Enterprise Matters - Term 3, 2014

TERM 3, 2014

New Pasifika Enterprise Competition Trialled A Thriving Business Academy Tim & Dan Alpe www.youngenterprise.org.nz

Leaders in enterprise and financial education

Enterprise Matters is a publication of the Young Enterprise Trust Charities Commission Registration Number CC21103 Editorial Content Paul Newsom Contact Paul on 04 570 3984 or paul.newsom@youngenterprise.org.nz Address Young Enterprise Trust, Level 2, iPayroll House, PO Box 25 525, Wellington, NZ www.youngenterprise.org.nz Art Director Jodi Olsson

&

Inspiring, Educating Transforming Students Through Enterprise Experiences Visit www.enterprisematters.org.nz Subscribe to Enterprise Matters for Free and receive your own copy four times a year 2 ENTERPRISE MATTERS

Publisher Espire Media, PO Box 137162, Parnell, Auckland 1151 Enquiries Phone Richard on 09 522 7257 or email richardl@espiremedia.com

ISSN 1177-875X Enterpise Matters is a GREEN MAG created and distributed without the use of paper so it’s environmentally friendly.

Please think before you print.

Thank you!

Cover picture: Market Day fun

CONTENTS Talking About Enterprise.....................................................................................4

- with CEO Terry Shubkin Headline News.....................................................................................................6

- Registration of interest for the 2015 BP Business Challenge is open now

- Pasifika Enterprise Competition Trialled

- New Zealand Business Hall Of Fame Student Success................................................................................................12

- Enterprise in Action Feature.............................................................................................................16

- A Thriving Business Academy New

Resource...................................................................................................20 - Personal Financial Management Standards - Primary: School Garden Project - Secondary: EPIC Challenge

Entrepreneur Insight.........................................................................................24

- Tim and Dan Alpe of Jucy rentals Important Dates.................................................................................................30 The Close............................................................................................................31

ENTERPRISE MATTERS 3

TALKINGABOUT ENTERPRISE with CEO Terry Shubkin

T

here is nothing like having something bad happen to someone you know to make you

re-evaluate your own situation.

The last Enterprise Matters featured

broken down? We wanted to know.

Luckily Ben had taken out travel insurance, though we hear that he had debated whether it was worth the $150 fee. I am sure as a poor Uni

an article from the Chair of the YES

student he was weighing up what else

Alumni Committee, Ben Reynolds.

he could use that money for.

Shortly afterwards, Ben was in San Francisco for a short trip when he found himself unexpectedly in hospital.

After we established that he was ok, our discussion turned to what he put on his blog. Three days in a

I went home and told my husband the story. Next thing, he’s on my case to make sure we have adequate insurance for our upcoming trip to the US to see my family.

What does the insurance cover?

US hospital resulted in an invoice for

What if we have to delay our trip

$75,000. Really? $75,000? Was there

back home, like Ben did? What are

a line item invoice to see how that was

the exclusions?

4 ENTERPRISE MATTERS

“Like all aspects of financial literacy, it is not about telling people what to do, it’s about giving them knowledge and experience to make their own decisions.”

These are all good questions, and

Like all aspects of financial literacy,

ones that I have to admit that I have, in it is not about telling people what to the past, been guilty of skipping over

do, it’s about giving them knowledge

when choosing my insurance policy.

and experience to make their own

This is one example of why it is important to put the time into choosing insurance. Whether it’s for your house, contents, car or travel do you need insurance? If so, how do you assess the risk and choose the best policy for your needs?

decisions. And Secondary school students do have a lot to think about in this area, as they may buy their first car, take their first overseas trip without their parents, or go flatting.

So, keep your eye out for a whole new series of resources that will be

Insurance literacy is an important area released later this term. And if you’re anything like me, it might also make of financial literacy, but one that often gets over-looked. This is one reason we are so excited to announce our

you take the time to review your own insurance policies.

partnership with the Insurance Council of New Zealand to develop a range of resources for teachers, to help educate their students in this area.

ENTERPRISE MATTERS 5

HEADLINE NEWS

REGISTRATION OF INTEREST FOR THE 2015 BP BUSINESS CHALLENGE IS OPEN NOW The BP Business Challenge is a

a minimum of 80 students participating

unique three-day experiential learning

at each school. The programme will

programme that develops skills,

be offered to students in Year 11 or

understanding and attitudes about

above. If funding permits, we may

how a successful business operates,

be able to offer the BP Business

and connects students with their local

Challenge to Year 10 students.

business community.

