10 Reasons Why Every High Schooler Should Launch a Business

10 Reasons Why Every High Schooler Should Launch a Business

10 Reasons Why Every High Schooler Should Launch a Business

Tuesday, September 15, 2020, by Jenna Winocur

Do you often feel overwhelmed by choosing a college or even a path of study? Much of what you do in high school will shape your career interests and help you determine your major. Too many students will discover too late, however, that their chosen college major may not be for them. High school is the perfect opportunity to experiment with many different skills and find which ones invigorate or drain you. While some high school clubs might give you this chance, none of them can compare to launching a startup. Here are 10 reasons why every high schooler should launch a startup.

1. Entrepreneurship teaches a new way of thinking

Trying to find a real problem for a real customer requires empathy, a great skill to have in many aspects of your life. A startup is a perfect way to hone this skill.

2. Launching a business means being creative

            Entrepreneurship will give you the opportunity to become more creative and build this strength!

3. Know how to problem solve

            Entrepreneurship will provide you with the tools to problem solve no matter what problem you find yourself facing.

4. Invest in yourself 

             No matter what the outcome of your startup, you will notice the impact you’ve made on yourself simply by going through the entrepreneurial process.

5. Flexible hours during a busy high school schedule

           Regardless of how busy you may already be because of classes and extracurriculars, you can almost always find time to pursue a startup if you are willing to hustle and make it happen.

6. Overcome failure with ease

         When you inevitably encounter failure in a college or professional setting, if you can quickly learn from that failure and get back up on your feet, you will stand out among your peers.

7. Gain life advice from a mentor

          While mentors are vital to the growth of your startup, they can also give you excellent insights into yourself.

8. Build a personal brand

          Starting a business will give you a level of credibility that is unmatched by almost any other high school experience.

9. Have a great story to tell

          Regardless of if your startup fails or succeeds, you will have an amazing story to tell during future interviews.

10. Change the world

         If you want to make a meaningful, sustainable, and scalable impact on a social cause or issue you care about entrepreneurship may be perfect for you.

Life Changing School is a virtual high school program founded and run by Cornell University members and entrepreneurs. In LCS you will learn everything you need to know to build a sustainable startup focused on social impact. You could even begin making money by the end of the program! You will gain skills such as design thinking, creativity, adaptability, communication, leadership, and so much more. You will go through the customer discovery process and the Build Measure Learn feedback loop. You’ll receive world-class mentorship and get access to Q&A with some of the industry’s leading minds. At the end of six weeks, you will pitch your final product to a panel of expert judges. Building a startup provides you with the most powerful experience you can speak to for college applications or future interviews. You will overcome challenges and create something of value. LCS provides a rigorous entrepreneurship curriculum and startup incubator to high school students from anywhere in the world with no prior experience required. Register today using code: LCSOCT4 to receive $100 off of the program!

 

Hospitality in Crisis Times: Heaven Kigali Case Study

Hospitality in Crisis Times: Heaven Kigali Case Study

Hospitality in Crisis Times: Heaven Kigali Case Study

Monday, September, 14, 2020, By Dr. Nnamdi O. Madichie Professor of Marketing & Entrepreneurship at the UNIZIK Business School

Hospitality in Crisis Times: Heaven Kigali Case Study

Monday, September, 14, 2020, By Dr. Nnamdi O. Madichie Professor of Marketing & Entrepreneurship at the UNIZIK Business School

How does a business overcome the Liability of Foreignness?

Continuing my conversations around the subject of humane entrepreneurship, the purpose of this article is to highlight the story of Heaven Restaurant & Bar, Kigali, Rwanda, owned and managed by an American woman who has been doing business in a foreign country since 2006. The case study was developed over a 6-month period in the second half of 2012 and framed around a qualitative analysis and an in-depth interview with the owner/funder. 

 

The narrative unpacks the coping strategies and realities of an ethnic minority business through insider accounts of its founder and her commitment to giving back by improving hospitality and supporting tourism development in her host country, Rwanda (Read more…).

Democratization of Knowledge

Democratization of Knowledge

Democratization of Knowledge

Saturday, September 12, 2020, by  Dr.Ayman El Tarabishy and Dr. Elias Carayannis 

“Until philosophers are kings, or the kings and princes of this world have the spirit and power of philosophy… cities will never have rest from their evils — no, nor the human race as I believe…” (Plato)

As theory grows and develops in its ability to encompass the more greatly faceted institutional pillars of Government, University, Industry, Civil Society, and the Environment, we can imagine how our movement from the information age to the humane age provides the world even more excellent opportunities than before. People are no longer left responsible for the choice between human-focused work and progress, but rather our society is taking the necessary steps to change our perspectives to see how the invitation of technology will quickly lead to a more human-centric society. The concept of Quadruple and Quintuple Helix Innovation systems offers us a systemic perspective for knowledge and innovation, meaning that we can use the model of these institutional pillars to see knowledge and innovation in an entirely new light that allows humans to both feel enabled and empowered by technology to more fully act as democratic agents in the greater society.

