Young Entrepreneurs Academy nurtures business-minded youth.

• Author: Biton, Adva
• Position: Around Utah

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Sandy -- Utah is known as an entrepreneurial state, and the SANDY CHAMBER OF COMMERCE is doing what it can to make sure it remains that way in the future.

A dozen years ago, the University of Rochester founded a program called the Young Entrepreneurs Academy (YEA), which was picked up by the United States Chamber of Commerce Foundation in 2011. Two years ago, the program made its way to Utah.

"This isn't job training. This is the real deal," said Stan Parrish, president and CEO of Sandy Chamber of Commerce.

The Sandy YEA takes applications from entrepreneurial^ minded students, aged anywhere from sixth graders to high school seniors, who have ideas for businesses they'd like to open. From that applicant pool, 24 students are selected. Their business plans get refined down to 12, with students partnering together--and then the real fun begins.

The students meet once a week in an evening class at Salt Lake Community College, where they have access to a computer lab. "We have an attorney come in and talk about all the legal ramifications and how to protect your IP. We have someone come in from the bank to talk about finance and banking and loans. We have someone talk about marketing and branding," said Parrish. "[The students learn] the structure of a business, how to figure ROI, how to figure out your hard costs and labor costs. They can put together a good business plan with a good financial statement."

With such targeted focus, the students are able to put together financial projections, a SWOT analysis and marketing proposals. They are given access to CEOs (who sometimes, said Parrish, give them a harsh dose of reality alongside their mentoring) and others willing to help them get a leg up. Parrish said that even students whose business plans are weaker than others learn how to critically think about their businesses and ways to make them work, and present those thoughts with much greater clarity and confidence by the end of the program.

"To see the change in [the students] and see what [they do]--to make that business plan and be able to...