In 2015, the programme will be run in 45 schools around the country, with 6 ENTERPRISE MATTERS

You can read more about the programme here and watch the introductory video here.

We encourage you to consider

To register your interest, complete

combining with other schools

the online registration form.

for the Business Challenge. We

Hurry, registration of interest

know this works well; the students

closes Friday 19th September.

enjoy the experience and more

Selected schools will be advised

schools get to participate.

by Friday 24th October.

PASIFIKA ENTERPRISE COMPETITION TRIALLED

Launchpad Winners: Wainuiomata High School

The Young Enterprise Trust, Pacific

‘sow the seeds’ of an interest in

Business Trust and Ministry of Pacific

business for their senior secondary

Island Affairs collaborated to introduce

school years and beyond.

Launchpad. Launchpad is a Pasifika Enterprise Competition for Year 10 students. It was designed to develop their entrepreneurial skills and help

The competition was trialled at the end of May in Wellington, with seven local secondary schools taking part.

Students were set the challenge ENTERPRISE MATTERS 7

Prime Minister John Key meets the Tawa College Launchpad team at their school

ideas to a panel of judges from the local business community. All of this was completed within just two hours. of coming up with an innovative

The feedback showed that all

product idea to encourage young

students felt they had learnt

people to adopt a healthier lifestyle:

something, and that the competition

either through better eating habits or

fully achieved the objective of

through increased exercise.

‘sowing the seeds’ of interest in

Students brainstormed ideas,

business as a subject for NCEA, and

developed marketing plans for their product and then presented their Student responses to the question “What did you learn?”.

• “To think outside the box and more creatively. It was amazing and I hope this continues for other kids.”

• “Building confidence. How to cope under pressure” • “Being more confident in general speaking. How to do sales, how to construct a business.”

8 ENTERPRISE MATTERS

for many students, possibly starting their own business in the future.

“Brilliant to see students get up and perform in front of peers. Gave students the opportunity to see what they were learning in class has relevance. Allows those who compete to feed back to class.” Teacher “Fantastic. This should have been around 15 years ago! Great that Year 10’s don’t have to wait until Year 12.” Parent

NEW ZEALAND BUSINESS HALL OF FAME Tom Anderson  Young Enterprise Trust Ambassador

T

he New Zealand Business

that can impact on thousands, even

Hall of Fame was established

tens of thousands of people. There’s this

in 1994 to recognise New

perception that in business, the focus is

Zealanders who have made an outstanding contribution to business and society.

Tom Anderson was chosen at the

only on the bottom line.

To me, that is an unfortunate generalisation, and one that the members of the Business Hall of

Enterprise in Action weekend as the

Fame disprove with ease. I am the

Young Enterprise Ambassador for the

Head Boy at Roncalli College, a

2014 NZ Business Hall of Fame.

small school nestled in the South

Tom closed the night’s proceedings with his thoughts on how small-town

Canterbury town of Timaru.

I am a typical teen who heralds from

New Zealanders have the creativity,

your average Kiwi family; Dad’s an

integrity and endeavour to make a big

engineer and my mum is a librarian.

contribution to the world of business.

I was chosen for this role out of 80

“Business is not an easy profession. It

of the best young business leaders

is tough. Businesspeople are sometimes in New Zealand at an ‘Enterprise in seen as ‘cut throat’; forced to juggle

Action’ event held in Auckland this

multiple deadlines and make decisions

June, and I was both very surprised ENTERPRISE MATTERS 9

an old railway line, flown to Auckland to practice for the Fed Ex International Trade Challenge, represented my school in Basketball and Table Tennis, run school Assemblies, and attended a couple of school balls. In between all and proud to be selected as the Student Ambassador for 2014.

When I was chosen, many people congratulated me and wished me well. What surprised me though, were the comments about how I was succeeding in spite of the fact that I am ‘only from little old Timaru’.

There was an insinuation that people from small towns lack the sophistication of our big city cousins.

Now, I’m the first to say that I wasn’t

of that I am running a small business for the first time, through The Lion Foundation Young Enterprise Scheme.

Now that’s what I call a well-rounded education, and that’s what small towns offer New Zealanders.

