Recently, the Newark Young Entrepreneurs Academy (Newark YEA!) Class of 2019 participated in the fourth annual Investor Panel at Rutgers Business School. This year's program participants, representing nine middle and high schools in Newark, pitched their business ideas to a panel of investors during a Shark-Tank style competition. Every young entrepreneur who presented was awarded funding that will enable her/him to bring their business to life. Among this year's business were a stationery brand, photography/videography company, cupcake company, and a makeup artistry company.
Newark YEA! is excited to announce that Emmanuel Ogbonnaya, a Senior at Weequahic High School in Newark and founder/owner of the photo/video company King's Likeness, will represent the program at this year's Saunders Scholars competition in Rochester, NY.
This year's young entrepreneurs enjoyed the shared learning experience of the program and Investor's Panel. Below are some of their reflections:
"I was nervous during the presentation but enjoyed the thrill of working through my nerves. It was a great experience that provided me with practice for future presentations” – Emmanuel Ogbonnaya, Founder/Owner, King's Likeness
“My experience in the Investor’s Panel was really eye opening. It gave me a chance to connect with business owners and learn new things. I felt very welcomed and like I was treated like family.” – Rizyah Guy, True Lenses
“The Investor’s Panel, I believe, was so important to the entire program because it’s easy to explain yourself and your business in front of your peers, but when faced with people who can make your dream company into reality and sell yourself within 5 minutes it truly gives you the sensation of being an official entrepreneur. ” – Mirleen Dameus, For Everyone
“The Investor’s Panel was a good experience. I feel that we were well prepared for it." – Khalif Bey, Sweet Melanin Apparel
Newark YEA! students with Emily Manz, Program Manager, and their business mentors.
Guest blog from Wells Fargo.
Fewer than half of investors say they are “more confident” about their ability to save for retirement than they were 10 years ago
The Great Recession’s legacy
March 2019 marked the 10-year anniversary of the Dow Jones Industrial Average’s low point, which is when the U.S. began to climb out of the 2008–09 Great Recession. Investors say they still feel the influence of the recession, according to the first quarter 2019 Wells Fargo/Gallup Investor and Retirement Optimism Index survey. Fewer than half of investors (45 percent) say they feel more confident today about their ability to save for a comfortable retirement than they did during the Great Recession.
Among different age groups, 47 percent of those ages 18–49, 45 percent of those ages 50–64 and 28 percent of those 65 and older are more confident today. In addition, 60 percent predict that over the next 10 years, the U.S. economy will experience another period as bad as the 2008–09 recession.
At the same, 65 percent of investors say they are better at shrugging off market volatility 10 years later; 35 percent say it bothers them just as much as before.
“As we enter year 10 of the economic recovery, not even half of investors feel more confident about their ability to prepare for retirement,” said Wayne Badorf, head of Intermediary Distribution at Wells Fargo Asset Management. “How do we help people feel more confident? It comes down to good advice, services and solutions from a trusted advisor.”
The survey, which was conducted Feb. 11–17, 2019, queried 1,029 U.S. adults with $10,000 or more invested in stocks, bonds or mutual funds.
The survey showed some weakening in investor confidence.
Overall, the Wells Fargo/Gallup Investor and Retirement Optimism Index slipped to 90 in the first quarter, down from 98 in the fourth quarter of 2018.Investors remain generally optimistic, however, about a range of economic conditions and financial expectations:
Meanwhile, the percentage of investors who say it is a good time to invest in the financial markets (64 percent) is roughly the same as the 67 percent in August 2018 and 68 percent in May 2018. Investors are less upbeat about the performance of the stock market (49 percent are optimistic about its 12-month outlook) and about inflation (31 percent are optimistic).
To achieve their investing targets, investors are more likely to say their main investing goal is to maximize growth (61 percent) than to protect from major losses (39 percent).
Majority of Investors Favor ‘the Human Touch’ Over Technology When Seeking Financial Advice
Despite increasing automation in nearly all aspects of the consumer experience, 84 percent of investors say that financial advisors will always be needed and will not be replaced by automated investing technology, according to the survey.
Investors expressed an openness to technology playing a role in their financial planning — just not at the expense of working with an advisor. Only 24 percent say they currently use automated investing technology for their own investing, without the assistance of an advisor. But 56 percent say they would prefer working with a financial advisor who uses automated investing tools on their behalf.
Investors also say they want to communicate with their advisor on a regular basis — on average, three times a year. When asked how they want to communicate, the majority of investors (63 percent) say they prefer a personal connection, including in-person meetings (39 percent), phone calls (22 percent) or video calls (2 percent). Just 20 percent say they prefer to connect through internet chat, and only 18 percent say they want to review their investments on their own, without help from an advisor.
Guest blog by Holly Kaplansky, Owner, Minuteman Press.
Learn more about her business by visiting www.mmpnewark.com
Recently I had the honor of serving on a business panel hosted by Prudential here in Newark. This came about because of the strong relationships I have with my customers…..in this case Rutgers Business School. When the opportunity came up for a speaker at the Newark Anchor Collaborative Vendor Summit, they thought of me. This would never have happened if I didn’t have a strong relationship with the Rutgers Center for Urban Entrepreneurship and Economic Development at Rutgers Business School.
I’m a firm believer that business is built on good relationships. One networking meeting or one cup of coffee doesn’t bring in business. I work at cultivating my network because it pays off. This approach has helped me be successful in a very competitive industry. Here’s how I work on my relationships to help my business.
Be human. Keep in mind that people do business with people, not companies. Relate with people on a personal level by building connections on things you have in common. Plus, getting to know people makes networking more interesting and enjoyable.
Focus on exceptional customer service. The strongest relationships you have are your customers. To build strong relationships be attentive to their needs, exceed their expectations, and show your appreciation. When they have a concern, pick up the phone and talk to them.
Volunteer. Develop the respect of others over time through various activities and experiences. Take a leadership role in a chamber, professional group, nonprofit, or community organization to develop relationships. Allow others to see firsthand your professionalism and how you work with others.
Give as much as you get. Effective relationships in business require reciprocity - not a one-way, half-hearted effort. Offer and deliver help, connect people with each other, or share industry or nonprofit-sector information.
Diversify. Go beyond the people in your immediate circle so that your affiliations grow. Keep in mind that your network can go beyond work relationships.
Spend time on key relationships. Every relationship can be important but spend extra time with your most important customers, influencers and mentors. They can have the greatest impact on your business.
Strong relationships lead to all sorts of opportunities for you and your business – repeat business, referrals, word-of-mouth marketing, potential partners, community leadership, raised awareness, and more. It’s worth the effort and time to build them.
Carrisa Sestito of Rutgers Today interviews Jay Soled, Professor and Director of the Master of Accountancy in Taxation Program at Rutgers Business School about what the changes in the federal tax code mean for New Jersey. As the article notes, "New Jersey is in one of the nation’s higher tax jurisdictions", so the changes could have a major impact on residents and businesses in the state.
Click here to read more.