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Southern Entrepreneurship Program

Southern Entrepreneurship Program. Master Teacher of Entrepreneurship (MTEnt) Program James B. Wilcox Center for Economic and Entrepreneurship Education The University of Southern Mississippi. Overview of the Training Program. Day 1 – Entrepreneurship Fundamentals

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Southern Entrepreneurship Program

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  1. Southern Entrepreneurship Program Master Teacher of Entrepreneurship (MTEnt) Program James B. Wilcox Center for Economic and Entrepreneurship Education The University of Southern Mississippi

  2. Overview of the Training Program • Day 1 – Entrepreneurship Fundamentals • Southern Entrepreneurship Program Objectives • State Entrepreneurship Curriculum • What is Entrepreneurship? • STAR Profile • Recognizing Opportunity • Building Local Coalitions • Building Business Plans • Assessment

  3. Overview of the Training Program • Day 2 – The Competitive Advantage • The Building Blocks of Business • Types of Businesses • Return on Investment • Supply and Demand • Innovation and Entrepreneurship • Developing a Competitive Strategy • Customer Service • Civic Responsibility • Business Plan Review • 30-Second Business Plan Presentation (The Elevator Pitch) • Assessment

  4. Overview of the Training Program • Day 3 – Marketing and the Business Plan • Working with Mentors • Understanding Effective Marketing • Advertising and Publicity • Successful Selling • International Opportunities • The Exit Strategy • Working with Local Boards/Business Plan Review • Engaging Entrepreneurs in the Classroom • 3-Minute Business Plan Presentation • Assessment

  5. Overview of the Training Program • Day 4 – Business Finance • QuickBooks • Business Financing • Cash Flow • Investing • Insurance • Protecting Your Credit • Panel Discussion: “Where’s the Money?” (Debt and Equity Financing) • 7-Minute Business Plan Presentation • Assessment

  6. Overview of the Training Program • Day 5 – Corporations and Management • Incorporation • Taxes • Franchising • Doing Business Day-to-Day • Managing Employees • Assessment

  7. Expectations for the Course • Instructor • On time, on task, and on board • Participants • ? • State of Mississippi and MCEE • Pass the five MTEnt assessments • Create and submit two lesson plans (TOY award at annual MCEE Forum) • Participation in two additional programs/trainings • IC3 • ?

  8. Today • Day 1 – Entrepreneurship Fundamentals • Southern Entrepreneurship Program Objectives • State Entrepreneurship Curriculum • What is Entrepreneurship? • STAR Profile • Recognizing Opportunity • Building Local Coalitions • Building Business Plans • Assessment

  9. Southern Entrepreneurship Program“Building Futures, Changing Lives”

  10. SEP Overview Why? • The Mid-South Region has a long history • Pervasive poverty (United States Census Bureau, 2008) • U. S. 12.7% • Alabama 16.1% • Arkansas 15.6% • Louisiana 19.2% • Mississippi 19.3% • Less-skilled workforce • Most of the region’s businesses have fewer than 50 employees or less

  11. SEP Overview Why? • The Mid-South Region has a long history • Educational underachievement • Brain drain • Manufacturing Decline – from 21% to 10% from 2000-2010

  12. SEP Overview Why? • Project background • Result of work started at Delta State University • No youth were involved in entrepreneurship programs in the region • Ready and willing partners existed

  13. SEP Overview What? • High school-based program • Capitalized on existing core classes: • Personal Finance • Entrepreneurship

  14. SEP Overview Piloted in 4 high schools in 2007-2008 • Hattiesburg • Petal • Gulfport • Laurel Expanded to 8 schools in 2008 Expanded to 16 schools in 2009 Expanded to over 20 schools in 2010 When? • During the regular school year

  15. SEP Overview Program implementation • Met with school superintendents, boards, principals, and teachers (top-down, bottom-up) • Generated support from local communities • Economic development organizations • Chambers • Civic organizations • Started with a lot of faith and phone calls

  16. SEP Overview Program Objectives – Objective 1 • Identify one or two classes of fifteen students per school district to participate in the nine-month training program • Juniors preferred • School districts engage in training using existing classes—entrepreneurship and personal finance • Each school and partner encouraged to make it “your” program

  17. SEP Overview Program Objectives – Objective 1 • “Embedded” Entrepreneurship concept (Lauer, 2005) results: • Strong economic ties • Strong community network • Development of a small business network • Promotion of local business development