I also consider myself privileged to come from a small school that punches above its weight. Our first fifteen competes in the Crusaders Press Cup Competition and regularly beats schools with much greater numbers than ours. We have national

the smartest or the most confident

representatives in rowing, sprinting,

person at Enterprise in Action. I wasn’t

hurdles and even speed skating.

the stand-out leader of my group and I definitely didn’t have the most charm.

So what made me different from all the rest? The answer’s simple - I’m a

Our school is fairly modest. We don’t have laptops for every student and state of the art equipment isn’t always available. Because of our size, many

Timaruvian, who proves that great things of our students are obliged to take come from small places.

As a young man from Timaru, I’m able to experience and embrace a wealth of opportunities. During the last two weeks I have built electric fences, dismantled 10 ENTERPRISE MATTERS

correspondence or online courses.

I am the only Year 13 studying Accounting this year, a subject that I am teaching to myself.

But none of that is a deterrent,

because we are taught not to make excuses. If we are underdogs in some way, shape or form, then we accept that challenge and never, ever give up.

That’s an ethos that is well suited to the business world. We take risks, we embrace that number 8 wire mentality and we can think outside the square.

I have been drawn to the business world. I want to contribute to this country’s economic and social wellbeing, and I’d like to make a little

Be assured ladies and gentlemen, there are plenty of young people out there like myself who have that ‘Kiwi can-do’ mentality. And I bet that many of them are hidden in small towns throughout New Zealand.

So when you are hiring your next junior executive, I’m sure you’ll remember that it’s not just about a flashy smile and a glossy C.V. What you want is to find out what makes that person tick, what sort

money while I do that as well. What will of backbone and values they have. enable me to achieve that, is attitude Young people from small town New and the self-belief to make it happen.

I feel privileged to be given this opportunity today, and to be competing at the International Trade Challenge next week. I assure you that my teammates and I will represent you in the best traditions of being a New Zealander. We’ll go to that competition ready to be innovative, resilient and able to think outside the square.

Zealand have much to offer you. We are the ones with the highest mountain to climb, and we are the ones who are better off because of it We are the ones who prove that great things really do come from small places.” [Abridged]

>>>483 DAYS TO GO!

Being cut-throat is not the only way to achieve success, as tonight’s Laureates have demonstrated.

Honesty, integrity, endeavour, and our love of the challenge: these are the attributes that young Kiwis can carry forward into any situation.

9th to 10th December 2015 ■ ENTERPRISE MATTERS 11

STUDENT SUCCESS Enterprise in Action

Left to Right: FedEx Team: Lee Davies (FedEx Express), Tom Anderson, Ben Seelan, Amanda Ngo, Shannon Metcalfe, Dylan Rogan, Izzy Stangl, Dee Ngakuru (FedEx Express)

M

assey University hosted

Challenge and the NZ heat of the

another inspiring “Enterprise

FedEx/JA International Trade Challenge.

in Action” event in June with

With the clock ticking, students raced

the support of NZ Trade and Enterprise and FedEx Express. Eighty Lion Foundation Young Enterprise Scheme

to turn out robust business proposals that addressed the global decline of family farming, and then the challenge

students from around the country came of marketing a fish-based product to together to compete in two international Japan. With the support and guidance competitions – the Global Enterprise 12 ENTERPRISE MATTERS

of their fabulous corporate hosts, the

2014 EiA students presented the judges

The six students selected to represent

with slick and sophisticated ideas. The

New Zealand at the FedEx Express

opportunity for students to engage

Asia-Pacific finals in Hong Kong are:

with the volunteer corporate hosts is invaluable. Thank you to everyone who gave up their time to be involved.

In the Global Enterprise Challenge,

• Amanda Ngo - Kings College (Auckland) • Ben Seelen - Nayland College (Nelson)

students from Team NZICA represented • Dylan Rogan - Rangitoto College (Auckland) New Zealand. The winning title was taken by Cambodia this year, but we were very proud to see our team take out the Creativity Award. Team BECA were the winners of the NZ heat of the

• Izzy Stangl - Long Bay College (Auckland) • Shannon Metcalfe - Avondale College (Auckland)

FedEx JA International Trade Challenge. • Tom Anderson - Roncalli College (Timaru) Congratulations to both teams! This event is a full-on roller-coaster for both students and mentors, and this year

All 80 participants were recognised

with a Massey University study award.

was no exception.

Girls’ College, and member of Team ATEED NZ FedEx/JA ITC 2014.

“I feel confident enough to speak with no notes or cue cards. This is a skill which will benefit me for my entire life and make me a much more employable person in the future – or maybe even the kind of person who does the employing!”

