Campus CEO: The Student Entrepreneur's Guide to Launching a Multi-Million-Dollar Business

289 Pages·2007·1.92 MB·English

by  Randal Pinkett

Advance Praise for Campus CEO
“Randal is a business-savvy scholar. He knows how to make the most of his time,
which is a crucial lesson for all aspiring entrepreneurs. Campus CEO is based on
experience, and I would recommend it to anyone in school or out of school. Ran-
dal knows the ropes on both sides—and he’s a great guy!”
—Donald J. Trump
“It’s imperative that the student entrepreneur uses all resources available to him
or her. Not only does Randal Pinkett’s Campus CEO identify such resources, but
it also gives you key information to maintain a healthy educational and fi nancial
future.”
—Earl G. Graves Sr., Founder, Chairman, and Publisher, Black Enterprise
Magazine
“Filled with useful materials and detailed advice, Campus CEO is a thoroughly
researched guide for the aspiring student entrepreneur. Chronicling his days cre-
ating several campus ventures, Randal Pinkett describes the intricacies of tak-
ing advantage of numerous resources for the student entrepreneur. Pinkett has
authored an invaluable reference for students of all ages who want to start their
own business without compromising their academic performance.”
—Carl J. Schramm, President and CEO, Kauffman Foundation, and Author, The
Entrepreneurial Imperative
“Few people have made better use of their college years than Randal Pinkett, who
excelled at Rutgers in the classroom, on the athletic fi eld, and in the business he
launched as an undergraduate. His practical advice and inspiring ideas in Campus
CEO give a new generation of student entrepreneurs a great start toward that
same kind of success.”
—Richard L. McCormick, President, Rutgers, The State University of New
Jersey
“Randal Pinkett’s Campus CEO enables students to take their passion beyond the
walls of formal education by turning potential into action.”
—Douglas E. Schallau, President, Junior Achievement of New York, Inc.
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“Randal Pinkett’s Campus CEO helps students take their passion above and beyond
the four walls of formal education.”
—Gabriella Morris, President of the Prudential Foundation, which sponsors
The Prudential Young Entrepreneur Program
“Randal Pinkett’s Campus CEO is an indispensable tool to help the student entre-
preneur create a multimillion-dollar business enterprise, while striking a healthy
balance between work and school to also maintain good grades.”
—“The Three Doctors”—Sampson Davis, MD, Rameck Hunt, MD, and George
Jenkins, DMD, Authors of The Pact
“Entrepreneurship has no age limits. Randal Pinkett’s Campus CEO helps the
young entrepreneur get a head start along the road to a successful business.”
—Melanie McEvoy, President, National Association of Women Business Own-
ers (NAWBO), New York City
“Entrepreneurs are individualists by defi nition, but it always helps to fi nd good
ideas such as in this book.”
—Jim Rogers, Author of Adventure Capitalist
“Randal Pinkett’s Campus CEO is an indispensable tool to help the student entre-
preneur create a successful business plan for life, both in and out of school. It helps
students take their passions above and beyond the four walls of formal educa-
tion and into a promising future of business excellence. I highly recommend this
book”
—Sean Covey, Author of The 7 Habits of Highly Effective Teens
“A great book with a timely message. Our education system produces employees—
that’s why Campus CEO will create more millionaires!”
—Robert Kiyosaki, Entrepreneur, Investor, Educator, and Author of Rich Dad,
Poor Dad
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CAMPUS CEO
THE STUDENT ENTREPRENEUR’S GUIDE TO LAUNCHING
A MULTIMILLION-DOLLAR BUSINESS
randal pinkett
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Th is book is dedicated to: my fellow Campus CEOs—Dallas, Jeff rey, Aldwyn, Raqiba, and espe-
cially Lawrence—for turning a dream into reality and, most important, for your true brotherhood
and sisterhood at every step along the way; all of the members of my family, including my mother,
Elizabeth, my brother, Daniel, and my late father, Leslie, for shaping me to become the man I am
today; and my loving wife, Zahara, for your commitment to me and your vision in encouraging
my pursuit of Th e Apprentice.
Th is publication is designed to provide accurate and authoritative information in regard to the
subject matter covered. It is sold with the understanding that the publisher is not engaged in ren-
dering legal, accounting, or other professional service. If legal advice or other expert assistance is
required, the services of a competent professional should be sought.
Editorial Director: Jennifer Farthing
Acquisitions Editor: Karen Murphy
Senior Managing Editor, Production: Jack Kiburz
Typesetter: Todd Bowman
© 2007 by Randal Pinkett
Published by Kaplan Publishing,
a division of Kaplan, Inc.
All rights reserved. Th e text of this publication, or any part thereof, may not be reproduced in
any manner whatsoever without written permission from the publisher.
