Pilot program to assist young entrepreneurs: the Prudential Young Entrepreneur Program seeks urban start-ups. (Business Opportunities).Calling entrepreneurs in the 18-to 30 year-old age range looking to finance their business ventures. The Prudential Prudential is the name of two different companies and buildings named after them: Companies:
Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. , grant-making organization of the Newark, New Jersey-based Prudential Insurance Co. of America. The program is designed for young adults in urban areas who might otherwise not have access to similar avenues of opportunity. "The PYEP is a great vehicle to train a young new cadre (company) CADRE - The US software engineering vendor which merged with Bachman Information Systems to form Cayenne Software in July 1996. of entrepreneurs," says Gabriella E. Morris, vice president of Community Resources and president of The Prudential Foundation. "We believe this is an important component to increasing economic development and improving the standard of living in our targeted neighborhoods." The program has helped launch 37 new businesses in Philadelphia, and Newark, New Jersey, urban areas. Since it began in 1999, a total of 195 young entrepreneurs have completed the program. PYEP meets the needs of microenterprises (businesses with fewer than/ five employees and a capital need $35,000 or less). Bill Edwards, executive director of the Association for Enterprise Opportunity (AEO) in Arlington, Virginia, whose agency oversees the program and its fiscal management issues, further explains AEO's role. "This program allows AEO members to provide business training, technical assistance, and microloans to qualified participants in the two target cities." Darnell Thomas, 27, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Darn Thomas Legwear Inc., in Philadelphia, expanded his one-kiosk retail sock sock white mark on the feet. In horses this means from the coronet to halfway up the cannon. In dogs and cats, it is white from the paws up to the carpus or hock. business to seven kiosks in area malls with the help of PYEP. Thomas' company revenues were $450,000 in 2000, a 150% sales increase since he participated in the program. "I feel that PYEP is a much needed program. I was able to fine tune my business plan and meet a great mentor Mentor, in Greek mythology Mentor (mĕn`tər, –tôr'), in Greek mythology, friend of Odysseus and tutor of Telemachus. who offered invaluable business advice." He expects 2001 revenues to reach $1 million. In 2000, 82% of the participants were African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. . Training for participants takes place in a business incubator Business incubators are organizations that support the entrepreneurial process, helping to increase survival rates for innovative startup companies. Entrepreneurs with feasible projects are selected and admitted into the incubators, where they are offered a specialized menu of in each city. Along with microlenders, the process guides entrepreneurs through the planning stages of business start-up to technical know-how. The microlenders provide the financing. With the success that PYEP has experienced, participating organizations are looking forward to expanding into other urban centers around the country. Association for Enterprise Opportunity, 16-01 North Kent St., Suite 1101, Arlington, VA 22209; 703-841-7760; www.microenterpriseworks.org |
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