Building Global Leaders of Tomorrow -The Entrepreneurial Way

In the early 1980s, after a successful career as a small business owner, I took on a new challenge by becoming a teacher of special needs kids at one of the toughest high schools in the South Bronx section of New York City. Early in my teaching career, I gained insight into how to motivate my sometimes difficult to engage students – by teaching them about how to operate a small business. Kids who had never before been interested in my class were suddenly paying attention, asking questions, and learning. After several years of honing my lesson plans and figuring out what worked best in engaging and motivating my students, I left teaching to found The National Foundation for Teaching Entrepreneurship (NFTE) in 1987.

By learning the fundamental concepts of business, I’ve found that young people form a better understanding of the concept and possibilities of ownership. But whether young people who learn about entrepreneurship actually start businesses and become CEOs of their own companies, pursue the goal of higher education, or contribute as better, more motivated members of the workforce, they have learned techniques and skills that will have relevance in both their careers and their personal lives.

I believe every young person should lea
12 essential concepts about business before graduating from high school.

1. The importance of mental and physical healthn • Eating right, getting enough sleep and exercise; and building strong ties with friends, family and your community
2. The joy of business and opportunity recognitionn • Where others see obstacles, train your mind to see opportunities
3. The economics of one unitn • The cornerstone of the business plan; before you can focus on making millions, think about how you will sell one product or hour of service and make a profit
4. The laws of supply and demandn • These are the more important economic concepts an entrepreneur needs to know; the forces of supply and demand determine prices in a free market
5. Don’t compete, create a comparative advantagen • How will you beat your competition? What’s your edge?
6. Wealth creationn • In an entrepreneurial endeavor, wealth is created by building a business that has a profit and can be sold for a multiple of earnings.
7. Marketing: putting yourself in the customer’s shoesn • Listen to your customer and ask good questions – they’ll tell you their needs and what causes them stress, which will help you to market to their needs
8. Leadership and giving backn • Every great leader looks to satisfy a community need; if you are known as a business person who cares about your community, more people will want to do business with you
9. Financial statements (ROI and breakeven)
• It’s important to understand that giving time, energy and money to your business is an investment; and breakeven is important because it tells you whether or not you can afford your marketing pla

10. The basic sales calln • By identifying the consumer needs, a young person can educate the customer on the benefits of the product or service
11. How to write a business plann • By putting your plans and dreams in writing, I am convinced your chances of success will improve
12. The rule of 72n • If you take the percentage of interest you receive on an investment and divide that number by 72, you will know how many years it will take to double your investment.