Entrepreneurship

Day 6 - They Said I Was a Leader...Here's What Happened Next

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leadership, marketing, college, professors, FDU, fairleigh dickinson university, ann huser, hart singh, real-world I am a big believer in exposing college students to real-world experience. Throughout my college courses I was lucky enough to have two amazing professors that followed this belief: Ann Huser and Hart Singh.

I met Ann Huser my fall semester sophomore year when I enrolled in the “Principles of Marketing” class. This class opened my eyes to marketing and helped me decide to declare my major. Professor Huser worked for several large companies including General Foods (now Kraft Foods). Every class she would explain how what we were learning in our textbooks related to real-world experience.

The senior seminar class I took with her was one of the top 2 courses I enrolled in. We worked with Ciao Bella Gelato (with whom I also interned) to come up with a retail brand extension and campaign. When we had it all planned out, we then presented it to their Director of Marketing and Director of Sales. We learned about Ciao Bella’s competitors by visiting high end stores like Whole Foods, analyzed current market share data, and she taught us how to create a report the same way she created reports for Jell-o.

Professor Huser wasn’t just a teacher though. She became our advisor as the five of us (Mike, Sarah, Krystal, Kathryn and I) started the Marketing Mix - FDU’s first ever marketing club. We planned monthly speaking and networking events, recruited members, and wrote our own constitution. During my sophomore year, I was comfortable being a founding member and doing what was asked of me.

However, after my conversation with Ray, Nat and Sarah about my leadership potential, I had a whole new outlook on this club and my ability. Since our club was just established a little over a year earlier, several of our e-board members concluded that our current President would remain President and we would not hold elections. As an e-board member with a whole new outlook on how we could make this club even better, I couldn’t let this happen.

Instead of sending a very frustrated email to Professor Huser at 12am, I slept on it and emailed her that morning asking her to call me. That decision alone, impacted the next 6 months of my life. I discussed with her over the phone the ideas I had for the club, my leadership ability to get us there, and how we need to give other members (including myself) a chance to run for President. To this day, I know that if I emailed her rather than calmly and professionally talked to her on the phone I wouldn’t have had the same outcome. Long story, short, she agreed, organized a proper election for all e-board positions and I started my “campaigning.” Needless to say, I gave one of the best speeches of my life and became the first officially elected President for the Marketing Mix.

 

The second step towards student leadership was taken.

 

My other professor, Hart Singh, taught in the Entrepreneurship program. He was a successful entrepreneur himself creating innovative software solutions for Intuit, Quickbooks, and launching new technologies to help municipal government. Every class he ran felt like a start-up.

 

However, I remember the first day of his class senior year: the room was filled 15-20 seniors in the business program. Professor Singh’s aggressive syllabus and required readings alone scared off 2-3 students. He had high expectations of his students: create a business model,  write and present a thorough business plan, and keep up with the weekly readings and writings. Sure enough another 3-5 students dropped out. I am so glad I decided to stay in his class because I still go back to the things he taught us everyday.

  • He helped us create working cash flow models in excel (that I still use today)
  • Critiqued our business plans with a fine tooth-comb.
  • Stopped us in the middle of our presentations and made us start over if we used a filler, were unsure of ourselves or lost the audience.

Given the new leadership skills I was learning, and my new outlook on life, this class resonated with me on a much different level. I saw myself as a leader now, so I could envision myself as an entrepreneur one day. That’s the beauty of college. The work we do outside the classroom sets our students up for success inside the classroom.

 

How they inspired me:

If it wasn’t for both Professor Huser and Professor Singh I wouldn’t have grown to love marketing and entrepreneurship. Even though I didn’t go the traditional corporate marketing route, the skills I learned in their classes have been utilized every day.

 

What they taught me:

They taught me to challenge the expectations that people set for me, and always try to push beyond them. They also taught me how to set ambitious expectations for myself and gave me the tools to reach them as long as I am willing to put in the work.

 

#Nichetip:

1. If you’re passionate like me, there will be days when you want to fire off that email out of frustration. That’s ok! But, if you have something meaningful to say, hold off on sending an email. Pick up the phone or better yet, meet with the person face to face. You’ll be surprised by how positive the outcome can be.

2. When the bar has been set high, hustle. Work hard to set the bar even higher for the next person.

10 Real World Tips for the Class of 2014

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The class of 2014 is about to graduate. These students will leave campus with an abundance of skills and new perspectives from the many experiences they had in and outside the classroom. However, there are always a few things that don't necessarily "fit" into a workshop or make it into a classroom discussion. These concepts and tips are the things many of our students end up learning the hard way.

While I am all for the "live and learn" school of thought, I believe our students need a heads up on what lies ahead in TODAY'S "real world" as it relates to life and their career. So, I am sharing my 10 tips, and I hope they give the class of 2014 some new things to think about as they proceed on their journey of life "post-graduation."

1. Don't settle until you're happy. Especially in your careers, relationships, or a project your working on.

2. Become a linchpin within your organization. What happens when a linchpin is removed from a grenade? An explosion. On paper, anyone can do the work written in the job description. But if you want to be irreplaceable, you must understand you need to bring a unique personality, intangible skills, and something new to your organization.

3. Always be launching. This tip is from the term rapid prototyping a group of techniques used to quickly fabricate a scale model of a physical part. It's easy to get so wrapped up into perfection, procrastination, or fear of what others will think. If it will take you to the next step, launch it. You can always tweak it later.

4. Skip the new car and the fancy clothes.  At the very least, most of you will have student loans to payback. Bills can add up quickly, but if you are looking to make a pivot in your career or take that job you love with little pay, now is the time to be frugal and not get wrapped up our “consumer-centric” society.

