September 30, 2004

Academy gives students chance to be own boss

Academy of Entrepreneurial Studies helps teens create successful small business plan

By Carol South
Herald contributing writer

       Two brothers want to start a dock-building business.
      Another teen has a germ of an idea about servicing or installing after-market car audio systems.
      A third wants to buy broken video games to repair and sell.
      The new Academy of Entrepreneurial Studies will help guide these young people and others toward achieving their goal of small business ownership.
      "It's been ten years since we came up with the idea," said Justin of the dock-building business he wants to start next spring.
      Justin, who along with his brother, Jody, is mapping out this future business at the academy. The pair is just beginning the class and hopes to learn the steps, strategies and structure needed to become successful.
      "This has given me a lot of ideas," Jody said.
      To encourage entrepreneurs while helping low-income youth create successful small businesses, Goodwill Industries of Northern Michigan kicked off the Academy of Entrepreneurial Studies after Labor Day. A $36,000 grant from Rotary Charities allowed the academy to get underway. The Traverse City Chamber of Commerce and Michigan Works are also partners in the project.
      Working with 51 youth from around the region, the Academy of Entrepreneurial Studies is geared to helping these students find an idea, create a business plan, map out finances and evaluate progress.
      The Academy is holding four classes this year at three locations: Traverse City High School, the Career Tech Center and Goodwill's headquarters.
      "We're working with young adults who may have barriers to achieving their goals and dreams," said Jim Burke, entrepreneurship teacher for Goodwill. "Our goal is to train them on all aspects of running a small business."
      The program, which is geared to people ages 15-25, follows the curriculum of the National Foundation for Teaching Entrepreneurship.
      With a tagline of 'Be Your Own Boss,' the National Foundation for Teaching Entrepreneurship began in 1987 by Steve Mariotti. A successful entrepreneur, Mariotti was a teacher in South Bronx, N.Y., determined to reduce high school drop out rates and improve academic performance.
      The foundation has worked with 96,000 youth around the country over the past 17 years. Mariotti believes that entrepreneurship empowers these at-risk youth, connects them to school and academics and allows each person to develop his or her unique talents.
      "They've had some great successes, a lot of kids who are involved in great stuff," said Burke, who has an undergraduate degree in small business management from Central Michigan University.
      The Academy of Entrepreneurial Studies includes approximately 100 contact hours with Burke, although each location will be on a different schedule. Students in the program at the Career Tech Center and Goodwill offices will meet weekly while students at Traverse City High School will meet two times a week because of their different academic semester.
      Burke's first task with the students is teasing out ideas for a business. He has them look at hobbies, interests and talents for potential ventures, helping them ground in realistic ideas for their age. Home- or locker-based businesses have the greatest chance for success.
      "With someone who likes photography, there are 20 things you can do with that," he said.
      When a student suggests starting a nightclub or health club, he guides them to hang on to that idea long term. He tells them that at their age and experience level, a business they can run themselves with little capital investment is the way to start.
      Each student will complete a business plan by the end of the program, fleshing out an idea into real-world steps for achievement. Even students who never start a business or if the venture is far in the future, Burke said the skills they learn at the Academy will help them with other challenges.
      "They can use these skills on a job application or on a college application," Burke noted.
      The Academy of Entrepreneurial Studies will hold a grand opening on Monday, October 4, at 5:00 p.m. at the Goodwill business office. This is located to the right of the store entrance, 2279 South Airport Road. For more information about the academy, for either prospective students or volunteers, call Burke at 995-7727.