Hartford Business Journal

19 HARTFORDBUSINESS.COM | April 11, 2022 That includes UConn, the University of Bridgeport, Fairfield University, University of Hartford, Quinnipiac University, Sacred Heart University, and Western and Eastern Connecticut state universities, among others, he said. College prep For teen entrepreneur Corrine Clark, who launched her own hair salon two years ago, college is helping her better develop her business even as an undergraduate. "I really believe going to college teaches you things that you would have never thought of before, it changes your mindset and allows you to understand what you're doing and why you're doing it," said Clark, a senior at Quinnipiac University in Hamden. Though Clark comes from a long line of women business owners, including her mother and grandmother, the latter encouraged her to go to college after high school, despite the fact she was moving forward with her goal to own a hair salon, something she and her best friend Dominique Fredericks had dreamed about since they'd been adolescents. After graduating from Platt Technical High School in Milford and becoming a licensed hair stylist, Clark worked at various salons before launching The Loft Salon in Branford, which is co-managed by Fredericks. While balancing work and college is stressful, she said, the knowledge she's gaining about marketing, management, business law, finance and entrepreneurship, are giving her cutting-edge business skills to run her salon more efficiently and even consider future expansion. "In Branford alone there are over 100 hair salons and over 5,000 in Connecticut — it's an extremely competitive business," she said. This year, Quinnipiac is also launching a new two-week summer program devoted to developing entrepreneurial tools and knowledge for high school students as young as 14 years old. The program is currently recruiting about two dozen students who will explore topics like website development, business planning, problem solving, project management, team dynamics and leadership, said David Tomczyk, an associate professor of entrepreneurship at Quinnipiac, who will be an instructor. "Applicants don't have to come in with a business idea but be open to learning new things," Tomczyk said. Such summer programs can be pricey, however, with Quinnipiac charging fees of $3,360 for students who are campus residents and $2,400 for commuters. In comparison, Connecticut nonprofit Youth Entrepreneurs, which is supported by grants, is providing free tuition for eligible Latino and Black high school students in the New Haven area seeking a similar summer educational experience. Last year, the nonprofit launched its first six-week summer program at Southern Connecticut State University in New Haven, with 25 students attending sessions to enhance their entrepreneurship and leadership capabilities and help them put together a business plan from start to finish, said Founder Laquita Joyner-McGraw. Social justice is also incorporated into the curriculum, which gives the program a unique focus, she said, as part of its strategy to enhance the entrepreneurial spirit with teens living in underserved communities. "We want to spark and ignite their interest and hope to provide them not only with access but resources, including guest speakers," she said. "Young entrepreneurship may seem trendy, but I believe from my experience that Gen Z is pursuing it at a really startling rate. One thing we've noticed is a lot of them are self-taught. They find things on Youtube about starting a business and what we want to give them is sustainability." Tough odds Mentorship is a huge piece, said Race, of Junior Achievement, which sponsors a range of extracurricular programs geared toward developing young entrepreneurs. The Entrepreneurial Academy, for example, has been underway for the past decade, though the pandemic has forced it to go virtual for students from various high schools around the state, who otherwise attend two-hour, on-site meetings over a 15-week period to launch their own business using the JA Company Program curriculum. But teen entrepreneurs also face tough odds, since 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. "Everything is a risk," said Josh Livingston, adding he's personally had some business failures. "I've also talked to Elijah about this, if you're not failing sometimes, you're not trying hard enough and taking big enough risks." 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