Emily McCarthy, CEO of Perpetuum, student at Tauranga

ENTERPRISE MATTERS 13

Team

Team ATEED

Our special thanks go to the awesome corporate hosts, whose staff mentored students throughout the weekend: Air New Zealand, Auckland Tourism, Events and Economic Development, BECA, Minter Ellison Rudd Watts, New Zealand Trade & Enterprise, New Zealand Institute of Chartered Accountants, Samsung, Telecom, The Icehouse and Xero. Without them, this event would not be possible. ■ 14 ENTERPRISE MATTERS

“The way these students are like sponges and just soak up what advice or experience you are sharing is unreal.

You can actually see a visible difference in their confidence levels by the end of Monday morning.”

Phil Giller, Corporate Host and Mentor, Samsung Education Lead.

Team Telecom

Team Xero

Team BECA

Team Icehouse

Team MinterEllison

Team NZICA

Team NZTE

Team Samsung

ENTERPRISE MATTERS 15

FEATURE

We spoke recently with HOD Vicky Crawford about how Albany Junior High School has created a thriving Business Academy

Why have AJHS introduced a Business Academy?

What actually is the Business Academy at your school?

Our Albany Junior High School

It is a Year 9 and 10 subject included

(AJHS) curriculum encourages

in our option structure that is linked to

and offers enterprise opportunities

a technology- based subject.

from Year 7, and we observed that by the time students got to Year 9 their basic business knowledge had increased to a level where we needed to offer more advanced programmes.

We also had a unique opportunity

Students who opt for the Business Academy are also required to take one of: Digital Technology (Web and App design), Digital Design, and Product Development – all from the Technology department. The students then develop business

at Year 9 and /10 to develop

groups or teams that must include

authentic learning opportunities

at least one person from each

that are often not available

technology option so they have a

once students get to NCEA.

variety of skills in each team.

16 ENTERPRISE MATTERS

What is the purpose and what are the goals of the Academy?

The purpose and goals of the Academy are encapsulated in the programme’s title: The Albany Junior

Where is Enterprise and Business offered in your curriculum, and what We aim to produce students who are Networked, Equipped, Xperienced and specifically are the students doing?

High School NEXT Business Academy.

Transformed into young adults who are confident, connected and actively involved life-long learners.

It is important that every student has the opportunity to experience the business world, as many of these young

Enterprise and Business is woven through the curriculum in various ways. At Year 8 students are

introduced to Business and Enterprise by spending one term developing their own Market- Day business with

men and women are the entrepreneurs

a simple business plan.

and business owners of the future. We

At Year 9 and Year 10

need to nurture their enthusiasm and

Business is formally included

drive for the future of New Zealand.

in the Option Structure.

ENTERPRISE MATTERS 17

This year the Business Academy programme has included: • A Twilight Market Formal business planning that utilises the Young Enterprise Start-Up Programme • Pursuing our Passions CV and Career investigation, including primary research and work experience • Financial Literacy Student groups research an area of personal finance (Using sorted booklets and Young Enterprise trust hot topics), and then create their own Trade Stalls, which will be exhibited in an Open Evening for parents and the community during Money Week.

• Apprentice Challenges Students will design a personal finance ‘app’ for young people aged 15 to 25yrs. Community experts will judge the presentations in a style similar to Dragon’s’ Den. • Global Entrepreneurship Our students will research the requirements of doing business in China. They will work with our local Chinese community as a resource for developing cultural understanding of the processes involved. The students will then develop a business plan to export a New Zealand product into the Chinese marketplace.

• Trips Human Resources, with a trip to Spookers; and Marketing, with a trip to Tip Top • Guest Speakers Looking to the future we would like to develop our relationships with sponsors, business networks and our local Asian community.

We will also be looking for ways to develop our authentic assessment processes and, by developing our own capabilities, give students the opportunity to start online businesses.

18 ENTERPRISE MATTERS

How do you staircase enterprise through the junior school years?

Financial Literacy is embedded in the school across a variety of programmes. Students encounter financial education through mathematics, Integrated Studies (Year 7 to Year 8), Social Studies (Year 9 to Year 10) and through the Business Academy (Year 9 to Year 10).

How does the business academy prepare students for taking business subjects at the senior school?

The Business Academy serves as an

introduction to Accounting, Economics and Business Studies at Year 11.

