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BC3 has important lessons for would-be entrepreneurs

It’s said that entrepreneurs are born, not bred. While that’s mostly true, some people become entpreneurs by necessity. It’s also true that entrepreneurs, whether born with the talents or learning on the job, have a greater chance of success if they know something about setting up and running a business before starting their companies.

For that reason, the planned expansion of Butler County Community College’s Entrepreneurship Academy to all Butler County high schools is good news.

Thanks to a $100,000 grant from the Midwestern Intermediate Unit IV, the BC3 Entrepreneurship Academy, which is already operating in Mercer County, will expand to Butler County high schools beginning next fall.

High school seniors interested in learning about the nuts and bolts of starting and running a business, as well as issues such as government regulations and taxes, can apply for the program by completing an application form and also recording a two- to three-minute video of themselves talking about their goals and their business ideas.

The program will accept two students from each high school and applicants will be screened by a panel of workforce development professionals and members of the chamber of commerce. Once accepted, students will attend their regular high school classes in the mornings, and then attend classes at BC3 from 12:15 to 2:45 p.m. Monday through Thursday.

Exposing high school seniors to issues such as product development, funding, regulations, taxes and marketing, the BC3 program will not only get them thinking like entrepreneurs, it will teach them some of the realities of starting their own business — lessons that they might otherwise have to learn by trial and error in the future.

Not everyone is cut out to be an entrepreneur, but their role in a vibrant economy is critical. Data shows that startup companies and the jobs they create are crucial to a growing economy. While many people work for large, well-established companies, most of the job growth in the modern U.S. economy comes from small and start-up companies.

The fact that small business and start-ups create jobs is well known. A less well-kown fact is just how risky start-up businesses are -- about half of the newly created companies will fail within five years. Students going through the BC3 program should have better odds of success, having been exposed to the process and challenges of creating a startup while in high school.

As part of their work at BC3, students will create a business plan, which should feature elements of the STEM (science, technology, engineering and math) disciplines. They will also produce a financial roadmap, develop marketing plans, and work on issues of production, hiring and government regulations and taxes. As part of the BC3 program, they will also take field trips to visit existing businesses where they will learn from the experiences of successful entrepreneurs and business owners.

The same panel that screened the students for admission to the program will evaluate their business plans. The winning plan will receive a cash award for possible use in making the student’s academic exercise a reality.

That part of the experience could be described as a small-scale version of the popular “Shark Tank” television show, which features entrepreneurs seeking early stage investments in their startup companies while getting sometimes helpful comments and critiques from the panel of successful entrepreneurs.

As a practical matter, it’s anticipated that some of these budding entrepreneurs will stay close to home, creating startups — and new jobs — right here in Butler County.

BC3’s Entrepreneurship Academy is a good way to help students prepare for the challenges of turning a dream of their own business into a reality.

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