Structuring a Financially Sound Nonprofit Organization

One thing that I struggled with when formulating my business plan was figuring out how to establish my mock company as a nonprofit organization and still make money enough to maintain operations and pay myself plus five part-time employees. In terms of nonprofit work, I have some experience with the PR/marketing side of things. Through my internship at Planned Parenthood of the Heartland I learned about how to effectively organize a group of volunteers to do jobs that most people wouldn’t necessarily want to do even if they were being paid. Wrangling volunteers can earn you some money, especially if they are working on fundraising and donations, but they aren’t necessarily the only resource needed. Looking through my business plan before turning in the final draft, I decided to consult our class textbook, Entrepreneurial Journalism: How to Build What’s Next for News for tips about starting and maintaining a nonprofit.

Some options that the textbook mentions in terms of running a nonprofit are: establishing the organization as a 501(c)(3) entity, establishing a partnership with a university or college for nonprofit status, or finding an agent to help with obtaining grants. Obtaining a 501(c)(3) is the most difficult option from the choices given, and especially after checking out the website run by the IRS, it seems as though there are endless forms to fill out and a lot of tedious steps involved in this process. Concerning my nonprofit idea is a bit smaller than a national organization like Planned Parenthood, I think my best option would be to partner with a university in town, granted they are interested in the organization.

If all went well, my mock-organization would be thriving within the first couple of months, especially because there are a lot of perks to starting a nonprofit organization. Not only would I be bringing something I believe in and also think that others would benefit from greatly into the community, but I would also be able to take advantage of grants from public and private entities (again, if these entities are willing) and not having to pay federal income taxes on the organization.

Nonprofits can also start trusts if they are concerned about obtaining grants. The book talks about trusts, specifically in terms of journalism as a kind of new idea. “One of the first journalism trusts was established in 2010 when a writer and retired businessman named Bill Schubart formed the Vermont Journalism Trust to fund operations for a new startup that focused on state political and civic issues. That site, VTDigger.org, came to life in 2009″ (104-105). Taking a look at VTDigger, it seems as though the site is thriving, however it is definitely littered with advertisements.

Establishing a nonprofit isn’t something that would be very easy and it would also be a very time-consuming venture, however I believe it would be the best choice for my business plan idea, and upon further research I still believe this whole-heartedly. I think however, I will skip all of the tedium and plan on partnering up with the University of Nebraska at Omaha for my business idea. I think that UNO would be very receptive to a women-friendly organization, especially since they have a thriving Women & Gender Studies department. This organization would greatly benefit female students and our organization could spend more time working on recruiting volunteers and making our organization as successful as can be without having to spend tireless hours on filling out paperwork.

Business Plans Prove to be Not so Woeful

In great contrast to the elevator pitch assignment from earlier in the semester, delivering my business plan was a phenomenal experience. Although I am incredibly shy and usually hate public speaking, I am very passionate about the business plan I have created for Entrepreneurial Media. The business plan I have constructed consists of restructuring an already existing community-based website that focuses specifically on interactions with women, and although I would like to keep this current group anonymous outside of my classmates and members so as to not divulge any personal information, I think it is safe to say that this external website I would be building would really serve as a way for women to achieve a voice in Nebraska. I am incredibly passionate about feminism and providing a means for women to interact with each other in a safe and secure environment. I would love for all women of all backgrounds to be able to explore their thoughts, feelings and ideas amongst themselves in a positive place, and I think my business plan definitely embodied this passion.

In terms of the presentations given by my peers, I was very, very impressed. During the evaluations I had difficulty finding an aspect of my classmates’ presentations that really needed much improvement. Most of the presentations were well-thought out, clearly delivered, and also evoked the passion of those presenting. One of my favorite presentations was on a potential organization called Purple–a political resource for young people that provides accurate and unbiased information and hopes to create a call to action for young people to effectively involve themselves in politics. This business plan was definitely something I could see being a successful business venture and I thought that the members of the group defined their mission well. Another presentation I really enjoyed was about an app for those in Nebraska interested in fitness to organize their fitness schedules, read reviews about instructors, and really cater to their needs when exercising. I thought that this idea was excellent and definitely the perfect niche app. There is such a potential for success!

Overall the business plan project was an incredibly enriching experience. I was able to conquer my fears of public speaking through my passion for my business plan idea and also witness the development of the business plans of my peers.

I think we may have a few successful entrepreneurs in the mix after all.

