Alumnus applies abstract art to cupcakes
Fox alumnus Joseph Green is the owner of Affinity Confections, a bakery and confection company in Philadelphia that’s tailored toward high-end clientele. Green credits Assistant Professor of Strategic Management Dwight Carey as one of his most influential professors. Carey is quoted in the story, which appeared in the student newspaper.
It was standing room only for renowned entrepreneur and Strategic Management Professor, Dwight Carey, as he led the “Cash Flow, Profits & Financials” workshop on February 18 in Fox’s IEI Lab.
Professor Carey started his presentation by stating, “Cash is more important than your momma because without cash you are out of business.” Students laughed at his opening remark, but he was very serious.
Throughout the workshop, he never strayed from the discussion of a cash flow pro forma, as it is key to an entrepreneur who does not want to run out of cash. He asked students about the components of a balance sheet and the main difference between income sheets and balance sheets because these answers are key to a successful cash flow pro forma. He shared the easy part of a cash flow pro forma is the expenses, and the hard part is the income.
As a young entrepreneur, the odds are going to be against you. Professor Carey said, “In the first five years, about 50 or more percent of all startups are going to go bankrupt. At the end of 10 years, only one in 10 companies will make it.” He provided advice on how to avoid joining these statistics:
- There is such a thing as “love money.” For example, your father is willing to cash in his 401K to get your business going. Be cautious because if this money burns out, you may have your father living with you for the rest of your life. Ultimately, be careful when borrowing this so-called love money!
- It is extremely important to project your revenue. This means, sit down with no distractions and write down every little thing that could affect your business sales in the future. This includes strikes, natural disasters, the city shutting down, etc. As entrepreneurs, you need to always look into the future for your business to succeed.
- Do not hire people in the beginning of your company simply just to “hire people.” You need to remember that once you hire someone, you have an ethical and moral responsibility to make them good employees. It is immoral to simply hire and fire people just because you suddenly realize you don’t need them in your company. Instead, hire independent contractors or your peers who have the skills your business needs to get started.
- If you want your product in a company, don’t be afraid to call that company’s president. Ask for just 15 minutes of his/her time to pitch your product to get it in that dream company. Perfect your pitch in front of a mirror so you are confident and ready to share your innovation and passion with the world!
- Lastly, ask yourself from May to the end of your first year, “Can I afford to lose $45,000?” If you say no, don’t throw your idea away quite yet. Instead, go back over your cash flow pro forma and either (1) increase your sales or (2) cut your expenses. Ultimately, be incredibly realistic about your product and business and ruthlessly honest with yourself in order to succeed.
At the end of the workshop, Professor Carey gave students “homework” to research the founder of SPANX, Sara Blakely, who is the first female billionaire under 30 years old. He told students to listen to her story from The Edge Connection, as she will share, “One day you wake up and you’re an inventor and then one day you wake up and you’re a company.” Learn more about Sara and her booming business here.
An international ranking nonprofit with a mission of making entrepreneurship ubiquitous at universities, 3Day Startup (3DS) has again ranked Fox’s Assistant Professor of Strategic Management, Dwight Carey, as one of the Top 25 Entrepreneurial Professors in the world. Professor Carey has been continually ranked since 2013.
Professor Carey shared this ranking was a complete surprise as it was brought to his attention by a venture capital firm that contacted him about investing in one of his student’s companies. He states, “It emphasizes the international phenomena that millions of people are looking towards entrepreneurism as the way to improve their lives. So many institutions and agencies are offering money (even micro loans of as little as $250.00US), education, materials, incubators, accelerators, reality TV shows and mentors to make this happen.”
Voted Congressional Business Man of the Year (2003- 2006), Professor Carey is known as a “serial entrepreneur,” as he has started and managed 17 national and international corporations, LLCs and partnerships. At Temple, he has been awarded the Christian R. and Mary F. Lindback Foundation Award for Distinguished Teaching and two Crystal Apples for University Service. To find a full list of his awards and honors click here.
Since 2006, Professor Carey has taught 80 undergraduate and graduate courses at Temple University. Currently, he teaches classes in the Fox School of Business including Advanced Entrepreneurship, Engineering Entrepreneurship and Global Business Policies.
He expresses his love for Temple by sharing, “I truly believe that Temple, its different colleges and faculty have the ability and talent to be number one in this greatly needed movement. Watching this explosive growth and working with students makes my days very rewarding. I am fortunate to be at Temple at this time in world history.”
Professor Carey has been interviewed on national television and radio shows, magazines, newspapers and published books. His work and accomplishments have not gone unnoticed as he is continuously recognized both on a national and local level for all of his hard work.
3DS runs collegiate three day workshops at 60 of the top colleges and universities on five continents. These programs enable chosen undergraduate and graduate students to create a business and launch it within three very intensive days, (thus its organizational name). To date, it has run 132 programs, launched 79 companies and raised $49 million through alumni.