“What questions should YOUNG entrepreneurs ask when considering an accelerator program?”

The following answers are provided by the Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

1. What Will I Gain Besides Money?

All accelerators are going to offer some amount of seed money, but that’s only the tip of the iceberg. Because you will be giving up some amount of equity in order to join the program, you want to make sure it’s worth it. You should look for a program that can offer you strong mentors, access to business resources, connections, important business knowledge and access to strategic partnerships.

- David Ehrenberg, Early Growth Financial Services

2. Which Accelerators Will Teach My Company?

Accelerators are investors. Some accelerators would rather see you shut down and join another portfolio company’s team if it becomes clear that your company can’t provide a return. A new accelerator opens every day, so it’s important to sort out the contenders from the pretenders. Look for top-notch mentors, investors and cohort companies that you can learn from.

- Heidi Allstop, Spill

3. Does the Accelerator’s Goal Align With Mine?

Different startup accelerators have different opinions of what defines a successful program. Some accelerators focus on revenue generation, while others focus on a funding outcome at the end of the program. As you consider accelerator programs, be sure to understand what the ultimate goals are for the accelerator. Compare that with your own goals for your company before committing to participate.

- Doreen Bloch, Poshly Inc.

4. What Does the Data Say?

Accelerators are all the rage these days, but most have shown to do a poor job helping startups succeed. Check out the accelerator data on www.seed-db.com/accelerators, and decide if an accelerator is right for you.

- Wade Foster, Zapier

5. Is the Accelerator Top Tier?

I think accelerators are like MBA programs. The very best ones (TechStars, Y Combinator) typically pay for themselves many times over. They provide a network, access, education, and more. The next tier down might be more of a mixed bag. I’d be thoughtful about exactly what you’ll get out of an accelerator that is not in that elite tier.

- Erik Severinghaus, SimpleRelevance

6. Who Are the Mentors?

You should join an accelerator program because of the people it will connect you to — not because of the money it gives you. Look at who the mentors are and identify who you need to know. Most of the time, accelerators will have a page with info about all of their mentor connections.

- Kelsey Meyer, Influence & Co.

7. Does the Accelerator Have a Past Rate of Success?

Accelerator programs are a bi-directional relationship. The partners of these programs are assessing your potential to be successful. You should evaluate their past rate of success because you are forgoing other investment engines in favor of this option. It all comes down to trade-offs, and the most objective determinant is made by evaluating past performance.

- Matt Ehrlichman, Porch

8. Is It Worth the Equity?

Before working with TechStars, I wondered if the program and small investment were worth the equity. Now, coming out of the program on the other side, I know that my experience was worth the equity. The mentors, coaching, and support that came from a top-tier program were top notch and totally worth it.

- Paige Brown, Dashbell

9. Can I Speak to Graduates of the Program?

There are so many accelerator programs today, and they can be valuable. I have been in one myself, and it definitely helped me focus my idea and get the help I needed to move it forward. You should speak to graduates of the program. Ask them what they really thought of it, what they got out of it and how the program helped them succeed.

- Natalie MacNeil, She Takes on the World

10. Am I Ready?

There are more accelerators to choose from than ever before, and startups are going to these accelerators earlier. Make sure there is something to accelerate when you apply (a team, a product, and some initial costumers) so that the mentors, services, and investment can make a difference. Remember that you only have 10 weeks or so until demo day, so make them count.

- Christopher Pruijsen, FounderBus

11. Should I Earn my MBA First?

Accelerators are great, but many MBA schools offer them free of charge, and you will graduate with an MBA when it’s over. This is highly valuable in every sector. You also get free advice from a range of experts, and some even offer business plan competitions with prize money. I’d encourage you to consider if you are ready for the program, then decide if earning an MBA would be a better choice.

- Suzanne Smith, Social Impact Architects

12. Whom Can They Introduce Me To?

If you’ve got a great idea, plenty of accelerators will take you. But all accelerators are not created equally. To narrow down the pool, you should take a look at their connections. You want accelerators that can introduce you to investors, mentors, startup founders and other people who can help you throughout your career.

