As it takes more than vision and ambition to become an entrepreneur, SMU students seem to have a distinct advantage in regards to the monetary backing and resources necessary to make dreams into entrepreneurial realities.
Below are my responses to Look-Look's three questions…
1) “How and where have you seen New Entrepreneurs in your world?”
Personally, I have taken classes with at least two of these “New Entrepreneurs.”
1) “How and where have you seen New Entrepreneurs in your world?”
Personally, I have taken classes with at least two of these “New Entrepreneurs.”
One SMU student, Lindsey Marie, has her own accessories line of fashion-forward necklaces, earrings and bracelets. Visit her website, http://lindseymarie.com/(Photo compliments of Lindsey Marie's website)
Another student from the hilltop, John Thomas, has been an entrepreneur since his teenage years. By age 16, Thomas had formed his own computer consulting company.
His passion is real estate; however, and Thomas used the cash flow from his consulting company to launch his real estate investing career at age 18.
His next goal is to own a development company and build large shopping centers (“lifestyle centers”). He claims he knew he was interested in real estate development by age 5; he’s a third generation developer.
Thomas explained, “The idea of creating something from a vision and being able to give people a place to work, shop, live and play is incredible to me.”
2) “Do you see a shift toward a certain type of attitude toward work?"
2) “Do you see a shift toward a certain type of attitude toward work?"
Young entrepreneurs today seem to share numerous similarities in their attitudes toward work.
Calvin Carter, an SMU alumni who started a Web development company while studying at SMU in the ‘90s, did not stop with one successful venture...and neither did Thomas.
According to Dallas Observer, “He was an entrepreneur. He didn't dream of running companies. He had an itch to create them. He had, as they call it, ‘the bug.’” http://www.dallasobserver.com/2004-12-02/news/whiz-biz-kids/ (Photo compliments of Dallas Observer)
The example of Thomas as a third-generation developer supports the “domino effect” theory of new entrepreneurs...we often go into similar jobs as our parents or family members.
“When young people grow up in an entrepreneurial or self-employed household, of which the NASE [National Association for the Self-Employed] estimates there are between 19 million and 22 million, they're much more likely to start a business themselves."
According to a 2006 issue of BusinessWeek, “The defining qualities of this year's fearless young entrepreneurs: They've all got clear revenue models, their ideas fill a gap they found in their own lives, and because of technology, they're operating on a skinnier shoestring than ever before.” http://www.businessweek.com/smallbiz/content/oct2006/sb20061030_754921.htm
To operate on a skinnier shoestring, “several of our featured entrepreneurs' businesses have assembled teams of employees that work from home, making office overhead a nonissue,” a 2006 BusinessWeek article reported (see link above).
Attitudes about work are changing, and are changing early. BusinessWeek reported the results of a 2006 poll of middle and high school students. The youth entrepreneurship organization, Junior Achievement, found that "70.9% would like to be self-employed at some point in their lives. That's up from 68.6% in 2005 and 64% in 2004” (same link).
To operate on a skinnier shoestring, “several of our featured entrepreneurs' businesses have assembled teams of employees that work from home, making office overhead a nonissue,” a 2006 BusinessWeek article reported (see link above).
Attitudes about work are changing, and are changing early. BusinessWeek reported the results of a 2006 poll of middle and high school students. The youth entrepreneurship organization, Junior Achievement, found that "70.9% would like to be self-employed at some point in their lives. That's up from 68.6% in 2005 and 64% in 2004” (same link).
A testament to the prevalence and success of entrepreneurs near SMU is the Dallas chapter of the Entrepreneurs’ Organization (EO). It has 162 members, between the ages of 23-51, with average member sales totaling nearly $9.93 million! http://www.eonetwork.org/Resources/ChapterFacts.aspx?id=84
3) “How do you think this will change business in the future, if at all?”
With the ability to handle work via computer, without a storefront and with employees scattered across the globe, business might shift from face-to-face interaction to more isolation and cyber contact. According to Ejovi Nuwere, a young, accomplished entrepreneur, being an entrepreneur can be a very lonely job (check out his site, http://www.ejovi.net/).
Also, social online networking and blogging communities might become more developed and specialized as more business becomes linked to the Internet and online forums are more imperative to communication within or between companies.
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That's my take on the trend challenge...be sure to read other blogs from my class for more student viewpoints on the "New Entrepreneur."