Printed in the United States of America
07 08 09 10 9 8 7 6 5 4 3 2 1
Library of Congress Cataloging-in-Publication Data
Pinkett, Randal.
Campus CEO : the student entrepreneur’s guide to launching a multimillion-dollar business /
Randal Pinkett.
p. cm.
Includes index.
ISBN-13: 978-1-4195-9371-0
ISBN-10: 1-4195-9371-4
1. New business enterprises. 2. Student-owned business enterprises. 3. Entrepreneurship. I.
Title.
HD62.5.P556 2007
658.1’1--dc22 2006038087
Kaplan Publishing books are available at special quantity discounts to use for sales promotions,
employee premiums, or educational purposes. Please call our Special Sales Department to order
or for more information at 800-621-9621, ext. 4444, e-mail [email protected], or write
to Kaplan Publishing, 30 South Wacker Drive, Suite 2500, Chicago, IL 60606-7481.
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Acknowledgments
Because Campus CEO is a refl ection of my life and the lives of others, it rep-
resents more than just a book to me. It is also a tribute to the noteworthy efforts
of countless men and women who contributed both directly and indirectly to
its content and its ethos. So while I recognize several of these individuals below,
these acknowledgments are but a fraction of all those who truly deserve my
thanks.
To my book agent, Earl Cox, thank you for your vision, experience, and
acumen in putting all of the pieces of the puzzle together to bring this book to
fruition. To Lynette Khalfani, thank you for your tireless efforts, dedication, and
genuine enthusiasm for this book. To my public relations manager, Tuwisha
Rogers, thank you for your capable leadership in coordinating the numerous
moving parts associated with this book and far beyond. To the great team at
Kaplan, including John Polstein, Barry Tonoff, Courtney Goethals, Jack Kiburz,
Jennifer Farthing, Carina Wong, and Todd Bowman, thank you all for your
dedicated efforts; and special thanks to Karen Murphy, for your outstanding
editorial support and camaraderie throughout the entire process; Dino Battista,
for your strong marketing direction; and Maureen McMahon, for your over-
all leadership and sincere interest in supporting this project. To the wonder-
ful team at Rose Communications including Victoria Grantham and Rosemary
Ostmann, thank you for your hardworking efforts to promote this book to stu-
dents everywhere. To Michael Simmons, Josh Shaw, and Erike Mayo, thank you
for your editorial feedback as fellow Campus CEOs and entrepreneurs. To the
Dowd Agency led by Jim Dowd, and Noelle-Elaine Media led by Renée Warren,
Kirsten Hill, and Danielle Grassi, thank you for your continued work as the best
public relations team in the business. To all of the Campus CEOs who willingly
offered their experiences, thank you for sharing your stories for the benefi t of
others. To the professors, administrators, and staff at Rutgers, Oxford, and MIT,
thank you for supporting my academic and entrepreneurial aspirations. To the
talented men and women from MBS and BCT, including Dallas, Aldwyn, Raq-
iba, Shawn, Sekou, Desira, Shantell, Taifa, Michelle, Melissa, Andrea, Rodney,
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vi Acknowledgments
Barry, Marlon, Ian, Shawn, Tara, Kenya, Lilliana, Jolanda, Ian, Latonya, David,
Antwuan, Vasya, Eyobe, Macary, Perryne, and Stephanie, as well as Michon of
Shared Demands, thank you for your commitment to me and to building an
institution. To my longtime friend, Wayne Abbott, thank you for inspiring a
generation of black engineers to become entrepreneurs, and thank you to the
Abbott family. To my close friend and business partner, Lawrence Hibbert, thank
you for your brotherhood, for your feedback on this book, and for allowing me
the space to write it. To my brother and friend, Dr. Jeffrey Robinson of New York
University, thank you for your expert feedback as a professor of entrepreneur-
ship, and for the love and support you and your family have shown me since
our years at Rutgers. To my late father, Leslie Pinkett, thank you for continu-
ing to watch over me, in ways seen and unseen. To my brother, Daniel Pinkett,
thank you for inspiring me to follow in your positive footsteps. To my mother,
Elizabeth Pinkett, thank you for being a constant source of strength, showing
me the power of faith, and raising me to always “do it right or don’t do it at all.”
To the Elliott, Pinkett, Wadud, and Daniels families, including my mother-in-
law, Safi yah Wadud, and my father-in-law, Rufus Daniels, thank you for your
love and support of Zahara and me. To my wife, Zahara Wadud-Pinkett, thank
you for always standing by me, and for your ongoing love and commitment to
me. And last, but certainly not least, I must thank God with whom all things are
possible.
