Lessons from young entrepreneurs

 

While most high school students fill their days with gossip, grades and their appearance, there are some who wonder what would happen if they colored outside the lines or pushed against the heavily bureaucratic school system. Thanks to a program that began four years ago amongst business leaders in Fort Smith, some high school students get the chance to think differently and explore opportunities.

For a full year, high school students at Northside High School as well as Southside High School are immersed into what it takes to be an entrepreneur. They begin their business journey by learning about innovation, ideation and business creation. The students turn those lessons into business plans that are reviewed by business owners.

After the business plans are complete, the students then learn how to finance their business ideas with an opportunity to present their business ideas to an audience of local business leaders. The business idea pitches are similar to real entrepreneurs pitching their ideas to equity investors. If the students do well, they will earn a minor amount of investment funds to begin their businesses. The funds are raised from donations to the program for the classes.

After a holiday break where the students work on the steps needed to open their business, the fun really begins. The students get real-life hands on experience on what is involved in running their own businesses for the next three months. At the end of the spring semester, each business needs to report the quarterly results. For those who made a profit, the funds invested to start their business need to be repaid. For those who took a loss need to report what may have gone wrong.

When the class first began, students admitted they assumed the class would be easy. However, they quickly learned that this class was quite different from any other they had experienced. While the students find they have learned a lot during the class, they also offer working adults some lessons too.

First of all, while learning about innovating, each year the students show us that it’s not always the life changing innovation that can succeed in business. Sometimes the most profitable ideas come from the most basic needs that have gone unfulfilled. The students often uncover conventional ideas that have an innovative or un-served market that creates a profitable business.

Second, the students always display a humbling truth: business can and will humble even the strongest wills and characters. We learn through the students’ lessons that capitalism takes no prisoners: when the timing is right, the market is ripe and the idea is hot anyone can rocket to the top. However, when one piece of the puzzle is off or missing, then the company may struggle until the pieces come together in the market.

Lastly, each class has learned that starting, funding and running a business is hard. The Hollywood image of setting your own hours and playing golf on Wednesdays is a myth. Combining the business responsibilities with the responsibilities that consume all our lives, the students quickly acknowledge a new respect they have developed for time.

Overall, the program is targeted at giving students in Fort Smith the opportunity to learn about business from running their own business. This course gives them the inspiration to continue their education to become business owners or bring their experiences to their future employers.

Most importantly, the program gives kids the esteem to see opportunities and take the actions needed to capture those opportunities, which is the same encouragement that is needed for adults to step out to form their start up.

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Stockman can be reached at [email protected]