New kid on the business block

The common factor in many, if not most, of the legends of American business is entrepreneurship. This involves someone in the private sector creating an idea for a new business and investing capital to support its foundation.

While they can invest their personal funds, often they can find family or friends known as “angel investors” to contribute money, take out bank loans, or obtain venture capital through a firm that supports upstart businesses.

Government agencies such as the Small Business Administration can also provide financial assistance for startups. The history of capitalism features numerous examples of now-millionaire or billionaire businessmen beginning from humble backgrounds as entrepreneurs.

The modern PC probably would not exist had young undergraduate student Bill Gates not invested his livelihood into Microsoft and his DOS operating system — and where would the worldwide Virgin Group empire be today without entrepreneurial genius Richard Branson?

While Gates may have led to the invention of the modern PC, would we have Apple’s i-Technology without the innovations of Steve Jobs and Steve Wozniak? The premise of the free market economy is that individuals are able to invest as much as they desire into private businesses.

While controversy exists as to whether this system places too much wealth into the hands of a select group of business tycoons, there is no question that it has enabled the U.S. economy to flourish into the world’s most prominent.

To start your own business, you must be willing to accept the possibility of failure and the financial and the personal opportunity costs associated with such an endeavor.

Business data from the U.S. Bureau of Labor Statistics indicates that approximately 34 percent of upstart enterprises become bankrupt after two years of operation.

You must also have an idea differentiating yourself from competitors or develop another competitive advantage which will draw customers and revenue.

Entrepreneurship experts from Harvard Business School suggest that to truly make your endeavor a success you must take the initiative to invest your time and money against the potential of failure, and avoid letting other commitments such as school or work get in the way. Almost all entrepreneurs encounter resistance from competitors and outside forces and must learn to persevere in the face of opposition to succeed.

Written by Elizabethtown College Students In Free
Enterprise, a nonprofit organization that teaches others the principles of free
market economics. Students, faculty and staff are strongly encouraged to visit
the SIFE blog at etownsife.blogspot.com. Contact sife@etown.edu with any
questions. Originally published in the Etownian on April 24, 2008.

Being professional by phone or e-mail

Whether corresponding via e-mail or over the phone regarding business matters, it is important to act in a professional manner. The manner in which you present yourself through these mediums reflects not only on your experience but also your intelligence and degree of sophistication.

With e-mail, you should avoid “cutesy” or suggestive addresses, capricious signatures, and emoticons (such as (: and <3)>

When speaking on the phone, you should address the person by his or her full name, listen and avoid interruption, and speak clearly and slowly to prevent any potential misunderstandings.

The very nature of e-mail makes it easier for the recipient to scrutinize your words. When an e-mail is received, it is stored in the permanent files of the computer for the recipient to read and re-read. Proper grammar is especially important, as any error in this area will reflect poorly on your education and intellect.

To demonstrate professional respect, you should refer to him or her by an official title (i.e. Mr., Mrs., Dr., Ms. or whatever they prefer) in your salutation.

As emotions are not readily apparent in written communication, exercise great caution in including jokes as they may be misinterpreted. Most importantly, never include any suggestive material or threats, as a written record is generated that could be used as evidence against you.

While a telephone conversation will in most cases not be permanently recorded, to retain your professional reputation it is essential that you demonstrate respect and good communications skills over the phone.

Whether talking to your supervisor or a fellow coworker, you should speak in a manner that will not leave the person on the other end of the phone confused or despondent. When he or she is speaking, be sure to pay attention to what you are being told and avoid constant interjections such as “okay” and “right.”

Also, speak to his or her level of understanding without sounding condescending, and remember to speak concisely and slowly enough that your words won’t sound garbled.

While you don’t have to possess the communications skills of a presidential candidate when corresponding in a business situation, you should present your most professional manner.

Your colleagues will remember you not for your qualifications or educational background but for the way in which you presented yourself.

Written by Elizabethtown College Students In Free Enterprise, a nonprofit organization that teaches others the principles of free market economics. Students, faculty and staff are strongly encouraged to visit the SIFE blog at http://etownsife.blogspot.com/. Contact sife@etown.edu with any questions.

This article was originally published in the Etownian on Thursday, February 28th, 2008.

