Collegepreneur Magazine by fran

COLLEGEPRENEUR.COM

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

Fra n H a rr i s , P h . D.

Founder, Publisher, Editor-In-Chief

Contributing Editor Tonya Banz Copy Editing Triumph Communications, LLC

Collegepreneur ®

CONTRIBUTING WRITERS Bree Barton Samuel Bickham Nicole Braddock Donna Cutting Matt Darby Adam Davis Lou DiToro Louise Edgerton Joe Farlese Amy Goldsmith Jen Groover

Kent Healy Kyle Healy Bill Hilton James Malinchak Debra Nixon, Ph.D. Micha Nixon Beth Philley Geoff Sanders Omar Soliman Jonathan Sprinkles

ART Art Director Geoff Sanders Design Services Wythagy, LLC Stock Imagery BigStockPhoto Advertising, Sales & Business Development Fran Harris Enterprises, LLC 5600 W. Lovers Ln, #116-190 Dallas, Texas 75209 p. (214) 260-7742 f. (866) 846-4908 Editorial Offices 5600 W. Lovers Ln, #116-190 Dallas, Texas 75209 p. (214) 260-7742 f. (866) 846-4908 Subscriptions To subscribe, renew your subscription, or buy gift subscriptions, call (214) 260-7742 or visit www.Collegepreneur.com

Write For Us Go to www.writeforcollegepreneur.com for details! Employment Opportunities We’re always looking for reliable and creative players to add to our team. Send your resume and cover letter to jobs@collegepreneur.com. We’d love to hear from you! All general inquiries, praise, flowers, kudos, feedback and suggestions should be emailed to letters@collegepreneur.com Reprints & Permissions To order reprints of any article or to get permission to reproduce an article appearing in Collegepreneur, call (214) 260-7742 or email reprints@collegepreneur.com.

COLLEGEPRENEUR MAGAZINE

Premier Issue

Survive the Jungle with Guerilla PR by Lou DiTorro

in this issue

side from being a collector’s item, this premier issue is packed with the foundations of what Collegepreneur is all about: resources to help you launch, grow, expand, and explode your entrepreneurial dreams. In addition to being the definitive business magazine for college students, we believe it’s important to equip you to be savvy financial stewards and innovative leaders in whatever industry you end up pursuing. So, you’ll also see articles on finance, wealth, prosperity and business. We also believe that social consciousness and philanthropy are Photography: Shawn Escoffery essential to success. So, we’ll bring you Makeup and Styling: stories about people who are not only doing well in their businesses but who are also “doing good” in their communities. Social entrepreneurship is more than a buzz phrase to us; it’s a way of life.

Additionally, our focus groups told us that we needed to be sure to spell out one important fact: that the magazine is for every college student regardless of major or entrepreneurial profile. In other words, it doesn’t matter if you have dreams of ever starting your own business, you can still benefit from the words on these pages. You’ll still be inspired by the incredible success stories of students and former students who have been exactly where you are today. You’ll be moved to step onto your own entrepreneurial path, whether it is as a student leader on campus or as the CEO of your own multi-million dollar empire. It’s your call. Entrepreneurship isn’t limited to business. In fact, we believe everyone is an entrepreneur. Yes, everyone. So we’ve sprinkled the magazine with a nice balance of serious business tactics, insights from experts and inspirational features on amazing entrepreneurs. We think you’ll be excited by the diverse offerings throughout Collegepreneur. From our Blings & Things section to the Campus CEO Spotlights to the Women Who Mean Business profiles to In The Money. We’ve attempted to leave no stone unturned - or at least untouched. If it’s not in this issue, we’ll cover it in a future edition. So, if you see something you love, let us know. If you don’t see something that you’d like to see, let us know that too. Remember, we stand on your shoulders. Let’s all get lifted. Copyright © 2007 Fran Harris Enterprises, LLC. Collegepreneur is a ® registered trademark owned by Fran Harris Enterprises, LLC. All rights reserved. Premier issue Number 1, Volume 1. Collegepreneur is published quarterly throughout the year by Fran Harris Enterprises, LLC, 5600 W. Lovers Ln, #116-190, Dallas, Texas, 75209; Tel: (214) 260-7742; Fax: (866) 846-4908. CollegepreneurTV, CP Gear, Collegepreneur Conference, CP Domains, and any other use of ‘CP’ or ‘Collegepreneur’ magazine in this issue is © 2007 Fran Harris Enterprises, LLC. All rights reserved. Use of articles, images, logos, or name is strictly prohibited without written consent and approval.

PREMIER ISSUE

I f yo u ’r e a s m a l l b u s i n e s s ow n e r, yo u k n ow i t ’s a j u n g l e o u t t h e r e . Yo u ’r e b e s e t by d a n g e r s e ve r y wh e r e yo u l o o k . A n d yo u never know for sure what’s going to happen. Public relations can help you survive the jungle by creating awareness, generating visibility, and establishing good will. Using public relations even produces qualified sales leads. It’s more cost-effective and provides more credibility than advertising. But what if you don’t have the budget to deploy a traditional PR program— press releases, media kits, special events, media relations, and so on? Or, you don’t think a traditional PR program will reach your audience? What do you do then? Forget about PR as a marketing tool and try something else? Not necessarily. There’s always guerilla public relations. Guerilla PR is a subset of guerilla marketing, a promotional concept discussed by Jay Conrad Levinson in several books, including The Guerilla Marketing Handbook. Guerilla marketing is an unconventional way of conducting promotional activities on a low budget. Some businesses using guerilla PR have found it just as effective as traditional PR. In fact, some have found it more effective because it’s better suited to catching the attention of their target markets and it cuts through the clutter of everyday life.

What is Guerilla Marketing? Guerilla marketing is geared specifically for the small business with small budgets. It’s a creative and unconventional way of promoting your company, products, or services. Levinson identifies the following principles as the foundation of guerrilla marketing activities: * Geared specifically for the small business. * Based on human psychology instead of experience, judgment, and guesswork. * Primary investments of marketing are time, energy, and imagination. * Primary statistic to measure is the amount of profits, not sales. * Concentrate on how many new relationships are made each month. * Aim for more referrals, more and larger transactions with existing customers. * Forget about the competition. Focus on cooperating with other businesses. * Use a combination of marketing methods for a campaign. * Use current technology as a tool to empower your marketing. Guerilla marketing tactics try to reach their target markets in a variety of ways, including personal canvassing or word-of-mouth. Or, they try to reach individuals as they go through their daily routines. Often the tactics are off the wall. One company COLLEGEPRENEUR.COM used forehead advertising to reach its target. (continued on page 8)

contents

MONEY

Raising Capital Start-Up Money Matters

You’ve got the drive, you’ve got the ambition and one whale of an idea, and if genius were a currency you’d rule the world. But you need money to launch your business and you need it last week, right?

business cards, $350 for a website and $75 for signage, get individuals to bankroll individual startup needs rather than asking one person for the entire $625.

Finding cash doesn’t have to be an arduous task. In fact, properly executed it can happen quite quickly. Here are a couple of ideas to get you started.

Advantages: Often money is loaned interest free or at a low interest rate, which can be beneficial when getting started. Disadvantages: Can strain relationships if things go south.

Personal Savings

Most new entrepreneurs tap into their own bank accounts or savings to fund their businesses. Advantages: It’s available and it’s yours. Disadvantages: Leaves you without an emergency stash.

Sell Something

In addition to Ebay there are tons of ways to sell products or services for quick cash. Look around your home, apartment or dorm room. You’re bound to have something you don’t need or want any longer. Maybe someone else wants it. You can also sell your expertise. Can you tutor someone or coach someone? Instant cash. Advantages: There’s a consumer for practically everything. From old sneakers to memorabilia to textbooks. If it has value, someone will buy it. And with the Internet, it’s easy to put up a website and For Sale sign and be in business in the next 24 hours. Disadvantages: It may take some time to research to find your customers.

Friends and Relatives

Nobody knows you like the ones who love you. They’re also going to be your best bet for immediate funding. Most people have at least one person who believes in them and has a few dollars to spare. Instead of trying to fund your business with one investment from a family member or friend, section off pieces of your business and get it funded in parts. In other words, if you need $200 for

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

Banks and Credit Unions

The most common sources of new business funding are banks and credit unions. They’ll need a solid business plan to even look your way. Advantages: If you have a long-term relationship with them they’re more likely to respond favorably to doing business with you. Disadvantages: Sometimes require items college students don’t have – collateral such as homes and other assets.

Venture Capital Firms

Randal Pinkett From campus CEO to international celebrity.

Business The Game of Business Got Pre-Nup? 5 Questions Start-Up Biz Checklist Ahead of the Curve

24 25 26 27 29

Commentary

Cool Moves

Entrepreneurship Fast Ventures The Franchise Boys Teenpreneur Spotlight

Packing It In

Can anything good come out of a roadtrip with Dad? How Brian Altomare turned road rage into profits.

These firms help expanding companies grow in exchange for equity or partial ownership. If you have a clear multimillion dollar business, VCs are a realistic funding source for your business.

So, You Want to be a Leader?

No more whining about finding money for school. Shayla Price landed $100 g’s and she’s not done yet.

Funny name. Serious business. How did this former DJ become a successful CEO? 09 16 18 71

Marketing

The Price Is Right

Kiptronics

36 38 41

Leadership

Advantages: Typically have tons of money to invest. Disadvantages: Generally invest in established companies trying to go to the next level, although more VCs are being formed to address the growing segment of start-ups.

In Every Issue

Publisher’s Rant Blings & Things Social Entrepreneurship Been There, Got The DVD

Who Wants to be a Celebrity?

Opinions The Value of a College Education

Personal Development Abroad-ening Your Horizons Zen of Business

62 64

Selling Networking Your Way to Success

Technology An AdWorld After All PC vs Mac

68 70

Miscellaneous Shaking The Haters Safety Pays Success From The Inside Out Too Much Stress? Do I Really Need A Business Plan? What’s Hot? Business of Boobs Is Diversity Good For Business? The Franchise Boys Events COLLEGEPRENEUR.COM

10 11 12 13 15 17 18 23 32 33 7

From Page 5

PUBLISHER’S RANT

more Brits to vote in the upcoming elections.

audience. Another employed interactive urinal communicators. A third used eye-catching, custom-branded flipbooks. All were effective.

Guerilla Public Relations Tactics Guerilla PR is based on the idea of guerilla marketing, except that it’s designed specifically to generate publicity. It may highlight a product or service or it may advocate a cause or something other than the company’s products or services. With guerilla PR, you examine your company, products, and/or services thoroughly, looking for all sources of publicity. Many forms of publicity are inexpensive; others are free. And the guerilla PR person uses any and all of them to generate exposure.

Drawing the Line Of course, this isn’t meant to suggest that you do what FHM did. Nevertheless, it’s a good example of guerilla public relations - it generated enormous publicity for both the cause and the magazine. The event featured not only in print media but on BBC television, creating quite a controversy, which is part of what FHM was trying to achieve. But you have to be careful with guerilla marketing tactics. They can backfire on you, as they did for TV’s Cartoon Network. In January 2007, several guerilla-marketing specialists hung magnetic light displays in and around the city of Boston. The displays were mistaken for possible explosive devices. Several subway stations, bridges, and a portion of Interstate 93 were closed as police examined, removed, and, in some cases, destroyed the devices. The suspicious objects were revealed to be depictions of Mooninites, Ignignokt and Err, characters from the Cartoon Network’s animated television series, Aqua Teen Hunger Force. Boston was not happy.

One of the most memorable guerilla public relations tactics involved men’s magazine FHM. In May 1999, a huge (60ft) image of a nude Gail Porter was projected onto the side of the Houses of Parliament in London. Porter was a television presenter who tended to present family-oriented programs. Then she began posing nude in men’s magazines, becoming quite a hit. FHM beamed a nude photo of Porter on the House of Parliament urging people to “Vote Porter.” The magazine wanted to stimulate

While guerilla public relations is ideal for small business tactics, more and more Fortune 500 companies like Nike, Yahoo, General Electric, Sony Ericsson, and Citigroup are using them. That’s because they can be effective, regardless of the product or service you’re offering. So if you don’t have a budget for a traditional public relations program and you’re a small company, don’t despair. Guerilla public relations can help you fight your way out of the jungle.

Additional guerilla marketing tactics include advertising printed directly on another store’s receipts, truck and automotive signs, T-shirts, magnetic light displays (like Lite-Brites), and bluejacking, sending a personal message through bluetooth technology.

rilliant ideas are everywhere. All you have to do is stop, look and listen. Then take action. Massive, deliberate action. I was on a plane over a year ago, heading back to Los Angeles after a speaking engagement from an east coast university. I was recapping the presentation in which I’d spoken about leadership, when all of a sudden it hit me. During the Q&A portion of the event, students kept asking me the same two or three questions: How had I become a successful entrepreneur? What influenced my decision to leave a high-paying corporate job to pursue my own business? What was it like to balance athletics and academics in college? I thought for a moment. Of all the powerful things I’d spoken about in my 60-minute presentation—leading with passion, knowing no limits, stepping into one’s unique leadership style – the students were most intrigued and interested in my hoops career and entrepreneurial background. As I perused my journal notes from previous keynotes, I started to notice a pattern. On nearly every campus I’d visited in those last six months, the students always seemed to be most fascinated by my business adventures, my travels abroad, my departure from consumer giant Procter & Gamble, and the fact that I’d started my first business when I was only nine years old. And of course, playing on the WNBA’s first championship team with the Houston Comets.

one or two every day while I’m in yoga class (I know I should be breathing but what can I say?). You’ve probably had at least one flash through your mind while you’re reading this article, right? But here’s the deal: ideas are hatched 24/7/365; yet how often do we actually execute those ideas? Hardly ever. I can’t tell you how many times I’ve watched a news program featuring an inventor or entrepreneur who followed through on something that I’d thought about years before. In a future edition, I’ll share some of the ideas I had that are making somebody else a lot of dough! Aarrrgh! It’s not a fun experience, trust me. Victor Hugo is credited with saying, “There is nothing more powerful than an idea whose time has come.” That’s how I feel about Collegepreneur. Our vision for this magazine is simple: to be the premier publication for college leaders and entrepreneurs. Period. Our commitment is to inspire you with insights from leading experts, innovative collegepreneurs, unconventional business wisdom, and trendsetting resources. So, drop us a line and let us know what you’d like to see on these pages. After all, Collegepreneur was created to propel you to greater personal, entrepreneurial, and financial freedom. We’re excited you’ve gotten onboard. Enjoy the ride!

Ironically at the same time that this realization was hitting me, I was reaching into my backpack to grab a business magazine I’d just bought in the airport. Ohmygawd! A magazine like this one but for younger entrepreneurs! Of course! Not just any old magazine. A business magazine for college students! It was brilliant. It was huge. It was mind-blowingly phenomenal! I could see the vision three, four, ten years out. This magazine was going to make history. I could hardly sit still. We were still two hours from LAX and I couldn’t wait to land so I could call my brother or sister to tell them about my latest stroke of genius. In that moment I pulled out my Powerbook and started writing the business plan. My hands were typing faster than a court reporter. And apparently I had a goofy smile on my face because the guy next to me leaned over and said, “I want some of whatever you’re inhaling.” I had to laugh. “I don’t mean to pry,” he said, “But I have to know what’s put that smile on your face… if you don’t mind sharing.” I stopped pecking on my keyboard and turned to him, still wearing that goofy smile. “I just came up with the most amazing idea. It’s so much fun all I can do is smile.” The man shot me a knowing nod. “That’s cool,” he said as he ordered another round of something clear. “That’s way cool.” Like I said, brilliant ideas are everywhere. I think of at least

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

Shaking The Haters Jonathan Sprinkles

Face it: because of your success, you will occasionally get wind of people’s grumbles saying, “She thinks she’s all that,” or “He’s only out for himself.” Here’s why—for some, you’re a constant reminder of what they could’ve had if they’d stayed the course and not given up along the way. Although your naysayers may say that they’re upset with you, they’re really upset with the fact that you HAVE everything they WANT: success, admiration, influence, confidence, discipline, and a great reputation—and you have the nerve to look good in the process! My friend, you just continue to stand firm, knowing that you’re doing the right thing by walking in truth. Don’t let anyone’s small-minded insults get you off your game. On campus, and in life, someone will always be upset with your success. You must be bigger than your critics! Beloved, the only way to conquer this attachment to approval is to develop an unshakable understanding of who you are. You couldn’t convince Picasso that he was born to be a pastry chef. You couldn’t convince Shaquille O’Neal that he was meant to be a jockey. So, why do we allow others to influence our thinking about our role within the organization? Although we’ve all been guilty of this in our lives, it still doesn’t make sense! Don’t feel the need to change so that people who don’t like you will stop talking about you. Pay attention, they don’t like you! If your success ticks them off, they’ll really have a field day if you fail. For this reason, you absolutely must be “true to your potential.” Be who you are, not who they want you to be. Don’t settle for someone else’s definition of what you can and can’t do. They don’t know you like that! They have seen what you have done, but they don’t know all that you can do. I have personal experience with this. Once upon a time, I chose to conform to a lower standard for myself just so other people wouldn’t talk about me. This is the saddest thing that’s occurred in my life, and I see it happen all the time in the COLLEGEPRENEUR MAGAZINE

