DALLAS: TEXAS: Y.E‘S. The Young Entrepreneur’s Seminar ‘was hosted by the University of North Texas at Denton, on October 22, 1988. Dr. Lewis Pon-thieu, Graduate School of Business Administration served as coordinator of the program. Mr. Kenneth Jenning, District Director of S.B.A. (Small Business Administration), Dallas and many other professional speakers highlighted the importance of the role of young entrepreneurs in business. Mr. Bill Cunningham a young entrepreneur of less than 20 years of age, with gross sales of $1.5 million in 1987, along with other young entrepreneurs and professional speakers pointed out that to be a successful businessman, a person must set his goals. He must have a drive, patience, commitment, creativity, flexibility and Ethics. Businessman must stand by his word.

In order to ‘start a new business, the emphasis was on research to find out the needs of the people, proper place for the location of the business, competitors in business, their services and quality of their services. Advertisement techniques and practices, and selection of type of business. Information was given prime importance. The more informed the business is, less risk he has in business. Add quote, “listen to heart beat, and also watch the puIses.”

The young entrepreneurs were advised to prepare a short and long range plan, develop organizational structure, target the market, decide about accounting or bookkeeping procedures, prepare budget, control cost, determine the capital needs, and decide about the operations of your business. Will it be full time, part time, and seasonal business?

SIFE members from Jarvis Christian College, Cederic Harrell, Christopher towns, Michael Oliphant and Pritpal S. Chatha, Advisor and SIFE Fellow along with other participants from other colleges and universities were enriched with important educational information, needed to explore the possibilities of starting a new small business. All participants agreed that Young Entrepreneur’s Seminar was an invaluable educational experience.

Article extracted from this publication >> November 11, 1988