View
214
Download
0
Category
Tags:
Preview:
DESCRIPTION
A magazine geared towards young college students and graduates.
Citation preview
Choosing The Right Business
Graduate TodaySocial Media
Tips For How to Start a Business
Choosing The Right Business
2
How to build a successful business by Whitney Hunter.........................................................p. 5
Promoting businesses through social media By Whitney Hunter............................................p. 8
Brainstorming: Choosing the right business By Whitney Hunter...........................................p. 10
Addicted to Money By Whitney Hunter............................................................................p. 12
Think Globally, Act Locally by Whitney Hunter................................................................p. 14
Student Entrepreneurship: How students can get free money for business ventures By Whitney
Hunter....p. 16
Beauty supply conference...... p. 17
African-American home business expert Troy Foster.....p. 18
Debt Deal impacts college students By Janay Kingsberry................................................p. 19
All advertising was used with the permission of the advertiser or owner of the advertisiment.
See What’s Inside
How to Build a Successful BusinessBy Whitney Hunter
5
Many college students faced
with a declining job market find
entrepreneurship appealing, but few know
the process to create a successful business.
Start with a blueprint that
features the goal of the business, the target
audience, and funding. Good questions
to ask while preparing a blueprint are:
What niche is the business trying to fulfill
in the market place? What makes my
product important? What will this product
achieve?
Next, think about the target
audience and whether this product will
appeal to a younger demographic of 18-
26 or an older demographic of 40-60.
Knowing what audience to penetrate is
crucial because many businesses fail
due to communication issues.
Conduct primary and secondary research.
Primary research consists of surveys and
questionnaires where you ask the intended
audience how they feel about a product.
Some questions may be how much money
someone is willing to pay for a product or
does he or she feel this product is sorely
needed in the market place. Try to limit
the sample size to 25 people. Remember
“the customer is always right” is the first
rule of business and knowing customers
will increase revenue.
Secondary research can also be
useful. This research consists of books,
journals, magazines, newspapers, and
other useful secondary information.
Remember when using online sources
to evaluate them closely because not
all information on the Internet is good
information; a person should look for
scholarly sources not information found
on a blog.
Now it is time to evaluate the
market. For instance, if an individual
wants to open a pizza restaurant chances
are it will fail because many businesses
like that already exist. Examine what are
the major trends and how this will affect
the success of the business. Use search
engines like Google, ZoomProspector
and Yelp.com. ZoomProspector
provides helpful commentary on current
economic trends and Yelp.com shows the
competition in various markets.
Next consider how to get seed
money for the business. Small business
loans are one resource, but because of the
economy, those may be hard to come by.
The best way to obtain funding is to attract
investors who believe in the product; it
is never a good idea to spend personal
capital.
Develop a coherent and realistic
budget plan that shows the start up costs
of the business without financial strain.
Planning is everything, so do
not be too eager to grasp the pot of gold
before getting things in financial order.
Lastly, choose a business structure that
is beneficial such as a partnership or
corporation.
Following these steps will ensure
a succesful business, however research is
key to determining whether a business will
stand the test of time.
Check us out online !!!!!!!!!