1. Escort Service: Trained escorts, available for students who attend late night study sessions, classes, or group gatherings. The escorts can walk people to their cars or dorms, or shuttle people using golf carts or other creative means. Again, your school may have a service, but how well is it working? How many students use it? How are they marketing their services? Do they stop working after a certain hour? Campuses don’t sleep. Therefore, neither do successful campus businesses. Grab a few friends and hang out on campus “after hours.” See how many students (especially around midterms and finals) are walking back from the library, their friend’s dorm room, or wherever they go to be inspired. If you don’t see very many, start asking students how No one can help but wonder where the next attack will occur. many of them are afraid to utilize the campus after dark as much This nation has become one that doesn’t ask if, but when. News as they’d like to. You have at your fingertips one of the best marof these attacks has become so seemingly commonplace that ket research methods available: access to your potential custommost people don’t even bother to ask why. Parents sit at home ers. If you start talking about it, you’ll be surprised what ideas and wonder if their children are safe, teachers and administra- other students have and what ideas you develop. tors eye every student with a bit of suspicion, wondering if he/ she will be the next one, and students, somehow, must soldier 2. Personal Safety Training: Train students to take back their on and try not to profile their classmates while they listen in- personal space and give them the confidence to go where they tently to their professors and enjoy the best years of their lives. want to go and do what they want to do. If you don’t have the training to provide these skills to others, don’t fret. You can act It doesn’t have to be this way. No one is denying that the as a conduit for speakers and trainers who do have the skills and threat and the concerns are real, But the fear doesn’t have to knowledge. Speakers and trainers constantly look for audiences, be. There’s another way. As budding entrepreneurs and busi- and you could provide them. Talk to various groups on camness owners, you, college students, have the advantage when pus and determine which ones would be interested in attending it comes to providing services on campus. You’re the ones who the training. If a group doesn’t have adequate funding available, know the pulse of the campus community. You have access combine groups or provide fundraising ideas and tips to make to the decision-makers on campus. And you can look around it happen. You could find the money yourself and bring speakyour schools and see what needs could be better met. What ers on campus for a fee (most speakers will forfeit a percentage are the two rules to starting a business? Find a need that’s not of their speaking fee to the person who lands the gig for them). being met and meet it, or find a need that’s being met and meet Or, you could solicit the senior administration and present a it better. That’s it. And in the area of safety, there are needs that compelling argument for how creating an aware and vigilant student body is the best thing that can happen for a school. The aren’t being met. possibilities are endless, and you’ll be providing an invaluable So look around you. How is your school handling the issue of service to your school. personal security? No doubt there are blue lights and phones placed periodically throughout your campus. There may be an 3. Start a “Be Vigilant” Campaign: There are many ways to make escort service provided to students who live on campus and money during student movements. You can get funding through have late classes. At most schools, there are systems in place your school programs to begin and create an entire campaign to provide security, but they could be better. In order to un- encouraging students to Be Vigilant. You can sell whistles and derstand the advantage small businesses have over universi- pepper spray and guides to being vigilant. Work directly with ties when it comes to managing safety on campus, you have the campus safety office and police department to see what to understand the decision-making process each must follow. needs can be better met. And don’t stop with your school. Once A college or university is a huge entity and making changes a campaign works on one campus, it‘s pretty easy to transfer it takes time. The beautiful thing about entrepreneurship is flex- to others. ibility. You can move and develop much more quickly than the school because you don’t have years of bureaucracy to navi- There are many ways to improve the lives of the students at your gate. Schools typically are very willing to outsource issues to school. The issue of personal safety isn’t new, and it isn’t going others if the product or service meets a need the school would away. If you can tap into a way to develop a business concept that addresses personal safety needs on campus, you’re well on take months or years to address. your way to building a successful business. Be Vigilant! Enter you. What are some possible business ventures that could provide a valuable service to your school and classmates and Following the 9/11 terrorist attacks, Tonya enlisted in the Army put money in your pocket? The following are just a few ideas— and joined the ranks of counterintelligence professionals. She there are hundreds more. As long as people use violence as a travels the country empowering audiences with her unique apmeans of expression, there will be opportunities to counter it. proach to personal safety. By Tonya Banz

s a leader, you have to accept that people will be gunning for you, looking to poke holes in your abilities, intelligence, and even your character. No, it’s not right and no, it shouldn’t be that way. Nevertheless, it’s still a fact of life. People will watch your success, congratulate you to your face, and hate on you behind your back as they drip with jealously.

Safety Pays

PREMIER ISSUE

lives of other high-performance leaders. What a tragedy! All that potential is locked up and stored away on the shelf, never to be brought to the world. Marvin Winans said it best, “As long as you don’t think you’re anything, you’ll be just that. As long as you think you’re going to fail, you’ll accomplish it every time.” Who cares about what they say about you? What do YOU say about you? A colleague of mine came up with a powerful saying that I often repeat to myself in tough times. He said, “I use lies and criticism as a sign that I’m getting closer to the goal. I believe in the principle that Algebra taught us: a negative times a negative equals a positive. So, if a negative person says negative things about me that must mean that I’m on the right track!” If someone tries to rain on your parade, just grab an umbrella and keep high-stepping, baby! This article is an adapted excerpt from the collegiate bestseller Take Your Leadership to the Next Level! by Jonathan Sprinkles, a nationallyacclaimed leadership and motivational speaker voted National College Speaker Of The Year by the Association for the Promotion of Campus Activities.

DID YOU KNOW?

Facts About Women Leaders • Out of over 180 countries, only 13 have elected women heads of state or government. • There are 15 Vice-Presidents or Deputy Heads of State. • 17% of members of national parliaments worldwide are women. • In 1995, Sweden became the first country to have an equal number of women and men in ministerial posts. At present, the Swedish cabinet has 52.4% women ministers. • Currently, 27 women preside over one of the houses of the 187 existing parliaments, 64 of which are bicameral. • In 1893, New Zealand became the first nation to grant women full voting rights. • Women in Saudi Arabia still cannot exercise their right to vote nor stand for local elections. Men participated in the first local elections in 2005. In the United Arab Emirates, where the Parliament is officially appointed, neither men nor women have the right to vote or to stand for election.

Years after the terrorist attacks on September 11, 2001, and only months after the tragedy at Virginia Tech, students have returned to campuses across the nation.

COLLEGEPRENEUR.COM

S u c ce s s F r o m T h e I n s i d e O u t

Interviewed by Collegepreneur Staff

What does the guy who became the youngest African American CEO of a publicly traded company do for an encore? He gets busy inspiring the next generation of CEOs, of course. At age 24, Ephren W. Taylor II, is the CEO of City Capital Corporation, a socially conscious investment company that empowers urban communities. Ephren’s entrepreneurial adventures began long before he became a business icon. At age 12, he launched a business that created video games, and by 16 he had created a business called GoFerretGo, that connected high school and college students with employers. GoFerretGo.com grew to a multi-million dollar venture. His business successes have been closely monitored by television, newspaper, magazine, and radio outlets. Ephren has appeared on CNBC’s The Big Idea with Donnie Deutsch, FOX News’ Your World with Neil Cavuto and the Doug Bank’s Morning Show. He currently hosts the “Soul of Success” radio show, airing on XM Satellite Radio. We caught up with Ephren and discovered that he has no intention of slowing down. CP: What inspires you? ET: I always look for industries that have a lot of room for growth still, but are unconsolidated. Where you still have a lot of “mom and pop” smaller operations that are running the show. You look for those types of industries because you can enter into it, but you also can begin to roll up other companies and then sell the package. That’s kind of my strategy. CP: What kind of deals are you attracted to? ET: As far as ideas and innovation, I just look for the trends and what is going to be a boom. What is really on the news? What is everybody griping and complaining about? My dad is a minister, so I kind of hang around churches and a lot of the church functions. You just listen to what people complain about the most, men, women, and children. Eventually, something will come up and you are like, “Ah, I can fix that real quick.” CP: You have an eclectic history in business development. At first glance, it seems that you’re all over the place. Is that how you see your empire? ET: Actually there is a common trend amongst everything I do. It’s all about empowering disadvantaged audiences, or the clientele. For example, my job search engine. It was serving a population that had been ignored by the career builders: high school and college students’ part-time employment. CP: You’ve managed to create powerful business entities that provide valuable products and services to the world. Most of us look at...

someone like you and think it’s been pretty easy. Is that an accurate perception? ET: I wish I could proudly say, “Yes,” but I can’t tell you how many people have told me how many things I cannot do. A lot of the stuff I do is just because somebody told me I couldn’t. CP: People probably underestimated you because you didn’t go to college? ET: Absolutely. CP: But you had a company that got funded while you were still in high school. Before you knew it you were running a company with 13 employees. ET: Right and my high school history teacher quit his job to work for me. CP: Interesting. Yet despite your high level of financial and business success, do people continue to ask you when you plan to go back to school and get your college degree? ET: Sure. I always use the example, ”You go to college to get a what? A degree. In order to get what? A job. In order to make what? Money. Then what? Retire. I’m like, ”I retired at 19. I founded The Ephren W. Taylor II Entrepreneur Academy at Cheney University, a summer academy for entrepreneurial-minded youth. It caters to disadvantaged youth who want to pursue entrepreneurship. CP: What do you say to a young person contemplating college? ET: College is an investment. It’s an investment of time and also a lot of money. You have to make sure that the institution is giving you a decent return on your investment. It’s not just about the name, but what are you learning on campus? Life is a continued learning experience. I didn’t go to college, but I have a school named after me at a university. There are definitely different paths that you can take…I created a couple of hundred jobs. I don’t say it to be arrogant but I just use it as an example to say that there are multiple paths to get to the same destination. Some people go the traditional route. I always tell those people, the paper is going to help. It does not hurt, but make sure you get it with something you can use. CP: Do you think college is a great time to start a business? ET: Without question. You have all this intellectual capital available to you for free. You have community resources for free. High speed Internet for free. Telephone for free If you got your scholarship set up right, I would never try to graduate. You’ve got the world’s best and brightest in one small spot. Taxpayer paid. Look at the advisory board you could put together. Most college professors are dying for an opportunity to have research go commercial or be a part of the next great thing. It’s one thing to teach in a classroom, but to actually see it come to life in the real world, that’s priceless.

TOO MUCH STRESS? By Ellyn Traub

STRESS FACTS

1 2 3

A 1993 U.S. Public Health Survey estimated that 70 to 80 percent of Americans who visit a physician each year suffer from a stress-related disorder. “Stress is now the number one reason behind sickness from work.” (Gee Publishing Survey)

here did the year go? With the stress of school obligations, family gatherings, overzealous clients and itching-to-go-onvacation employees, it could prove to be too much! But don’t let the impending madness of the holidays or final exams get you down. There are tons of ways to head off a stressful winter break. First, check out the facts to the left, and then see how you can avoid being a future statistic below.

What can you do to relieve the stress? Prepare for your morning the night before. Decide what you’re going to wear (check for missing buttons, torn hems, last week’s ketchup, etc.), have your briefcase or backpack ready to go, your phone charged. Stop running around in the morning fixing buttons, gathering papers/ laptops. You get the picture: you do it almost every morning. Have a master calendar on your refrigerator or in a central location. Enter notes such as evening meetings, evening appointments, class schedules, when to pick up dry cleaning—the stuff that stays in the back of your mind and consumes a tremendous amount of energy and “head RAM” (brain power that is needed for higher value tasks). Designate ONE place for your keys, wallet and cell phone—this is where they go, everyday!

“More than two-thirds of people are suffering from work-related stress.” (ICM Research)

Waiting and standing in line again? Sometimes this is inevitable, especially on campus–so make that time enjoyable. Use that MP3 player you received for your birthday and listen to your favorite tunes. Bring along a small book and sneak in some light reading. Place a dollar and stress value on your time. Many times it’s worth the cost to hire an expert, concierge, or virtual assistant to take care of work (home and office) that’s consuming your time and adding to your stress level. Small sources of aggravation result in BIG stress: that annoying pile of junk in the corner of your desk, that clock that needed a battery two months ago, all those little annoyances hanging around. Eliminate them now! Fix the clock, eliminate the pile of junk, and don’t let these little things get in your way. Expect the unexpected! Give yourself a fifteen-minute arrival time cushion for appointments with professors or clients. If you have a one o’clock appointment, plan to arrive no later than 12:45. Keep a stock of home staples in case of emergency. Don’t let yourself run out of the little things so that you have to make a special trip to restock—keep plenty of stamps, bus tokens, etc., in good supply. Chill out! Will the world really come to an end if you don’t do your laundry, organize your scrapbook, mow the lawn on Saturday or see the episode of Adult Swim you TIVOed? Probably not. GIve Back! Finally, one sure-fire way to relieve a little stress is through goodwill. Do something for someone else, keeping in mind that the true spirit of the season—any season—is giving. Happy Holidays!

COLLEGEPRENEUR MAGAZINE

FALL 2008ISSUE PREMIER ISSUE PREMIER

COLLEGEPRENEUR.COM

By Bill Hilton

Do I Really Need A Business Plan?

hy waste time writing a formal business plan? Nobody knows your business idea better than you do, right? There are three big, big reasons why. At least one of them is going to apply to you and your business: You might need to borrow money. Not everyone has enough spare dollars to start a business from scratch. Most new businesses, even if they’re small, approach banks or other organizations for a business grant or loan. Before they hand over the cash, these people will want to see proof that you’ve thought hard about your business—and that means showing them a written plan. Planning makes you think clearly. Writing it all down

helps you look at the big picture. Are there any problems you haven’t thought of? Or any opportunities? Writing a plan is a great way of nailing both concerns. It also forces you to think about money. How much will you need? Do you have enough? Will this whole thing make a profit? You need to measure your success. As you’ll see, a good business plan includes clear goals. After six months or a year in business, you can go back to your plan and ask, “Have I achieved what I hoped?” If you have, big congratulations. If you haven’t, that’s your cue to think about how to improve. THE ESSENTIAL INGREDIENTS Business plans come in different shapes and sizes, depending on the kind of business you’re starting. A plan for a small business might be very short–maybe just three or four pages–but it’s not uncommon to see a business plan exceed 30 pages. You can find business plan templates on the web. Although they vary a little, most of them follow the same basic structure. For most small businesses you’ll only need to write six basic sections. Keep in mind that this is only a snapshot of the sections. THE BUSINESS OVERVIEW This is a summary of your business idea. It gives someone picking up your plan for the first time a flavor of your business. (Continued on Page 16)

1/2 Page Ad - “Pitch Us” - From Fran Harris

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

ARCHOS presents the most advanced Portable Multimedia Player (PMP) on the market. With its 7-inch wide screen and 800 x 480 resolution display, the ARCHOS 705 WiFi offers the largest and highest quality screen of any portable media player available. It also features a sophisticated touch-screen, no-button design to ensure the simplest navigation with your fingertips or stylus.

Walk into any party with these babies on and heads will turn. The pink color actually comes from a defect, but many colored diamonds are actually more valuable than clear jewels. Pink diamonds mainly come from Australia and comprise less than 2% of the diamonds mined, making them both rare and expensive. You deserve it. ...pink diamonds ...a ﬂash drive If your tastes run a little more to the practical, check out the new funky flash drives on the market. Flash drives are available in a variety of colors, shapes and sizes. For the person with casual taste, Imation makes a drive that looks like a pocket knife and swivels open. It retails for less than $25, but only holds 1 GB of data.

...a new look

...a hybrid car Be good to your gas budget while protecting the environment. Not just for hippies anymore - Ford’s hydrogen fuel-cell race car was recently clocked at 207 mph! Prices have descended as well. The Ford Escape hybrid starts at just over $20k, and Honda, Toyota, and Nissan all have hybrid models under $25k.

Blings’n’Things By Beth Philley

It’s baaaa-aaaack! After years of going casual, the business world is starting to dress up again. It never hurts to look hot when you’re making those sales calls. For a lighter touch, try a zany tie featuring a cartoon character, seasonal theme, or your baby picture. If nothing else, at least you’ll provide a conversation starter to relax both you and your clients.

From Page 15 A good way to think of your exec summary is as a “party pitch.” You’re at a party and someone comes up to you. They’ve heard you’re starting a business and they want to know about it. What do you say? Well, you’ll likely try to keep it short and simple–it’s a party, after all, and you don’t want to be boring. You’ll try to explain what your business offers and how it’s going to make money in just a few sentences. You’ll probably also fill in a few details about any skills or experience you have in the area of business you’re interested in. If writing this is difficult, or you find it hard to summarize your business in a few sentences, maybe you need to think again about your idea. Is it more complicated than it needs to be? Or does it depend on a lot of circumstances outside of your control? YOUR TEAM This is a quick overview of all the people involved in the business, and the skills and talents they have. It might just be about one person – you. Write it up anyway, including details of your education and work background. This kind of information is important to lenders. They want to see they’re dealing with someone they can trust. YOUR PRODUCT What are you trying to sell and how are you selling it? Is it a physical product, or a service, or are you offering a mixture of the two? Are you making it yourself? Are you selling it directly to customers, or to other businesses? This is more basic information to help other people build a clear picture of your business.

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

What’s Hot? Image © Archos

Easy Access to Content The Generation 5 line of PMPs from ARCHOS features the fastest, easiest way to access digital entertainment for downloading wirelessly to the device. With the ARCHOS Content Portal, the ARCHOS 705 WiFi puts favorite movies, TV shows, music and more in the palm of your hand for purchase and download from any wireless hotspot and for enjoyment wherever you go. The ARCHOS 705 WiFi bridges the gap between the PC and the TV. For the first time, you can stream content from the PC or the Internet to the TV or PMP—all through a wireless home network and the ARCHOS 705 WiFi and DVR Station. The touch screen features 800 x 480 resolution, offering the highest quality screen in a PMP device, while 80GB and 160GB versions offer consumers a full-featured PMP at any price point and storage class desired. Personalize It Your Way ARCHOS introduces a truly personalized experience with the Generation 5 PMPs. You can customize the ARCHOS 705 WiFi with a variety of software plug-ins and accessories to make your ARCHOS fit your lifestyle perfectly.

Archos 705WiFi www.archos.com

In addition to full Internet access, the Opera Browser plug-in puts Adobe Flash support on your ARCHOS PMP, which lets you access and enjoy YouTube and other Web video sites on your ARCHOS device. For the first time, you can both view and post YouTube videos wherever you are with a wireless connection and your ARCHOS PMP.

THE MARKET Who is going to buy your product–just the folks in your city or people all over the world? Try to identify your market as precisely as you can, by age, interests, income, background, job and education. Explain why these people will want your product. Next, explain how you’re going to reach your target market. This is called a route to market. Are you going to take out advertisements in magazines? Start a website and rely on Google to deliver hits? Or ride around your neighbourhood on a bike, shouting through a bullhorn? Each method works –; you just have to find the one that works best for your market. THE FUTURE Finally, tell your readers where you want to take your business! You need to be ambitious but realistic. What can you achieve in six months, a year and three years? Write down your goals. This shows your readers where you’re headed and gives you something to aim for. A good way of setting goals is to look at other businesses like your own and see how fast they have grown. Can you match their success? Or beat it? You can also include a SWOT analysis in this section. Write a few sentences on your business’s Strengths and Weaknesses, and a few more on the Opportunities and Threats you think you might encounter. When your plan is written, be certain it makes sense to someone other than you and your mom. Double check spelling, grammar and content, and most of all, make sure it looks professional. Once you’ve been in business a while, revisit the plan to see if you’re on track or if you need to make adjustments to ensure your success.