Entrepreneurial Media: A Short Review

After a semester of Entrepreneurial Media I would not only advocate for adding the course to the JMC curriculum, but also highly recommend the course to future seniors. There were many aspects of the class that I enjoyed and I think that this class could be a great experience for many other JMC students, however I think there are some minor improvements that could be made so that students can gain the most from taking this course.

From the variety of guest speakers I was able to learn a lot about the positive and negative aspects of being an entrepreneur and achieve a more well-rounded image of what being an entrepreneur would actually be like. It was important to me to be able to understand entrepreneurialism from a first-hand perspective, and the guest speakers provided that necessary insight. I think that guest speakers should continue to visit the class in the future; learning about the personal experiences of actual entrepreneurs in Omaha (and other cities around the world) and receiving tips from those who are living the entrepreneurial lifestyle was invaluable.

I also really enjoyed the ability to get creative with my project and also participate in open discussion with speakers as well as classmates. It was nice to feel comfortable and able to speak out about my thoughts and opinions.

One thing I really didn’t enjoy about this course was the elevator pitch. Without rehashing the *trauma* I feel as though this assignment could be greatly improved if it were more spontaneous and if a camera was not involved. Having students come up with the ideas for their business plan, giving them time to discuss the specifics, and asking for an impromptu pitch the day of would be a more effective way to have students give an elevator pitch. It is not only a more realistic situation but would also provide a more informal atmosphere that would allow students to be able to talk freely, therefore resulting in better speeches.

Honestly, I think this class is a great addition to the JMC department, and despite my lack of wanting to be an entrepreneur, I was able to learn that about myself while taking this class but also gain some pretty important knowledge that will stick with me while I explore my career options.

Krug Park & Hello Holiday: Local Entrepreneurs With a Community Focus

Although I was unable to make it to the field trip to Krug Park and Hello Holiday last week I am familiar with both businesses and admire the work they have done as entrepreneurs. Having the amazing opportunity to work with Megan Hunt and Sarah Lorsung Tvrdik on a short video (For Time Guthrie’s Digital Video course) about their mission a few weeks ago was a really enlightening experience. When I went to visit the Hello Holiday office for the interview I was able to enjoy a pleasant and welcoming afternoon listening to Megan’s plans for the future of Hello Holiday and her reasoning for keeping the business in Omaha. The loyalty both Megan and Sarah have to Omaha is something that really struck me about the Hello Holiday brand–the dedication to their location and their community was really inspiring and also a large part of why I think they are successful entrepreneurs. They spend a great deal of effort promoting their business within the community as well as pooling their resources with other entrepreneurs to develop a well-rounded brand. They also provide opportunities for local designers to become a part of their business by featuring their garments or accessories on their website and making them available for purchase. This is a really amazing way to involve local fashion designers and make Omaha a fashion destination.

After the interview Megan and Sarah showed me some of their favorite spring pieces and how they like to style them. This was one of my favorite parts of the afternoon because I got to see both Megan and Sarah working together and enjoying what they were doing with Hello Holiday. They both model their clothing for Facebook and their website/blog and sometimes have guest models in order to show customers what different pieces look like on different body types. Hello Holiday is committed to serving all shapes and sizes of women and that is something I admire greatly. The brand is really accessible for all women and promotes acceptance of self and everyone’s own unique beauty.

Krug Park is an establishment that I have visited many times while with friends in Benson–their bloody mary’s are incredible! They have consistent service and cocktails that are not only affordable but very high quality. The staff is welcoming and although the bar can be rather crowded the atmosphere is hard to beat. Krug Park also is very dedicated to the Omaha community. The owners seem very interested in preserving and promoting the historic Benson neighborhood by providing a quality establishment for customers and emphasizing a love of community. Their building was restored to embody the same vintage aesthetics as the time period in which the  amusement park and beer garden established by Frederick Krug existed in its place in 1895.

Make sure to check out the video for Hello Holiday later this month!

Trauma 2013: Elevator Pitch Woes

Practice makes perfect? A still from my practice elevator pitch video.

Unfortunately for me, public speaking has never been my “thing.” I have a hard time feeling comfortable talking in front of large groups and haven’t really found a way to relieve the stress and anxiety caused by public speaking. Having to do a 60-second “elevator pitch” in front of my classmates was one of the most terrifying things I have had to do in a while. I thought I was going to explode when I got up to the front of the classroom. But the funny thing is, I didn’t explode or die or do something embarrassing like I was predicting. Although stumbling around the concepts of my pitch, I felt I delivered a some-what articulate and calm explanation of my potential business venture. After sitting down and realizing it was all over, I felt a sudden surge of relief. It really wasn’t that bad. 