- Thursday Bram, Hyper Modern Consulting

As summer swiftly approaches, you may be thinking of ways to keep your child busy during the three month break. If you own a business, you may consider allowing him or her to work part-time there. But it’s not as simple as just giving your kid a time card and putting their names on the schedule. You have to find the right balance to make sure that both your business is running smoothly and your kid gain some valuable experience.

Tip #1: Know the Laws in Your State

There was a time when the only permission you needed for your child to work a few shifts at your business was your own. But now that federal and state employment laws regulated many labor processes, you really need to make sure there isn’t any law against your child working for your business. If it’s not legal, you want to stay away from it.

Child labor laws can vary depending on the state you live in. Many do make exceptions in terms of pay, hours work, and taxes for children of the owners, but that’s something you need to confirm with your state legislation. Start here to research any local laws that might affect whether you can hire your child for the summer.

Tip #2: Choose An Age Appropriate Position

A common mistake many business owners make is putting their children in positions they can’t perform well in. Hiring your 17 year old to be your bookkeeper can be a bad idea. You also want to avoid giving a ten year old the job of being accountable for large amounts of cash. An eight year old probably shouldn’t be transcribing reports.

Fortunately, you are the best judge of your child’s skill and maturity level. Take a hard look at the responsibilities of the position you’re hoping to put your child in and ask yourself if he can perform each one without excessive help from you or other employees.

Tip #3: Do Everything You Can to Treat Them Like a Regular Employee

The fact that this is your child shouldn’t change much about the way you treat your newest employee. You can cause drama in the workplace if it seems like he’s getting perks the rest of the staff isn’t getting. It can also cause dissension if your other employees feel like they are being asked to babysit in addition to doing their own jobs. This is especially true if your child’s direct supervisor will be someone other than you.

Take the whole process seriously. I’ve heard of some parents actually requiring that their children write a resume with their skills and accomplishments to get a job at the family business. You could just as easily ask them to write an essay (of age appropriate length) about why they want to work for you this summer. You can do a mini interview, too. This gives them a chance to see what the process is like and it also shows them just how you serious you are about this.

At the very least, make it clear to your child that you expect them to work for their pay just like anyone else you hire. Have a frank discussion about his responsibilities. You should also have a discussion about what happens when they don’t do what you or the employees you have supervising them ask.

And follow through on these rules, too. If the penalty at your business for coming in late is docked pay, then your child is subject to the same rules. It will help you lead by example to both your employees and your child.

Tip #4: Make Time for Kid Stuff, Too

Summer jobs are great for teaching responsibility, giving a glimpse at what a future career may be like, or earning some extra cash. But the summer break is also for doing kid stuff. Going on vacation, playing with friends, and just enjoying a little down time are also important. Be sure that whatever job you’ve given your child is one that allows time for them to be a kid, too.

Use your best parental judgement on this one. Tally up the hours he’s working a week, assess his energy level and take notice of how much kid time he’s getting. If you feel that things are out of balance, you can always make adjustments. And if it becomes a question of what’s best for your business and what’s best for your child’s welfare, remember there are more important things than a summer job.

Bio: Amanda Greene is author and Brand Manager for Residence Hall Linens. She enjoys writing about college life and education topics.

By Brad Hoffman, CEO and Founder

My Learning Springboard, Inc.

The Career Readiness Partner Council released a four-page statement outlining its definition of what it means to be ready for good jobs in today’s economy. This council is comprised of business and education groups, including The Council of Chief State School Officers, the National Association of State Boards of Education, Achieve, and the National Association of State Directors of Career Technical Education Consortium. However, the Partnership for Assessment of Readiness for College and Careers (PARCC), one of the two federally funded state consortia designing assessments for the common standards, is not a member of this council, whereas the other federally funded state consortia, Smarter Balanced Assessment Consortium, is on the council. I’ll leave the politics of this decision to Education Week and instead focus on the intention of the definition, which is provided below.