COLLEGEPRENEUR.COM

Picture this: you’re sitting around with a group of your best girlfriends. You’re laughing and joking about the blind date Rachel just had. Julie starts trying on clothes and Linda starts doing Maria’s hair. Nancy strikes up a conversation about politics and the group debates right versus left. Cynthia proposes a way to end world hunger and stop global warming, simultaneously. And then, out of nowhere, Sara asks, “When’s the last time you touched your boobs?” You each glance around nervously and wait for the next person to make a comment. You wish the conversation would turn back to something more palatable like PMS, Grey’s Anatomy or random hair growth. But it doesn’t.

“When you see what I’m gonna do with Feel Your Boobies, you’re gonna like me and you’re gonna wish you’d been the first on board.”

And for the foreseeable future, it won’t. Not if Leigh Hurst has anything to say about it. Her national campaign, “Feel Your Boobies” is designed to get women all over the globe to do just that: feel their boobies.

At a friend’s suggestion, Leigh decided to explore the possibility of a business venture. “It took me a really long time with Feel Your Boobies to realize that what I was going through was something that was entrepreneurial in spirit.” Leigh discovered that while you can live your passion, you also need a business strategy in place. “The best thing I ever did to evolve the business of Feel Your Boobies was to quit my job. Because when the mortgage bills roll in and you don’t have a slush fund anymore, all of a sudden it’s not so hard to say, ‘You know what, if you want me to speak, I need a speaker fee, I need a hotel, I need you to cover my gas…’ You just start to realize that in order for this to work…it has to be a sustainable business.”

FYB wants to market to the college market in innovaAt 31, Leigh Hurst began to notice an abnormality in tive ways. Leigh has created Boobies-in-a-Box, a comher breast. Over the next couple of years, she asked plete package that provides students with the materials her doctors if they thought it was an issue. Despite they need to start an awareness campaign. Boxes come the fact that the spot in question felt physically dif- in small, medium, and large (think A-cup, B-cup…you ferent from the rest of her breast, the doctors told get the picture). Additional products include temporary her not to be concerned. In April 2004 – a couple tattoos, balloons, stickers, and other fun party supplies. of years later -- a nurse practitioner decided to send Leigh thinks college women are more apt to listen to her for a mammogram, just as a formality. At age a campaign if it speaks to them in a way they want to 33, Leigh, a marathon runner, was diagnosed with hear it. And who doesn’t want a “Feel Your Boobies” Stage 1 cancer. The cancerous cells were removed bar coaster? and radiation and chemotherapy followed. Today, at 36, Leigh is cancer-free and is making sure she and The critics are lined-up declaring that the use of the women everywhere stay that way. word “boobies” is demeaning to women. Funding doors have been slammed shut because companies In October 2004, she and her friends participated in don’t want to associate with the “boobies” name. a two-day Avon Walk for Breast Cancer. Leigh, on “You’re either gonna like me now or you’re gonna like a whim, made T-shirts displaying her catch-phrase, me later. When you see what I’m gonna do with [FYB], Feel Your Boobies. They were a big hit, and she sold you’re gonna like me later and you’re gonna wish you’d out of the few extras she’d stuffed in her backpack. been the first on board.” After the walk, she and her friends visited The To-

The

Business of Boobs By Tonya Banz

COLLEGEPRENEUR MAGAZINE

PREMIER FALL 2008ISSUE PREMIER ISSUE

COLLEGEPRENEUR.COM

Packing It In

After hearing about MadPackers, most people slap themselves on the forehead and ask, “Why didn’t I think of that?” Well, probably because their moving experience, while not enjoyable, may not have been as memorable as Brian’s. The flat tire turned a simple three-hour drive into a nine-hour nightmare. Following the rocky beginning at college, Brian completed his four-year degree in English and was left to ponder his future. He worked odd jobs and taught abroad, but nothing clicked. At 23, he started his first company. Two of his college friends brought him back from the Czech Republic to start an Internet marketing company. A few weeks after starting with next to nothing, they had $30,000. A year later they grossed just shy of a million dollars.

By Tonya Banz

ou, your dad, a road trip and a flat tire…nothing good can come from that combination. Such an experience is enough to sully anyone’s college experience– unless you happen to be Brian Altomare. There isn’t a single college student who would claim that their favorite part of college was moving in and out of the dorm every year. But while most just complain about it, one entrepreneur decided to do something about it. Thanks to Altomare, the struggle of the college moving process is over. His revolutionary company, MadPackers, is here to make the torment of college moving a thing of the past. MadPackers moves college students from their homes to their dorm rooms and back again. They also offer storage for those in-between times.

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

Despite the financial success, Brian felt disconnected from the company and bought himself out. “Be careful who you work with, friends or family. A guy that you drink real well with is not a guy that you are going to do accounting well with,” said Altomare. It was difficult for his partners (and friends) to understand why he wanted to leave, but Brian knew he needed to look for something on his own. This realization, coupled with that inspirational college moving experience his freshmen year, motivated him to begin researching methods of packing and moving college students. The more he researched, the more he realized the potential of a virtually untapped market. Brian envisioned being able to offer services no one had brought to college students and making it attractive enough that colleges would want to integrate it into their systems and possibly integrate it into their tuition packages. Initially, people thought he was crazy. “They said it was a great idea but who the hell cares about it?” he recalls with a laugh. But Brian was determined. He took his idea, some disposable cash and a $1500 website to create a company and a presentation that he delivered to Binghampton University and a couple of other schools. The general reaction was disappointing. The schools wanted to know what big name his company could tout. They wanted to hear UPS or FedEx, not MadPackers. Instead of getting discouraged, Brian researched companies who had a history in the market. He found only four or five companies doing something similar, and none of them were doing what he envisioned. He chose Luggage Express, a subsidiary of Universal Express, which already had 22 years of shipping and logistics experience to approach about a partnership. Luggage Express offered a door-to-door luggage delivery service for travelers. Selling the concept to Luggage Express took some doing, but four meetings later, MadPackers had a deal. Brian joined forces with Luggage Express to help create the growth he desired in a couple of years, instead of the 10-15 it would have taken on his own. It worked. MadPackers estimates having 20,000 customers within the next 10 months, which has never been done in this market. Brian envisions MadPackers becoming a household name amongst college students, their parents and administrators. And, according to Brian, the numbers are only going to get bigger. “There are four million full-time college students. If I do the math, this is a $40 to $50 million dollar business. And that’s just on shipping and storage, without anything else that we’re going to add on.” (continued on next page) COLLEGEPRENEUR.COM

By partnering with Luggage Express he was able to move faster and grow larger than he could have on his own. He realized he could do more with that support than he could without it. He acknowledges that his market is substantial and the expectation for that huge a market is that the company needs to deliver. “I could have definitely done what a lot of companies do and I could have found a venture capitalist [and did it] on my own. It was just one of those gut reactions, I just decided to do it. I trusted what I was getting involved with and for me, I am ok with that,” he said.

enough for Brian. “I didn’t want to forget about my work...I loved thinking…I didn’t have to detach from one reality to live in another,” said Altomare, who admits to being somewhat of a serial entrepreneur. This non-traditional path has led Brian from packing up dorm rooms to creating music tours. Last year he launched the MadPackers Music Tour with Hinder, Paparoach, and Puddle of Mud. He plans to follow-up this spring with a tour of the same magnitude. Over the next five years, the MadPackers business will transition into being just one service of MadCollege.com. In addition to offering moving services, Brian envisions MadLaundry (full-service laundry), MadEats (food delivery service), MadCleaning (full-service dorm room cleaning), and many others. The goal is to provide college students with services they can use to outsource the less desirable aspects of the college experience. (Where was MadClassTaking when you needed it?) “So hopefully, in the next five years at least, a few schools will have all of those services rolled out under a test pilot. MadPackers will at that point be 100,000 students, and then we will position ourselves to rebrand and really push this out there in a way that no one has ever done before,” adds Altomare.

Not everyone has the courage to follow their gut. Brian got in touch with his gut sitting in English classes during his undergraduate study. He realized that his goal of becoming a teacher was too conforming. “I would have to deal with the bureaucracy of academia and I didn’t even want to do that…I couldn’t work fulltime for someone, at least in my early 20s, because I just couldn’t tolerate it,” he said. Brian had his fill of getting coffee and filing papers from his stint working as an intern for ABC News. He wanted more. In fact, he found himself wanting different things for his life than his friends wanted for theirs. The traditional path didn’t appeal to him. This became particularly clear when he watched his friends move from drinking and staying up late at night in college to drinking and staying up late after graduating from college. His advice for young entrepreneurs? “Every idea is not going to fly. So, be ready for your business to fail…and be ready to The idea of going to a job every day just to earn a paycheck so launch a new idea.” you could drink all night in order to forget about your job wasn’t

Is Diversity Good For Business? By Debra Nixon, Ph.D. The American classroom is more diverse now than any other time in our great history. This means that the next generation of leaders, whether in business, education, law, or medicine, will most likely have migrated to this country within the last thirty years.

ollege is the most opportune time for learning. As an entrepreneur, being there has got to be exciting. Yet to succeed in today’s competitive marketplace the entrepreneur has to be well-prepared to do business in a multicultural environment. Why? Because about half of your classmates probably do not have English as their first language and will most likely have different cultural, social, religious, and even holiday traditions than yours. This means that, ultimately, your college education will not only be what you learn by hitting the books, but also what you learn in the cafeteria, in the library, in the dorm, and in your group projects.

Given that the face of commerce in the 21st century is multi-colored and multifaceted, a healthy business will no doubt be just as diverse in every way. This is great news. There are no limits to the spice such variety can bring to a growing enterprise. Wise business leadership knows how diversity leads to best practices, because inviting different perspectives ensures that every angle of a matter is considered. In other words, many different heads are better than one of the same kind. Additionally, having so many different perspectives on a project is good for morale, team spirit and, ultimately, productivity and profits. Honoring a myriad of different voices creates a work community that breeds heightened creativity. This leads to more innovation and therefore adds to the ever-present “bottom line.” The process that develops, then, is a synergy that is self-propelling. As members of the work community inspire new ideas in each other, your business expands in ways unimaginable yet completely natural. This synergy only happens when there’s enough difference to stimulate creativity. A diverse labor force will also be more attuned to a diverse clientele. Having individuals on your team from the business community you’re serving is just plain good business sense. These individuals will be able to invite a perspective about the multicultural community that would possibly have been ignored. Market research is a prime example. If you have a product for a particular audience, it makes sense to consult with that group. With a multicultural team, you’ll already have built-in consultants. No, they won’t know everything about their particular groups, but they will at least be able to offer insights to get the ball rolling in the right direction. So as you prepare (in college) for the real world and beyond, know that diversity isn’t limited to the “yard.” Nope, the real world is more accurately reflected in the faces of the Cuban, Asian, Moroccan, or South African roommate sleeping in the bunk across from you. Lucky you! Viva la differencia!

Email Etiquette 101 It’s so tempting to hit “forward” when you get something amazing via email but before you do, do us all a favor. Delete the 187 names in the “to” field (in the body of the email) so that we don’t have to scroll for nine minutes to read the truly good stuff!

Got Suggestions? Go to Collegepreneur.com and let us know what’s up.

Dr. Debra A. Nixon is a diversity expert and professor at Nova Southeastern University in Fort Lauderdale, Florida. She’ll write a regular column focusing on multiculturalism and diversity in each edition of CP. She can be reached at debra@debranixon.com. 22

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

BUSINESS

The Game of Business By Matt Darby

Ten, nine, eight, seven…the game clock is ticking down to the last seconds of the game and the pressure‘s on to score the winning goal, while thousands of spectators watch. The stress of the situation can either make you or break you. As student athletes, this is what you think about and practice for on a daily basis. The ultimate goal is to win the championship game. For new entrepreneurs, the playing field may be different, but the desired outcome is the same–to win the big “game.” In business, the game entrepreneurs want to win is to create a successful product or service that serves the need of their selected target market. This column is dedicated to giving you the competitive advantage by illustrating the similarities between sports and business and helping you win the game. What do sports and business have in common? They share many characteristics: the desire to perform at your best, the vital component of cooperation between teammates and/or coaches, the competition that tests your abilities, the drive to get the most from your resources and assets, and the essential necessity of practicing what you do to continuously get better. Because of the many similarities, successful athletes have a great foundation for being successful business owners. Those of you who aren’t athletes can learn these techniques by studying what coaches have been teaching athletes forever. Student athletes in college learn quickly how to make splitsecond decisions under intense pressure. Entrepreneurs have to make decisions under the same type of pressure, except the outcome is no game–a wrong decision can be the difference between famine and fortune. In the end, both entrepreneurs and athletes need skills, passion, discipline, well-thought plans, and teamwork in order to make their dreams a reality. Being a collegiate athlete taught me skill sets that aren’t taught in the classroom, but are vital to success in the business world. Before I ever attempted to create a business for myself, I knew the importance of setting goals, studiously planning and preparing, having a passion for what you’re doing, persevering through the down times, and having a team of players to support you along the way. I played in many big games during my collegiate football career

at UCLA. Some were won and some were lost. I learned more from the losses than I did from the wins. As Sir Winston Churchill said, “Failure is never fatal.” Experience can be a wonderful teacher and motivator. It’s my desire to help you learn to minimize your losses and maximize your wins as an entrepreneur through the lessons and experiences of current and former student athletes. I had the opportunity to apply the lesson above when I first got started in business; I wish I had known then that I couldn’t do it all on my own. I grew up being successful at everything I wanted to try. My first small business experience after retiring from the NFL was my first true experience at failing to achieve a major goal that I set for myself. In the end, it wasn’t the success I’d hoped it would be. However, it was a valuable learning experience. I realized I needed to learn more about business, which is why I returned to school to get my Masters degree in Organizational Management. I now realize that business owners can achieve exponentially more with a competent team of business associates than they can on their own. My best advice for aspiring entrepreneurs beginning their journey is to match your talents and passions with discipline and perseverance. You must be competent at what you do to create quality and value for your clients and consumers. If you don’t have a passion for who you are and what you do, then you won’t be able to create excitement for your product, services, and business team. Without discipline, you can easily be distracted or sidetracked by the myriad of alternatives available to you, leading you to do things you want to do for pleasure instead of the things you need to do for success. Perseverance will guide you through the many disappointments, setbacks, and doubts that you’ll experience on your journey to success. The combination of personal talent, passion, discipline, and perseverance will help establish a strong foundation for success. I’ve never wanted to work for someone else. I also can’t entertain the thought of doing something that I’m not passionate about for a living. My desire is that all young entrepreneurs go after their calling with as much zeal as I have. The results can be truly fulfilling and fun. Noted author Richard Wright said, “Men can starve from a lack of self-realization as much as they can from a lack of bread.” My hope for all promising entrepreneurs is that you’ll each get your fill of all that life has to offer, and give as much of yourself in return. With this, you’ll truly be satisfied.

“Match your talents and passions with discipline and perseverance.” 24

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

Got Pre-nup?

hile no one wants to think of a business partnership ending disastrously, many of them do. Yours doesn’t have to. In order to avoid a nasty divorce, consider formalizing an exit strategy prior to entering into the marriage. In romantic relationships lovers prefer to avoid thinking, let alone talking about “the end.” In business, this conversation is essential. The honeymoon is not going to last forever and the sooner the entrepreneur recognizes this, the better. This doesn’t mean you need to head into the partnership with negative energy, it simply means that smart entrepreneurs should first, think carefully before taking on partners and second, plan on the inevitable changes that occur as businesses – and those who own them – grow and expand. Here are some things to think about.

There will be disagreements.

You and your partners will not always see eye to eye. Some days what looks like blue to everyone else will look green to your partner or you, for that matter. Develop a system for addressing conflict and don’t be afraid to call in a mediator, someone who has no vested interest in anyone’s opinion but instead is paid to help you and your partner arrive at the best solution for the business.

Fight fairly.

Set some ground rules early on for the day that you and your partner disagree. One ground rule might be to never issue ultimatums like, “You either see things my way on this or I’m outta here!” Nobody wins in those situations.

Strive for a “company” win.

This is a biggie. The business is your baby and when things get a little rocky, remember to think about the children. Put your individual agenda to the side and focus on what’s best for the business.

Be fair in the divorce.

If Splitsville is inevitable, do the right thing. Hopefully your prenuptial agreement will spell out who gets what but if no exit strategy is in place, dissolve the partnership in an equitable fashion. As cliché as it may sound, what goes COLLEGEPRENEUR.COM

BUSINESS

5 QUESTIONS

CP gets upclose and personal with entrepreneurial mentors and coaches.

Ron E. is a Dallas ﬁreman and former co-owner of Firehouse Wings, an upscale wings restaurant in Coppell, Texas. Q1. Where did your inspiration for FHW come from?

Ron: I come from a family of great cooks. It’s in my DNA. As a fireman you sometimes have a lot of time on your hands. It’s not unusual for someone to cook an entire meal at the station. I was the guy who was always trying different things. One day I cooked some of my wings, made some of my sauces and the rest is history.

Q2. What happened to FHW?

Ron: After less than a year it died. It was a great concept, a very franchisable concept but you can’t build a business on a concept alone. We were undercapitalized financially as well as with human resources. I wasn’t seeing my wife and kids as much as I wanted; it was rough. And I can’t say this enough: location, location, location. We were in a great AREA but not a great LOCATION. What I mean by that is that it’s not enough to be in an area where there’s a lot of money or a school or whatever; it has to be relatively easy to get to you.

Q3: What lemonade have you made from those lemons?

Ron: I had to step away from it for a while. It was hard to let it go. For a long time I saw myself as a failure. Then I started realizing all that I’d gained through the experience. And while we’re not running the actual store any longer, I’ve got some exciting things happening with my sauces.

Q4: So, there was a light at the end of the tunnel after all?

Ron: Absolutely. As an entrepreneur you have to find that light. It’s always there. Sometimes it’s hard to see it when you’re covered in bills and invoices but it’s always there. I believe God doesn’t give us more than we can handle, so even in my darkest days, I knew there was a silver lining. And it’s true: the darkest part of the night is right before sunrise.

Q5: What can collegepreneurs learn from your journey? Ron: Get great partners. Be sure you have a solid contingency plan. Work the numbers and then work ‘em some more. Do your homework, feasibility studies, market research and don’t be afraid to wait if you think the time’s not right to start your business.

