Copies not Distributed: 0/0. (h) Total (Sum of 15f and g): 111,343/84,533. (i) Percent Paid (15c divided by 15f times 100): 100%/100% (16) Electronic Copy Circulation: (a) Paid Electronic Copies: 0/0. (b) Total Paid Print Copies + Paid Electronic Copies: 122,274/136,603. (c) Total Print Distribution + Paid Electronic Copies: 110,387/82,859. (d) Percent Paid (Both Print & Electronic Copies): 100/100. I certify that 50% of all my distributed copies (electronic and print) are paid above a nominal price. (17) Publication of Statement of Ownership: Publication required. Will be printed in the November/December 2019 issue of this publication. (18) Signature and Title of Editor, Publisher, Business Manager, or Owner: Frank Peterson, Acting Executive Director. Date: 10/21/2019.
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Study in New York
Up to full-tuition scholarships available*
“I knew Berkeley was a great school because many of the professors actually had experience within their fields. I’ve learned to communicate effectively and be more confident. The DECA scholarship made coming to Berkeley possible and I am grateful for the opportunity.” Anabelle Rodriguez DECA Scholarship recipient
Apply Today: • Download and complete the DECA Participation Scholarship Application (BerkeleyCollege.edu/DECA). • Incoming full-time students who are enrolled in a degree program and have participated in DECA in high school may be eligible for up to a full-tuition scholarship.
For more information, call 800-446-5400 ext. GDF or email info@BerkeleyCollege.edu
• Scholarships are renewable yearly based on GPA and full-time, continuous, consecutive full-time enrollment.
Programs offered in New York, New Jersey, and Online Schedule an in-person visit, or arrange an online virtual tour with an Admissions Associate
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*Awards are determined after all federal grants, Post-9/11 GI bill amounts, state grants, and state scholarships are applied, not to exceed the remaining tuition amount. Cannot be combined with some other Berkeley College grants or scholarships. Cost of books and supplies not included. Berkeley College reserves the right to add, discontinue, or modify its programs and policies at any time. Modifications subsequent to the original publication of this document may not be reflected here. For up-to-date and detailed information, please visit BerkeleyCollege.edu and view our catalogs at BerkeleyCollege.edu/Publications.
ZERO LIMITS ENTER THE STRATOSPHERE WITH THESE SCHOLARSHIPS EARN A FOUR-YEAR, FULL TUITION SCHOLARSHIP If you have business smarts and boundless ambition, we have the scholarship that will propel you into the stratosphere. Our top-ranked business school is looking for principled future business leaders and young entrepreneurs. Don’t miss this amazing opportunity. Apply for the GHR Fellows Program or the Schulze Innovation Scholarship Program today. Learn more at stthomas.edu/DECA
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