Students have a solid grounding in all of these key areas. AJHS links with the senior high school and the commerce staff work together to develop programmes. For example, the Twilight market this year was a combination of AJHS and ASHS students.

How do you avoid students thinking ‘we have done this market day thing before’ as they move through the school years?

learning. They are learning about the

Students enjoy doing Market Day and

individual. They are looking at their

each year the expectations increase.

They can be very competitive and are always striving to do better than the previous year.

It is interesting to note that students do look for others who have performed well in the past to join their groups. Being fired from a previous Market Day group or not successfully completing a previous challenge does make it more difficult for a student to be employed in a group. This is a real life experience, as far as we are concerned.

So, what have you been able to achieve by having the Academy?

importance of managing their time, and developing skills that enable them to function in groups and as an futures and discussing and planning what these may look like.

How do you staircase financial literacy through the junior school years?

The students use a whole range of strategies. They tend to approach family and friends first, followed by business owners outside of school. Then they will approach companies that they have found on the internet.

The students have been very successful in developing these links – they have attended business meetings and presented their ideas to Boards of Directors. Ensuring that students have the confidence to network with the

The students are becoming more

business community themselves is one

engaged and self-directed in their

of our key aims. ■ ENTERPRISE MATTERS 19

NEW RESOURCE

PERSONAL FINANCIAL MANAGEMENT STANDARDS NZQA has announced that several of the PFM unit standards will expire, with a last date for assessment being the 31st of December 2015. A new

Management (PFM) Unit Standard packages available for you to use in the classroom for several years.

The Personal Financial Management

set of standards and assessments

Unit Standard teaching packages for

have been released earlier this year.

the updated standards that are being

The new standards are graded with

retained are still available for you to

achievement, merit and excellence.

use. However, these packages have

Some of the existing standards have

not been updated in line with the

been updated and are being retained,

updated standards.

but these do not have grading.

Young Enterprise Trust has had several Personal Financial 20 ENTERPRISE MATTERS

Teaching lessons and learning packages for these standards are freely available when you sign up here.

Level 1 OLD STANDARD

UPDATED STANDARD

24697 Perform income related calculations Perform income related for personal financial management. calculations for personal financial (1 Credit) management. (1 Credit) 24705 Interpret and verify accuracy of personal financial documents.

(2 credits) 24709

Produce a balanced budget for an individual. (3 credits)

Level 2

OLD STANDARD

Interpret Financial Documents and verify accuracy of financial documents for personal financial management. (2 credits) Produce a balanced budget to manage personal finances.

(3 credits)

UPDATED STANDARD

24695

Demonstrate knowledge of income, taxation, and other deductions for personal financial management. (3 credits)

Explain taxation and other deductions relating to personal income. (2 credits)

24699

Make an informed decision relating to personal income and evaluate its consequences.

(2 credits)

Make an informed decision relating to personal income and explain its consequences.

(2 credits)

We are currently working to develop resources for some of the new PFM graded (achievement/merit/excellence) Unit Standards. These will be available for use in 2015.

ENTERPRISE MATTERS 21

PRIMARY: SCHOOL GARDEN PROJECT

Develop Enterprise and Financial Capability Through your School Garden Project The new Pick Up and Go School Gardens resource has nine focus activities that engage students in fun, practical, hands-on experiences, easily integrated into the classroom literacy, numeracy, science, technology and social sciences curricula.

School Gardens are a source of great joy for children of all ages. They love to see the fruits of their labour result in colourful flower and vegetable gardens,

3

along with the more exotic garden varieties such as butterfly gardens.

This resource will enable you to extend garden journey with your students while your science curriculum learning to

we take care of the curriculum planning,

include developing enterprise and

visual and text materials, related

financial capability with your students.

exemplars and student worksheets.

Give the Pick up and Go resources

The resource takes an inquiry

approach, and lets you enjoy the school a try: you won’t be disappointed.

Resource School Gala

School Year

Suggested Duration

Available

4-8

5-6 weeks

Now

School Camp

1-4

6 weeks – 1 term

Now

School Gardens

1-8

6 weeks – 1 term

Now

School Performance

3-8

4 weeks – 1 term

Term 4

School/Community Project

1-4

4 weeks – 1 term

Term 4

Access to these resources is free. Sign up here now.

22 ENTERPRISE MATTERS

SECONDARY: EPIC CHALLENGE

Can your students conquer the EPIC Challenge?