Chicken Wing Facts: 1. If you lined up the wings that Hooters sells every year (30 million pounds) it would encircle Earth at the equator! 2. It is widely believed that the ﬁrst ever buffalo wing came from the kitchen of the Anchor Bar and Grill in 1964 in Buffalo, NY. 26

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

Start-Up Biz Checklist By Amy Goldsmith

s a student evaluating your options for life and work now and after graduation, you may be thinking about going into business for yourself. Even though you’ll be your own boss, establishing your own successful business is not as straightforward as it might appear, and it’s important to consider how to protect your business name, brand and unique inventions. An entrepreneur who considers the following checklist will be in good shape to capitalize on a new business idea. Protecting Intellectual Property Rights Intellectual property–the name, logo, designs and ideas of the entrepreneur–is often the single most important asset of a new business, especially in today’s competitive environment. Taking steps to apply for such protection as copyright registrations or artistic creations; trademark registrations of names, logos or slogans; design patents for protecting the ornamental design of a product; or utility patents to protect the actual workings or mechanism of a product or a business method, is an integral part of start-up planning. If documentations for ownership or intellectual property rights are in place, they can be offered as serious collateral for financial assessment and backing of a newly formed business entity.

Trademarks After a company or trade name has been selected for a new business venture, and that name has been deemed “available” through the appropriate state office, the entrepreneur will often assume that it is proper to go forward with doing business under this name. Incorporation takes place, stationery and cards are printed, advertising and signs are designed or commissioned, and goods may be advertised on the Internet. This presumption, that the path ahead has been opened for doing business, is one of the most common mistakes made by the fledgling entrepreneur, and it can be very costly–even disastrous. The type of “clearance” offered by the Secretaries of State of the various states secures virtually no rights to the name, should the name conflict with a previously, properly established name. It’s important to take steps to assure that no major pitfalls arise from the establishment of a business name.What should be done to make certain that the name which is proposed for a new business venture does not conflict with the established trademark, trade name or corporate name rights of another party? The answer is clear. First, choose a name which itself can be protected as a trademark. Select from imaginative, fanciful, and arbitrary choices as opposed to common, descriptive, or geographical names. Selecting a name such as “Superb Lighting” or “New York Dinnerware” will only lead to difficulties with respect to both prior rights of others and rights against subsequent users. Also, remember that many states have statutes which require the use of such additions as Inc., Corp. or Ltd. to a name, and restrict certain inapplicable terms. Next, a pre-corporation search should be conducted to determine the existence of similar trademarks on record in various states, or commercial names listed in telephone directories or on the Internet. The search should also include trademarks and trade names listed in various trade publications, advertised in newspapers or magazines, or which are registered in (or are the subject of pending applications in) the United States Patent and Trademark Office. If the proposed name is likely to conflict with the rights of others, it should be dropped and the entire procedure of choosing another name--searching it and obtaining a written opinion—must be undertaken again. However, compared to the possibility of a legal claim by a third party and to the price of advancing funds for start-up operations under the wrong name, precaution and prevention of unintentional conflict more than pays for itself. Even start-up businesses need to think globally. If the product is to be manufactured or sold abroad, it would be wise to obtain searches for the name in those countries that are deemed most essential to the success of the new venture. If a conflict arises from the search, the name may have to be changed once again, but at least it would be done in time to prevent further financial outlays. (continued on next page) COLLEGEPRENEUR.COM

BUSINESS

Once you know it is safe to proceed with creating the business entity under the cleared name, you should file for a federal trademark registration to protect the rights of your new venture to use the name throughout the United States. A federal registration provides the entrepreneur with the ability to prevent infringement by others. An application can be filed on an “intent-to-use” basis and thus should be filed well before any further investment takes place. At the same time, filing similar trademark applications in the relevant foreign countries should be considered.

A utility patent protects the mechanical, electrical or chemical aspects of the product, such as a new or improved transformer for a lamp, a timing circuit or new composition of a soldering material. Utility patents are also available for business methods (the way in which the business operates).

Trade dress can protect any aspect of a product or package (or even a store interior) that is sufficiently distinctive to be recognized by customers as indicating the source of the product, package or interior. Color, texture and shape can qualify, to name just a few aspects. For example, most consumers would recognize In summary: “clear” the proposed name first, so that disappoint- Starbucks simply from its “look,” even if no name appeared. ment can be avoided later. Both design and utility patents require “novelty” (the invention Tell Me Again: What Types of Protection are Available in Addi- did not exist before being developed by the entrepreneur) and tion to Trademark? “non-obviousness” (the invention is sufficiently different from prior inventions in the mind of someone skilled in that field). But A copyright is a federal form of protection covering artistic “ex- before you disclose your idea or permit anyone to manufacture pression,” which translates to protection for artistic designs (such your design, make sure that it is protected. Although the US patas textiles, jewelry, detailed sculptural lamp bases, plush toys, ent law gives inventors one year to file an invention which has catalogues and brochures). Copyrights do not cover “words and been publicly disclosed, foreign countries are not so forgiving short phrases,” which is the job of the trademark. and disclosure may foreclose foreign patent protection. A design patent protects the ornamental look of a new product, such as the irregular shape of a toggle switch or the shape of a new halogen table lamp.

Starting a new business is always a risk, but there is no meaningful reward without taking some chances. Just do your homework and develop solid plans, and the rewards are likely to be yours.

Ahead of the Curve By Joe Farlese

Alan Greenspan, the former Federal Reserve Chairman, once noted that people react to the uncertainty generated by a financial market much the same way people react to walking into a dark room—they freeze and fail to react.

If there are any stock market watchers out there, then August’s activity should have each of us concerned and hesitant about the uncertainty of the financial markets. The erratic changes in the Dow Jones Industrial Average between August 6th and August 10th, dropping 381.65 points from a previous day’s total of +160.63, causes concern–okay, panic–that questions the very economic strength of this country. In short, people are “freezing” and afraid to react. So what happens when any form of distressing news develops? Analysts from the most popular to the most remote begin to “explain” the current economic conditions and how the financial markets have achieved this result. The most common reasons cited for this current situation are restrictions on credit accessibility and a lagging mortgage industry, indicating that people’s ability to meet their financial obligations is becoming too much of a problem. I’m going to ask an obvious question here: where were these analysts prior to this perceived crisis? Where were the “words of wisdom” and thought provoking analysis that now permeate the mainstream media? Why weren’t these voices speaking to prevent the situation in the first place? Well, it’s time to react. The book from the Harvard Business School Press, “Ahead of the Curve: A Commonsense Guide to Forecasting Business and Market Cycles,” by Joseph H. Ellis ($29.95), provides a proactive framework in an easy to understand and immensely readable format. Ellis is a former retailing analyst who worked for Goldman Sachs and Wall Street for over twenty-five years, providing financial advice on trends concerning the retail industry for such leading retailers as Wal-Mart, the Gap and other Goldman Sachs clients. If you are not aware of these entities, Wal-Mart is the largest retailer on the planet, and the Gap is the retailer with the most style (okay, personal opinion, but I can’t be alone in that perspective). Ellis crafted a targeted book for those business managers, entrepreneurs, and economic/finance students to “place into context the confusing array of economic data” that’s used to make financial decisions. Ellis identifies three primary sectors that have the most influence on economic strength: consumer spending, industrial production, and capital spending, with the most critical sector being consumer spending. He identified the “most central figure in the US economy” as the consumer—you and (continued on next page)

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

BUSINESS me. Ellis explains that consumer spending influences industrial production, and in turn capital spending. To illustrate, Consumer A purchases item X. The producers of item X need to replace that purchased item with another. Again, Consumer A purchases X, and this time informs Consumers B through Z. If Consumers B through Z buy item X consistently, then the demand increases and, in turn, the producers of item X should increase their industrial production to create the supply. Subsequent capital spending is needed to maintain industrial production, hence maintaining the supply to meet this continued demand. Once placed into that context, it’s obvious just how significant an impact consumers make on the entire US economy. If consumer spending is the most critical, then how can economic conditions be forecasted based on this criteria? Ellis identifies the two key “predictors” of forecasting consumer spending, allowing those financial decisionmakers to develop a predictive method for minimizing their economic risks for longer term results. These predictors are Individuals’ Earnings and Employment. To illustrate, if salaries increase, it’s likely that Consumer Spending also will increase, hence subsequent industrial production and capital spending will need to increase (i.e. Supply meets demand). The current methodologies do track these predictors, but they’re tracked on a monthly or quarterly basis rather than longer term. To illustrate, if wages and employment remain constant for a quarter – no decline and no growth – the economic “data” suggests a possible lag with regard to goods and services. However, this analysis doesn’t always provide a context, often forgetting seasonal changes and market demands within that particular quarter. For example, if Entity A were to be sunburned in August (which is a negative), then using this analytical approach it would be “expected” that Entity A would be sunburned in November as well. The analytical approach used takes this situation completely out of context with no appreciation or understanding as to why Entity A would be more susceptible to sunburn in August than in November. Granted, this metaphor applies to a particular situation where the summer occurs in August and fall occurs in November. As you can see, it’s all about how the data is applied and interpreted.

The book’s use of “plain language” to explain economics, and its ability to provide a proactive framework with which to tailor your individual needs, is the best aspect of this work. Due to the author’s retail background, it’s no surprise that his focus is on consumer spending. However, that’s a clear indicator of financial health, and is often overlooked due to the sometimes fickle purchasing behaviors of consumers. Ellis uses several charts and graphs, which would take too long to explain in this article, that visually depict the historical and future economic trend conditions. The author notes that “Microsoft Excel” is a good platform on which to analyze and generate your data into usable information, which is accessible to just about anybody with a computer. The book doesn’t address the impacts of international financial markets and how current financial data analysis methodologies vary with limited attribution to Ellis’ approach. The discussion concerning consumer spending seems to be centered on the U.S. economy, failing to note how the increased international integration of financial markets would be measured and forecasted using the author’s approach. To the author’s credit, it seems the discussion concerning international financial markets is a topic for another book and would have expanded the scope of this work. Overall, this book provides some much needed simplicity to the inner workings of the U.S. economy and financial markets. Ellis does a tremendous job of providing complex concepts in a clear fashion and definitely has targeted business managers and entrepreneurs who want to understand financial markets, but don’t have a lot of time to waste on “puffery” and “meta-messages.” The strategies outlined will benefit those business owners who wish to have a greater understanding about how financial markets function, and desire to create a proactive financial strategy to remain “ahead of the curve.” Joe is a management consultant working for a government contracting ﬁrm, and resides in the Baltimore-Washington area.

Insights Though I am grateful for the blessings of wealth, it hasn’t changed who I am. My feet are still on the ground. I’m just wearing better shoes. ~ Oprah Winfrey Your most unhappy customers are your greatest source of learning. ~ Bill Gates, co-founder of Microsoft Corp., currently the richest person in the world There is only one boss. The customer. And he can ﬁre everybody in the company from the chairman down, simply by spending his money somewhere else. ~ Sam Walton, founder of Wal-Mart (1919 – 1992) I believe you have something invaluable – the perspective that comes from inexperience. The world needs your inexperience. It needs you before you accept the status quo, before you are plagued by the knowledge of what is impossible. ~ Wendy Kopp, founder and president of Teach for America With what we get, we can make a living. With what we give, we can make a life. ~ Arthur Ashe, tennis pro (1943-1993) No one knows your capability as well as you do. No one knows how big you can dream and no one knows how far you can go. You, like water, can seek and reach your own level. ~ Lynne Cox, writer and world record-holder in 1972 and 1973 for fastest crossing of the English channel You are never given a dream without also being given the power to make it true. You may have to work for it, however. ~ Richard Bach, writer (Jonathan Livingston Seagull) Great works are performed not by strength but by perseverance. ~ Samuel Johnson, English author (1709 - 1784) Whenever you see a successful business, someone once made a courageous decision. ~ Peter F Drucker, management consultant (1909 - 2005) In the business world, the rearview mirror is always clearer than the windshield. ~ Warren Buffett, CEO of Berkshire Hathaway and currently the 3rd richest person in the world I attribute my success to this—I never gave or took any excuse. ~ Florence Nightingale, pioneer of modern nursing (1820 - 1910) I would rather die a meaningful death than to live a meaningless life. ~ Corazon Aquino

Bill Gates Billionaire College Dropout 30

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

Events

Always On Venture Summit West Half Moon Bay, California December 6-7, 2007 http://alwayson.goingon.com Collegepreneur Teleseminar Series Kickoff January 2008 http://www.collegepreneur.com Post Katrina Economic Development Summit New Orleans, LA January 29-31, 2008 http://www.postkatrinasummit.org Women of Power Summit Palm Springs, CA February 13-16, 2008 http://www.blackenterprise.com

Conference Calendar

EVENTS COMING UP

How to Register and Do Business With the Government Hempstead, NY December 2007 http://www.women-21.gov

Calendar

Have an important event you want everyone to know about? Go to Collegepreneur.com and send us your event name along with date and description and we may decide to inform the whole nation about it!

Open Source Business Conference San Francisco, CA March 25-26, 2008 http://www.infoworld.com/event/osbc/

Dead Serious!

If you think it’s morbid to make money on dead people, think again. The dead business is growing. After all, we’ll always be dying, right? Think about these possibilities:

Funeral Home

Why run a restaurant or coffee shop in to the ground when that’s exactly what you’re supposed to do with this new business. Some of the richest families in America come from funeral home dynasties!

Late Filmmaker

Got a videocamera? Make “Final Videos” that can be shown at funerals or going away ceremonies. Hey, some people will take their 15 minutes any way they can get it! 32

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

COMMENTARY

Cool Moves

Kent and Kyle Healy are co-authors of “Cool Stuff” They Should Teach In School.

By Kent and Kyle Healy

hy are we taught how to balance chemical equations and not our checkbooks? Why do we learn about French painters who died over 300 years ago, but not how to get along with others? And why are we taught how to find the value of “x” in a mile-long mathematical equation, but not how to make money or save it once we get it? Have you ever asked yourself similar questions? Well, we did. And little did we know, these questions would put us on an entirely new life path, which resulted in the creation of a new business enterprise.

Our first wake up call came when we were 14 and 15 years old. We were living in New Zealand and wanted a specific type of skimboard that wasn’t available there. Fortunately, we knew that in every problem lies a solution and an opportunity. After a trip to the hardware store, we began to make our own skimboards. We soon discovered that there was a demand for these boards, so we backed out our parents’ cars and turned the garage into an assembly line. Viola! Our first company, Reactor Board Technology was born. Within months, our boards were being sold at various surf shops. We were having a blast. That was, until our world came crashing down. You see, our lack of accounting, managerial, and real world skills caught up with us. We were shocked to discover how little we knew about the real world. We’d always tried hard in school and thought that our academic efforts would prepare us for life after school. It didn’t take us long to realize that GPA did not stand for Guaranteed Plan for Achievement. As it turned out, we didn’t know the

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

first thing about goal setting, controlling our attitude, managing our money—and the list goes on. We were just two kids having fun. While going to school and getting good grades is important to some people, we were fortunate to recognize that simply getting a diploma was no guarantee for financial success or happiness. We began to notice things we didn’t see before. We saw shocking facts on the news about teens and young adults getting buried by credit card debt. We saw our friends struggling with peer pressure. We saw others just drifting through life with no set purpose or goals. We saw people resort to drugs because they didn’t know how to manage their emotions. Was this the “real world?” What happened to the notion of simply going to school, getting a job, tying the knot, and living happily ever after? As it turns out, this was much easier said than done. This process required specific life skills that we weren’t learning anywhere else. At this stage, we knew something had to change. We needed to further our education outside of the classroom. It was nearly impossible to get us, like most young people, to read a book, but one thing was clear: we didn’t want to become a statistic. What marks the difference between the people who constantly battle their emotions and live from paycheck to paycheck and those who live with happiness, gratitude, and financial independence? This question - along with others -

prompted us to begin what would become a three-anda-half year journey researching and writing so we could discover for ourselves the “Cool Stuff” they should teach in school. And yes, we wrote a book about it. After wading through hundreds of books, conducting countless interviews, and attending numerous seminars, we had a bunch of great information and really sore heads. Along this journey, we came up with the idea of putting this information in a book so other teens and young adults could benefit. Although we hesitated about the idea at first, we knew this book was drastically needed. We were quick to remember that great opportunities are not given—they’re taken. Fortunately, we knew that we weren’t entitled to a great life; we had to earn it. We already learned that the world did not owe us anything. After all, nothing worthwhile happens by chance. Initially, we thought we could finish our first book within a year. Wrong! Our patience and dedication was certainly tested as our commitment to school and sports left us very little time and energy to continue writing each day— and frankly, there was still A LOT to learn about how to write a book. Several times we felt like giving up. This was when we learned something very important. You have to keep your eyes on the prize. Sometimes, it’s easy to give obstacles more attention than they deserve—and of course, what

you choose to focus on is going to influence your outcome. Three-and-a-half years after our initial start date, our first book, “Cool Stuff” They Should Teach in School, was complete. The feedback was so incredible that we founded a publishing company called, “Cool Stuff” Media, Inc. and decided to develop a line of “Cool Stuff” books and other products. Within six months, our book was carried in Borders, Barnes & Noble, Books A Million, Waldenbooks, and other independent stores across the nation. It was a cool feeling to see our book on the shelves. Soon schools began contacting us as the word spread about our book. Teachers pushed the book through the school district until “Cool Stuff” They Should Teach In School made it onto the approved reading list. It quickly became required reading at many other schools. Some teachers said it was the only textbook that students have ever stolen—that made us feel pretty special! We’re making “Cool Stuff” into much more than a book and publishing company. We’re starting a movement. Now, at ages 22 and 20, we’re currently writing more books, developing audio programs, creating youth events, and speaking whenever we can to spread our message of inspiration and real world education. As we’ve discovered, if you do things for the right reasons, good things will happen. We’ve been blessed by the support of other people who share our passion to help younger generations. We hope you’ll join the movement.