According to the Career Readiness Partner Council, career success is defined by a combination of academic and technical knowledge and skills along with certain behaviors or dispositions. These behaviors or dispositions are closely aligned with Tony Wagner’s 7 Survival Skills for 21st Century Students and Stephen Covey’s 7 Habits of Highly Effective People.  After leaving the elementary classroom in Chevy Chase, Maryland to pursue a second career in corporate Talent Development in New York City, I can say with certainty that this combination is accurate. To be truly competitive and effective in today’s society, students must develop subject matter expertise and core competencies. At My Learning Springboard, we are focused on cultivating these behaviors that lead to success and thinking about education as a lifelong journey with opportunities for continuous improvement.

Below is the Career Readiness Partner Council’s definition of what it means to be career ready:

Academic and Technical Knowledge and Skills
A career-ready person is proficient in the core academic subjects, as well as in technical topics. This foundational knowledge base includes competence in a broad range of academic subjects grounded in rigorous internationally benchmarked state standards—such as the common core state standards for English Language Arts and Mathematics. It also includes a level of technical-skill proficiency aligned to a chosen career field and pathway, and the ability to apply both academic and technical learning in the context of a career. Many careers also require deeper learning and mastery in specific academic or technical subjects.

Employability Knowledge, Skills and Dispositions
A career-ready person has a good understanding of their interests, talents and weaknesses and a solid grasp of the skills and dispositions necessary for engaging in today’s fast-paced, global economy. These include, but are not limited to:

• Goal setting and planning;
• Managing transitions from school to work and back again, and from one occupation along a career pathway to another;
• Clear and effective communication skills;
• Critical thinking and problem solving;
• Working productively in teams and independently;
• Effective use of technology; and
• Ethical decision-making and social responsibility.

Written by Aleeza Lubin, Director
My Learning Springboard

Technology is a funny thing. We marvel at what computers allow us to accomplish. We praise things like social media for the way it promotes connections and increased learning. But where does technology hamper us?  Have you ever wished you could turn back the technological clock?  A school district in Virginia is doing just that, by looking to ban calculators in key math tests.  It might seem controversial to some, and it just might be the only way to reverse a dangerous trend.

As a high school math teacher I wished we could turn back the technological clock every day. My students always came into class expecting to learn cool tricks with their calculators. They wanted to know what all those curved graphs were about. I appreciated their excitement, but every year I faced the same problem – they lacked basic arithmetic skills.  How is it possible that a whole group of students could enter high school and NOT have the fundamentals under control?  I’m referring to basic addition, subtraction, multiplication, and division of whole numbers, integers, and fractions.

The answer may very well lie on our technological friend – the calculator. Over the last few decades, many schools and districts have increased reliance on calculators in order to integrate technology and accelerate instruction. Unfortunately, that has left us with whole grades of children who lack a strong mathematical foundation, and they are lost without a calculator to assist them in basic arithmetic.

Why not follow the lead of Virginia?  Let’s make sure that our children don’t advance unless they master the basics. Would you allow an entire grade of students to move ahead to high school if they couldn’t read on their own?  Or write the alphabet?  Not likely. So why has it become socially acceptable for a 15-year-old to say they can’t add 1/2 and 1/3?  Removing the calculator crutch will likely shed light on some serious issues in certain schools. We must be focused on helping students to successfully think, process, and solve problems for themselves in addition to being skilled at using technology purposefully.

Every day, hundreds of entrepreneurs launch crowdfunding campaigns on Indiegogo to raise money and awareness for their businesses. As CEO of Indiegogo, I have been in touch with potential entrepreneurs from all over the world with a wide variety of business ideas. Across this wide spectrum, I have realized that many entrepreneurs are  misguided by the same myths, time and time again.

Here are the five most common myths about starting a business — and how we’ve seen them get blown out of the water at Indiegogo:

Myth #1: There’s a “right” time to start.

We started Indiegogo months before the financial crisis of 2008, and when the economy took a hit, most people advised us to shut down. However, my co-founders and I were each so passionate about our efforts to democratize fundraising that we pressed forward at all costs. It wasn’t easy, but every time we spoke with someone who was denied a loan from a bank, or couldn’t find a way to raise money for his or her cause, it reinforced our commitment to the mission of Indiegogo — empowering anyone, anywhere in the world, to raise money for anything.