Whitney Hunter/Graduate Today
Social Media
Promoting businesses through social media
Promoting Businesses Through Social Media
Social networking can be a very useful tool in today’s market place where it’s about who and what a person knows. Many big-name businesses use social networking sites like Facebook, Twitter and Linked In to promote their business. Savannahnow.com, the online version of the Savannah Morning News, frequently post links to articles on Facebook and Twitter. Readers can click on the links and comment, “like,” or “recommend”articles to friends. The theory is the more people who press “like” or “recommend” the more people will see the article and this will increase traffic for the website. This is a smart idea in an era where the newspaper is dying and most are becoming “digital first.” The digital first concept should be applied to any business looking to phase out the competition. For example, if a person runs an apparel business, it is a good idea to use social media to promote the sales and upcoming products of that store. Customers who are Facebook savvy, which is the majority of the population, will be able to get a first glance at sales and clearance items before walking in the store. This is the goal of the “digital first’ concept: to hook the customer and plant the seed of impulsive buying. No one wants a “cherry picker” customer. A “cherry picker” is a customer that comes in a store and buys one item. The best way to avoid this is to upsell; this means offering more than one product at the point of sale. Credible businesses such as Walmart and Sears utilize Facebook to promote different aspects of their business. Sears shares upcoming sales, information on Energy Star products, and managers from various stores interact with customers to provide a better shopping experience. Walmart has a feedback button where customers can type questions and have them answered by managers. Customers can also complain about poor customer service. Bottom line: Being able to interact with customers long after the transaction can be a helpful tool. It assures the customer that their needs are being carefully considered and provides the business owner with valuable feedback. Twitter is also a social networking giant. Many
businesses find sending messages of 140 characters or less effective. This may be because the attention span of today’s consumer is short and research shows people do not like a lot of information at one time. Hit Squad Entertainment, a party hosting organization, uses Twitter to promote parties, events, celebrity hosts and the recent Hit Squad Entertainment blog. The structure is similar to Savannah Morning News where links to new posts are placed on Twitter for followers to read. This again follows the “digital first” concept. Linked In is different from Twitter and Facebook. Linked In is like going to an online networking conference. There is a basic profile everyone has to fill out which includes a description of present and past positions. There are also job postings and “connections” that can be made. Connections are just that: how many people a person is connected to on Linked In. These cool features allow individuals to connect with professionals and vice versa.The amount of regional access a connection has can also be determined. Social networking whether via Facebook, Twitter, or Linked In is an essential tool for small businesses and is an alternative to costly advertising so think “digital first.”
By Whitney Hunter
Editor’s Note:“Social media workshops are another great
way to build on business skills”
8
Choosing a business that will
stand out from the comptetition can be
tedious. Here are some business ideas that
are sure to succeed.
These days businesses try to
minimize costs anyway they can. This
is where a discount supply business can
come in handy.
Discount supply businesses are a
rapidly growing market and buying items
wholesale and selling them for a cheaper
price can be very lucrative. In a student’s
case this means tapping into the school
supply market.
Everyone has been the victim
of long lines at the bookstore and high
textbook prices.
Students benefit by buying
textbooks from classmates because
it eliminates the need to browse and
compare deals, which can be time
consuming.
A social media marketing
business is also a great way students can
get their foot in the door. For students,
this can be as simple as volunteering to
promote a school organization on Twitter
or Facebook.
Another cost effective marketing
tool is an e-newsletter. E-newsletters
are cost effective for organizations
because they enable them to reach a large
demographic without the cost of printing
paper and ink. Students can charge
anywhere from $20-30 per e-newsletter
and have a very lucrative side business.
Blogs are the newest craze and
can be hugely successful. Virtually anyone
can start a blog, but the trick is to find a
niche or topic that will draw interest.
Choosing a hobby or passion is
usually a good idea, because that person is
knowledgeable about the subject and the
content will be easier to write.
Janay Kingsberry, online content
producer for the Savannah Morning
News, has a blog called naytrekvoyager.
com. The blog discusses everything from
her travels to Chicago and New York,
enrollment in free classes at Stanford
University, music and book reviews.
Dominic Ross, a University of
Georgia graduate student, bought domain
space to create Dominicross.net. His blog
explores music, movies, technology, and
his life.
These two bloggers tapped into
an essential rule of business: following
a specific passion. If a person starts a
business just for the money, it is not going
to be successful. It is the passion that
drives success.
However, one cannot just
make money by blogging about ideas,
advertising is a must. Students can
ask local businesses for advertising or
utilize Google AdWords.
Google AdWords is a program
that allows individuals to place Google
advertising on their website. The more
users click on Google’s advertising, the
more a person is paid. This means the
amount of “hits” a website receives is
important.
Remember any business whether
it is a purely online function like a blog or
a barbershop on the corner, has to be the
passion of the business owner.
Whitney Hunter/Graduate Today
Visit DominicRoss.net andnaytrekvoyager.com
today
Brainstorming: Choosing the Right BusinessBy Whitney Hunter
10
“I am where I ambecause I do what is neccessary to get the job done” -Azir Shakaur
12
By Whitney Hunter
Addicted to Money Founder and CEO of Addicted to Money Azir
Shakaur’s hustler mentality may seem unearthly, but his work
ethic can be traced back to his days as a youngster in the Bronx,
New York project of St. Mays’.
33-year-old Shakaur’s introduction to the business
world came early at 11-years-old when he started a paper route
every Sunday in his neighborhood. Shakaur not only profited
from the sales of his delivery route, but in a business savvy
move, he charged customers and additional $1.50 to deliver
items such as coffee and tea.
