Undergraduate student entrepreneurs at BYU are manipulating the education system by making it big before they receive their diplomas through start-up business ventures.
Students are working hard, but not on their homework.
"Work before school, work before girls, work before play, and church before work," said Nate Alder, CEO of Klymit, about the rules he lives by as a student at BYU but more importantly to him as CEO of Aragon Gear.
"When I get an email on Saturday night at 11:30, I know he's following those rules," said Ben Maughan, CFO of Klymit.
Johnny Hebda, owner of Pointe Pest Control, had similar feelings about putting work as first priority. Hebda explained that it is a constant balancing act for him, but finds it easy to put business first because he considers himself to be a workaholic.
"People are dependent on me, and I depend on the business because it's my source of income," Hebda said.
He also said students should not wait to start their own business because they do not think they have the time.
"Just know your opportune time and take advantage of it," Hebda said.
Klane Harding, who heads Calle's Marketing and Advertising department and is an advertising student, said he is able to balance because what he learns in school can be directly applied to his job.
"My major was actually dictated by the company based on my experience," Harding said.
Derek Pando, President of the BYU Chapter of the Collegiate Entrepreneur Organization, pointed out that now, while in college, is the best time to start planning a business.
"Never will a person be in a better position where they have so many free resources and ideas, BYU tries to create an environment for entrepreneurs," Pando said. "There is the entrepreneurship club, faculty who mentor for free and great networking opportunities."
Networking is the buzz-word among these entrepreneurs. All spoke of how they met their partners and investors through occupations, classes and school organizations. Hebda said he is constantly meeting new people because he is not stuck behind a desk. While Alder's company was able to network with investors through an online speed-pitching competition. Networking was also pointed out as the second most important skill in running one's business while in college, the first being time management.
Listed on the Marriott School's Web site is the last ranking for student entrepreneurs at BYU by Entrepreneurs magazine, and BYU was voted as No. 12 in the nation.
Faculty entrepreneur mentor, Gary Rhoads, said that BYU produces one of the highest percentages of students who run their own companies in the nation.
"We try to have students develop their ideas and concepts fully so the minute they graduate they can start their business. But most can't wait," Rhoads said.
While having a successful business in school can be rewarding itself, BYU Marriott School provides competitions such as The Business Plan Competition (BPC) and Student Entrepreneur of the Year (SEOY), where students can earn large cash awards. SEOY is the most recent competition, just having its finals in December 2007.
SEOY was organized by the BYU Chapter of the Collegiate Entrepreneur Organization, and was impressed by many of the entries, which according to the organization's President Pando had revenues in the millions, employees near the forties, and room for growth. Johnny Hebda and Pointe Pest Control won third place and $5,000. Last year Calle took first place in the BPC and won $52,000 in cash and kind services.
According to Alder, winning is not everything at these competitions. He advised students get involved and not get discouraged. His entry in the BPC only took fifth place, but has proven to be successful recently.
Even though these students are successful entrepreneurs, they do not forget the importance of a college education. All the students interviewed plan on graduating from BYU, the question is in how many years.
"Most students are successful businessmen struggling to finish a few credits," Rhoads said.
Johnny Hebda plans to graduate this April, a year later due to running the business. Nate Alder could be known as a professional student; he started his university experience in 1999 and currently is not sure when he will graduate because of the high demands of Klymit this semester.
"Education unlocks doors ... Without a doubt I'll graduate," Alder said.