We learned that there is no “right” time to start a business when basing that timing on external market factors. The only “right” time is when you’re passionate about an idea, product or service.

Myth #2: You NEED venture capital.

Believe it or not, you don’t usually need venture capital to start a business, especially now that crowdfunding platforms allow you to raise money and attract a global audience that includes potential customers.

We saw a group of product designers from California present the Satari Star Swivl, a camera-mounting device for smartphones that automatically follows you as you move from side to side, eliminating the need for an old-fashioned tripod. The designers pitched their product to multiple investors and VCs, and were rejected every time.  On the other hand, their Indiegogo campaign raised over $20,000, validating the demand for their product and enabling them to gather feedback and make their product even better. In 2012, the Swivl was the highest-rated device in the Last Gadget Standing competition at CES and is now available for sale in the Apple Store.

There are many ways to raise money. Even if conventional means fail, find the one that’s best for you — and get your product or service out there.

Myth #3: You need a detailed business plan.

Too many entrepreneurs spend months locked away, creating the “perfect” business plan with scenario planning and detailed financial projections. These days, markets change so quickly that you never really know how customers will react to your product or service, or what new technologies will emerge that may significantly change the business environment.

For example, the two Columbia students who developed the LuminAID inflatable solar light had no idea how fast their product would take off. With the simple but ambitious goal of making portable light affordable, sustainable, and available for everyone, they developed their product, launched an Indiegogo campaign, raised five times their goal, received valuable customer feedback and got their lights produced. LuminAID lights are now being distributed to in-need communities all around the world.

Don’t get caught up in the minutia of a plan. Focus on getting your product or service in the hands of potential customers, get feedback and iterate quickly.

Myth #4: It’s all about the idea.

Actually, it’s less about the idea and more about listening to your customers and evaluating the data. Your idea may be great, but if you aren’t able to recognize and adapt to new trends and meet the demands of your customers, you may not be in business for very long.

When we initially launched Indiegogo, we decided to handpick our favorite campaigns to be featured on the home page. Although this seemed to be the best practice at first, we learned that our customers wanted an equal opportunity for their campaign to be discovered and featured. This led us to develop the proprietary “gogofactor” — our algorithm that constantly evaluates key characteristics and activity on each campaign — that alone determines which campaigns make it to our home page. Our users love that Indiegogo provides this merit-based promotion, and it also has enabled us to grow the business more rapidly.

Don’t get too stuck with your idea or method being the right one — listen, monitor, and adapt as needed.

Myth #5: If you build it, they will come.

The concept of growth for any business is similar to what happens with a crowdfunding campaign — you will need to reach out to your networks and get them enthusiastic about your goal. Once you reach approximately 30 percent of your goal, it provides the social proof for “strangers” to get excited start contributing — and nearly 40 percent of our active campaigns receive money from multiple countries!

We learned this one ourselves as well. In the early days of Indiegogo, we reached out to our personal and professional networks to encourage them try out the platform. After a while, word started to spread through friends of friends and customer referrals. I remember how exciting it was when we saw the first international campaign launch. Today, Indiegogo distributes millions of dollars each month to people in nearly every country in the world.

Once your product or service is out there, you must continually work to get the word out.  Keep marketing your product, and always make sure your customers, friends and communities are updated on your progress.

Slava Rubin is co-founder and CEO of Indiegogo, the world’s open funding platform. Since its founding in 2008, the site has distributed millions of dollars to over 50,000 campaigns in nearly every country of the world. Anyone in the world with passion can fulfill their dreams and fund creative, entrepreneurial, or cause campaigns.

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Written by Jean Snyder, Math and Literacy Specialist
My Learning Springboard

OK…as a parent, teacher, coach, or tutor….it is our job to teach, right? Well, yes, but not always. One of the most powerful teaching tools we have is giving our students the “job” of teaching us. There are several specific reasons for this:

First, often the role of “purveyor of knowledge” is very appealing to kids. I have watched students of all types rise to the occasion of being the teacher. It seems especially appealing if they are asked to teach one or two younger children or if they are asked to teach an adult!

