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Overcast A virtually enterprising business plan
Lynbrook students attend mini trade show
Students in Lynbrook High School’s Virtual Enterprise class created a business called Abeytu Apparel, “selling” a line of clothing and accessories that use only green and recycled materials.
To test the soundness of their business plan, the students recently participated in the Second Annual Long Island Virtual Enterprise (LIVE) Business Plan Competition and Mini Trade Show. Teams from each of the 15 Virtual Enterprise firms throughout Nassau and Suffolk counties met at Molloy College’s Farmingdale campus to present their business plans to a panel of judges from local colleges and businesses.
On the floor of the mini trade show, representatives of Abeytu Apparel and the other virtual enterprises were able to network and offer their products for “sale.” Although Abeytu Apparel did not advance to the national competition, the founders of this newly formed virtual business all agreed that they benefited from the business exposure provided by this experience.
The Virtual Enterprise course is a new senior elective introduced in the 2011-2012 school year. In it, students start a virtual business and participate in a simulated marketplace with other virtual enterprises. Under the guidance of faculty facilitator Tom Santacapita, seniors have been receiving hands-on experience in conducting market research, developing a business plan, securing financing, product pricing, sales analysis, inventory monitoring and employee benefit programs, developing competitive wages and understanding taxes. They will even prepare an annual report for their virtual investors. In addition, local business people visit periodically to mentor students, introduce real-world business practices, and help guide the development of the students’ businesses.