5. There is no gatekeeper. It's 2014 and every bit of information is at our fingertips and on our smartphones. There is no longer an excuse that you can't find someone's email, unable to connect via twitter, or find out who to address a cover letter to.

6. Find a way to standout. Using tip #5, you must spend more time standing out than trying to fit in. Want to land that dream job? Then spend a week focusing on 2-3 companies you want to work for rather than 20 and figure out who you can network with, who to talk to, and creative ways to get your name to the top. A great book to pass along to your students is Bold: Get Noticed, Get Hired.

7. Meet new people in your network. Find someone in your area of work or something you are passionate about and contact them. Set up a time to grab coffee, a drink, lunch or dinner and see how you can each add value to each other's endeavors. Repeat this tip at least once per month.

8. Create a boutique career. Last year I heard the term "boutique career" when I interviewed Alena Gerst and she said that it should be common for Generation Y to have jobs, projects, and careers outside of their "day" job. Enter the term boutique careers. With the resources we have available and low cost of entry, it's easier now, more than ever, to start an Etsy shop, freelance, or become a part-time entrepreneur. At the end of the day, this helps your students build their personal brand, work on something they believe in, and open up new doors. Side note: More organizations need to support this new concept.

9.  It's ok if you don't have it all figured out. We've all heard this saying before, but it needs to be said over and over again, especially to recent graduates. Unfortunately, many of our talented students are going to have a long road ahead of them to find a job, let alone find a job they love. Society and academia put so much pressure on college graduates to have it all figured out come May 15th of their graduating year. The reality is, it is going to take time, life experiences and relationships that pivot our students in several different directions. Just let them know, before they recieve their diploma, that everything will be "ok" as long as they stay motivated and work hard.

10. Write your own rulebook. If your students don't have it all figured out or if they have something they are really passionate about, tell them to go after it full-speed ahead. Generation Y receives a lot of pushback  and criticism from older generations, but look at some of the amazing start-ups, non-profits and young leaders we have all under the age of 30. It's their time pave their own path and write their own book.

Those are my tips for the class of 2014. What would you add? Which ones resonated with you the most?

Tell Us Your Story: Laura Zax, Harry's H'University

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On Monday April 21st 8pm EST., The Niche Movement presents a live interview with Laura Zax, Director of Social Innovation at Harry's, a men's grooming startup launched in March 2013. They're going to talk about H'University and the importance of "real-world" career development for today's college student. We also may talk about shaving tips too...sorry we can't help it.

Laura came to Harry's from Ashoka, an international network of the world's leading social entrepreneurs. At Harry's, she developed and manages Harry's 1+1, a community engagement model through which Harry's gives 1% of its sales and Harry's employees give 1% of their time to organizations, like Harry's current partner City Year, that prepare people for personal and professional success. She also co-created H'university, a program preparing college students for and connecting them to their first internships and jobs.

Hosted by Kevin O'Connell, founder of the Niche Movement.

 Join the conversation...

Use #nichestory to participate in the Twitter convo, and if you have a question for Laura be sure to use #nichestory so we can ask it live on air!

@nichemovement @koco83

@laurazax

Are you a college student and want to find out what H'Univeristy is about? Learn more here.

www.thenichemovement.com www.harrys.com

6 Financial Mistakes to Avoid in a College Business

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Today’s college students aren’t waiting for graduation to become entrepreneurs. Time reports 15 percent of young entrepreneurs started their business while in college, while 23 percent started one as a result of being unemployed. These young firms also account for an astonishing two-thirds of job creation, as the Kauffman Foundation learned.

Starting a business before you don your cap and gown can be exhilarating and profitable experience, but it also has plenty of pitfalls that can trip up even the most savvy of individuals. Recognizing and avoiding these six classic mistakes can help keep your business ambitions alive and on the right track.

#1: Not having a cash reserve on hand

Chances are good your business won’t turn a profit right away, so you should have some sort of cash reserve available. Calculate your monthly expenses and set either five percent of your weekly net pay aside, or put away $100 a week as a reserve. Don’t forget to set aside enough cash to cover your tax obligations. If you have a structured settlement or annuity (which you can learn more about at http://www.annuity.org/process/), you can sell it for a lump sum to quickly create a safe reserve.

#2: Ignoring your debt-to-income ratio

Carrying too much debt in relation to your income can make it difficult to get small business loans. Your back-end debt-to-income ratio, which includes your credit card bills, student loans and other monthly debt obligations, should be 36 percent or lower. You can calculate your back-end ratio by adding up your monthly debt obligations with your housing expenses and dividing the end figure by your monthly gross income.

#3: Making over-investments in the business

Making heavy investments into equipment and inventory can leave your operations high and dry. Instead, find smarter ways of outfitting your business at or below cost. Government surplus auctions are just one way of doing just that.

#4: Mixing business with personal finances

Getting the two tangled up can cause financial headaches during tax time. Keeping your business and personal finances separate not only increases your business’ credibility, it also minimizes your personal liability and helps you manage payments, taxes and other bills efficiently.

#5: Not seeking wise counsel

Going at your small business alone without sage advice could prove devastating in the long run. Tax advisers, accountants and other financial experts can help you stay on top of tax regulations and other possible financial pitfalls. If you haven’t already, you should find a business mentor who’s willing to offer helpful pointers and seasoned advice that comes from years of business experience. You can also find some useful networking opportunities this way.

#6: Leaving yourself without a salary

It’s always important to pay yourself, however tempting it may be to funnel everything back into the business (which goes back to mistake number four). The Small Business Administration suggests setting your salary based on a percentage of your business profits. It’s also helpful to know the average salary for your industry or field.