Second, I have found that I cannot teach anything I don’t truly understand. In the process of teaching, I often uncover any slightly murky parts of my own understanding. This leads me to more thought and better understanding of the topic. For students who take on the role of teacher, the same often holds true. As they try to teach me, they discover what they truly DO know, as well as what is still unclear. Finding out what questions they still need to ask makes them better learners.

Third, we learn a great deal about our students’ depth of understanding by truly listening to what they “teach” us. (Note: truly listening can be a challenge for those of us who are bursting with excitement to teach or who are up against a time crunch or any number of other stressors, but listening is essential.) In the role of “learner” we can appropriately ask questions which will clarify what they really know. We can also determine whether their knowledge is rote (memorization of formulas, timelines, etc.) or actual conceptual understanding of ideas and processes. In some cases we can guide deeper understanding through creative questioning. Other times we simply uncover misunderstanding and/or shallow understanding that guide our next steps in instruction. Sometimes the discovery is not in the precise area of instruction but in a crucial related area! These “teachable moments” can be especially beneficial to our students.

One of my favorite collateral “wins” from giving students the powerful role of teacher is that they really do teach me new learning. My own, very legitimate, excitement about learning something new frequently is contagious. It is valuable for students to realize that respected adults continue to learn, and that we are excited about learning, all the time. By being open to thinking about ideas in new and different ways, I am validating their thinking process and the control they have over their own learning… and I learn something new myself! Now that is powerful!

My Learning Springboard is a comprehensive educational services and consulting company offering case management,private tutoring, test preparation, enrichment teaching, special education services, admissions support and college counseling,homeschooling, professional development and parent education.

QUESTION: WHAT DO YOU CONSIDER TO BE THE MOST COMMON MISCONCEPTION ABOUT ENTREPRENEURSHIP?

Question by: Scott

YOU NEED TO BE NICHE

“Entrepreneurs always worry about finding an incredible differentiation point so they can outwit and outsmart their competitors all the time. The fact is, a niche does not guarantee success and it won’t save your company from failure either. Businesses should be built if they will offer a valuable product or service at a reasonable price.”

- Danny Wong | Co-Founder, Blank Label Group, Inc.

HOW OLD ARE YOU?

“Outside of Silicon Valley and a few other highly entrepreneurial areas, most people don’t believe that it’s possible to start a business at any age—whether it be an eBay selling business as a teen or a full blown startup during high school. With the Internet, anything is possible, no matter what age you are and no matter where you’re located in the world.”

- Ben Lang | Founder, EpicLaunch

YOU HAVE UNLIMITED CONFIDENCE

“It’s natural to doubt when it comes to promoting your business, new programs or yourself as an expert. Entrepreneurship is about getting out there and doing it anyway, even if the fear, worry and doubts outweigh your confidence.”

- Kelly Azevedo | Founder, She’s Got Systems

YOU’RE AN OVERNIGHT SUCCESS!

“A debilitating mindset I see is that overnight success is possible. These young entrepreneurs are inspired to start their own business by witnessing individuals that are currently successful. They study the success story instead of the origin of that success story, which often includes massive struggle prior to the breakthrough. Truth is, it takes ten years to become an overnight success.”

- Josh Shipp | TV Host & Bestselling Author, JoshShipp.com

IT’S ALL ABOUT THE IDEA

“I regularly receive calls from friends who have the next “big idea.” But they call it quits when it comes time to really start building something. The truth is that entrepreneurship is 10 percent idea and 90 percent execution. Most entrepreneurs’ ideas change and evolve over time, but their success comes from being able to execute on their vision and make adjustments as necessary.”

- Bhavin Parikh | CEO, Magoosh Test Prep

YOU MAKE YOUR OWN HOURS

“I’ve lost count of the number of times people have told me how great it must be for me because, as the owner, I get to make my own hours. What they don’t realize is that since it’s your business, it’s incredibly difficult to ever turn it off—something I’m personally trying to work on. You are thinking about a thousand different things and are therefore always working.”

- Justin Beegel | Founder, Infographic World, Inc.