Soon the paper route was so successful he sold his
contact list to his best friend.
“Next, I worked in a barbershop called Six Corners as
a shoe-shine kid, where I was introduced to narcotics,” Shakaur
said.
Local pimps, drug dealers, and hustlers saw the youth’s
consistent work ethic and soon he became a carrier for their
product.
Eventually his behavior landed him in jail and once
released he did a variety of odd jobs ranging from a dishwasher
at a truck stop to district manager of a pizza franchise.
However, it was not until he saw how much money his
cousin, a local disk jockey, made hosting a party that the idea for
Addicted to Money was born.
“I got out of jail at 21, from 21 to 23 I was in the
streets,” Shakaur said. “Addicted to Money started off from the
money I put away from the streets.”
Shakaur borrowed from his cousin’s business platform
and turned Addicted to Money into a party hosting business. The
company has hosted events in New York, Connecticut, Florida,
Colorado, Georgia, South Carolina and North Carolina.
They have also featured Hip-Hop acts Trina, Charlie
Boy Gang, Wacka Flocka, Lil Rue, Dj Khaled, Rich Kids, and
Juvenile.
Despite the changes in the economy, Shakaur assists his
company is thriving.
“People always need entertainment in this volatile
economy; they want to get away from their problems,
Every business experiences losses, but we are doing
well,” Shakaur said.
So what inspires him after all these years?
“I met Jay-z and asked what keeps him going and he
said ‘poverty sucks’ and that quote stuck with me,
I look myself in the mirror every morning and say
“poverty sucks,” Shakaur said.
Some influences of the married father of two are
Warren Buffet, Donald Trump, P. Diddy, and the book “Think
and Grow Rich” by Napoleon Hill.
Poverty is unattractive to Shakaur but he takes his drive
and determination from another source: his faith.
“I believe God wants all people to succeed and your
trials and tribulations are already written in God’s book,”
Shakaur said. “He is not going to put more on you than you can
handle.”
He does not encourage young people to engage in
narcotic trafficking to achieve riches, but says the key to success
does not lie in the resources one uses to get there, but lies in the
mind.
“If you can conceive it then you can achieve it,”
Shakaur said. “Every entrepreneur fails 38 times, always keep
yourself informed about the market you are trying to attack.”
Follow Addicted to Money on
By Whitney Hunter
The education system in America has been in shambles for years, particularly in low-income African-American communities where resources are poor and teachers are limited.In some communities bad teachers are passed around like priests who molest children, going from parish to parish or school district to school district. Why? It is the result of an overburdened school system that chooses to promote bad teachers than fix the unfair distribution of resources. However, the school system does not bare all the blame. The people have to be the ones to demand a better education system so that students may compete with other students on a global level. This means completing the census every 10 years so that the government can provide resources that match the need. Many times citizens do not take this paperwork seriously and blow it off as another nuisance. For example, a district may have a population of 100,000, but if people do not fill out the census, that district with not receive half of the funds needed to build schools, roads, and provide afterschool programs that give at-risk youth a positive platform to express themselves. Another aspect of the education crisis: not voting the right people in office to get the job done.As the saying goes, “you can lead a horse to the water, but you can not make it drink.” This is true with local politicians: citizens can lead them to office through votes, but it is hard to make sure their policies are beneficial to
the community. More transparency is needed.Citizens have to get off the couch and go to the public forums and ask questions: Who has the money? Where is the money going? How will this money benefit the community? Self responsibility is a must.The lack of cooperation with the census and a poor checks and balances system when it comes to local politicians, is part of the problem. The phrase “think globally and act locally,” is not in the American education system’s vocabulary or reference book. The curriculums in the elementary, middle, and high schools are not teaching kids to think globally. How can American students expect to compete with kids in China who go to school year-round and study from 7 a.m. to 5 p.m.? This will not work and the system needs to be revamped. In a report published by the Annie E. Casey Foundation, it was found that one out of three fourth grade students scored below average on a basic National Assessment of Education Progress reading
test. Clearly the old way of making students memorize information instead of learning it, is not working. This study also puts a spotlight on how education starts at home.Teachers are a vehicle in which information is absorbed like a sponge by students, but it is the parent’s job to make sure the information is absorbed properly. This means going to the parent-teacher conferences and staying up late to help with those complicated math problems. Instead of teaching students about a crisis in the world, teach them how one country’s problems affects society and that the world is interdependent. Do not solely put the blame on teachers when parents sometimes do not do their jobs. Next year’s election slogan is “education reform.” America has already left its young people a mountain of debt; America should not leave them a poor education system with no light at the end of the tunnel.
