Best of Young Entrepreneur Foundation Blog – Part 1

This multi-part series features some of our most popular posts of all time. The Best Of series celebrates the re-launch of our Entrepreneur in the Classroom Free Curriculum. It’s updated, and is available to you here, free brought to you by an award-winning professor and curriculum designer.
In addition to our free curriculum, use our blog posts like a mini-curriculum element for with up and coming entrepreneurs, or for a training discussion during the last 20 minutes of your company’s meeting.

Today’s theme: Thinking Big.

How Small Businesses Can Protect Ideas: Trademarks, Servicemarks, Patents, and Copyrights

101 of patent, trademark, servicemark, and copyright for small business and entrepreneurs. A discussion of patent “bullying” and protecting your patent, protection your reputation, and does social media change the landscape for patents, copyrights, and trademarks?

Mentoring and Reverse Mentoring: The Key to Entrepreneurial Self-Confidence. 10 steps for Parents, Teens, and Gen Y at Work and at Home

Quick mentoring steps we can all take whether we’re parents, teens, in the workplace, or Gen Y Millenials being mentored, or mentoring, or somewhere in between.

Top 5 Resources for Young Social Entrepreneurs

The buzz of social entrepreneurship is on. It inhabits dormitory halls and high schoolers’ texts. It’s well beyond a trend. Social entrepreneurship is a movement.

Well-known leader of the pack Ashoka has the following thought-provoking statement on its website:

Over the past two decades, the citizen sector has discovered what the business sector learned long ago: There is nothing as powerful as a new idea in the hands of a first-class entrepreneur.

Here are some go-to places, in key must-know categories, to keep yourself apprised of developments in the social entrepreneurship field. Will you found the next Tom’s Shoes?

1. Money.  Looking for money for a social venture? You can raise money just as you would for a regular business. Beyond the traditional methods of raising money (self, friends, banks, investors), try the following clearinghouses for additional capital:

• Ashoka and Skoll are two well-known foundations supporting social ventures – see more in the 130 list below.
• Kickstarter.com – the world’s largest funding platform for creative projects. This represents the growing “crowdfunding” trend. Here are others. See “Legal” below.
•  If you’re starting a non profit, be sure to check out Nonprofit Finance Fund and the Foundation Center which is “the” place to research grants.
• 130 Ways to fund your social venture

See discussion questions at the bottom for additional Entrepreneur in the Classroom resources.

2. Information:  #socent on Twitter will take you to the latest  social entreprenership Twitter stream. You may have to comb through it to see what’s what, but you’ll definitely see what’s new.

3. People. Tracking down and studying the the top social entrepreneurs provides access to instant mentors. Below are dozens of successful social entrepreneurs from which we can all take notes.

• In 2010 TedxYSE was held by Youth Venture and the Staples Foundation to give the world’s most inspiring young changemakers a platform to share their powerful stories. See their videos here.
• Future 100 – The Future 100 Awards recognize the success of UK-based young entrepreneurs aged 18-35 who demonstrate entrepreneurial flair and innovation in progressing a responsible business venture.
• Four Young Social Good Entrepreneurs to Watch (Mashable)

4. Competitions. Competitions are a great way to cement your idea, meet key players, and seal deals.

• The Youth Social Entrepreneurship (YSE) Competition – approaching its 6th annual year – is held by Ashoka and STAPLES . It was created to recognize exceptional, innovative young people advancing positive change in their communities around the world.
• Business plan competitions are another great way to get a kick start (and raise prize money). Here is a success story of a team who won $15,000 for their venture through a business plan competition.

5. Legal. You know it’s real when legal and policy regulations start changing to meet the social entrepreneurship world.

• Here is an article on changes in forms of legal incorporation to accomodate social ventures. Are you going to be one of the innovators ahead of the pack ? Be sure to get a great lawyer who is familiar with the forms. There are additional filing requirements, so get smart. With innovation, often come additional responsibilities.
• Related to “money” – above – crowdfunding at certain levels in the US  is a violation of the Securities Act of 1933. For instance, if you are profitable, or try to give people a share of that profit, it puts you in the same league as a publicly-traded company that sells securities. Follow #crowdfunding on Twitter and keep up with the experts, like Woodie Neiss.