YOU’RE SEXY, RICH AND TAKING OVER THE WORLD

“Entrepreneurship is not always sexy, entrepreneurs aren’t instantly rich and they aren’t always in it to take over the world. Sometimes they go from meeting with a client to cleaning the bathroom because it’s ALL their responsibility. Sometimes they don’t take paychecks for years and sometimes, they don’t want to change the whole world—just improve their industry or make their mark.”

- Therese Kuster | Owner, TargetClick Marketing Solutions

YOU’VE GOTTA RISK IT ALL

“Many people think starting a business is extremely risky. It doesn’t have to be. The best entrepreneurs I know are extremely risk averse, testing everything to make sure they’re making the best decisions. It’s much more risky to be dependent on one company to give you a “corporate allowance” each month, which can end at any moment. That’s risky.”

- Andy Drish | Founder, Referral Squirrel

YOU WORK ALL THE TIME

“There are two types of entrepreneurs. There are the hard-working founders that live to work and work to live. They are constantly at the office changing the world. That’s great, but it doesn’t apply to all entrepreneurs. Others start businesses to experience the opposite effect. They want more freedom and want to work less. This type of person has been called a “lifestyle entrepreneur.”"

- Logan Lenz | Founder / President, Endagon

YOU’RE THE NEXT ZUCKERBERG

“I’m tired of seeing entrepreneurs preach that you’re not passionate about your idea unless you’re willing to give up everything for it. Plenty of people start successful business without ever going into debt. We’ve always run our business as a blend between consulting and software. The consulting made us profitable from day one, which has given us the resources and time to build out the software.”

- Allie Siarto | Partner, Director of Analytics, Loudpixel

YOU’RE GONNA MAKE IT ON YOUR OWN

“Starting a business by yourself is a recipe for failure. Too many cooks in the kitchen is no good, but you have to find that a partner in whom you believe. Your partner will help you fight those inevitable fires, help you celebrate the little “wins” and generally keep you sane. A partner will also make sure that the company thrives if you ever need to take a day—or even just a few hours—off.”

- Aaron Schwartz | Founder and CEO, Modify Watches

YOU CAN STILL SEPARATE PERSONAL FROM PROFESSIONAL

“When you become an entrepreneur, your business and success become an obsession. You can’t just turn off your brain when you come home from work, an idea that requires quick action can happen at any time (while sleeping, in the shower). There is no wall separating your personal life and work. But don’t worry, it’s still fun!”

- Eric Bahn | Founder, Beat The GMAT

YOU’RE BORN WITH IT!

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

By Micah Timen, CPA and Finance Enrichment Teacher

My Learning Springboard

As a math, accounting, and personal finance tutor, it was a natural fit for me to teach organizational and study skills to high school students. These skills are especially important for recent high school graduates who are beginning their transition from home-based life to self sufficiency at college. Because of that, they need to learn skills and anticipate a variety of different issues that will only arise once they leave home (even as mundane as how to schedule and keep track of dinner plans). Planning for college readiness should include technology tutoring related to time management, work prioritization, and collaborating on group projects. Students will want to develop proficiency with desktop and mobile apps, such as Google Calendar, Google Documents, Dropbox, and Box.com.

When first thinking about the best way to teach organizational skills, I immediately looked to my own life experiences. As a CPA, my entire success depends upon my ability to organize and effectively plan. In every audit, we, as a team, hold a “risk assessment” meeting, where we look to all of the major risks associated with financial reporting. The brainstorming that occurs in the meeting allows the team to vet out and think through almost every issue that can occur. In turn, the approach leads to more accuracy and reliability for the company’s financial statements. This way of thinking inspired me to take a “risk based approach” to study skills when working with high school students and recent high school graduates.

When I map out a student’s wants and needs with respect to their academic success, we can effectively create a solid organizational plan–one that has staying power but also the student’s input and ownership. When students takes ownership for their own development, results happen. As a tutor and organizational coach, my role is to help students become the best and most efficient students they can be.

By Brad Hoffman, CEO and Founder

My Learning Springboard, Inc.