COLLEGEPRENEUR.COM

ENTREPRENEURSHIP

FAST VENTURES: 10 Businesses You Can Start This Week By Louise Edgerton & CP Staff

The almighty dollar: it rules the world and it’s always in high demand. There never seems to be enough supply to meet that demand, though, especially when you’re a student. Sometimes you just need cash - now. Plenty of fast ventures can set you up to make a buck in business. Hey, lots of successful entrepreneurs, like Donald Trump, started with raw talent and next to nothing in their pockets. For quick moneymaking that doesn’t need much investment, all you need is a great idea and the drive to go after what you want. Start with a weekend moneymaking blitz, a season-long small business, or a project that you can maintain to expand into a full-time affair after you’ve completed college. For fast cash business ideas, here are some to get you started: #1: Buy and Sell Wares Invest in items or objects that you can sell at a profit. A great place to hawk wares is at outdoor events. Make sure that you have something to sell that everyone wants; a cold drink at a ski resort isn’t a good idea. Selling cold drinks at an outdoor summer concert is a good idea. T-shirts printed with cool quips or quotes, squeaky or fun toys at festivals, or funky hats at a summer celebration are all good sellers, too. #2: Do The Twist Teach yourself balloon twisting with a book and some balloons. Take a week or two to practice twisting balloons into animals, hats, flowers and more. When you need cash, head to the nearest park with a table, your supplies, and plenty of personality. Make lots of noise to attract people, give the first few twisties away for a little free promotion and exposure, 36

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

and before long, you’ll have a line of kids waiting for their balloon creation. #3: Entertain for Dollars Busking is a great way to turn a few coins into many dollars. If you’re talented in music, performance, art, or any physical form of entertainment, take it to the streets. If you have an instrument, open your case, throw in some coins to make the point, and start playing. Dress the part–keep it clean and look slick. If you can mime, paint yourself up and have at it. Think you can dance? Try it. Think American Idol is just waiting for your call? Share your talent with the world. You’d be surprised what people will pay for. These days, people are desperate to be entertained; they’ll stop on the street if you can make them smile. Be entertaining and get the crowd in on the fun. Look like you’re having a good time. Better yet, grab some friends and entertain together, then split the money you collect—fun is infectious. #4: Let Your Fingers Do the Walking Typing talents are always in demand in college environments. If you’re handy with a word processor and your grammar and spelling are impeccable (or awfully close), offer your services to proofread, edit, and type academic papers for other students. Post your ad on boards where people can see them a few weeks before term papers are due. #5: Have Transportation, Will Travel Play fetch for people who are too busy to run errands or go shopping themselves. A shopping service is a fantastic way to provide a solution and earn some money.

#6: Find The Funny If people start laughing before you finish most of your sentences, you could have a budding comedy career on your hands. Go to local clubs and find out how to get on stage. And be sure to offer your services as a “last minute replacement” if someone bails. #7: Work It Out The fitness craze isn’t going anywhere. On college campuses where time is a premium, you could build a nice stash by offering workout plans or personal training sessions. Be sure you’re certified and available at odd hours. #8: Hey, Coach? If you’re good at it, chances are somebody else isn’t. Take what comes natural or easily for you and turn it into cash. Tutoring or coaching requires very little start-up capital. Print up flyers, spread the word and expect a flood of responses.

#9: Net Results With millions of websites being built every day, there’s definitely always going to be a need for skillful designers and webmasters. If you don’t want to be just another web designer, consider enhancing a service that’s already out there. #10: Got The Gift of Gab? Where do college students come from? Primarily high schools. Speaking to students about the transition from high school to college, is a hot topic. And who better to talk about this subject than someone who’s done it? Elementary, middle and high schools are always looking for good speakers with fees ranging anywhere from free to a few hundred dollars to several thousands dollars per presentation. This is only a fraction of the easy-to-launch businesses in our arsenal. We’ll bring you more in the next issue. Check out Weekend Entrepreneur: 101 Great Ways to Earn Extra Cash by Michelle Anton and Jennifer Bayse Sander COLLEGEPRENEUR.COM

ENTREPRENEURSHIP

The Franchise Boys By Omar Soliman

“I want to be a trashman when I graduate from college!”

’d bet my bank account those words have never come out of a single college student’s mouth, and they never came out of mine. But now I’m a 25-year-old trash man. Actually, I’m a 25-year-old entrepreneur who understands that trash is cash. The College Hunks Hauling Junk (www.1800JunkUSA.com) concept started when I began hauling junk in college using my mom’s cargo van. My business partner (Nick Friedman, also 25) and I have since transformed a temporary summer gig into a million-dollar corporation in Washington, DC with franchise locations in Orlando, Tampa, and, most recently, San Francisco. When I tell people I own a company called College Hunks Hauling Junk, they usually burst out with laughter or stare at me with a very confused look on their face. I proceed to explain the unique concept. Not your typical junk haulers, we provide professional, clean-cut teams to dispose of unwanted items from residential and commercial properties. Clients call our toll free number, 1-800-Junk-USA, and schedule an appointment to have one of our two-person teams arrive in our shiny orange and green trucks to remove all the items from wherever they’re located within the property. We charge the customer by how much space the junk takes up in the truck. Then the items are hauled to local transfer stations, recycling centers or landfills for environment-friendly disposal. Usually after I finish my 30second elevator speech, the person’s still laughing about the catchy name.

toolbox accompanied by a detailed instruction manual. The franchisor provides the franchisee with the tools and instructions needed to grow a successful business, and the franchisee’s effort determines the effectiveness of the tools. In return for the support and brand power we provide, the franchisee pays a percentage of revenues (royalties). Buying a franchise is often overlooked as an excellent way to get involved in business as well as gain valuable business operations experience. Our Orlando franchisee, Faisal Ansari age 25, always wanted to own a business, but didn’t have a concept to start on his own. He was considering going back to school to get his MBA when he started researching franchise opportunities. Faisal realized that getting an MBA costs about 80 thousand dollars. After finishing the two years of school, he’d have a great degree and education but not much else. Faisal came to the conclusion that if he invested that money into a franchise he’d get real world business experience that a classroom could never teach. And after two years he’d have an asset earning him an income rather than just a degree. Faisal purchased a College Hunks Hauling Junk franchise and has been having so much fun running the Orlando operation he bought a franchise in Tampa as well. This doesn’t mean everyone should forego an MBA to buy a franchise or start their own business, but it’s important to consider all options so you don’t go through the motions of collecting degrees because society tells you to.

The highly marketable name, along with our detailed operating systems, has allowed our company to grow exponentially. In just two years of servicing the Washington, DC metro area we’ve surpassed annual sales of 1.2 million dollars and currently have eight trucks and 25 employees working year round. We weren’t satisfied with being a local company. Our vision is to make College Hunks Hauling Junk a respected household brand throughout the country. The fastest way for us to grow nationally was by franchising. In eight months of franchising we’ve opened locations in Orlando, Tampa, and San Francisco. A lot of young entrepreneurs are hungry to start a business of their own, but most don’t know how to get started, and moreover, they don’t have the funds to endure the trial and error associated with growing a brand-new business. Nine out of ten new businesses fail, but nine out of ten franchises succeed. People purchase our franchise because they want a turnkey operation with detailed systems, award-winning marketing strategies, operating manuals and the support of an executive team that’s dedicated to the success of the franchisees. A franchise is like a comprehensive business 38

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

The Truth about Your Credit

f it hasn’t already happened, it will. Credit card companies will soon be all over you like a cheap suit. You’re a powerful consumer and the credit card geeks know it. But here’s the deal. You’ve gotta be smart about this credit card thing. If not, you’ll find yourself in a world of unnecessary trouble before winter break. And that’ll just ruin the fun trip you’ve got planned. Most of you already know this (wink wink) but for those of you who don’t mind being reminded for the oh, cabillionth time, protecting your credit is the best college gift you can give yourself. Managed properly, good credit is a valuable asset when applying for auto loans, apartments, student loans, jobs or mortgages. Plus, it’s one of the safest and most convenient ways to make purchases online or over the phone. First, let’s clear something up. Credit in and of itself is not evil. Quite the contrary. Credit can be an entrepreneur’s most valuable asset throughout the life of a business. The key is being a smart credit manager. Here are a few tips to keep you on the straight and narrow.

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

Micha’s Mane Event

’m Micha, pronounced My-cah. Not Me-ka or Me-sha. The name is important because it’s part of my brand. So, let’s get that right from the start. I’m a 17year old rising senior at Boyd H. Anderson High School in Lauderdale Lakes, Florida. My thing is hair. Specifically, I’m an expert at twisting and braiding.

yourself to spend within your means so that you can pay the bill in full each month. Tip #6: If in an extreme case you cannot pay the full amount due, pay at least the minimum due. This will keep your account in good standing. If you pay more than the minimum, you’re could eventually reduce your interest. Tip #7: Don’t be late If you miss a due date, you may (read: will likely) be charged a late fee. Penalties can range from $19.99 to $59.99 depending on your creditor. And, a late payment may be recorded on your credit history. To be on the safe side, sign up for online payment, automatic payment or send in your payment at least 7 days before its due date, even if you use online banking.

Tip #1: Use credit cards only for emergencies. The spur of the moment trip to Vail, Colorado is not an emergency. Fun, but not an emergency. We’re talking about unforeseen finan- Tip #8: Spend responsibly cial urgencies like that required book that the professor sprung on Don’t exceed your credit limit. If you exceed your credit limit, you at the last minute or the fee to have the flat on your car fixed. a fee may (read: will likely) be assessed. Also know that while it may be easy to take a cash advance, they are expensive. A Tip #2: Opt out of the direct mail offers. cash advance is simply a very expensive loan. The interest It’s a lot easier to just say no if you never see the enticing colorful rates are sometimes over 22%. Most companies charge an envelope with your name in the clear window. You can call 1-888- extra fee for each cash advance and may charge a higher APR 5-OPTOUT (1-888-567-8688) to have your name removed from than for regular purchases. direct mail marketing lists. One call is all it takes. You can also opt out online as well at OptOutPreScreen.com. Tip #9: Protect your good name Be careful about how and when you use your credit cards. Tip #3: Use credit wisely Never loan your card to anyone even if you think “they’re If you have a credit card understand that this plastic packs a power- good for it.” Schedule a time to check receipts against your ful punch. Your FICO score (created by Fair Isaac Company) is used monthly statements and report errors immediately. Most to determine how favorable an interest rate you get on things like banks offer some kind of fraud protection so be sure to ask cars, houses, and loans. A FICO score can range from 300 to 850, about it before you sign up with them. When you move or with 850 being about as perfect as you can get. Individuals with change addresses, notify your bank and other card issuers scores above 700 tend to get favorable rates while those below 700 immediately. sometimes are treated like navel lint. Tip #10: Celebrate you Tip #4: Know the score Give yourself a high five for being a good steward. It’s easy There are three national credit reporting agencies: Equifax, Expe- to beat yourself up over mismanaging your money. We recrian, and Transunion. Each has its own system for generating your ommend celebrating even small successes. So go ahead, pat FICO, so it’s smart to know all three scores. You can go to www. yourself on the back if you’re doing a great job! And if you’re myfico.com to find out your score. Remember, it’s always better to not where you want to be yet, remember you can make a know your score before you apply for any kind of credit, job, insur- positive choice in this moment. ance, or loan. Nobody likes to be surprised. Plus, you’ll feel more empowered if you know your score heading into any scenario. Bonus Tip: Stay on the offense Check your scores regularly. You always want to know what Tip #5: Pay the full amount due each month creditors are saying about you. Regular checks can also keep If it sounds like extreme advice it is. Getting into the “monthly you on top of any potential fraudulent activity. Don’t worry, minimum” mentality will only lead to more debt. Instead of condi- your self-checks do not hurt your score as some companies tioning yourself to pay as little as possible, how about disciplining maintain. 40

ENTREPRENEURSHIP

TEENPRENEUR SPOTLIGHT

I started braiding hair when I was about 13 years old. I would see other people braiding and I was determined to learn. My dolls were my first customers. I practiced daily until I became good at it. It’s funny, at first, I didn’t braid hair for money. I did it as favors for my closest friends. Then one summer when I was on a church trip my friend helped me perfect my braiding skills and after that, it was on. I practiced on her hair the whole trip. People were impressed. Everybody said I had a natural talent for doing hair, so, I started braiding my male friends’ hair. This led to hair extensions and now I’m doing all sorts of fun things with hair. I had no formal training; the art of doing hair seemed to come natural to me. As I got more advanced in my techniques, I realized that this could actually be my own little business. As a teenager with a full social calendar, money tends to be important. I’ve got senior trips to explore, parties to attend, and clothes and music to buy. My parents were not going to give me money every time I asked. And that’s when a light bulb went off. Why not get my braiding license and join this entrepreneur’s race to success? I talked to my mom who suggested that I could make extra money in high school as well as when I head off to college next year. She was right. There’ll be more girls and boys on a college campus and for that reason, I can probably clean up! But Mom didn’t stop with that one suggestion. She also recommended me to her colleagues and before long, I was doing a graduate student’s hair. It felt good being a “real” professional. But the best part was that she paid me $50! Wow, I couldn’t believe it. That’s the most anyone had ever paid me for doing hair. “This could work,” I thought. Each time I did a good job, my clients would tell others, and before long the clients were rolling in. Now I realize that I can supplement my college education with my own business. What better way to build my confidence, learn about business and make some cash than with my own enterprise? I’m excited to see how my business will grow in college next year. These days I’m learning all I can about the technical side of business. There are permits I’ll probably need, taxes to pay, and I just found out that I’ll probably need to get some insurance. I’m most excited about the marketing, though. My dad’s good at this. He’s going to help me develop my marketing plan, get my business plan done and figure out my sales strategy. He’s always reminding Mom to take her business cards with her, so I’m sure he’ll do the same with me. Basically, these days I’m just looking forward to taking my hair business to the next level. I’m thinking of business names, colors and so forth. Maybe something like Micha’s Mane Event? That’s got a nice ring to it. Whatever I decide, one thing’s for sure - I can’t see myself working for anyone; life is hard enough. Who wants to be stuck working for somebody their whole life? Not me! Instead of being an employee, I’m going to be the one to create jobs and help other people realize their entrepreneurial dreams. My new hair venture is just the beginning of a world of green (money), clothes and opportunity. I can’t wait!

“I can’t see myself working for anyone; life is hard enough. Who wants to be stuck working for somebody their whole life? Not me! Instead of being an employee, I’m going to be the one to create jobs and help other people realize their entrepreneurial dreams.” ~ Micha Nixon

COLLEGEPRENEUR.COM

From DJ to CEO

By Nicole Braddock

onathan Cobb was just an average, run-of-the-mill college student with aspirations of something greater. From his humble beginnings as a radio disc jockey at Washington University in St. Louis, Missouri, he went on to publish an online platform for his radio station 90.3 FM, allowing it to reach audiences he never thought possible. Right at the beginning of the dot com boom, Cobb knew he had what it took to become somebody in this ever-advancing age of technology. By late 2004, Kiptronics was born. Kiptronics gives online publishers the ability to put audio and video online in a format they can sell. Anybody can put a video or an MP3 up on the web, but Kiptronics has given publishers and regular companies alike the ability to utilize a common platform for their media.

“I started Kiptronics with the goal of providing an efficient and effective way of helping publishers make money off audio and video they’re distributing online,” says

GO TO KIPTRONIC.COM FOR MORE INFORMATION

Benefits of Kiptronic’s approach: • Kiptronic is a seamless experience. Media publishers no longer have to manually insert ads into their content - with Kiptronic, it happens on-the-fly, without altering existing publishing processes. • Key partnerships with rich media content delivery networks such as Akamai Technologies and Liberated Syndication enable content publishers to easily turn on Kiptronic ad insertion. As a simple add-on service, Kiptronic is able to manage large downloadable media ad campaigns. • Independent content producers now have an easy way to include ads in their shows, without the hassle of managing the advertiser relationship themselves. • Kiptronic support for formats allows publishers to continue to create content as they always have, using MP3 for audio, or MPEG4 and Windows Media for video. • The end-user experience is unchanged. All existing URLs, links, feeds and subscriptions will continue to work after Kiptronic’s technology is deployed.

Cobb regarding the original vision of his online publishing business, Kiptronics. Kiptronics allows publishers to do effective targeting, reporting, analytics, ad placement, tracking, and management across advertisements that are running on media they’re distributing out to all of these different devices. With such large names as CondeNet, CBS and even FOX in their repertoire, Cobb’s company has gone from small potatoes to the big cheese in just a matter of years. There are some essential components to any successful enterprise. Once Cobb settled on the company vision, the future of his enterprise was left up to everybody else. A business needs a dedicated CEO, which Kiptronics had in Cobb, but it also requires a clientele base, mentorship, and willing investors in order to really get off the ground. Luckily, Cobb had what it took to get those essentials as well. “If you’re an interesting person and you’re doing interesting things you’re going to meet other interesting people who do other interesting things,” says Cobb regarding business networking for his Kiptronics endeavor. “I wouldn’t be where I am today if it weren’t for all of the VPs of engineering and super software developers and other crazy entrepreneurs that I’d run into over the years that I could then lean on and say, ‘How can I do this?’” These days, Kiptronics is doing big things. Stationed in San Francisco and employing 14 full-time employees, the enterprise is taking advantage of the needs of online publishers. The market continues to stretch their needs and desires for multi-media utilization methods. Kiptronics plans to stretch right along with them. Cobb has one piece of advice for aspiring “collegepreneurs” like himself: “Be humble and receptive to input and seek it out. I think you’ll find that when people hear about something exciting, that they are more than happy to help.” To get the full story, including the origins of the name “Kiptronics”, check out the audio archives section at Collegepreneur. com.

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

MONEY

In The Money By Fran Harris, Ph.D.