Discussion Questions

1. Developing the social venture idea. In Module 2 of the Entrepreneur in the Classroom free curriculum there is a Mind Mapping exercise in which the student takes and area of interest and develops it into a business idea through brainstorming.  Use the Mind Mapping exercise for a social venture that has “double M” (mission and money).

2. Characteristics of the social entrepreneur. Allow the students to review the entrepreneurial profiles discussed in #3, above, and pick a favorite.  Does the social entrepreneur resemble the traits they would expect of a typical small business person described in Module 1 of the Entrepreneur in the Classroom free curriculum? Yes, no, maybe? Discuss.

3. Watch and discuss the below video on Tom’s Shoes:

More information

Know a Young Entrepreneur? Nominate them here.

The NFIB Young Entrepreneur Foundation is a 501(c)(3) organization promoting the importance of small business and free enterprise to the nation’s youth. More information is available at www.NFIB.com/YEF.  The Foundation is associated with the National Federation of Independent Business; NFIB is the nation’s leading small business association, with offices in Washington, D.C. and all 50 state capitals.

Entrepreneur In The Classroom. The NFIB Young Entrepreneur Foundation Entrepreneur-in-the-Classroom (EITC) supplemental curriculum exposes students to entrepreneurship and the necessary steps to take an idea and turn it into a business. The free curriculum can be integrated into classes teaching a variety of subjects including music, art, fashion, business and many more. You must be registered to view the full Entrepreneur-in-the-Classroom curriculum.

Related links:

Follow NFIB Young Entrepreneur Foundation on Twitter

Follow NFIB on Twitter

Follow blog author Kathy Korman Frey on Twitter

Update: Deadline for Young Entrepreneur Awards Scholarship Now January 4

Since 2003, the NFIB Young Entrepreneur Foundation has awarded 2,095 scholarships to graduating high school seniors totaling $2,382,000. Students are encouraged to apply for our awards beginning October 1, 2011 and may apply until December 15, 2011.

MTV and the White House Support Young Entrepreneurs for National Entrepreneurship Month

We know that often the entertainment industry and Washington love each other, but, now it’s starting earlier. MTV’s Sway Calloway – who started his own record label among other entrepreneurial ventures – moderated a panel of rockstars this past Monday at the White House. But these were young rockstar entrepreneurs Tina Wells, Alexis Ohanian and Nick Friedman sharing their business-building experience building.

Scary Entrepreneur Stories for Halloween: Jared T. Schlosnagle Overcomes a Challenge

Got a business challenge? Try being a teenager and taking it on! Last year I was interested in participating in the St. Mathews Farmers Market in Louisville, Ky….We walked in the class and it was a bunch of older people, we stood out like sore thumbs.

California teen recognized with $10,000 scholarship for Zshred: Miniature skateboard business

In recognition of his work in becoming a leading seller of custom miniature skateboards in the United States, Dillon Morgan of Westlake Village, California, has been named the 2011 Young Entrepreneur of the Year by the National Federation of Independent Business Young Entrepreneur Foundation.

Coleton Lunt: Artist, Hiking Guide, Showcases Diversity of Entrepreneurship

It’s important to recognize that that entrepreneurship is not limited to “typical business.” Be sure to ask for the Alternative Exercises of this free, Powerpoint entrepreneurship curriculum (registration required). It showcases thediversity of entrepreneurship, as does our entrepreneur profile of today: hiking guide and artist Coleton Lunt.

Best Free and Low Cost Resources for Small Business Owners

Here are the top free and low-cost online resources for small business courtesy of our young entrepreneur profile from April, Grade A Marketing founder Amanda Fisher.