For the past five years, I’ve been working in Human Resources for a Fortune 500 media company focused on Talent Development and Strategic Recruitment.  One of our most important programs, the summer internship program, kicks off tomorrow.  From beginning to end, the summer internship program is a full year effort and includes dozens of executives.  Recruiting starts in October, interviewing takes place January through April, processing occurs in May, the program itself runs from June to August, and then offer decisions are reached by November. The internship program is viewed as a 10-week interview, and the primary goal for the company is to create a talent pipeline.

Tomorrow I’ll meet with the marketing and finance interns.  These 30 students were selected through a rigorous recruitment process out of hundreds of applicants.  The group includes college seniors and 1^st year MBAs from top schools across the country.  Students are expected to quickly add value and take on a variety of projects over the summer.  A centerpiece of the program is the Intern Challenge, a collaborative consulting project, where the interns work across divisions to address a real business challenge.

After months of interviewing, making offers, and organizing the program, I finally get to bring the group together at orientation Monday morning.  As a teacher, the start of the summer internship program is a little bit like the first day of school.  We cover the basics—timesheets, cafeteria, and ID cards—but we also discuss navigating the company, recommendations for effective networking, learning and development opportunities, and the Intern Challenge projects.  From Day One, we communicate that the internship program is highly valued and that we look forward to a summer of teaching and learning on everyone’s part.  In this way, the internship program is designed for experiential learning.

In my experience, I’ve noticed that the most successful interns establish a solid foundation from Day One by doing the following:

1. Focus on developing and shaping your brand.
2. Be interested.  Everyday.
3. Pay attention to the details.
4. Keep your ego in check.
5. Build relationships.

Internships are a phenomenal opportunity to get inside a company, see what it’s like, decide if it’s for you, practice real life skills, and develop your brand. Whether you return to this particular company or not, the experience is one you’ll have forever. You control the success of your internship, so make the most of it!

Beginning in late May, the subways fill with college students who have flocked to New York City for summer internships. Anyone traveling to midtown on a weekday morning can easily see the influx of eager college students and MBAs headed to their publishing houses, law firms, accounting companies, and media offices. And on a summer Friday, interns are just about the only people working in offices. When I used to manage internships at Time Incorporated, this was absolutely my favorite time of year. Recruiters spend the school year cultivating relationships, assessing candidates, collaborating with managers, and assembling the “perfect” class of interns. It’s just amazing to watch everyone come together face to face when they finally arrive for orientation!

Having a successful internship is not solely the responsibility of the company. Interns must become active participants in order to optimize the experience. Whether the internship turns out to be your dream job or not, or whether your manager turns out be a great mentor or not, interns can make the most of the experience by staying focused on the following behaviors:

1) Observe. Before jumping in too quickly with judgments and recommendations, spend time observing the environment, understanding the company culture, and making sense of how the organization works. Try reaching out to colleagues within your department first and then branching out to develop a bigger picture understanding. Learn how departments work together and where the obstacles lie. Spend time watching, asking questions, and reflecting on your observations.

2) Ask questions. Most managers appreciate curiosity, but interns do need to strike a balance. Interns should keep in mind that managers and colleagues are juggling full plates and questioning can become overwhelming. Nonetheless, curious, creative, and intelligent interns set themselves apart and find ways to be appropriately curious. For some interns, they’ve had great success establishing a weekly meeting time with their manager to discuss their experiences, observations, and questions. Interns who are genuinely curious build better networks because their questions lead to introductions and more substantive interactions. They’re also seen as team players and problem solvers.

3) Take initiative.Your internship is a hands-on course with unlimited opportunities for learning. No matter what employers throw at you or which errands you have to run, make sure to find some takeaway from each experience you have.  This learning includes both technical skills and soft skills with regard to managing time, priorities, goal-setting, and work relationships. During periods of “down time”, look for ways to be helpful and focus on adding value.

4) Focus on making contributions. Managers appreciate interns who can rise to the challenge and maintain grace under pressure. The first two weeks of your internship are an especially critical time period for establishing your reputation, and you’ll want to prove that you can do the nitty gritty as well as the substantive work. Think critically about the observations you’ve made, the questions you’ve discussed, and the experiences you’ve had to make valuable contributions, both big and small. If you focus on the needs of the business and think like an entrepreneur, you’ll definitely bolster your effectiveness.