Preparing for the Job or Internship Search

College students are constantly facing the pressure of what they are going to do after graduation. It does not matter if you are a business, biology, or music major; it is essential that you network. Networking means making connections with people and forming bonds. These bonds can help advance your career and get your name out into your industry of interest. Below are some tips for networking.

1. Go to Career fairs —Elizabethtown College hosts a career fair each year where employers from all over the area visit the school.

Career Services also provides information about many other fairs in the Elizabethtown area. These events provide the opportunity to meet a lot of people at one time and hand out résumés and business cards.

2. Talk to your friends and family — You would be amazed by how many networking possibilities exist with people you already know. Let them know what your field of interest is and that you are looking for a job. Ask them to keep you in mind if they hear any relevant information.

3. Talk to your professors and advisors — Many students forget that some of their most valuable resources are right in the classroom. Ask your professors if they have heard of any job openings or if they could introduce you to some professionals in the field.

4. Get involved in clubs — several clubs on campus have partnerships with local businesses and major corporations. Fellow students in clubs may also have connections that can prove useful for you.

5. Network online — Join a common interest group on the internet. You can talk with people all over the world who are professionals in your field. Make sure the group is legitimate and that it has a good reputation before you join.
Above all things it is important to be friendly and courteous and leave a positive impression.

Avoid shrugging off potential contacts. A lead that may look like a dead-end could provide a new connection in the future. While it is wonderful to know people, it is essential that their memories of you are positive so that they would be willing to link you with a potential employer.

Written by Elizabethtown College Students In Free Enterprise, a nonprofit organization that teaches others the principles of free market economics. Students, faculty and staff are strongly encouraged to visit the SIFE blog at http://etownsife.blogspot.com/. Contact sife@etown.edu with any questions.

This article was originally published in the Etownian on Thursday, April 3rd.

Presenting: tips for jobs and internships

Finding the right job or internship to suit your desires is never an easy task. Fortunately, the advent of the Internet has made it easier to find one tailored especially to your needs.

While the job hunt used to consist of desperate searches through the want ads in the newspapers, carousing around the many stands at school job fairs, or browsing your college’s job postings, new websites such as jobsearch.com and monster.com have simplified the search. Many colleges, including Elizabethtown, have also established online job search resources to aid their students in the hunt.

At Etown, the Career Services department will be happy to meet with you to discuss your resume and cover letter and provide instructions on using their Jobs for Jays resource. Jobs for Jays is an excellent online job search site accessible from the Career Services section of the Etown web site (on the Quick Clicks drop-down menu).

To sign up, you must go to the web site and select the “Student Login” option. Then, you will be required to provide your name and contact information, as well as select a unique password for access to the database. You can update your profile, which includes educational and experiential credentials as well as the type of employment you are seeking, for easy access for job candidate seekers. These seekers may then contact you regarding relevant job opportunities through postal or e-mail.

Jobs for Jays also allows you to search for available positions through the “Jobs” tab. Here, you may specify the category of work you are seeking and the type of position (e.g. full-time, part-time, internship, etc.) in which you are interested, in addition to the desired locations and specific companies. Then, a list of the suitable job openings will appear on your screen with links to job descriptions, qualifications, and contact information.

While it does not complete the entire application process for you, this is a convenient resource available exclusively to Etown students.

The Career Services department has also arranged for students to attend job fairs both on campus and off. The Elizabethtown College Job and Internship Fair will be held in the Thompson Gymnasium March 19 from 10 a.m. to 2:30 p.m. Other major upcoming job fairs include the York College Career Expo April 2 from 10 a.m. to 3 p.m., the Capitol Region Job Fair April 3 at the Harrisburg Hilton, and numerous teacher recruitment fairs at area colleges such as Penn State University Park, Bloomsburg University and Kutztown University. Further details about these events can be found on the Jobs for Jays Web site.

While the job search can seem initially daunting, these resources are available to you to ease the pain. Remember that the college Career Services department located on the second floor of the BSC, is always eager to address your questions and concerns.

Written by Elizabethtown College Students In Free Enterprise, a nonprofit organization that teaches others the principles of free market economics. Students, faculty and staff are strongly encouraged to visit the SIFE blog at http://etownsife.blogspot.com/. Contact sife@etown.edu with any questions.

This article was originally published in the Etownian on Wednesday, March 19th.