This theory, which demonstrates balance amongst the major world systems, allows for new modes of profit by the way that creativity thrives on helping with the interaction and synergies between innovation, entrepreneurship, and design thinking. Therefore, one action informs the next. Through this approach, we can “adopt a much more complex approach to considering our surroundings and dealing with challenges” (Carayannis, 2020). In broader terms, each pillar or facet of the model allows for more advanced opportunities in knowledge and innovation, which beholds the possibility to completely alter how we participate and embody the subsequent usage of power coming from this participation.

Democracy and our empowered participation in it are said to be a “requirement for the further evolution of knowledge and democracy,” demonstrating that we will not progress or succeed in our ability to reimage a better application of knowledge and democracy until we accept the requirement of our full participation in our current forms of knowledge and democracy. Yet, if we can maximize the interfaces and intersections between the pillars of the Quintuple Helix theory, then we might be able to introduce an expansion of the Democratization of Knowledge to attain Society 5.0 ultimately.

This unique opportunity will allow for the spread of knowledge to reach unprecedented levels, migrating to a system with which everyone has full access to knowledge and, therefore, revealing a populace who is empowered and liberated to participate in creating a better world for themselves. As mentioned above, this transition will not come until we activate this participation in our current systems, leading those to demand the dissemination of knowledge to further limits at this moment. Once everyone has access to the knowledge — and the societal hierarchy that decides who has access to which information is abolished — people will have equal access to the very knowledge that will help them create real and actionable solutions for the world. By engaging with the knowledge available in this technocentric age, we will initiate a workforce transition, meaning that the widespread usage of technology will transform jobs rather than replace the employment of human beings. This will provide an entirely new and important platform from which humans can begin making innovative and creative decisions to facilitate the care for the human person and our surrounding environment.

Dr. Elias Carayannis foresees a world in which we embody Society 5.0, where:

“Every project… should always have the quintuple helix in mind when calling for proposals; all projects should have our common good as the foremost goal. We should, therefore, always ask ourselves how does this project supports democracy and protect the environment, and that is a Quadruple and Quintuple Innovation Helix framework thinking approach to policy and practice” (Carayannis, 2020).

The migration towards the democratization of knowledge and the subsequent collaboration with technology will offer an unbelievable opportunity to look clearly at society as it is and begin changing our chosen “either/or” approach to one that allows for “both/and.” In pursuing more powerful platforms to engage with the democratization of knowledge, we will all become enablers, participants, and protectors of a democratic world. With democracy, we will be able to create solutions to the missing pieces throughout the complex issues that plague our world today. Let us all be active participants in creating a next level society that finds the humane by engaging with tech solution advances for our collective future.

Article by:

Dr. Ayman El Tarabishy and Dr. Elias Carayannis 
President & CEO, ICSB
Deputy Chair, Department of Management, GW School of Business
Editor in Chief of the Journal of Small Business Management (JSBM)

 

Dr. Elias Carayannis, Full Professor of Science, Technology, Innovation, and Entrepreneurship, as well as co-Founder and co-Director of the Global and Entrepreneurial Finance Research Institute (GEFRI) and Director of Research on Science, Technology, Innovation and Entrepreneurship, European Union Research Center, (EURC) at the School of Business of the George Washington University in Washington, DC.

References:

Carayannis, E. (2020). Research Reconfiguring and Innovation Constellations. Personal interview [European Union’s Horizon]. Available at http://riconfigure.eu/wp-content/uploads/2020/01/Interview-with-Elias-Carayannis_2020_Final.pdf

Reference video: The Ecosystem as Helix: Towards Industry and Society 5.0 via the Quadruple/Quintuple Innovation Helix Lens. Featuring Dr. Elias Carayannis:

It is Not Just About the Money

It is Not Just About the Money

It is Not Just About the Money

Monday, September 7, 2020, by Andrew McDonald

It is Not Just About the Money

Monday, September 7, 2020, by Andrew McDonald

In continuing our conversation about the practical ways in which we can enact change for MSMEs globally, we will begin highlighting a spotlight piece every week from our journals, JICSB and JSBM. This week we are looking at JICSB.