Our new competition for Year 10 students kicks off this term The EPIC Challenge is a free programme and competition that takes just two weeks to complete and has links to the Science, Social Sciences, Commerce, Careers and Media Studies learning areas. It can be completed at any point during Terms 2, 3 or 4 and can be easily introduced in your classroom, or given to keen students to complete as an extracurricular activity.

The challenge is simple – students research career options in one of the Primary Industries, choose one career and then develop a promotional strategy to market that career to fellow students.

Students can enter their work into the national competition, and there are a wide range of prizes available, thanks to The Ministry of Primary Industries and DairyNZ.

POTENTIAL CAREERS INCLUDE: •

Environmental Engineer

Dairy Farmer

•

Marketing

•

Agricultural Engineer

•

Beef Farmer

•

Geneticist

•

Sharemilker

•

Viticulturalist

•

Fisheries Officer

•

Policy Analyst

•

Rural Banker

•

•

Fertiliser Representative

Irrigation Specialist

•

Forestry Scientist

•

Vet

•

Watch this video to find out more.

Sign up for the challenge here now

ENTERPRISE MATTERS 23

ENTREPRENEUR INSIGHT Tim and Dan Alpe, founders of JUCY rentals

24 ENTERPRISE MATTERS

B

rothers Tim and Dan Alpe are co-founders of JUCY, a global tourism company operating over

2,700 car and campervan rentals in NZ, Australia and USA. The company also operates: JUCY Cruise Milford Sound, JUCY budget accommodation, the JUCY by Design manufacturing division, and New Zealand’s only car share business, CityHop.

Worst school memory?

Dan: All the rules., I never was very good at following them.

Tim: Three 3-hour exams. I am not built for sitting still for that amount of time.

Founded in 2001, The JUCY Group now has more than 240 staff across New Zealand, Australia, Germany, the UK and US; and 300,000 customers annually.

Kings College old boys Tim and Dan are passionate about helping young enterpreneursentrepreneurs get started, and Tim was a guest speaker at our IBT conference last year. We asked Tim and Dan what advice they have for young Kiwi entrepreneurs.

Favourite school memory?

Dan: My 7th form school trip to the Himalayas.

Tim: Boarding in my last year at school. It was a blast.

When and why did you decide to start your own business?

Dan: I had holiday jobs from an early age, first cleaning campervans for my father, and then working in a shoe shop for a family friend while I was at Uni. I wasn’t great at being told what to do so I realised pretty quickly I needed to do something for myself.

Our father being a serial entrepreneur was definitely an inspiration to go out and follow our dreams.

Tim: We knew corporate life wasn’t for us and really wanted to have our own business. I actually don’t think we had a choice in the matter to be honest. We loved the fact that whatever we did had an instant impact on the business. Scary stuff but also incredibly exciting at the same time.

ENTERPRISE MATTERS 25

Don’t be afraid to fail, if you It definitely doesn’t come without its truly believe challenges, as brother’s close in age we have always been very competitive, in something, so in the early days there were plenty follow your gut of heated discussions and there may and give it a go. have been the odd punch thrown.

If it doesn’t work The key for us has been to focus on each other’s strengths and ultimately out, make sure to respect each other. you brush it off and take all the Tip for young learning away entrepreneurs: with you.

You don’t need to know everything. Many entrepreneurs will say that started several businesses Surround they before they figured out the right yourself with one and how to make it work. is your first business, so people that are This what’s the secret? smarter than you As much as JUCY as a business has and then trust been successful to date we have made our share of mistakes them to get on definitely along the way. I think the key is to and do their job. know when enough is enough, lick Family and friends often don’t make good business partners. How do you make it work so well?

your wounds and move on. The

lessons learnt can often be worth far more than the investment lost.

26 ENTERPRISE MATTERS

Tell us about the JUCY brand, and how you have made it such an important part of your business.

We started a company called EZY in Auckland with 35 cars. We soon realised that we were lost in the crowd of 200 other rental companies, and were using a company name that wasn’t unique.

Getting a letter from some guy at Easyjet in Europe, threatening various actions on us for using the name Ezy was a further prompt to rethink our name.

We sought the advice of a branding specialist, who said we needed to grow up, stand out and own our brand worldwide. We settled on JUCY. At first, the team thought we had rocks in our heads, but within a week, they had all totally bought into the idea. It was the best thing we ever did.