—Randal Pinkett
www.randalpinkett.com
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Contents
About the Author viii
Introduction: New-School Thinking—The Entrepreneur’s Mindset ix
PART ONE Starting Your Business
1. All Campuses Are Not Created Equal—Weighing Your Options 3
2. What Business Should You Launch—And When? 21
3. Put It on Paper—Creating a Powerful Business Plan 45
4. Structure Supports Success—Laying a Strong Foundation 65
5. High Tech and Low Cost—Gaining the Technology Edge 91
PART TWO Financing Your Business
6. Show Me the Money—Raising Capital 117
7. Financial Statements 101—Understanding the Basics of Business Finance 135
8. Follow the Rules—Managing Risk and Playing It Safe 149
PART THREE Balancing Business and Education
9. Build a Winning Team—Tapping a Brilliant Workforce 161
10. Take It, It’s Yours—Leveraging Campus Resources 177
11. “Type A”—Maintaining Good Grades and a Healthy Focus 189
12. Networking Works—Profi ting from Professors and Mentors 203
PART FOUR Growing Your Business
13. Why You Must Tell Everybody—Marketing and Public Relations 217
14. Take It to the Next Level—Expanding beyond Your Own Campus 229
15. Ten Mistakes Every Campus CEO Makes—And How to Avoid Them 241
16. Final Advice—Seven Universal Lessons for Every Entrepreneur 251
Index 261
vii
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About the Author
Randal Pinkett is an accomplished entrepreneur, speaker, scholar, and
author who fi rmly believes that “for those to whom much is given, much is
expected.” He is the chairman and CEO of BCT Partners (www.bctpartners.com),
a multimillion-dollar management, technology, and policy consulting services
fi rm based in Newark, New Jersey. BCT specializes in the areas of housing,
community development, economic development, health care, human services,
and education. As the Season 4 winner of NBC’s The Apprentice, Randal served
as an executive with Trump Entertainment Resorts in Atlantic City. Randal
holds fi ve academic degrees: a BS in electrical engineering from Rutgers as a
championship track and fi eld athlete; an MS in computer science from Oxford
as a Rhodes Scholar; and an MS in electrical engineering, MBA, and PhD from
MIT as a NSF Graduate Fellow and Lucent Cooperative Research Fellow. Ran-
dal has received numerous recognitions, including the Next Generation Lead-
ership Fellowship, Leadership New Jersey Fellowship, and the National Soci-
ety of Black Engineers–Member of the Year Award. He has been featured on
nationally televised programs such as Today, Live with Regis and Kelly, and on
CNN. A sought-after public speaker for public, private, and nonprofi t organiza-
tions, Randal serves on the board of directors for the New Jersey Public Policy
Research Institute and the Nonprofi t Technology Enterprise Network. He is a
spokesperson for Autism Speaks, the National Black MBA Association, New
Jersey Reads, and Junior Achievement of New York. Randal is a proud member
of First Baptist Church in Somerset, New Jersey, where he is happily married to
his wife Zahara. Learn more at www.randalpinkett.com.
viii
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Introduction
New-School Thinking—
The Entrepreneur’s Mindset
Who says you have to wait until after graduation to earn a decent living or
to launch the business of your dreams? Wouldn’t it be great if you could have
your fantasy job now, while you’re in school, and not years from now when
you’re out in the “real world”? Believe it or not, you can have an enviable career
immediately—not at some distant point in the future—just by starting your own
business while you’re still a student. This applies to all students, from the
gifted 14-year-old preparing for high school to the 55-year-old seasoned execu-
tive returning to graduate school for an MBA. Student entrepreneurship can
change your world for the better. I know, because I’m living proof of how being
a “Campus CEO” can be a springboard to a richer, more rewarding life—per-
sonally and professionally.
■
BOOK SMARTS + BUSINESS SAVVY = APPRENTICE
VICTORY
Many of you may know me as the winner of the fourth season of NBC’s
hit reality show, The Apprentice. More than a million people tried out to become
Donald Trump’s handpicked protégé. Ultimately, only 18 of us were chosen
for the TV show, and I ended up outlasting the 17 other job candidates to hear
Trump say “You’re hired!” As you might suspect, being selected by “The Don-
ald” to work for Trump Entertainment Resorts in Atlantic City, New Jersey,
meant newfound fame, exciting career opportunities, and a hefty six-fi gure sal-
ary. What most viewers didn’t know, however, was that I already owned my
own multimillion-dollar business—a venture I started with a couple of college
classmates while I was a student at Rutgers University in New Jersey. My com-
pany, BCT Partners, specializes in management consulting, technology consult-
ing, and policy research for government agencies, Fortune 500 companies, and
philanthropic organizations. We’ve provided strategic planning, information
technology, and organizational development solutions for federal, state, and
ix
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