Andrew McDonald, Chair, Small Business Investment Committee, the European Bank for Reconstruction and Development (EBRD) is featured in the first issue of the Journal of the International Council for Small Business (JICSB). The article, titled “It’s not just about the money,” speaks to the great truth of compounding factors that keep MSMEs from success. In his article, McDonald discussed the following as recommendations (directly from the article) for policy interventions that could aid MSMEs in overcoming the environmental challenges placed on them:

  • Business advice programs need to be developed to train local professionals to assist them in developing into local consultants.
  • Nations must develop and improve their regulatory frameworks and introduce targeted policies to support fintech and promote different initiatives. Therefore, a strengthened ecosystem removes barriers to accessing finance, provides improved capacity for both public and private institutions to serve SMEs, and ultimately provides platform advocacy for SMEs; this leads to better policies and regulatory support, stronger institutions, and improved market effectiveness.
  • In emerging economies, the role of local banks is important. Still, it is often supported and supplemented by the international financial institutions (IFIs) who use the local bank to deliver focused programs that help address the policy objectives mentioned above. Many of these come with technical assistance for the banks so that they can develop these activities into sustainable products that they can upscale.
  • Providing the money, or access to the money is a great start but does resolve the issues facing SMEs if we want them to be the powerhouses of our economies. It is undisputed that SMEs need access to finance to grow and develop, but they also need much more. There is no silver bullet solution; instead, it requires a combination of factors to be present, and these will vary from country to country and from time to time, but at least we know what the ingredients are. Developing each recipe, however, is the challenge that requires continued and improved coordination and cooperation from a cast of characters. (McDonald, 2020).

This article is a wonderful example of the ways that we can think creatively about providing aid to smaller economic units. The author takes no time to get to the main argument of his article, making it even stronger and more impactful. We applaud the work of the author, Andrew McDonald, and the EBRD, who both work tirelessly to progress towards ‘market-oriented economies and the promotion of the private and entrepreneurial initiative.’ Thanks to organizations like this, MSMEs are receiving the visibility and support that they need.

If you are looking to discuss MSMEs further, get personal access to the ICSB’s journals, JICSB, and JSBM when you become a member of ICSB.

The purpose of the Journal of the International Council for Small Business (JICSB) is to advance research and knowledge of policies and economic development as they relate to improving the performance and sustainability of micro, small, and medium-sized enterprises (MSMEs). To achieve this, JICSB emphasizes the relevance of the authors’ contributions to MSME practice. This unique focus creates the challenge of attracting and managing submissions of rigorous academic scholarly activity that intersect with the application of the knowledge created to operational practices of MSMEs.

JICSB has a strong focus on orientation to research, business, and industry. It will have a foot in both science and practice and can serve as a platform intermediary. This creates several unique strengths and opportunities in research that offer significant value to MSMEs. Articles emphasize the relevance of the research to the actual success of MSMEs by answering the “so what” question. Also, the Journal links this to the Sustainable Development Goals (SDGs) to map them when we are talking about MSMEs effectively. 

Resiliency

Resiliency

Resiliency

Monday, Septemeber 7, 2020, by Lenore Miller

The panelists for “Arts and Entrepreneurship” (September 1, 2020) described both practicality and idealism under the current circumstances of distancing and digital outreach. The “new normal” of virtual representation was discussed by Tim Davis and Pat Thornton, who are forces in bringing the community together with positive visualization. Tim was talking about his work as an artist, curator and educator. Brave Spaces is an online exhibition exemplary of the crux of the webinar— i.e. “Resilience” in these changing times, as represented by International Visions & Consulting. All the artists presented and discussed had inspiring examples of their work. Pat Thornton serves as the Executive Director of Gateway Community Development Corporation, an organization that has focused on revitalization efforts from an art-centered perspective enabling 25 studios for artists, and provides support and advocacy for its tenants and the broader arts community in the Gateway Arts District. A pioneering step was launching the first-ever virtual Open Studios.

Tim and Pat’s remarks generated conversation about success as being true to passion and true to purpose for an artist’s identity. Truth and trust are key words here: and I would also add authenticity for the serious artist. A tangible product is not necessary nor is the handmade better than those fabricated by mechanical intervention, or even a “team” approach — it is the concept behind the work that must drive value and be worth appreciating.

An artist is an entrepreneur in that the artist is creating a “personal brand.” The artist has freedom to be his/her own boss. The brand is distinguished by the style or format for which the artist is or will become known. It must be consistent and recognizable, and innovative, striving for something new!
Just as the entrepreneur needs an idea and pertinent education and business acumen to bring it into the public realm, the artist needs to bring a vision to life and embody it in the real or virtual world. All the “isms” of art of the 20th Century were new ideas with manifestos. The artist builds upon these strengths and since everyone is unique, a unique touch, innovation occurs within every generation.

To “build a resilient community” new ways are needed to bring people and organizations together in cooperative systems within a community to effect positive change for the betterment of society. I applaud the efforts of ICSB to look at business in a more humane and sensitive environment. The arts can driving force in achieving inclusivity and cultural awareness. The arts make us human.

In order to build on these ideas, in future webinars, we need to develop a bibliography and concrete examples. We need a parallel vocabulary between business and art, that can help the non-artist and business student become educated to better appreciate the importance of art as shared cultural heritage and an agent for change.

Explore how artists are like small businesses in the following ways:
Make a product Sell a product Keep an inventory Promote themselves Work various jobs to supplement income ( a classic example of this was in NYC in the ‘80s, artists would bake at home and sell cookies)