While your college years may indeed be a great time to explore entrepreneurship, money expert, Jean Chatzky quickly adds, “Where finances are concerned, things can get crazy very quickly if you’re not careful, especially in college.” Chatzky is the money editor for NBC’s The Today Show and was handpicked by “O” to be one of the money coaches on the award winning daytime talker, The Oprah Winfrey Show. During an era when many experts and established entrepreneurs are encouraging college students to push the limit in the name of starting their own businesses, Chatzky cautions. “I certainly let things get out of control when I was in college,” said Chatzky, who also hosts a talk show on Oprah’s XM Satellite radio network. “Even if you feel you haven’t been equipped to handle your finances before you get to college, it’s still your responsibility to develop those skills while you’re there.” According to Chatzky, tons of college students graduate with overwhelming, unnecessary debt. Credit card companies flock to campuses to attempt to seduce students into obtaining easy-to-get plastic. It’s a practice that often starts them down the path to financial distress, and in many cases, ruin. “Before you know it, you’ve got a mountain of credit card debt and student loans,” said Chatzky, Amid a flurry of gold, blue, black, and platinum card offers there are still smart options out there. Education and discipline are high on Chatzky’s list of ways to stay in the black. “Students need to learn the advantages and disadvantages of credit cards,” Chatzky added. “If you find yourself in trouble, get a part-time job and develop a solid plan to get back on track. One of the greatest gifts a graduate can give him or herself is the gift of financial freedom – why not graduate college debt free?” Now, there’s a concept that adds up. Jean Chatzky is the author of many bestselling books on money and ﬁnance. Her latest, Make Money, Not Excuses: Wake Up, Take Charge, and Overcome Your Financial Fears Forever is available at booksellers nationwide and online at jeanchatzky.com

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

LEADERSHIP

So, You Want To Be A Leader? By Maimah S. Karmo

kay, so many of you want to be effective leaders. You’re in college, working hard for that degree, with the dream of carving a path for yourself in the world. Some of you have had a taste of working the nine-to-five and you know it’s just not for you. You don’t want to report to someone. You don’t want to punch someone else’s clock. You don’t want to be stuck in a box. You want control over your life. You have a vision. You want to create the thing you dream of doing and you want to make money doing it...lots of it. When it comes to leadership one size does not fit all. So, where do you start? Well, there are lots of manuals, magazines, articles, and scores of scholarly text written on this topic, but newsflash; it’s not rocket science. Each of us knows what it takes to lead. That knowledge is innate within us. If you don’t readily know what it takes to be a leader, start by looking at others. You can easily recognize these traits in people you admire. And while you don’t need to “copy” anyone’s leadership style, you’ll see that great leaders share common traits. Vision. Vision is the ability to “see” what you want and where you want to go. Great leaders also have the ability to ”envision” something people want and, more importantly, create a solution to solve that problem. Some leaders are even able to create a need for something where there was no need before. Contrary to what most people think, great leaders are dreamers. At the same time, they’re able to formulate a concrete plan to execute the necessary steps to turn that dream into a reality. When you think of being a leader, first think of these questions: What do you dream of? What do you want to do with your life if you could do whatever you wanted? What brings you joy? What are you good at? The answer lies therein. The thing that you dream of could create an innovation. The answer to what you want to do with your life could be something no one has thought of before. When you think of what brings you joy, you get excited. When you think of what you’re good at, it stirs up your creative juices; you feel a certain sense of sureness about that thing. If you can truthfully answer the questions above, then you’re on your way to creating your vision. Either way, just thinking about vision is good. You’ve taken the first step. Knowledge of their Business. Having a vision is important, but it’s not everything. You also have to be a dreamer and have the technical know-how to get where you need to go with your business. This means that you have to know the 46

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

Great Leaders...

Have Vision Know Their Business Are Committed Value Their Team Are The Best They Can Be

trends. Does your industry have cycles? Is the product in demand at certain times? When should you purchase materials? Do people want to buy what you want to sell…now? Will they want it in the future? How adaptable is your business to market, globalization, cultural and technological trends? Commitment To Achieving The Mission. Do you have what it takes to make it in the long haul? Will you stick to it? Can you weather the challenges ahead? Are you going to give up when the going gets tough, or will you prepare for trials by having Plans A, B and C? Will you turn challenges into solutions? Often, with a new business, it takes years to see profitability. You’ll need to be patient as you attract customers, their trust and marketshare, and establish yourself as a niche provider of your product or service. You need to exercise patience for the two to three years it will take to see the fruits of your labor. Valuing Your Team. You need to value your employees. This is how you’ll motivate them. Employees aren’t just motivated by getting a paycheck; they tend to be more loyal and committed when they know their employer cares. Learn who they are and the things that are important to them. Learn the names of the people in their families and the friends that are important. Some successful teams do things like have dinners occasionally, where each person attends with their significant team member. Some teams play paintball, others take a class together or have potlucks every few months. Being the Best You. As you grow in life and venture out into its various tributaries, one of the single most important ways you can be a great leader is to cultivate your best self. A good leader knows his or her strengths and weaknesses and implements continuous improvement at all times. Know yourself and work to be the example you seek in the world. Look at other successful leaders and learn from their failures and successes. Drink in the knowledge of those who came before you and who are succeeding in their various industries today. Make it your daily mission to implement strategies that they adopted that impacted them financially. Were they focused and determined? Were they organized and great time managers? Did they value the people in their lives? Did they surround themselves with likeminded people, ones who were creating their best lives and being positive? Did they value themselves and work to continuously improve who they were? Did they take time to play? You will find that as you grow, you will value yourself more. In turn, you will respect, honor, and value others – including your employees. In turn, they’ll respect you more as a leader and as a person. Some leaders think they’re always right. They have a heavy hand when making decisions. They judge, criticize, are unforgiving, don’t motivate and isolate themselves from other people. What kind of person are you? The person that you are creates the leader you will be. Be the example that you seek. In turn, you will be more likely to encounter great opportunities and achieve great success.

COLLEGEPRENEUR.COM

What you’re building is more than a company or business; it’s a brand. Think of the most powerful brands in the market, what do they have in common?

Some are one syllable.

Coke. Trump. Dell. Gates. Easy to say, easy to remember, easy to brand.

Some are “kooky” but memorable.

Google is not only fun to say, it’s such an incredible brand that it’s now being used as a verb.

Some are good at making us feel certain emotions.

Johnson’s No More Tears shampoo makes us all sigh a collective ahhhhh, when we think of the cute little baby getting his hair washed.

MARKETING

Who Wants To Be A Celebrity? By Donna Cutting Imagine a world where red carpets are rolled out for you wherever you go, where people greet you by name, with a smile and boundless enthusiasm. Imagine feeling loved, wanted, and expected everywhere you travel.

Image taken from www.facebook.com

What’s In A Name Anyway? 48

So, you’ve got an idea for a company or business but you don’t know what to call it. Start with your name. Is there power in your name?

I Using Facebook™ To Build Your Business Planet Earth’s most popular business networking website for Generation Next is still the best bang for your buck. Here are a few quick tips to get you started. Tip #1: Get started. I know it sounds inane and simple but you’ve got to get in the game to have a chance at winning. So, get to www.facebook.com after you’re done with this article and set up your profile. Tip #2: Create a Magnetic Profile If you peruse the site you’ll see that there are millions of profiles. Many of them suck, quite frankly. It’s not enough to just have your vitals on your page, you also need to give people a reason to contact you. Become a magnet. What are you doing these days? What exciting partnership or alliance possibilities are on the horizon? In other words, of all the people I can contact in my “circle”, why should I reach out to you? That’s the question your profile must answer.

magine what it would be like if the people in your company or future company were so creative and committed to your happiness that they would do almost anything to ensure that all your desires, whims, and wishes were fulfilled.

people eagerly anticipating your arrival, of having people cater to your every whim, of having planes held for you and special tables waiting for you in your favorite restaurants. Sound exciting?

Does such a world exist?

Well, guess what? Your customers are dreaming of the same thing.

You bet it does. It’s called Hollywood. And it’s reserved for an elite few. For the rest of us, however, life plays out a little differently. We live in a world where we can’t get a real person on the phone, we can’t find anyone to answer our question, and if we do find someone to help us, we’re often told, “That’s not my department.” We live in a world where we’re sometimes served by people who are so uninterested in us that they’re carrying on a complete conversation with a co-worker while they’re engaged (or should I say disengaged?) in our transaction. If you’re like most people, you’ve dreamed of what it would be like to be treated as a celebrity… even if for just a little while. You’ve dreamed of

What if you could give your customers the level of service that would make them feel like the most pampered Hollywood star? Do you think they’d be more inclined to think of your company when it’s time to make their buying decision? Do you think they’d be more likely to become a lifetime, or at least longtime, customer? You bet they would! Listen to the advice of those who serve the elite and perhaps one day your customer will thank you for the red carpet service. JUST SAY YES! The real difference between you, me and a Hollywood star is that the celebrity is used to hearing YES all the time. Scott Graham, CEO of Xtreme Personal Assistant Concierge Services, has built his business on just that fact. He tells his celebrity clients, (continued on next page)

Tip #3: Set Goals…And Go For It! Decide how many active contacts you are going to make each week and then make a commitment to do it. Don’t whine around about how nobody’s responding to your “Become my friend” emails. Just keep pluggin’ along. There’s a thing called momentum and the way to create your own “mo” is to be relentless in the pursuit of what you want.

Whatever you decide, remember, once you establish your name or brand, it will be difficult (not impossible) to undo it. So, if there’s one thing to deliberate and weigh your options, this is it. Here’s to a brand new you.

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

MARKETING “If you can imagine it, we can achieve it—as long as it’s moral, ethical, and legal.” One of Scott’s favorite stories is about the time a client asked him for a hot, fresh pizza to be delivered, that evening, from a specific pizza place in Chicago, Illinois…to his flat in London. Impossible? Not for Scott. He put a pizza oven on a private jet, flew it to London, baked the pizza on the way down, and hopped into a limo, getting the pizza there hot, fresh and on time. While it may be true that your customers don’t have the budget to cover those kinds of expenses, the story does bring to a mind a question. “Where are you saying No to your customers when you could be saying YES?” What would be the impact on your business’ bottom line if you made it a habit to say YES to a customer’s challenge, and then figured out how to get it done? In a world where most service professionals choose convenience over customer service and retention, your philosophy of going the extra mile would make your business stand out in the pack. Say YES to your customers by: Asking yourself and your team, “How could we create the kind of experience for our customers that would make them feel that anything was possible?” Taking a look at your policies to determine whether they were made for your convenience or your customers’. Choosing your customer’s over your own convenience every time. Partnering with other service professionals to offer more options. Empowering your employees to solve a customer’s problem up to a certain dollar amount. Banish the words “It’s not my department,” or “I don’t know,” from the vocabulary of everyone on your team. Celebrity service providers “own” the customer’s problem until it is solved. GIVE A RED CARPET WELCOME! Watch the pre-show for the Academy Awards every year and you will see celebrities coming out of their limos and stepping onto the beautiful red carpet. The Kodak Theater spends weeks in preparation, laying the red carpet, erecting the oversized Oscar statues, and roping off sections for the press. As Brad Pitt emerges from his limo, he’s greeted by the official Academy Red Carpet Celebrity Greeter, 600plus fans roar his name in appreciation, and photographers will line up to take his–and Angelina’s—photo. Give your customers a celebrity experience by making their arrival as important and exciting as those on the red carpet at a Hollywood awards event. Consider how these

organizations welcome their clients or prospective customers:

•

• •

High Point University in High Point, North Carolina, welcomes their prospective students and guests with a personalized sign (bearing their name) at a reserved parking space. It’s not unusual for guests to pose for photos by “their sign.” The Celebrity Services Department of the Gaylord Opryland Resort and Hotel literally rolls out a red carpet for meeting planners who do business with them, in addition to other special customers. John Wood, CEO of HUB Plumbing, promises his customers that he is available for them 24/7. He hired someone specifically to answer the phones (live and in person) during the day, as well as on evenings and weekends. In today’s digital age, just having a live person answer the phone would surprise and delight your customers.

First impressions are everything, and you can capture your customer’s attention in the first 90 seconds by making your welcome unique and unforgettable. Of course, don’t let that good impression end. Follow up every encounter or purchase with a handwritten thank you note. Remember, to give celebrity service, you must do all of the little things that your competition isn’t willing to do. Donna Cutting is the author of The Celebrity Experience: Insider Secrets to Delivering Red Carpet Customer Service, (Wiley, January, 2008).

Interesting Celebrity Facts: • At age 16 at the 1984 Olympics, Cuba Gooding Jr.’s first professional job was as a break-dancer for Lionel Richie. • Matthew Perry is missing part of his middle finger on his right hand due to a door-shutting accident. • Tom Hanks collects 1940’s typewriters. • Julia Roberts is the highest paid actress in film history. • Brad Pitt belonged to the Key Club and the Forensics Club in High School, and before he became an actor he supported himself as a chauffeur, a furniture mover and a costumed mascot for the restaurant, El Pollo Loco. • In 1985, a four year old Alicia Keys appeared on The Cosby Show as one of the guests at Rudy’s slumber party. • Walt Disney was afraid of mice.

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

Paper, Plastic, or PayPal™?

The Price Is Right By Collegepreneur Staff

It’s a proven fact that accepting credit cards will increase your business. The Better Business Bureau says that credit cards add a minimum of $1.8 trillion in annual purchases to our economy. To get a free merchant account – paying only fees on transactions, check out www.paypal.com

“How am I going to pay for college?” It’s a question that plagues high-schoolers and parents alike. The daunting price of higher education has tormented people since its inception. Consistently separating the haves and have-nots, college tuition remains an elusive holy grail for some families. Such was the case with Shayla Price. Not to be overcome with the obstacle facing her, Price decided to take control of her own destiny. Rather than sit back and lament her lot in life, she set forth to make a college degree her reality. (continued on next page)

QUICK FACTS

According to CollegeBoard.com: There’s no escaping the fact that college costs are rising. According to recently released reports from the College Board, most students and their families can expect to pay, on average, from $95 to $1,404 more than last year for this year’s tuition and fees, depending on the type of college.

Did You Know... •

•

• •

•

Ticking down the list of CEOs of Forbes 400 companies, you don’t even hit an MBA until number 22, Phil Knight, the CEO of Nike. The U.S. Bureau of Labor Statistics reports that the average person working 45 hours per week earns 44% more than someone who works 40 hours. Netflix ships 1.4 million movies every day, and it expects to spend some $300 million on postage this year! From 2001 to 2005, about 47 percent of the companies that went public had negative earnings, according to Jay Ritter, a professor of finance at the University of Florida. The number of millionaires will triple by 2013 due to inheritances, according to Capital Development Services.

COLLEGEPRENEUR MAGAZINE

Now a graduating senior at Southern University in Louisiana completing a marketing degree, Price is walking proof that monetary obstacles can be overcome. At age 18, she secured over $100k in scholarship funding. Now she’s trying to help other students do the same.

yet, her site is hosting a competition for a $500 scholarship. Students apply online and competitors can see each other’s submissions. But if you plan to apply for Price’s scholarship, you’d better read the rules. “You can tell the difference if some students aren’t taking it seriously or not even following directions despite the fact that they see somebody else’s scholarship essay on there. How did she do it? Well, she started with a book her guidance They’re still not following directions,” said Price. Simple solution counselor let her borrow. The book contained scholarship - when people are offering you free money, respect their rules. postings. She also used the Internet. She knocked on teachers’ doors requesting letters of recommendation and made her Advice for scholarship newbies? Price has tons of it. “Start now. guidance counselor’s office her headquarters. Most important- Don’t procrastinate. Go online to scholarship databases. Talk to ly, she didn’t give up. “I didn’t receive any money my junior your teachers, don’t be afraid. Talk to your guidance counselors year. I received rejection letters that whole year...I would get and get involved because the sooner you start, the better you a rejection letter and I would say ‘I guess I gotta apply for two finish.” more.’” Despite receiving rejection letter after rejection letter, Price persevered, honed her writing skills, and the money And she’s not stopping there. Shayla envisions making careerstarting rolling in. voices.com a site that partners businesses with students. She wants to give smaller businesses an opportunity to support their At age 20, Price wrote The Scholarship Search: A Guide to loyal customers. Shayla foresees being able to develop a youWinning Free Money for College and More. Her book and scratch-my-back, I’ll-scratch-yours, type of system where busimessage have reached thousands, fostering the idea that stu- nesses can set up scholarships for students who individually, or dents can afford college despite their economic circumstances. with their families, have demonstrated consistent consumerism Price recently spoke at the Tavis Smiley Foundation Leadership with them. But for now, she’s busy searching for law school Institute in Houston, Texas, helping hundreds of students learn scholarships. how to play the scholarship game. She impresses upon them that it’s not enough to know the due date of a scholarship application. Students need to know everything about the person or organization offering the scholarship: what their specific requirements are, and key points they require you to address. The biggest problem, she says, is that most students don’t follow directions. She helps students understand that no committee is going to take your application seriously if you can’t follow simple instructions. The virtual world hasn’t escaped Price’s expertise. On careervoices.com, she offers advice on essay writing, interviewing, asking for recommendation letters and much more. Better

But there is good news. There is more than $130 billion in financial aid available. And, despite all of these college cost increases, a college education remains an affordable choice for most families.

PREMIER ISSUE

COLLEGEPRENEUR.COM

Sage advice coming from a guy whose first foray into the world of business was a lemonade stand when he was around eight or nine. “I honestly don’t know what prompted me to do it. I just grabbed my mother’s Country Time lemonade mix, her pitcher, and her cups. I guess in that instance I didn’t have any costs because I used all of her stuff.”

Nobody’s Apprentice

By Fran Harris, Ph.D.

t’s an age-old question. Are entrepreneurs born or made? Ask Dr. Randal Pinkett, winner of NBC’s and Donald Trump’s hit reality show “The Apprentice,” and the answer is as clear as a bell. “Both. I think there are innate qualities that some people are born with that make them more suited to entrepreneurship but I also believe that entrepreneurship can be nurtured, without a doubt.”

Lesson #1: Leverage OPM. Other people’s money is the best way to launch a business. “Absolutely,” Pinkett laughs. “Risk is great but if it doesn’t have to all fall on your shoulders, why not?” This technique proved to work well for Pinkett who went directly from lemonade to office supplies. Still using none of his own money. “Back when I was in school there were these folders called Trapper Keepers. They were these fancy notebooks with lots of different filing arrangements. I used to manufacture these miniature size Trapper Keepers using some discarded cardstock from my mother’s job,” said Pinkett. A gifted mathematician and technology geek, Pinkett attended computer summer camps, learning as much as he could, knowing unconsciously or not that these skills would come in handy down the line. Some entrepreneurs are drawn to the excitement, the potential financial freedom offered through business ownership. Not Pinkett. It was the adventure that turned him on. “I just liked the idea of offering

7 Myths About Student Entrepreneurship from Campus CEO: The Student Entrepreneurs Guide to Launching a Multimillion Dollar Business

Myth #1 “Being an entrepreneur is very risky.”