Whitney Hunter/Graduate Today
Think Globally, Act Locally
14
Student Entrepreneurship: How Students Can Get Free Money for Business Ventures
Student entrepreneurship was not on the radar of
American colleges, but in recent years they have given buckets
of cash to student businesses.
Arizona State University grants $100,000 to students
every year based on a well-rounded business proposal. However,
the funds are limited and only 15-20 submissions out of 100 are
accepted.
ASU is not the only university willing to go out on
a limb to support a student’s dream; many universities are
answering this call.
The University of North Carolina at Chapel Hill is
not handing out checks, but they are fulfilling a much needed
gap in the education system: entrepreneurship classes. The
classes are open to graduate students in any academic field and
students receive a three course certificate. The program offers a
enterprise track and a literacy track.
The enterprise track is for individuals who are sure they
want to start a business after college and the literacy track is for
students who might not be opening a business after college, but
want to build business and communication skills.
The University of Wisconsin is doing something
similar. They started an undergraduate entrepreneurship
major back in Fall 2006. They do not offer a entrepreneurship
certificate, but they do provide an encouraging atmosphere
for business professionals to interact with students. In other
parts of the country students get a chance to pitch ideas to
local entrepreneurs.
Washington University created the program
IdealBounce. IdealBounce allows students to pitch a business
idea in front of a live audience. A judging panel rates the
business pitches and five winners are selected.
What’s the prize?
A $100 gift certificate and dinner with local
entrepreneurs.
The student entrepreneurship craze is so much on the
rise that Grand Canyon University, a for profit institution, has
opened an entrepreneurship college. The college is funded via
a $30 million venture-capital fund given to the university by a
local entrepreneur.
The $30 million fund will allow each student to
receive $100,000, but only 10 percent of business proposals
submitted for review will receive the money.
Starting a business, especially for a student, can be
difficult and it may require hours of research. However, the
money is out there.
Whitney Hunter/Graduate Today
Editor’s Note:
Research other schools for
more information. Check
us out online.16
By Whitney Hunter
17
Blacknews.com
Beauty Supply Institute brings their 3rd Annual Beauty Supply Entrepreneurship Conference to Las Vegas, Nevada. The conference
consists of six specific classes to be administered during the one-day conference. Conference attendees will be given take-home ma-
terials that cover store layout, obtaining funding, selecting a location and more. Topics to be covered in the classes include Avoiding
Industry Pitfalls, Increasing Store Revenues, Determining Start-Up Costs, Getting Distributor Accounts and more.
Professor Devin Robinson, the founder of Beauty Supply Institute says, “We continue to be the educational leader for the eth-
nic beauty supply industry. We give specific directions to all conference attendees that significantly increase their chances of opening
stores... our un-coached testimonies speak for themselves.”
The summer conference has been held in Atlanta, Georgia on the weekend of the Bronner Brothers Hair Show for the past
two years, and has attracted attendees from all across the United States.
Robinson founded Beauty Supply Institute after he opened three stores within 18 months. He says “My instant success came
from a mixture of reasons, living in Korea in the 90’s, owning a salon and being kicked out of a Korean-owned store for no reason. It
gave me the motivation to succeed,” Robinson said. “Our goal is to give specific instruction on how anyone can become a similar suc-
cess. The beauty of our conference is our attendees get to physically meet other people in their same predicament and since we now
offer financing of our larger services, opening a store is now more reachable for attendees.”
This added conference will take place at Circus Circus Hotel and Casino in Las Vegas, Nevada on February 18, 2012. Confer-
ence and room packages are available at a special conference discounted rate. Seats are limited. Registration is open now for $299 and
includes the conference, meals and materials. Later registration is after Nov. 1, 2011. Registration will close on Jan. 13, 2012 or when
capacity has been reached.
To register, visit www.beautysupplyconference.com or call 202-684-6699.
