Lexington, KY - When Bobby Clark was a student at the University of Kentucky, he helped develop UK Student Corporation, modeled after Harvard Student Agencies, to provide jobs for UK students. This organization coordinated a number of small businesses fielding a range of job requests and recruited students as hourly workers. Students held all managerial positions in UK Student Corporation as well, following the HSA example, experiencing the ups and downs of entrepreneurial activity in real time.
Decades later, Clark wants to do it again. This time, however, he is intent on creating a statewide umbrella organization to nurture small businesses run by high school and college students. To make this organization hum, he has established Kentucky Student Ventures Corporation, which will develop links to related organizations, entrepreneurs and faculty. KSVC will provide training in entrepreneurship through workshops and online activities, and support activities, including a proposed e-commerce site. Clark's expertise is in publishing, so he plans to launch student groups on book-selling and publishing ventures, then branch out to include ventures of all types, including eBay sales. He also wants to help colleges statewide start student agencies modeled on that which he began while at UK.
Why? Like farmers cultivating seedlings in greenhouses prior to setting them in soil, cultivating entrepreneurial spirit and providing tools for successful ventures can turn today's students into tomorrow's economic drivers for Kentucky. And by having an umbrella organization provide support operations, these businesses can be handed down from one group of students to the next, growing and thriving over time.
Cattle, antiques or Cutco knives anyone?
Some students conceive of a business and execute its implementation methodically. Others work their way into a business because of a passion. Still others find part-time work for a business that requires much independence, giving them a bit of entrepreneurial experience without the risk. A young man I know helped defray his Ivy League college tuition by selling Cutco knives (he made a small fortune). While he was not involved in manufacturing the products, he did learn a bit about sales and marketing. Another student bought and sold antiques, developing quite a business while still in high school. Others locally have built their own herds of livestock, designed Web pages and established lawnmowing and landscape businesses; these highly motivated students are expert at setting goals and achieving success.
These are examples of "old school" endeavors but they are no less productive and useful today than a generation ago. What would be "new school?" Think of Facebook being developed in a Harvard dorm room and you get the picture. To nurture ideas both old and new school, the Kentucky Cabinet for Economic Development sponsors a statewide competition called Idea State U. Open to teams from our commonwealth's public universities, students present ideas for new ventures and compete for $100,000 in prize money. Seventeen teams competed in this second year of the competition; first prize went to PackStream, a team of graduate students from University of Louisville for, according to the Cabinet's press release, "a business plan to produce personalized and highly targeted marketing and advertising messages on retailers' shipping packages."
This is a great idea, and hopefully in the future the Cabinet will open the competition to teams from private colleges within Kentucky as well.
Benefits of entrepreneurial experience
Not all students have the confidence or the direction to establish a venture on their own. Many who have succeeded have done so with the help of parents, professors or other mentors who nurtured their dreams, or perhaps even provided seed money. Given the state of today's economy and shrinking opportunities at established companies, today's students need not only a traditional education; they need encouragement to learn how to operate creatively in a new world as well. Education and experience in entrepreneurship can help in this regard.
Imagine the benefit to a student who has found school difficult but has good ideas, a strong work ethic and excellent interpersonal and organizational skills. Success in an entrepreneurial venture may lend confidence, leading to redoubled efforts in the classroom.
For the student who already excels, an unusual entrepreneurial venture can open up new possibilities. Students applying to highly competitive colleges are experiencing greatest success if they can demonstrate impact on a world beyond the confines of their high school. Internship supervisors and prospective employers value this, too. Taking a creative idea into the marketplace shows a willingness to take risks and follow through.
Perhaps even more important than the benefit to the individual is the potential long-term benefit to society. Kentucky's future rests on the talent, ideas and work ethic of our youth. Kentucky Student Ventures Corporation and Idea State U. are among many efforts afoot that will help shape and support this future. These programs will cultivate our young talent and help the best ideas move forward. Is it possible that one student may come up with the business idea that will transform Kentucky's future? Let's all stay tuned over the coming years to find out.
Jane S. Shropshire guides students and families through the college search process. Send questions or suggestions to JShrop@att.net.