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

a good or a service. I remember setting up the equivalent of a flea market in my mother’s backyard with all of the toys that I was no longer using. I would sell them to the other kids. I put tags on them. The whole nine yards,” he said. Then Pinkett, a veritable one-man wrecking crew would go out into the streets and launch his grassroots advertising campaign. “I’d announce the sale and the kids would come running.” This proved profitable until the suits caught on to the game and ordered him to cease and desist. “My mother figured out what I was doing and she shut me down,” he laughs. “She wanted me to give my toys to my younger nieces and nephews rather than selling them to the kids for a profit.” Unlike many successful CEOs, Pinkett says there were no other entrepreneurs in his family. “My grandfather was a postal worker. My grandmother didn’t work, she was just a stay-at-home mother. My father, worked for corporations and my mother worked as an administrative assistant for most of the years I was growing up.” Despite having no direct business owner models in his immediate family, Pinkett’s entrepreneurial flame continued to flicker. It was in college actually when a very close friend, Wayne Abbott, made a proposal. “He was two years older than I. His family and my family were one of the very few black families in our neighborhood.” Abbott headed to Rutgers University two years prior to Pinkett’s arrival. It was during his senior year and Pinkett’s sophomore year that Abbott decided to start his own company designing and selling t-shirts. Pinkett caught a glimpse of Abbott’s operation at an orientation fair for new students “I did a double take. I was like ‘Wayne, (continued on next page)

COLLEGEPRENEUR.COM

what the hell are you doing?’ I was completely floored.” That moment proved to be pivotal. “That’s when the light bulb went off for me. I thought, ‘If Wayne can do it, why can’t I do it?’”

Pinkett. “Looking back she probably now has much greater insight into what was happening then. It’s all worked out.”

Dr. Pinkett’s Recent Awards and Recognitions New Jersey Institute of Technology (NJIT), Honorary Doctorate of Science, Honoris Causa (2007)

Over the next two years Pinkett and Abbott added two more partners, Dallas and Larry. The Fantastic Four got busy. And in Ford Motor Company, HBCU Classic, Entrepreneur Award (2007) the summer before their senior year they developed the blueprint for Mine, Body & Soul Enterprises. They sold compact NJ Biz Magazine, Entrepreneur 101 (2007) discs out of their “main office,” also known as their living room. “Then we had an educational services division that Marion P. Thomas Charter School, Father for Our Children (2007) would take the profits from the CD sales and do outreach to minority and inner city youth. I was the president and CEO The Network Journal, 40-Under-Forty (2007) overseeing the operation at the age of 20.” Alpha Kappa Alpha Sorority, Inc., Nu Xi Omega Chapter, P.E.A.R.L.S., Inc., P.E.A.R.L. Award for Economics (2006)

Life was golden. Sales were good and there was nowhere to go but up. Then another lightbulb came on. “I was out doing a lecture at a high school and a young lady in the audience Future Business Leaders of America (FBLA), Local Chapter Busiwent home and told her mother about the speech that I gave nessperson of the Year (2006) and she said it was really good. Her mother happened to be the coordinator of a conference for a large non-profit orga- South Jersey African American Chamber of Commerce, African nization in New York. She actually called me and said, “I’m American Business Summit, Business Award (2006) looking for someone to organize a conference, a train- The Joint Interest Group, Achiever Award (2006) ing conference for students.” In little or no time, Pinkett Proclamation from the County Executive of Mercer County, Brian and his partners grew that Hughes, New Jersey (2006) business to six figures. They operated their training and development company from 1994 until 2000 and enjoyed a very good run. Then two critical events changed the tide. In the fall of 2000 the stock market took a downturn. And on September 11, 2001, terror struck the United States. “9/11 was the death of our education and training company. All of the remaining major accounts that we had except one, and we had some heavy hitters -- called us to tell us they were going to cancel their events for 2001 and 2002.” Pinkett had high hopes for their consulting firm but quickly acknowledged that an unpredictable marketplace is what a lot of entrepreneurs endure. “To go from high fiving and chest bumping with your business partners to not knowing what was going to happen with our business was very frustrating,” said Pinkett. “I’d won awards and gotten tons of accolades and to look around at that time, you wouldn’t have known I’d achieved a certain level of success. I was disappointed and sad.” Pinkett turned to the three “fs”: family, faith and friends. Now married with his first child only a few months old, Pinkett says his wife, then girlfriend, probably didn’t have a full scope of the devastation he felt. “I probably kind of glazed over it in our conversations at that particular point in time,” said 56

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

5000 Role Models of Excellence, Senator Frederica S. Wilson, National Dr. Martin Luther King, Jr. Spirit of Freedom Award (2006)

Like all great innovators, the partners recovered. “We established a second division of MBS called MBS Business Consulting and Technology, which is now BCT,” said Pinkett. The principals quickly sought to develop a whole new line of business leveraging their engineering backgrounds. Smart move. BCT is now a multi-million dollar information technology firm that focuses on software development, web applications, wireless networks, wired networks, systems integration and a wide range of IT services. “We often refer to one another as brothers. From the days that we started selling CDs to our long nights or early mornings during whatever free time we had to prepare for conferences or develop new workshops, we’ve been through thick and thicker,” said Pinkett. While many entrepreneurs talk about persistence and determination as their keys to success, Pinkett turns to humility and a willingness to sacrifice. “If you were to look at my resume and then I were to tell you that in 2002 when I joined the company full-time, I earned about $24,000.00 that year. A lot of people thought I was crazy. I had my MBA and I had classmates who were earning six figures and up, not including their bonuses, while I was working out of a garage and earning $24,000.00,” said Pinkett. “I still believe things happen for a reason and I had faith that things would work out.” That faith also led him to apply to The Apprentice. “Someone gave me the application with like three weeks to get it in. I basically spent a weekend producing the required ten minute audition video and sent it in with the one pager. In February I got a call from a producer saying I’d made it through to the next round,” said Pinkett.

Myth #5 “If I start a business, my grades will definitely suffer.“

Myth #6 “Student businesses are only small-time enterprises, or mom and pop type operations.“

Myth #7 “I have to have a lot of money to start a business.”

Like many reality show applicants, Pinkett was sure the producers of the hit show were looking for a character. “I wasn’t even gonna send it in but I said, we’ll see what happens.” He soon learned that most reality shows combine a mix of people who actually have a shot at winning with those who’ll increase the entertainment value of the show. “Once I got on the show, my strategy was to win,” Pinkett laughs thinking back. The strategy worked. Pinkett became the fourth winner of the hit show and the first African American to win. These days he’s enjoying being in the Trump fold.

Myth #2 “I’m too young to own my own business.”

Myth #3 “I’m too inexperienced.”

Myth #4 “It’s not the right time.”

“I was involved with five renovation projects in Atlantic City marketed as a $110 million dollar renovation over three years. I manage components of the overarching renovation,” said Pinkett. The pros may be obvious to observers but Pinkett quickly adds that there are some disadvantages to winning arguably the hottest reality show out side of Survivor. “I basically became an ambassador for The Apprentice and the travel was grueling,” said Pinkett. These days Pinkett’s travel has been cut significantly and most of his road time is spent promoting his new book, Campus CEO: The Student Entrepreneur’s Guide to Launching a Multi-Million Dollar Business (Kaplan, 2007). He’s also involved as an instructor with Trump’s wealth building seminars, The Trump Institute. And like all great thinkers and entrepreneurs, he’s leveraging the Trump brand every chance he gets. “I am working it like you wouldn’t believe,” said Pinkett. “I’m trying to get to the highest, most senior level person in the organizations that I believe my company’s services can help. My executive assistant is calling and saying, “This is the office of Dr. Randal Pinkett from The Apprentice.” With skills like that, it’s not likely that this former kidpreneur and campus CEO will hear the words, “You’re Fired!” anytime soon.

COLLEGEPRENEUR.COM

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

COLLEGEPRENEUR.COM

OPINIONS

Is Your Tuition Worth More Than A Tank Of Gas? By Geoff Sanders

If you think your university has academic value, quit fooling yourself! It starts in kindergarten for most folks–the socialization of the modern American youth. Today, this same socialization defines what you do, where you do it, how you look while you’re doing it, and why you do it. We wear pre-torn jeans because Abercrombie models tell us to, we use words like “hella” because those cool kids from “The Hills” say it, and we all go to college...but why? Is it because in high school we take college-prep classes? Is it because the “real world” won’t “take you seriously” if you don’t? No. You go to college because that’s just what you do today. It’s the “in” thing to do. In an overcrowded world it’s believed that the only way to set yourself apart from the other guppies in the ocean is to earn a $40,000 piece of paper. $50,000 if that piece of paper’s from one of the Ivy League schools. However, I present you this. In a country where people no longer ask, “Are you going to college?” but, “Which college are you going to?” can you really separate yourself from the competition? Is there truly any value in college? I went, and the only value I got was some cool college swag and a winning football team. Well, have you answered yet? Is there really any reason to go to college? Sure, if you’re planning to be a doctor, go to college. I don’t want some schmoe operating on me who’s gonna confuse my spleen with my esophagus. But let’s face it; most of us are not studying to be doctors. Let’s take a look at some individuals who either dropped out or never went to college—you may know a few of them: Abraham Lincoln, Walt Disney, John D. Rockefeller, Vidal Sassoon, Michael Dell, Bill Gates, Albert Einstein, not to mention the majority of all actors, actresses, and musicians we all idolize, even if we won’t admit it. Clearly, one could construct an equally imp60

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

ressive list of individuals who did attend or who have graduated from college, but that is my point. There is no differential value between an individual who has or has not gone to college. Our country was once run by a man who didn’t go to college and taught himself everything. You’ll find his mug on the dollar bill. So what is the difference between these successful people and the average Joe? Motivation and entrepreneurship, plain and simple. Whether you’re inventing the first computer or writing a riff on the guitar, successful people are all highly motivated entrepreneurial people who share common qualities, but most of all, they don’t take no for an answer, are willing to learn on their own, and consistently stand out from the crowd. As you sit there among the 30,000 other “individuals” at your college, let me ask you a question. Are you standing out? Are the khaki shorts, loafers, and polo shirt making you stand out among the other thousands of “Greek Life?” Maybe it’s the two-tenths differential in your GPA that has you believing you’ll get that entry-level $34,000 job over the next graduate–and I do emphasize entry-level. Is your spirit group better affiliated than all the others? Perhaps having a winning football team equates to higher job success? Hopefully my sarcasm and rhetorical questions have shined through brilliantly, because we unfortunately live in a world where the value of college is inflating as much as the price of gasoline. College was once indeed a valuable tool. It was valuable because it was around at a time when people rarely graduated high school. College was seen as an extraordinary step that would truly set you apart. And back then, it did.

at an all time high, and you’re just one of the many other fish in the sea. I'm sorry that I have to give you this bad news, but you must realize–going to college is a beneficial tool for the businesses now calling themselves “institutions of higher learning.” From school clothing and other paraphernalia to the rising costs of tuition, universities are more like business empires than institutions concerned with your learning and success. I know plenty of schools whose head coaches get paid more than their school deans! You tell me where their priorities are. Have no fear college student: while college may be valueless and a waste of money, you can turn it into something useful. While in college, most kids have their living expenses paid for, whether it is by parents, scholarships, or aid. Because of this security, you can use this time to start your own business ventures without feeling as though a failed enterprise would devastate you. Use this time to build connections and team up, for social connections will get you further in this world than any degree under the sun. And most importantly, learn how to learn–being able to teach yourself is the most valuable tool an entrepreneur can have. And let’s face it, most of us teach ourselves in college. The professor just gets a fat check because his or her name is next to the class title on the syllabus. Only in America. With that said, head back to your dorm room, go back to studying material that will have little, if anything, to do with your future career, and this weekend, as you drink away the knowledge you gained in the past five days, remember that the Coors Light in your hand was invented by a man who never went to college. Wonder what his family’s doing today? Probably laughing all the way to the bank.

Goodbye 1900s, welcome 2000s. College participation is

Geoff Sanders is an alumni of The University of Texas at Austin and currently runs a creative design firm, Wythagy LLC, out of Dallas, TX.

What do you think about Geoff’s opinion? Email us at opinions@collegepreneur.com and we may print your two cents in a future issue! The opinions stated here do not necessarily represent the opinion of Collegepreneur Magazine, its employees, advertisers, affiliates, or readers. Please include your name and location when responding. By submitting a reply, you are not necessarily guaranteed a place in Collegepreneur Magazine or Collegepreneur.com. COLLEGEPRENEUR.COM

PERSONAL DEVELOPMENT

Abroad-ening Your Horizons 4 Ways to Personally Profit from International Study By Bree Barton

hat’s the best way to describe a study abroad experience? Ask anyone who’s been abroad and they’ll happily tell you: it’s life-changing and eye-opening and a whole host of other fervent hyphenated adjectives that practically buzz with enthusiasm.

You’ve no doubt heard your fair share of stories from deliriously giddy and recently returned friends; these often involve unforgettable nights of debauchery or the breathtaking ocean view from some exotic locale. Whatever the tale, it’s sure to make you a little envious of the glamorous life being lived beyond your university’s walls. The truth is, you should go abroad—but maybe not for the reasons your friends have gone. There’s more to studying abroad than pub crawls, sight-seeing, fleeting romances, and the art of pickpocket evasion. In fact, there’s even more than studying. A stint of international inquiry can help your professional career, offering invaluable opportunities for an entrepreneur. Here are four ways you can profit from studying abroad: Communicate Cross-Culturally In 2002, Larry R. Faulkner, president of the University of Texas at Austin, said, “An education is incomplete without a broad, intercultural perspective, and we encourage our students to extend their knowledge of other cultures and other lands.” Even five years ago, Larry was onto something. In today’s globally interdependent world, the ability to communicate and work with people from different backgrounds is crucial. A semester or a year spent in another country is the perfect time to hone your cultural awareness and understanding. To make the most out of your time abroad, really immerse yourself in the local culture. If you only hang out with the other Americans in your program, you aren’t maximizing the opportunities to build relationships with the locals. If you’re in a non English-speaking country, make an attempt to learn the

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

national language and speak it whenever possible. Even English-speaking countries boast richly unique culture - delve into them. Eat the local food, make friends with the natives, and do everything you can to develop an appreciation for the distinctive culture of your new home. This intercultural perspective will be invaluable as you build your business and your team. Take Risks Studying abroad offers you the ideal chance to get out of your comfort zone. Even in your choice of where to apply, push yourself. Go somewhere where things may not always be easy, and where you’ll be challenged on a daily basis. The willingness to take risks forms the backbone of entrepreneurship, and if you learn to do it when you’re abroad, you’ll be better equipped for the business world. When I was studying in Italy, one of my Italian friends asked me to go on a “moto” ride. In my mind, “moto” translated to “vespa,” a fun scooter-like vehicle that zipped around neighborhood streets carting bags of pasta and fresh produce. Not so. “Moto” actually meant motorcycle, and before I knew it I was clutching my friend for dear life as we hit 212 km/hr on a highway. What did I learn from this? You should always consult your dictionary before going out. But the experience was one of the most exhilarating in my life, and looking back, I’m glad I took the leap. It’s an opportunity I might never have again. You probably won’t hit 212 kilometers with your business— if you do, just be sure you’re wearing more than a cotton jacket. But learning to take the plunge during your international adventures will prepare you for taking risks in your business ventures, too. Balance Your Finances When you’re spending time in another country, your finances are yours to command. Take advantage of it and set boundaries for yourself. Learn to live within a budget and make the most of it. If you choose to study in Europe or the UK—and 53% of college students studying abroad in 20042005 did—prepare to suffer a painful exchange rate. The US dollar is at an all-time low, and the Euro and Pound are omnipotent. Instead of whining that a burger costs $8, seize the opportunity to closely monitor your expenses. Make a chart. Watch your cash flow. And prioritize what it is you really need. Exercising economic savvy while you’re studying abroad helps build the financial acumen that will serve you well in your entrepreneurial endeavors. If you can find work while you’re out of the country, go for it. My time as “Ms. Tequila” at a local bar selling tequila at 50 centesimi/shot (roughly 68 cents) made me curse the day Jose Cuervo was born. But it also made me more cost-conscious and aware of how things work in Italy. Familiarize yourself with the exchange rate and track its fluctuations. In short, do everything you can

to manage your own finances while keeping an eye on the current economy. These are both essential skills for business leadership. Seek Out Opportunities Never hesitate to unearth new and exciting adventures for yourself while abroad. This could mean a variety of things: travel independently, learn to mountain bike, or eat something you’d never touch at home. But beyond the basics, challenge yourself to network and forge relationships that you’ll keep even after you’ve returned to the States. Seek out jobs or internships—most study abroad programs have a whole list they’d be happy to share with you. Stay busy and connected. Never succumb to passivity; instead, be active every day of your sojourn. When you meet people, get their contact info. I took a little black notebook with me wherever I traveled, and when I met someone interesting, I’d have them jot down their name, email, and sometimes a brief note. After several months, I had three job offers and multiple friends all over the globe with whom I could stay. Your time in international waters will build your personal and professional network like nothing else can. And these connections will prove extremely useful as you continue to grow your business. Over the last decade, student participation in study abroad has more than doubled, proving that the time is ripe for striking out across international terrain. Take advantage of an extraordinary opportunity. You’ll continue to reap the profits long after your visa has expired.

Study Abroad Statistics From the Institute of International Education’s 2006 data:

• 205, 983 U.S. students studied abroad during the 2004-2005 school year. • 65.5 % were female; 34.5% were male. • 83% were Caucasian; 6.3% were AsianAmerican/Pacific Islander; 5.6% were Hispanic/Latino(a); 3.5% were African American; and 1.6% were Native American or Multiracial. • 17.5% were Business & Management majors, second only to Social Sciences majors who accounted for 22.6%. • The top five most popular destinations for U.S. study abroad: United Kingdom, Italy, Spain, France, and Australia.

COLLEGEPRENEUR.COM

PERSONAL DEVELOPMENT

SELLING

Zen Of Business

icture this. You’re about to go into a meeting with a potential investor or strategic partner that you’ve been courting for a while. It’s a meeting that can quite literally change the course of your business. A great meeting catapults you to the table with the big boys and girls.