Tip for young entrepreneurs: If you do decide to start up in a crowded market as we did, you need to make sure that you have a clear point of difference and ultimately deliver customer service that blows the competition out of the water.

ENTERPRISE MATTERS 27

Become one of your potential customers and experience what is out there and how you could improve on that experience.

Your brand will appeal to certain people. When students set up their businesses they are encouraged to identify their target market, and test their market. How do you test your market?

We worked in the industry before starting JUCY but didn’t really do any market validation when we started, and we lacked the skills to do it. We were hungry and we hustled to get what we wanted.

We are still hungry and still hustle, but with growth you have to do your market validation to understand the game that you are in, and to know the weaknesses of your competitors.

We know we are not for everyone, but our target market is best described as people in their 40’s who are young at heart.

28 ENTERPRISE MATTERS

Poor communication can be the downfall of many new businesses. How do you make sure communication is working well at JUCY? Good communication is critical in our business. As an entrepreneurial business things move quickly and there is nothing worse than staff finding out about a new product or offering through the grapevine, or even worse from one of our customers.

We are using social media more and more to communicate with our teams, especially as we grow internationally.

It amazes us that so many companies ban the use of Facebook and Twitter, because that’s how we communicate.

Embrace social media, sure, the last thing you want is your staff spending all day on Facebook, but rather than simply banning it, create a good policy and then use it to communicate with them.

What is the biggest Challenge that you have faced in your business, and that young entrepreneurs will also encounter.

Funding is definitely our single biggest challenge. As a capital intensive business that is growing, we are constantly faced with the challenge of how to fund the next product line or venture. To date we have funded our growth through a mix of shareholder and bank debt.

However, with the launch of the US business in 2012, we took a different

Tim, you are a recent recipient growth. Outside of the initial investment of a Sir Peter Blake Leadership award. What is your advice to in year one, we have worked very emerging business leaders? hard on funding the business locally, approach on how we would fund the

through various means. While it is still a challenge, it isn’t having an impact on the growth of our New Zealand and Australia operations.

Tip for young entrepreneurs: Don’t be afraid to give a little away to get the right people and financial support around you.

Don’t put off tomorrow what you

can do today! Starting a business is a scary thing to do but also can be totally life changing.

Dan and I were really lucky that we got into our business at an early age and at a time when we had very few responsibilities (wives, kids, mortgages etc). We could basically work 100 days straight and not worry about neglecting other responsibilities.

It might be a different story if we started in our mid to late 30’s when there is a lot more at stake. ■ ENTERPRISE MATTERS 29

IMPORTANT DATES WEBINAR • YES. Writing annual reviews, a guide for students and teachers.

Tuesday 26 August, 4.00-4.45pm - register now.

MONEY WEEK Keep an eye on the Money Week website to find our resources and events

taking place in your area. If you are planning an event, please register it on the events section of the website. Please register private events that are happening in your class or school as well – this helps us to know what’s happening out there.

WE’LL SEE YOU THERE: NZPF Conference: 24-26 September U Learn Conference: 8-10 October

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8-10 October, 2014 | Rotorua Energy Events Centre

The ultimate modern learning and teaching conference CORE Education invites you to a professional learning conference. Suitable for teachers, school leaders and facilitators, from ECE to tertiary, ULearn is part of a continuum of sharing best practices making transformational shifts towards10th effective modern learning and teaching.

YESand NATIONAL AWARDS: Wednesday December.

CONFERENCE STRANDS

learning practices 30 Modern ENTERPRISE MATTERS

Modern learning environments

Modern learning technologies

“When you have confidence, you can have a lot of fun.

And when you have fun, you can do amazing things.”

Joe Namath

SPONSORS&SUPPORTERS Thanks to our fantastic sponsors and supporters. None of what you have seen in this magazine would be possible without them. If you would like to know more about how you can help, please go to www.youngenterprise.org.nz

Sponsors & Supporters

Platinum

Gold

Silver

National

Supporters

AT&T New Zealand Auckland Chamber of Commerce Baines Trust Careers NZ Citi Federation of Māori Authorities (FOMA) FedEx Fujitsu Gallagher Charitable Trust Board Inc Glenice & John Gallagher Foundation Kaimira Ventures Magpie Media Limited New Zealand Māori Tourisim New Zealand Trade and Enterprise Ricoh Snowball Effect Te Ohu Kaimoana Te Puna Kokiri Te Tumu Paeroa

ENTERPRISE MATTERS 31