Beauty Supply Institute to Host Beauty Supply Conference
African-American Home Business Expert to Host Free Webinar
Blacknews.com
“There is a fortune to be had working from home, but this is not something you’ll ever learn attending graduate business schools,”
says Troy Foster of www.creatingwealthsystems.com while announcing a private, by-invitation only, no-cost live webinar, “Secret
Formula Teleseminar,” to be hosted by his partner Rod Stinson.
During this 33-minute webinar, participants, according to Foster, will be given a rare behind-the-scenes look at Rod’s step-
by-step ‘Secret Formula’ for creating an absolute fortune working from home.
Most important, he says, people can begin using this ‘Secret Formula’ to start earning a consistent $497 to $3,497 daily - like
clockwork!
“This has nothing to do with MLM, Network Marketing, Gifting, Affiliate Marketing, PPC, SEO, Social Marketing, Blogs,
eBooks, or any of the other offers people usually hear about when it comes to making money from home,” said the enterprising Foster.
Neither is it some gimmick of the month income scheme, points out Foster. “What you’re going to learn is a time tested and proven
formula and methodology Rod has used to consistently earn five and six figures per month income for 19 years now,” Foster said.
In fact, Foster claims his partner, has never before shared this ‘Secret Formula’ publicly, but now, he is prepared to share it
with anyone who is ready to live a lifestyle of total personal and financial freedom.
Those interested in being a part of this private, by-invitation only, no-cost live ‘Secret Formula’ webinar, can simply go to
www.creatingwealthsystems.com and register for free.
Troy Foster on the cover of Successful Magazine
18
Debt Deal Impacts College Students
“To learn, or not to learn?” That
is the question for many college students
during the upcoming academic school
year.
The government’s agreement to
raise the debt ceiling comes at a dire cost
that nearly all Americans will feel. Over
the next decade, spending cuts of at least
$2.1 trillion will slice through programs
such as Medicare, Social Security, and
federal loan programs for college students.
Graduate school is often
considered a safety net, or back-up plan,
for college graduates struggling in the
job market. But the debt deal drastically
changes several aspects of paying for
college and paying off loans.
“I’m not sure what my plans
are after college” says Jesmine Mitchell,
graduating senior at Savannah State
University. “I’m majoring in Homeland
Security and sometimes I’ll just browse
for jobs. But I’ve noticed there are hardly
any entry-level positions open. Everyone
wants you to have a Masters, but to be
honest, all of these cut-backs in graduate
funding really discourages me.”
Subsidized loans, one of the
most popular types of loans offered
in college, will no longer be open to
graduate and professional students.
Beginning next July, graduate students
can still borrow up to $138,000 in federal
loans, but no subsidized loans will be
available. Subsidized loans are of extreme
importance to college students because the
government doesn’t charge interest while
students are in school. Therefore, these
loans have a major impact on how much is
owed upon graduation.
Eliminating subsidies for
graduate students provides a $17 billion
increase for the Pell grant’s undergraduate
funding. Pell grants are a vital part of
further education for many students in
need.
Khimean Casey, a sound design
major at Savannah College of Art and
Design, is a Pell recipient and he says
he’s excited about the extra funding Pell
will receive. “It definitely helps a lot of
families, I just hope it lasts.”
About 10 million recipients
depend on Pell grant, which can award a
maximum of $5,550 a year. As reported
by the Associated Press, the extra money
closes a Pell funding gap and protects the
program from having to make any cuts in
the near future.
Another major blow for students
are the loan discounts offered to borrowers
who make their payments on time. The
discount, which varies depending on when
the loan was disbursed, will no longer
be available after July 2012. However
the incentive to set up automatic debit
payments will earn borrowers an interest
rate reduction of 0.25 percent.
As lawmakers continue to
weigh proposals to reduce the deficit,
there is a possibility of further impacts
to college federal funding. Student loan
tax deductions, interest rates, and tighter
restrictions for borrowing are real issues
that will be examined as the congressional
committee considers a deficit reduction
package for its November deadline.
“This is a serious issue to be dealt
with,” says Mitchell, “ but its not the first
one to undergo major cuts and it definitely
wont be the last. We’re college students.
We’ll eventually rise from this.”
Although the general college
outlook is still grim for many students,
Casey believes there is still hope in
achieving his collegiate and career
endeavors, “We have to hold faith that our
government is looking out for our best
interest,” Casey said.
By Janay Kingsberry
Visit www.whitehouse.gov to learn more information about the debt deal impact on college students and other federally funded programs. 19
Recommended