WASHINGTON, June 21, 2004 (PRIMEZONE) -- With the end of school, thousands of teenage students across the country will be scrambling for the elusive summer job. But a growing number of students are deciding to "create-a-job" rather than "wait for a job" or to "take-a-job," enrolling in youth entrepreneurship training programs where they learn how to start their own small business, according to the chief executive officer of the National Foundation for Teaching Entrepreneurship (NFTE).
Michael Caslin, CEO of NFTE, an international nonprofit organization that teaches entrepreneurship to low-income young people so they can become economically productive members of society, will tell a Congressional luncheon on Wednesday that NFTE programs have graduated more than 100,000 students since its founding in 1987. He said that a number of these students have gone on to start small business and employ themselves and even other members of their communities.
He will urge Congressional members to provide further support for entrepreneurship education training. Caslin believes that the ultimate anti-poverty program could be via a human capital development oriented wealth-creation program found in the NFTE program model. Over the past 17 years, NFTE has worked to identify 1,400 concepts and code words used by the business community to create wealth and is dedicated to sharing these insights, practices and the culture of entrepreneurship with underserved young people.
Mr. Caslin will be introduced by Congressman Donald Manzullo, Chairman, U.S. House of Representatives Committee on Small Business.
This week's luncheon follows Mr. Caslin's testimony earlier this month before Rep. Manzullo's Committee on the topic of "Careers for the 21st Century: The Importance of Education and Worker Training for Small Businesses." Mr. Caslin was one of several representatives of leading business organizations and advocates for entrepreneurship education to testify at the Committee. NFTE along with the U.S. Chamber of Commerce, the National Association of Manufacturers and a number of influential organizations in the field of American competitiveness and economic development was able to share its remarks that are now part of the Congressional Record.
"Our research tells us that motivated young people are a tremendous untapped national resource. We know that when we help a young person understand that wealth creation concepts such as business ownership and self employment processes found in our curriculum, they develop hope for the future and the possibility that they can have a career as a member of our democratic capitalistic system," said Mr. Caslin.
NFTE's entrepreneurship education program teaches students the essential business and entrepreneurship skills they need to start their own small business, while reinforcing basic academic skills through award winning text curriculum, leading Internet based curriculum-BizTech 2.0 and a rigorous business plan that includes life goal setting, a community philanthropy plan and a 30 page business analysis.
Mr. Caslin said, "Many neighborhoods are filled with talented children who just need help finding their talents -- their comparative advantage in the local marketplace. NFTE's goal is to give young people the skills and confidence to unlock their true potential and turn their passions and hobbies into small businesses so they can improve their lives, strengthen their families and their communities."
NFTE's program is having a strong and positive impact on many of its graduates. New research conducted by Harvard University Graduate School of Education indicates that youth entrepreneurship programs such as NFTE are particularly effective at keeping students from low-income urban backgrounds on the academic track and can be a significant force in driving them toward high achievement and leadership.
Further, a past study conducted by Brandeis University has shown that when compared to a control group, NFTE graduates are 30 times more likely to start their own businesses, and they are 20 times more knowledgeable about entrepreneurship and basic business concepts.
Mr. Caslin noted that steps must be taken to enhance the entrepreneurial skills of American workers and urged a greater focus on support of entrepreneurship education.
NFTE's work has been made possible through the support of over 500 private sector sponsors including The Goldman Sachs Foundation, Microsoft Corporation, Atlantic Philanthropies, Morgan Stanley Foundation, Multinational Scholar Charitable Trust, NASDAQ Educational Foundation, Weingberg Foundation, Zimmerman Foundation, EM Kauffman Foundation, Shelby Cullom Davis Foundation, Coleman Foundation, Carson Family Charity, Vira I. Heinz Endowment, Merrill Lynch & Co. Foundation, Myers Family Foundation, Scaife Family Foundation, Scaife Family Foundation.
About NFTE
The National Foundation for Teaching Entrepreneurship (www.nfte.com) is a 501 (c) (3) non-profit organization founded in 1987, whose mission is to teach entrepreneurship to low-income young people ages 11 through 18 so they can become economically productive members of society by improving their academic, business, and technology and life skills. NFTE is headquartered in New York City. The organization reached over 19,000+ young people in fiscal year 2004 and has certified 3,200 teachers and youth workers in 44 states and 16 countries.