Teen
Entrepreneurs Test Their Skills
By
Sybil Maimin
“We’re
really nervous,” announced Thomas O’Keefe, a Goldman Sachs private
wealth manager and mentor to a team of four teen-agers who had
just finished presenting plans for a proposed business, a teen
savings card company, to a panel of three judges, all seasoned
professionals. They were awaiting the judges’ decision in a competition
that pitted them against similar would-be entrepreneurs in an
exciting culmination of six months of learning sponsored by the
Goldman Sachs Foundation in an initiative to increase learning
opportunities for high- achieving youngsters from underrepresented
backgrounds.
Eighth and ninth graders from metro New York who had been identified
by the Johns Hopkins Center for Talented Youth (CTY) as especially
gifted spent one day a month for six months in teams of 4 or 5
working with mentors to acquire business savvy. They learned the
methods and lingo of business as was evident in their very professional
presentations which included power point outlines, income statements,
discussions of start-up plans, analysis of competition, marketing
strategies, and future goals. The teens were dressed in “serious”
attire (no casual Friday, here) and spoke confidently and knowledgeably.
They handled questions from the judges with aplomb and grace and
impressed a large audience of proud parents, teachers, friends,
and business executives. The three teams in the finals each offered
a very viable plan. The winning team designed “Brainstorm,” a
tutoring service that would employ teens who had mastered a subject
to instruct other teens. Brainstorm’s market research indicated
that 70 percent of kids prefer to learn from their peers, and
parents are willing to pay for good tutors. Another team was convinced
of a market for a teen savings (discount) card, citing the lack
of competition, benefits to advertisers, and desirability of “tapping
into their dollars and their parents’ dollars.” The third team
of finalists proposed an addition to the juice industry called
“Just Jus.” Blind taste tests had shown them their blend was preferred
over existing brands, and potential customers could easily be
found outside of school gyms and sports centers.
Maria Luna, a student at Mark Twain Junior High in Brooklyn and
a member of the teen savings card team said, “the experience makes
theory real, and you can see that it’s possible to make something
work.” Her mentor, Goldman Sach’s O’Keefe, spoke of his group
as “very creative and intelligent, amazing…I wasn’t as motivated
and composed as they are when I was their age.” In thoughtful
comments to the participants about their projects, the judges
mentioned their “ambition” and “ability to see the target. They
really believed in their products.” Mom Zenola Fields said her
daughter Courtney, an eighth grader at Kip Academy in the Bronx,
had “met youngsters from many backgrounds different from her own
in the program” and came away “enriched.”
The program is a partnership between Johns Hopkins CTY, the Goldman
Sachs Foundation, and the National Foundation for Teaching Entrepreneurship
which provides curriculum and materials. Mentors include Goldman
Sachs professionals and college and MBA students. To apply
to the Talent Search and receive scholarship information, call
1-800-510-9360/61, or E-mail:dlee_hopkins_cty@hotmail.com.#
Education Update, Inc., P.O. Box 20005, New York, NY 10001. Tel:
(212) 481-5519. Fax: (212) 481-3919. Email: ednews1@aol.com.
All material is copyrighted and may not be printed without express consent of
the publisher. © 2001.
|