MBA students mentor young entrepreneurs

Philadelphia high school students have the opportunity to learn valuable skills to start their own businesses through a program offered by the Wharton School. The Milken Young Entrepreneur Program -- which began in 1988 and is celebrating its ten year anniversary this coming year -- is sponsored by the University Community Outreach Program and is designed to "teach high school students the nuts and bolts of starting their own small businesses," partly through interaction with Wharton MBA candidates. Successful graduates of the program have gone on to head businesses in fields ranging from photography and desk top publishing to video production and catering. "This kind of program is unique and helps students learn things about running a business they would not normally be exposed to," said Assistant Director Nioka Biggs, who graduated from the program in 1993. The program consists of two phases and culminates with a chance for students to earn $500 to begin their own businesses. Through an application and interview process, interested high school students are accepted and first participate in two weeks of intensive classroom training at the Wharton School. During this time they learn the basics of business and how to perform a feasibility assessment from local entrepreneurs and trained teaching professionals. Guest speakers, field trips and a flea market experience -- at which the students sell goods they bought on a field trip to New York's wholesale district -- are also provided. The first phase concludes with each Young Entrepreneur writing and presenting his or her own feasibility assessment. Volunteer Wharton MBA students are matched individually with Young Entrepreneurs during the second phase -- which starts in the fall semester and continues through the end of the spring semester. They help their young proteges turn their feasibility plans into business plans and act as role models Mentors meet with their Young Entrepreneurs twice a month, and group activities alternate between social and business-related events. A gala celebration for mentors and Young Entrepreneurs concludes this phase. Young Entrepreneurs who wish to start their own businesses can apply to the UCOP Venture Capital Board for seed money towards the end of the school year. A panel of Wharton professors, local entrepreneurs and program alumni Judge the brief presentations delivered by the students, and qualified entrepreneurs receive up to $500 to begin their businesses. Recipients must follow certain reporting guidelines determined by UCOP and are encouraged to attend monthly training sessions. Recent program graduate Monica Sneed -- who will attend the Philadelphia College for Textiles and Sciences in the fall -- said the program helped her start her own fashion design company, called MIS Fashion Designs. "[The program] helped me to learn the steps to obtain my goals," she said. "It's one thing to have an idea for a business and another to have an actual business plan to follow." "I encourage young kids to do the program," she said. "It will help them learn how to operate a successful business."