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While Some NYC Teens Are Seeking Summer Jobs, Others Are Busy Making Their Own Jobs
NFTE's New York Regional Business Plan Competition Prepares Teens for Entrepreneurship NEW YORK--(Business Wire)-- While legions of high school students will be looking for scarce summer jobs this year, hundreds of teens from across the City's five boroughs, who are part of the National Foundation for Teaching Entrepreneurship (NFTE), will be seeking to "make a job, not take a job." NFTE's annual New York Regional Business Plan Competition will be conducted on June 10, when many of the top students from the area's current class of 4,830 students will be presenting their plans for local business start-ups. The top five student competitors will receive venture funding ranging from $1,200 to $250 to help them kick-start their businesses. After sinking to a new low in 2007, teen summer employment is expected to fall again, to the lowest rate in the 60-year history of government jobs data. Working teens ages 16 to 19 will slide to 34 percent of the population, predicts the Center for Labor Market Studies at Northeastern University. That's down from 45 percent in 2000 and a high of 48.5 percent in 1989. This comes as more teens prepare to seek summer jobs, while facing increased competition from adults for low-skilled, hourly jobs in the service and retail industries. Additionally, many employers have raised the minimum hiring ages to 18 or 19. Among students presenting their business plans 'to make a job' are: -- Amanda Loyola, 15, a 10th grade student at Horace Mann, Manhattan. Her company EcoDog Treats, LLC produces eco-friendly, inexpensive, vegetarian dog treats. She hopes to expand her business to pay for college. -- Marvin Georges, 17, and LeRoy McIntosh, 18, both seniors at Brooklyn's Tilden High School, developed a customized t-shirt business, Mr. Frostie, that capitalizes on the latest trends and styles to keep their customers "Frosted." They are currently selling custom tees at their high school with orders daily. -- Jelani Anglin, 16, a junior at Elmont Memorial High School, Queens. His company No Bones, offers the opportunity for customers to purchase quality electronics at competitive prices without having to leave home. No Bones has exclusive electronic equipment priced at least 10% below its competitors. -- Devron Davis, 17, a senior at Christopher Columbus High School in Bronx. His company, Devron's DJ Service, provides the latest and most up-to-date music for all cultures at a low cost. NFTE's youth entrepreneurship education program is designed to teach teens the skills needed to start their own business, while at the same time reinforcing academic and life skills. The program explains business concepts such as: developing income statements; conducting market research; and completing and presenting business plans. NFTE's goal is to give young people the skills and confidence to unlock their true potential, so they can improve their lives and their communities. "Starting my own business is way better than a summer job, because with a summer job it's just the summer. When you have your own business it could be a stable thing throughout the whole year as your income," says NFTE student Amanda Loyola. A recent survey conducted by Harris Interactive(R) finds that four out of 10 young people ages 8 to 21 would like to start their own business and another 37 percent did not close the door to entrepreneurship, saying they were just unsure about it. The survey found that 63 percent of respondents agree that, through hard work, they have the ability to start their own business. A sea change is afoot: through NFTE, more than 186,000 students have written business plans, learned how to open bank accounts and tracked income per unit of product or service sold. Research from Harvard and Brandeis universities finds that NFTE students are not only likely to consider entrepreneurship as a path out of poverty, but they also set their sights on higher academic goals--attending and completing college. "After running their own businesses, many of our NFTE students may return to traditional employment, yet they've learned how the economy operates, which makes them much better business people," says Barbara Reuter, NFTE New York Metro Executive Director. About NFTE The National Foundation for Teaching Entrepreneurship (www.nfte.com) is a 501 (c) (3) non-profit organization, whose mission is to teach entrepreneurship to young people from low-income communities to enhance their economic productivity by improving their business, academic, and life skills. Since 1987, NFTE has reached over 186,000 young people. Currently, NFTE has more than 1,000 active Certified Entrepreneurship Teachers in 21 states and 13 countries outside the U.S. NFTE Tom Phillips, 212-935-4655 email@example.com Copyright Business Wire 2008