SIFE encourages graduates to start their own business

The UT chapter of Students in Free Enterprise will host a presentation Tuesday night encouraging students to investigate the possibilities of starting a successful business. "The Entrepreneur Way" will take a closer look at the importance of writing a strong business plan and its impact on the business's success. SIFE President Joseph Cosio said that writing a good business plan is vital to success. "A good business plan is critical in creating a successful business. It allows you to analyze the market and actually see whether there is niche for your product or service," he said. "The event will show how to write this actual plan." The presentation will be given by Jessica Martin, junior in marketing and SIFE member. She said she wants students to realize that starting a business is not impossible. "Our hopes for Tuesday are to show our peers that starting their own business is an obtainable goal," she said. SIFE is a non-profit, international organization composed of students from college campuses all over the world. The UT chapter sponsors events each year that promote the importance of SIFE's four major principles: entrepreneurship, business ethics, financial freedom and free market economics. Cosio said this program will help students to better understand entrepreneurship and its role in society. "Entrepreneurship is present in everyone's lives whether they know it or not," he said. "When they step into a store to purchase a product, who started that store? An entrepreneur. So, it is present in everyday life." SIFE Vice President Ruchee Patel said graduating students need to be aware of the possibilities available in starting a business. "A lot of students that are graduating this year are really concerned about the lack of jobs, international outsourcing and the costs of graduate school," she said. "By going over the basics of writing a business plan, we hope to make students aware that starting their own business is a viable option. They're graduating with advanced skills and specialization, and they need to trust their ability." SIFE has been on campus for about 10 years. Spurts of activity have come and gone based on membership and interest of students involved. Two years ago, the UT chapter entered regional competition and was named rookie of the year. This year, the group will travel to Atlanta to compete. But Patel said the group's focus is increasing the number of activities SIFE organizes each year. "UT SIFE has been working hard over the past year to increase membership and projects," she said. "Our goals for the next year are to continue to increase membership and to double the number of projects we're involved with." Sarah Turley, senior in public administration, said she hopes SIFE can eventually take a stronger role in helping the Knoxville community. "We hope to become more involved with helping the UT and Knoxville communities," she said. "I think this event will help others realize we are involved in helping the community and are not just another organization on campus." Cosio agreed. "I think the event will show students that SIFE provides students with more hands-on experience than what the classroom can offer them, therefore, creating interest in becoming part of the team," he said. "It also will show the servant-leadership type role that we play through the projects we create and teach," he said. "They will recognize the SIFE enriches the lives of those who we teach." "The Entrepreneur Way" will be held Tuesday at 7 p.m. in Glocker Room 237. All students are invited and encouraged to attend. For more information on this and other SIFE activities, visit http://web.utk.edu/~sife.