  18. SEP Overview Outcomes – Objective 1 • In 2007-2008, of the four schools, 64 of 70 students that started the program finished it (91%) • Only two dropped out in a state that has a 38% dropout rate (Mississippi Department Education, 2008) • In 2008-2009, no students dropped out of the program or school • In 2009-2010, no students dropped out of the program or school

  19. SEP Overview Outcomes – Objective 1 • Seven businesses functioning (2007-08) • Fourteen businesses functioning (2008-09) • Twenty-four businesses functioning (2009-10) • Additional certifications needed • Nearly half of the high school students indicated that they no longer wanted to be entrepreneurs

  20. SEP Overview Outcomes – Objective 1 • Ice Cream marketing • Tropical Concoctions (strawberry daiquiri sherbet) • College Connections (based on college colors) • Death By…. (dark chocolate ice cream from Hell) • Peanut Butter Heaven (ice cream sandwich) • Southern Belle (vanilla bean, red velvet bon bons)

  21. SEP Overview Program Objectives – Objective 2 • Provide entrepreneurship training to the participants • Program includes basic accounting and marketing training and also results in the development of a business plan

  22. SEP Overview Outcomes – Objective 2 • Student readiness for core testing in the high school program and for participation in business competitions • Guest lecturers • Entrepreneurs • Representatives from financial institutions • Business development professionals (incubator directors and Small Business Development Center representatives)

  23. SEP Overview Outcomes – Objective 2 • New networks • Presentation skills • FBLA entrepreneurship competition • Gulfport HS – 2nd place in state competition

  24. SEP Overview Program Objectives – Objective 3 • Provide students with QuickBooks training enabling them to be more effective in their fledgling business efforts

  25. SEP Overview Outcomes– Objective 3 • Students created accounts for their fictional and actual businesses • 2 schools used student-run businesses established in the high schools • Students used QuickBooks to monitor sales, track inventory, and issue purchase orders • Bootstrapping contest was born

  26. SEP Overview Program Objectives – Objective 4 • Increase the likelihood of new entrepreneur success by engaging existing business leaders who serve as mentors for the program participants • Ideally, program participants are partnered with mentors in similar business fields

  27. SEP Overview Outcomes – Objective 4 • Fall – “Getting Connected” • What is entrepreneurship? • Who are entrepreneurs? • Winter – “I Am My Own Boss!” • Getting funded • Staying in business • Spring – “Building My Future, Today” • Business plan competition

  28. SEP Overview Program Objectives – Objective 5 • Provide stimulants for new business development by providing program graduates opportunities to obtain private funding options • Participants present business plans constructed in the program to panels of funders for funding consideration

  29. SEP Overview Outcomes– Objective 5 • Business plan competitions for high school students were held with awards and support services provided to award winners • One business plan per high school received one year’s free rent and services at local business incubator • This will hopefully continue with future program participants as available.

  30. SEP Overview Outcomes– Objective 5 (cont.) • Business plan competition (2007-2008) • Uniform Corner • Sea Flight • The Snow Shack

  31. Uniform Corner

  32. Sea Flight

  33. The Snow Shack

  34. SEP Overview Outcomes– Objective 5 (cont.) • Business plan competition (2008-2009) • The Stained Rainbow • i-Cook • Fat Daddy’s Seafood • H & A Enterprises

  35. The Stained Rainbow

  36. i-Cook

  37. Fat Daddy’s Seafood

  38. H & A Enterprises

  39. SEP Overview Outcomes– Objective 5 (cont.) • Business plan competition (2009-2010) • Bay City Lawn Service • Personalize MarkIT Boards by Kristen • Formalities Tuxedo Wear • O.W.L.S.

  40. Bay City Lawn Service

  41. Personalize MarkIT Boards by Kristen

  42. Formalities Tuxedo Wear

  43. O.W.L.S.

  44. SEP Overview Outcomes– Objective 5 (cont.) • Business plan competition (2010-2011) • HairDo Headbands • Petal Afterschool Program • BPace Productions • Simply Sunless: Custom Airbrush Tanning

  45. HairDo Headbands

  46. Petal Afterschool Program

  47. BPace Productions

  48. Simply Sunless: Custom Airbrush Tanning

  49. SEP Overview Program Objectives – Objective 6 • Conduct on-going evaluation efforts throughout the program development and implement processes to assure that all tasks in the effort are completed in an efficient and effective manner

  50. SEP Overview Outcomes – Objective 6 • Evaluation measures • Pretests • Posttests • Results to be distributed back to the schools and to the communities • Results used for program enhancement

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