Entrepreneur
So you want to be your own boss?

entrepreneur n.: a person who organizes and manages a business, assuming the risk for the sake of the potential return.

This may surprise you, but students, like yourself, are starting their own businesses and learning business fundamentals everyday.

As a high school student there are business classes you can enroll in to learn the fundamentals of business, such as accounting, economics, and marketing. In Boston, students will soon be able to focus their high school education through the Small Schools Initiative. These small schools will provide you with the opportunity to learn in a smaller, more comprehensive environment and focus your education on a specific theme, one example being business.

Business classes are not the only way for you to develop your ideas. Your school district and community organizations offer other ways, in and out of school, to begin putting your ideas into action. NFTE, DECA, and Junior Achievement are all programs that are offered to high school students throughout the country.

The National Foundation for Teaching Entrepreneurship
The National Foundation for Teaching Entrepreneurship (NFTE) offers entrepreneurship education to middle and high school students through in-school and after-school programs. Through NFTE, students learn business fundamentals such as accounting, finance, economics, and marketing. Students participate in experiential activities such as a trip to the New York Wholesale District. Armed with a loan of fifty dollars, students negotiate with vendors to buy products they sell during ‘selling events’ throughout Boston. Once students repay their loan, the profits are theirs to keep. NFTE students create a business plan and present their plans as part of the course. NFTE allows students to develop their skills and talents while learning the basics of business.

DECA, Inc.
DECA, Inc. is a program that focuses on marketing, management, and entrepreneurship. The program is offered through high schools across the country. Through DECA, students have access to a multitude of resources such as $250,000 of award and scholarship monies, the ability to attend conferences, and eligibility to compete in business competitions. DECA students learn about business while they strengthen their leadership and business skills and gain self-confidence while having fun and making life long friendships.

Junior Achievement
Junior Achievement offers learning programs from kindergarten through high school with an emphasis on grades 7-12 and a focus on disadvantaged kids. JA uses hands-on experiences to help young people understand the economics of life. In partnership with businesses and educators, JA brings the real-world to students and helps them to make informed decisions about their future. JA shows students how economics and business make an impact on one’s life. For kids in grades 7-12, JA programs focus on workforce preparedness in terms of skill development and career exploration.

Other valuable resources for business information are The United States Small Business Administration (www.sbaonline.sba.gov); The Wall Street Journal’s Center for Entrepreneurs’ Startup Journal (www.startupjournal.com); and Entrepreneur Magazine’s website, www.entrepreneur.com.

Attending a college or university can also play a key role in helping you become a successful entrepreneur. There are many great business programs in the Boston area.
Entrepreneurs recognize a problem and offer a solution through their product or service. Often, skills, talents, and even hobbies lead to successful and creative business ideas. Recognize these as business opportunities, think outside the box about problems, and you may be your own boss. Good Luck!

Suggested Reading:

The Young Entrepreneur’s Guide to Business Terms (Watts Reference) by Stephan Schiffman

The Young Entrepreneur’s Guide to Starting and Running a Business by Steve Mariotti with Debra DeSalvo and Tony Towle

The Young Entrepreneur’s Edge: Using Your Ambition, Independence, and Youth to Launch a Successful Business by Jennifer Kushell

Your Own Business: A Young Entrepreneur’s Start-Up Guide by James Freeley

If you want to be an entrepreneur, you’ll need to learn the lingo. Here are some business buzz words to get you started:

return on investment n. — profit on investment, expressed as a percentage.

angel n. — a potential investor who might invest in your business and would not demand as high a rate of return as a venture capitalist or a bank.

brand n. — a name (sometimes with an accompanying symbol or trademark) that distinguishes a business from its competition and makes its competitive advantage instantly recognizable to the consumer.

marketing mix n. — the combination of four factors—product, price, place, and promotion—that communicate a marketing vision to your consumer.

balance sheet n. — a financial statement summarizing the assets, liabilities and net worth (or owner’s equity) of a business, so called because the sum of the assets equals the total of the liabilities plus the net worth (or owner’s equity).

Editorial provided by Helen Rosenfeld, Executive Director, the National Foundation for Teaching Entrepreneurship, New England.