Any other kind of meeting keeps you at the kids’ table for a few more years. So, there you are. In the parking lot, behind the wheel of your tricked out economy car in desperate need of a tune-up and new wheels, and what are you doing? Breathing in, breathing out. You sit in your car with your eyes closed, connecting to the breath that you believe will guide you to the place you desire. Inner peace. Outer success. Ahhhhhh. Exhale. Now, you’re ready. The meeting can begin. If the above scenario sounds like it belongs in the “Bonus Features” of a yoga DVD, you’re right. And for those of you who thought yoga was something reserved for vegans or hippies, think again. “Yoga is an ancient practice that was developed to help us uncover our true nature. It helps us lead lives with newfound personal awareness,” says master teacher, Julie Simon.

Network Your Way to Success and Wealth

Simon spends a great deal of her week encouraging students to sink deeper into their yoga practice through poses such as “Downward Dog” and “Pigeon.” These and other techniques are done in the name of fitness, flexibility, and finding their true selves. All fine and well, but what can yoga do for you and your business? A lot, it turns out. “Yoga is an amazing practice for entrepreneurs because it teaches you to be centered in action. These principles can be applied anywhere, enabling you to have clarity in your decision making, while responding to the daily stress of running a business,” adds Simon.

Just because you think you can do it by yourself, doesn’t mean you should. By James Malinchak

Julie Simon

A new audio CD and DVD series, Yoga for Entrepreneurs, is bringing this ancient practice into the boardroom where chaos, stress, and competition are typically the order of the day. For business owners wondering where they’d fit yoga into an already hectic schedule, Simon says, “I would suggest doing yoga in the morning before life gets in the way. This allows you to start your day clear and present.” The Yoga for Entrepreneurs series is perfect because it prepares you for the practice of yoga prior to you making the commitment to purchase the mat and yoga pants. It focuses on breath work, finding your center, and focus – three skills essential to business success. An entrepreneur and spinning enthusiast, Simon routinely announces in her classes: “I didn’t find my center until I discovered yoga, and now I can’t imagine my life without it.” For a free audio excerpt download, go to YogaforEntrepreneurs.com. Julie Simon is the program director at the YAS studio in Venice, California where she teaches yoga and spinning. She’s coordinating a Yoga Spa Retreat in Costa Rica in December. For details, email her at jsimon@go2yas.com

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

hy is networking important for creating success and wealth? The answer is simple. It’s not a coincidence that hundreds, even thousands, of people are hired for positions over individuals who are more qualified and more experienced. How does this happen? They merely cultivate relationships with key centers of influence. Through networking, you’ll receive opportunities that will expand your current knowledge base. Through networking, you’ll be put in positions to expand your current skills and learn to communicate at many levels.

(continued on next page)

COLLEGEPRENEUR.COM

SELLING

Networking is communicating with others to create mutually beneficial relationships. People often confuse networking with “quantity of contracts.” However, the purpose of networking is simply to enhance your cause. Think of networking as the opening of doors to the unknown. You might be tempted to believe that the more doors you have, the greater the odds that you’ll make the right kinds of connections, but that’s incorrect. Networking is intentional by design. By placing yourself in situations that attract others with whom mutually beneficial relationships can be established, you increase the potential payoffs. Therefore, one of the greatest traits of the networking leader is the ability to identify which doors to open. Networking Development Tips Do Your Homework Because planning is a component of networking, you’ll need to make lists and seek out resources that can answer basic questions about the person or organization you’ll be meeting. For instance, who knows the person you are trying to meet? Who else works with this person? Where do they live? I’m not suggesting you stalk your potential pool of networking targets; instead, sit down and list the information that might help increase the quality of your potential interactions.

“By placing yourself in situations that attract others with whom mutually beneficial relationships can be established, you increase the potential payoffs.”

build a foundation for additional interaction, you may close the Look for Ways to Offer Praise door. In fact, it should be your goal to ask more questions than Making others feel good is essential for walking through doors you answer. Keep the other person engaged in the conversation once they’ve been opened. Congratulating someone for accomby having them share information about themselves. Find a com- plishments or thanking them for taking the time to speak with mon interest. Lastly, do what is needed to make yourself appear you are ways to praise. This doesn’t mean you should act like a approachable. Offering your business card is just one way to crazed fan; rather, think about what you could say that would ensure this happens. make the other person feel good about themselves. Praising your own accomplishments can lead to a competitive tone in Much to my delight, my use of effective networking skills with your conversations. Having a calm sense of self while praising Mary Higgins Clark was immediately rewarded. For example, as others makes you appear self-confident and much more worthy I was leaving after a wonderful evening of conversation over a of additional contacts. New England dinner, Mary asked if she could talk to me for a minute. I walked with her to the corner of the room where she Final Words said, “I really like you and how easily you explained the answers No successful person achieves goals without the assistance to my questions. I’m looking to open an investment account with of others. It doesn’t matter how knowledgeable, qualified or another company and I’d like to open the account with you.” experienced you are; without the assistance of others, you’ll probably fail to excel. Push yourself to stretch outside your Stay In Frequent Contact immediate comfort zone. Seek different ideas and discover a My meeting with Mary happened simply because I took the world of opportunities for yourself and your organization. initiative to stay in contact and follow-up with her. There are many ways you can do this. Writing thank you cards, sending Mastering the art of networking will enhance your abilities and articles of interest with a note or remembering events of signifi- present opportunities to create all of the success and wealth cance with flowers are all examples of good follow-up. Sending you deserve. an e-mail message—although impersonal when compared to a letter—also keeps your name and contact information out there. James Malinchak is one of America’s most requested motivational speakers, and a favorite on the college speaking circuit.

I learned the importance of doing your homework when I had

“People often confuse networking with “quantity of contracts.” However, the purpose of networking is simply to enhance your cause.” 66

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

the opportunity to have dinner with author Mary Higgins Clark. Despite the many possible ways of learning more about my famous upcoming dinner host, time required that I select only a few. Step one was a trip to my local bookstore—a place of great networking resources. I asked the person working behind the counter if she’d ever heard of Mary Higgins Clark. “Oh yes,” she replied, as she pointed to a display holding more than 10 of her books. Now I felt anxious; despite my desire to read what appeared to be stacks upon stacks of her best-selling novels, I purchased only three to read on the plane. As I left the bookstore, I found myself less anxious and more excited about my upcoming encounter. Take the Initiative and Introduce Yourself When meeting someone of notoriety, it’s natural to be nervous about making a bad first impression, regardless of your own level of success. Even the most charismatic individuals say the wrong things out of nervousness or excitement. It’s always wise to rely on politeness. This seems like an obvious suggestion until you mistakenly call someone by her first name after a two-minute introduction. Whether the person you’re approaching is famous or not, it’s always acceptable to ask, “How would you like to be addressed?” Make It About Them You never want to try to make yourself sound better, smarter or more knowledgeable than others in a conversation. When you do this, you appear condescending and, despite your desire to

COLLEGEPRENEUR.COM

TECHNOLOGY

It’s An AdWord World After All By Adam Davis

Try saying that three times!

oogle AdWords is a unique yet potent service that has revolutionized online advertising. Thanks to the little-known technique of split testing, entrepreneurs can now take advantage of a detailed and thorough advertising testing process and measurably boost their ad effectiveness, both online and offline. Run by Google, AdWords is a pay-per-click advertising service. It allows advertisers to create small text advertisements that are displayed at the top of a search engine’s results page.

Advertisers bid on keywords they think are likely to be popular and that match likely search terms for their market.

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

For example, in the dog training industry people might be searching for many different keywords, including dog training tips, dog trainer, make my dog stop barking or dog obedience. When a user types one of these keywords into a search engine, your advertisement will be displayed. The priority and positioning of the ad depends on successful campaign management strategies, keyword research and effective use of split testing, which will be explained shortly. Keyword research is extremely important. Without researching what people are likely to search for, and bidding on these keywords, your site risks either no exposure or exposure to the wrong audiences searching for terms that are irrelevant to your busi-

ness. Split testing involves creating two different headlines and text adverts for each set of keywords. The two adverts will be rotated throughout a set time period, so that different users searching for the same keywords see one of your ads. Thanks to Google AdWords’ detailed advertising management statistics, you can see at a glance which ads are performing better than others. That is, which ads have more people clicking on them and, more importantly, which ads have better conversion. Conversion means someone signing up to your e-mail newsletter or buying your product or service. Using these statistics, you can refine the headlines or text of the split tested adverts that are performing well and delete those that are not. This also means you can refine and improve those ads that are working to drive even more people to the site and power higher conversions. By constantly refining your ads, you will end up with killer headlines and advert text that draw people to your site. This is the advantage of split testing—you can test what works and what does not at no extra risk, hassle or cost. Better yet, the powerful ads you’ve now created can be put to use in any form of media, not just online. This includes classified ads in newspapers, the Yellow Pages or even massive outdoor billboards, where the same headlines have been proven to work and can become a powerful addition to your business’ advertising arsenal. Best of all, AdWords can have very low setup and budget costs. The service is free to set up. You then set the amount you pay per click, as well as a daily budget, and Google takes care of the rest. No other solution offers targeted traffic for such a low cost.

COLLEGEPRENEUR.COM

TECHNOLOGY

PC vs Mac

The epic battle between an old hippie and a Harvard dropout continues. By Samuel Bickham With the integration of Intel’s chips in the new MacBook (Has Jobs joined the dark side?) and fast OS switching now a reality, the differences between Mac and PC are slowly disappearing. Fast OS switching will allow Macs to run and switch between Microsoft Windows, Linux, and Mac OS products without rebooting the computer. But for now, there are still several significant differences between the two. I service and own PCs, so I personally prefer PCs. But as much as I’d love to give out the quick and dirties about which is better (Mac or PC) that answer really lies in one’s needs and preference. Here are a few questions consumers should ask themselves before making a decision about buying a computer. Consider some of these differences: 1. Design: Mac has better exterior aesthetics and better looking OS, but with the release of Windows Vista, PC users will have the sweet OS as well.

2. Cost: Macs generally cost $300-$400 dollars more than PCs for comparable models and software for Macs is generally less available and more expensive as well. Also, Microsoft provides free updates to Windows whereas to update the Mac OS you have to purchase the update DVD. Another usually unseen cost to consider when buying a computer is the “cost of ownership,” or, if you’ve taken micro economics, the implicit costs of a purchase. Macs are generally less prevalent than PCs, thus fewer people have Macs and sometimes people expect you to have a PC. Professors will sometimes only have the PC-version of a presentation or your study-group will only have the .EXE (PC executable) version of the homework program. Also, because you have to take your Mac to the store to get it repaired, it’s generally more expensive and time consuming to repair a Mac than a PC – service locations and technicians for PCs are much more common (take me for example) You may spend some time being treated as a red-headed stepchild for owning a Mac. 3. Viruses: There are fewer known viruses for Macs (because Macs only have 5% market-share, hackers don’t want to waste their time). 4. Purpose: Despite now having Intel chips, Macs are better designed for intense graphics and digital video editing. So if digital graphic design is the primary use for your computer, a Mac is better suited to fit your needs. But if you’re just looking for a machine to perform well, take to class, or have at home, you can go either way - Mac or PC.

Dr. Manners Collegepreneur Staff

Remember when you were younger and you’d throw a green bean at your cousin and your mom or dad would say, “Young man, where are your manners?” You’d drop your head and apologize, right?

If you offer to take someone to lunch, the rule is you pay. If you’re talking to someone and the conversation goes like this, “We should have lunch sometime,” then it’s a double Dutch affair even if you’re the one who eventually calls to get the ball rolling on the particulars of the gathering. Keep in mind that if you take someone to n business we can’t leave good manners lunch you can’t control what he or she orat the Sunday dinner table. We have to ders. So be ready for whatever happens take them with us into every nook and between the first drink order and dessert. cranny of the business world if we want to succeed. Business etiquette goes beyond Which Way? knowing which fork to use or whether to The fork goes on the left. The spoon and call the boss Mr. or Ms. With the advent knife go on the right. Food items go on of email, blogging, texting, and voicemail, the left, this means that your bread plate is manners have had some important recent on your left. Drinks, including coffee cups, system developments. To keep your good are on the right. Reach only for items right name out of the gutter, here’s what Dr. in front of you. If you can’t reach an item Manners recommends. while you’re seated, ask a neighbor to pass it to you. Once passing starts, just go with the flow. Emails Keep them short and stick to the facts. Never get into an emotional exchange Gossip via email. Email is great for confirming di- Don’t do it. Next. rections to the meeting; lousy at conveying intent and tone, or clarifying an off- Introductions the-cuff comment you made at the water Dr. Manners is always amazed at how cooler last week. The general rule is this: little folks know about how to manage inif the situation’s sticky, pick up the phone troductions. If you’re standing with a coand hash it out in a live forum. worker at a local coffee shop and an ac-

And one more thing. DON’T TYPE IN ALL CAPS. It’s akin to shouting. It may be easier on you as the writer to just hit the CAPS LOCK and peck away, but trust Dr. Manners on this one. It’s murder on the recipient. Don’t do it.

Voicemails

We love the latest tunes too, but do your callers really need to endure the 30-second intro from 50 Cent or Kelly Clarkson? We think not. A simple, professional outgoing message that’s no longer than 30 seconds is ideal. On the flip side, when you’re leaving a voicemail message for someone remember to keep it brief. Start the message with your name and phone number, followed by a snippet about why you’re calling, and then finally leave your name and number – slowly – again. Ideal length of message? 20-25 seconds. Brief is always better.

COLLEGEPRENEUR MAGAZINE

PREMIER ISSUE

BUSINESS

Dr. Manners realizes that there are many more topics to cover in business etiquette but in the interest of time (and manners), will keep this installment short. Remembering that brief is always better.

Get It in Writing

Your Uncle Lester wants you to go into business with him. He’s got the skills but you’ve got the cash. He insists that you get 50% of all the profits and you want to be sure you have a certain level of equity in the company. It all sounds good, right? Yep, until a year from now when the business is thriving and Uncle Lester’s forgotten that your money was how he got his business off the ground in the first place. While signatures on a piece of paper will never squash an individual who’s determined to be unfair and unreasonable, having written verification of a verbal agreement will always be your best protection. Always. So, before you get excited, get it in writing.

quaintance walks over and starts talking to “you,” manners dictate that you stop at the first pause to introduce your co-worker. Something like, “Excuse me, John, this is my co-worker Shawn.” Your conversation may now resume. Never allow a conversation to go on without attempting to involve everyone present.

Returning Phone Calls

It’s usually a good idea to return calls within 24-72 hours. Anything beyond three days and people start to think you’ve forgotten them or worse, that you’re just rude. To help manage this, consider adding something like this to your outgoing message: “This is Dr. Manners; sorry I missed your call but will make every effort to get back to you within the next 48 hours…”

COLLEGEPRENEUR.COM

BEEN THERE, GOT THE DVD

Why Not Me? By Jen Groover

How many times have you wanted to do something or be something, but quit before you even began? Maybe you thought, “That happens to other people, not me.” Or maybe you started to head down the “road less traveled” but faltered, only to tell yourself later that you weren’t smart/ good-looking/popular/well-connected/ whatever enough to succeed? Unfortunately, more often than not we’re taught to think that good and amazing things only happen to other people, right? Well, you’re not alone. Most people feel that way. In fact, after years of struggling with the same mindset and watching opportunities pass me by, I challenged myself to abandon my own self-limited belief system. I started asking myself, “WHY NOT ME?” If you were to poll some of the happiest and most successful people in life they would agree that at some point in their careers they asked themselves a similar question, “Why not me?” Just asking this question gives you the power to persevere with the conscious right to be whoever you want to be. Adopting this mantra allows you to break down the biggest barrier to happiness and success: your own self-doubt. Once you make it beyond self-doubt just about anything is possible. I would not be where I am today if I had not said, “Why not me?”

COLLEGEPRENEUR MAGAZINE

“My handbag company, the Butler Bag Company, is one of the fastest growing handbag companies ever. Ever.” Everyone scoffed at me when I said I was launching a handbag company based on a unique compartmentalized design that I had come up with. They thought it would be impossible to launch a successful company in one of the most brand-conscious industries. Had I not thought “Why not me? Why can’t I be the next big brand,” my dreams could have died with my self-doubt. Within the first year of business my bags were featured in several national magazines including O! The Oprah Magazine and US Weekly, on major television networks including CBS, CNBC, and Fox, receiving awards (Best of 2006), in the hands of celebrities and walking the red carpet at celebrity events, all because I entitled myself to believe in my dreams and refused to let self-doubt ever hold me back again. Ever. As students, there is no better time to test the entrepreneurial waters. In the past, college simply served as the step before you went out into the real world to begin your career; but the landscape has changed, and college is actually becoming a place where careers start and multi-million dollar businesses are born. Look at some of the biggest media and Internet moguls to date; their “careers” began in college. It’s the perfect place to be to start sowing the seeds for future success because both education, and exchange of ideas with professors and peers is readily available. Take advantage of where you are today. Opportunity is everywhere; you just need to seize it. You’re not too young, you’re not not smart enough, you’re not too inexperienced in life or business. If you’re passionate about your ideas and concepts you can learn everything else you need to accomplish whatever you set out to do. Begin today to make your “Why not me’s” a reality and tomorrow you’ll be living with an abundance of pride, happiness and fulfillment. For today I challenge you to:

PREMIER ISSUE

1. Assess your happiness: reflect on who you are and what you want your life to be like 2. Define what success is to you 3. Visualize your dreams and create your plan to move toward them 4. Set goals: daily, monthly, yearly, and long term - this is your guide to stay on track 5. Love what you do: this way you’ll never work a day in your life I’d like to leave you with a saying I live by: “I have more fear of regret than I have of failure.” I don’t know about you, but I never want to sit in reflection in my last days or minutes of life and think, “I wish I’d…” or “I could have done…” To me, the anguish of that regret would be so much more painful than remembering the times I tried and failed. At least I know from my failures that there is knowledge gained, respect earned, and personal goals achieved. At least in taking a shot at my dreams, I seize more moments than I let pass me by. So, what does this mean for you? Well, this moment is yours. You’ve picked up this magazine–subscribed to it, if you’re serious—and now you’re faced with a decision. Will you continue to think that wealth, influence and power are reserved for “other” people? Or will you ask yourself what I asked myself many years ago: Why NOT me? You have the ability to choose to be present in this moment or to live with regret. Either way, the choice is 100% yours. Jen Groover is the genius behind The Butler Bag, a handbag she invented to help her get organized as a busy mom of twins. A serial entrepreneur and inventor with many patents and trademarks to her name, she’s also the host of the TV show, “A Mom’s Life”, produced through Jen Groover Productions.