Why was the anticipatory trauma so great? Well, I think that this 60-second elevator pitch includes the necessary elements of an anxiety-ridden situation for three very important reasons:

1. 60 seconds is not a lot of time. It really isn’t. You think you can fit all kinds of information into a 60 second interval, but when writing my elevator pitch and awkwardly practicing in my Photobooth App, I found that I had to keep cutting down bits of information so it didn’t seem like I was running a race with my own mouth. 
2. For some horrible terrible reason there was a video camera present. If you didn’t think I was terrified before, please just add the red-blinking recording device monster and see how far I make it before passing out.
3. My presentation seemed so boring and rehearsed, even to me. If I were in an elevator with someone I truly admired and wanted to ask to be a part of my business venture, I would strike up a casual conversation, insert a little flattery and then discuss why my business idea would make a fantastic investment. I feel like a pitch lasting 60-seconds, if rehearsed, sounds more like an infomercial than something on the next review of local start-ups on Silicon Prairie News.

*Interesting fact about me: I am 110 % more comfortable talking to those who are not within my peer group. Running into a potential investor probably wouldn’t have bothered me half as much as talking in front of my classmates. I think a lot of my classmates felt the same.

Although this experience was terrifying, it taught me a lot about effectively communicating my ideas. While writing this pitch I had to go through and think about all of the ways in which my potential business would be a viable investment. I had to creatively convince myself that I would invest in something like this, and that’s hard to do. For future elevator pitches I suggest something a lot more casual and less rigid. It is important to have a conversation as opposed to just forcing your ideas and business plans on to the poor soul that walks into the anxiety-ridden cage that is a top-floor elevator ride.

Continuing to be a Self-Starter: What’s Next?

As the semester comes to a close I am feeling not only overwhelmed by the amount of school work I have to finish before May but also am having trouble staying focused. Like many graduating seniors I have projects and papers looming in the not-so-far distance and very little time to complete these assignments let alone apply for jobs and try to figure out what I am going to do post-graduation. I find myself wondering what kinds of jobs I could see myself in or if I am cut out to be as successful as I hope to be.

What’s next for me?

Throughout my time in Entrepreneurial Media I have learned a lot about being an entrepreneur from successful guest speakers and course materials and have aspired to becoming a successful self-starter myself someday. Strangely enough, for some reason I have completely overlooked the fact that college students like myself already have some pretty valuable experience being entrepreneurs.

Could it be that I am a successful self-starter already?

Oftentimes when met with a stressful situation I attempt to counteract a potential slump with careful planning and prioritizing. I make a schedule for myself in both my planner and on my iCal application for my computer and iPhone, and set reachable goals for myself in order to complete my coursework on time as well as keep on track with my current internship and part-time job. I give myself scheduled “fun breaks” in order to keep myself motivated and reward myself for what I accomplish only after I have accomplished it.

Throughout my time at Creighton I have maintained at least two jobs at a time during the school year and have been able to successfully maintain internships that have been rigorous and have also required a lot of outside learning. I have a pretty high GPA and have been involved in three different on-campus clubs. I have cultivated a healthy relationship as well as maintained a strong group of friends, and have had time to explore my interests and develop enjoyable hobbies.

It is important for me to reflect on these facts and realize that maybe the future isn’t so uncertain after all. If I have been able to maintain all of these aspects of my life and still come out the other end healthy and happy, I think that says a lot about being a successful self-starter. Many of us might listen to a guest speaker and wonder or even worry if we will ever be successful and motivated enough to become a successful entrepreneur, but I think that maybe we should give ourselves some credit. We can be successful self-starters because we already are. We should be proud of what we have achieved as undergraduate students at Creighton University and use these experiences to grow into the successful self-starters we know we can be.

An Interview With Vendorin Co-Founder John Petersson

I thought I would utilize my interviewing skills from my internship with the Creighton College of Arts & Sciences to showcase a decently well-known local entrepreneur and learn about his experiences with owning his own business. John Petersson is COO and Co-Founder of Vendorin Inc., a local Omaha company that specializes in electronic payment processing. Originally from Sweden he has been a part of start-ups from European cities and more locally in Omaha.

What kind of company is Vendorin and what does it do? 

Vendorin is a technology start-up enabling large companies to move from making payments by paper check to making payments electronically.  

What is your academic background (major in college and subject interests, subsequent studies, etc.)? 

I got a Bachelor’s degree in Economics with a minor in business.  My degree is from the University of Lund in Sweden.  I completed my senior year at UNO.

How did you become an entrepreneur?  

I worked for my first start-up in college – a small travel agency operating in Sweden and the Czech Republic.  It was really cool – I had a mobile phone and laptop back in 1990.  During my senior year of college, I worked for Mutual of Omaha for about six months.  That taught me to never again work for a big company. Since then, I have worked in small entrepreneurial companies. In the late 90s, I learned the importance of being an owner as opposed to an employee.

Tell me a little bit about your history with business start-ups. What kinds of projects/businesses have you been a part of and how did those experiences shape the way you structure your current business?  

I have worked in eight start-ups, four of which I’ve had an ownership stake in.  All of them have been service companies. Most of them have had a strong technology component, and only one has offered services to consumers. Many have been in the financial services field.  I have put together a philosophy on how to run a business – the main idea is to outsource everything except the core competency.

What advice would you give those who are looking to become entrepreneurs themselves? What makes a good entrepreneur and what are some of the “rules” to success? 

Start now – you don’t necessarily have to quit your day job. Find something you’re passionate about.  Don’t go in alone – work with one or more partners. Make sure that everyone is on the same page in regards to ownership, expected work product, etc.  Read books to learn from the experience of others – the past 10 years have delivered many great books on start-ups. Get connected to other entrepreneurs. In Omaha, the best way is to follow Silicon Prairie News.

What are the positive and negative aspects of owning your own business?  

It is good to be in control of your own destiny and not have a boss. It’s also nice to be able to provide opportunities for employees to earn a nice living and have a meaningful job.  But it’s sometimes bad to be in control, since nobody else will pick up the slack – the buck always stops with you, and it’s difficult to disengage for things like vacations.

Do you have any advice for aspiring entrepreneurs?  

The best age to become an entrepreneur is mid-20s. Work for someone else for a few years to learn the basics of business. Then start taking risks while you can – before you have a family, a mortgage and other commitments.

NM Motion: Start-up, Start-up!

NMotion, established in 2013, is a “mentor-driven, education-focused” startup based in Lincoln, Nebraska that focuses on “high-growth software and technology-based businesses in targeted industries of financial services, healthcare, manufacturing, transportation/logistics, communications, and agriculture.” NMotion offers applicants a 12-week program that will aid no more than 10 startups and offers seed money, education, and access to mentors that can provide a “shared pool” of talent so that skill sets can be enriched and improved. Essentially NMotion is a start-up in the business of starting-up other local businesses that offers resources for brand new companies with strong ideas and a high potential for success.

NMotion is comprised of 29 “mentors” from various local companies that are meant to aid the selected start-up ventures. The company is largely funded by NUtech Ventures and directed by Brian Ardinger, entrepreneur in residence at NUtech, along with funding from other local companies and organization such as The University of Nebraska and FUSE Coworking. Parent company NUtech is focused upon the similar goal, thus the direction from an already established nonprofit organization allows for a greater potential for success for NMotion and the companies chosen to participate in the program. The program NMotion offers the “teams” that are selected access to capital (15,000 in seed funding), highly discounted services in the areas of web hosting and banking among others, connections and a community atmosphere. NMotion does not sell a product per-se and an entrance fee is not mentioned in the application process, but rather this company aims to provide Nebraska with good start-up companies that will hopefully develop into full-blown lucrative businesses. NMotion provides an educational forum for those wishing to raise their business in Nebraska and seems to serve as a non-profit focused solely on start-ups.

NMotion is receiving investments from some very sound companies and organizations that are unlikely to pull out funding, therefore it seems as though they have enough capital to keep in line with what’s promised to applicants who are chosen for the project. With the financial backing from NUtech comes a wealth of potential business for those start-ups chosen to participate in the program, thus there is a high potential for success with these blossoming companies. The challenge for NMotion is to select good and smart applicants to provide capital and resources to so that these companies can become profitable in the future and potentially expand the local job market while providing a service or product to the public that is both needed and wanted.

I was unaware until recently that start-ups were so trendy in the business and technology world. On one hand start-ups serve as an avenue for those who have new and interesting ideas to work together to create a potentially viable company, however it seems as though the magnitude at which start-ups are popping up, especially start-ups in Nebraska could prove to be a disaster if these start-ups aren’t “finished.” The only problems that can come from a wealth of start-ups are that these companies thrive until their company/business is bought out from under them, often the main goal of start-ups, thus potentially taking business away from the local sphere and adding bulk to the already powerful corporate all-star companies.

A Freelance Life for Me

After listening to Colin Conces speak about his experiences with freelance photography and reading the excerpt from “Get a Freelance Life” the life of freelancing only seems more appealing to me. Currently I work for the College of Arts & Sciences as a copywriter/reporter and essentially the work I do is completely independent. I don’t have to go into an office and work at specific hours, but rather I make my own hours and decide my own projects and when I want to work on them. I meet with my boss once a week for about a half hour and keep in contact with her on a semi regular basis by exchanging emails and detailed lists of what I do during my working hours as well as turning in my assignments. She gives me loose deadlines and the position pays well and is highly flexible so that I am able to successfully manage both school assignments and internship assignments. The only downside to this internship is that it is only a school year-long internship and most other freelance jobs are probably not as flexible let alone as invested in my well-being and success as an internship with Creighton is.

I honestly feel as though I am tailor-made for freelance work. I am very much so a loner and have always enjoyed independent work over working in groups because I often get into situations where I either end up doing most of the group project or have to go along with someone else’s ideas that I am not too excited about, therefore the project becomes a huge drag. One could say that I am a bit of a perfectionist and a bit of a control freak about my own work. Although I am very good at working alone, simultaneously I am definitely someone who needs defined deadlines and structure; this has gotten me into trouble in the past when I have been given too loose of deadlines for various projects. Because of not having to go into an office I sometimes end up using my free time unwisely and getting caught up in other aspects of my life instead of working on projects because I figure oh, I can just do that later. It is due “whenever.” 

The advice both from Colin and from the chapter on freelance were very helpful to me. It is important to set goals and guidelines for yourself, to keep pushing, and to get yourself started with the day whether it be just putting on your pants or going to work at a coffee shop instead of staying at home where you can become easily distracted. Staying focused and motivated on the end result of your assignment is highly important in freelance work. I do not really intend to own my own business as a freelancer but I would love to do freelance writing or photography for various magazines, newspapers and websites. I have my own photography projects that I work on, I am very interested in painting and drawing and often make my own artwork, and I also write for both my internship and as a hobby. Freelance seems to be in my genetic makeup and seems to be somewhat of a calling that I hope to maintain in the future.

Disruption of the News Ecosystem: Hopes, Fears and Insights

 Considering the effects of the disruption of news media have greatly impacted the way in which many stay informed about relevant political, social and historical informationamong many other relevant topics to news, it is safe to say that this changing climate for news has been significantly instrumental in the way entrepreneurship is approached in the field of journalism. After reading the first two chapters of Mark Briggs’ “Entrepreneurial Journalism” I feel as though there are many aspects of this discussion that both interest and appeal to me as well as make me uneasy about the current state of news media.

One thing that disturbed me most about the discussion of the declination of traditional news media in Chapter 1 of “Entrepreneurial Journalism” was the discovery of the media’s potential awareness of the disaster looming off in the distance. It seems as though it would have been more effective to have developed some sort of plan to combat the impending problems resulting from the development of new media and the rise of technology, especially if there was a long period in which many were aware but chose to ignore these potential issues due to greed and private interests. Briggs claims that “revenues declined because traditional media companies jealously guarded their cash cows instead of pushing new lines of business.” Also considering the changing climate of news media many media outlets would have been wise to develop a strong strategy with advertisers so that they could keep their profit margins at a level that could strengthen over time with a more innovative approach to traditional news media. Although many claim that the rise of the Internet was the main cause of problems for traditional news media, Briggs claims that the problems the media is currently dealing with now have been slowly emerging since the 1970s, thus it seems that the media should have been working diligently to evolve along with their general audience.

One aspect of the discussion from Chapter 1 that spoke to meon a more positive note was the suggestion that the rise of the Internet has actually increased newspaper readership and allows for more interesting and successful ways of adapting traditional news to fit the digital age. Both Chapter 1 and Chapter 2 talk about structuring a successful business model despite this changing ecosystem for journalism, and Briggs provides the reader with a lot of great insight on how to change with the times and take advantage of ad sales on the web as well as focusing on being innovative in order to reach a larger market. In Chapter 2 Briggs discusses how important quality content is to a successful news start-up as well as emphasizes how instrumental blogs are in the realm of news media. Blogs seem to dominate most other forms of new media and it is important to note the successes of various news blogs and to pay close attention to their business model. Briggs suggests that entrepreneurial journalists must both act as businesspeople when conducting their ad sales but also continue the integrity expected of a journalist. There are many ways in which blogs can be successful either as mainstream media or niche outlets, and Briggs’ commentary allows for one to be hopeful when considering themselves in the role of entrepreneurial journalist.