Bizworld Interview - Part 1
Description
Check out The Valley Girl Show a new take on the business interview. In the first part of this video we talk to Bizworld.
Transcript
Host: Hi! I’m like the Valley Girl. I live in Silicon Valley, the heart of innovative technology. I know where all this awesome companies are. But how the heck did they get here? That’s why I’m here to find out. I’m like the Valley Girl, what do you do?
Hi! I’m like the Valley Girl. When it comes to being an entrepreneur, where better to start than with kids. Kids may have the occasion lemonade stand but it’s rare that they put together the pieces of the business puzzle. Our nest guest runs a non-profit that puts the biz buzz in Bizkids. Please welcome Catherine Hutton Markwell of BizWorld. What do you think is an entrepreneur?
Catherine Hutton Markwell: An entrepreneur is something that’s willing to take the risk to make a change. You got social change, they may take a risk. They want to make a business change, an artistic change but they’re willing to take that risk.
Host: Tell me what is philanthropy to you?
Catherine Hutton Markwell: Well philanthropy is truly just the altruistic goal of wanting to do something better to improve the world.
Host: I want to make the world a better place. Now, if a non-profit, does that mean you lose money?
Catherine Hutton Markwell: People always think that non-profits cannot make money or that they lose money. And neither of those was true. A lot of businesses are non-profit in the beginning. The idea of a not for profit is that you can create something that betters the world.
Host: How does a non-profit then differ from a profit to both companies?
Catherine Hutton Markwell: Profit companies, one of their main goals is to create revenue and to make sure that their expenses do not oversee the revenue. So revenue minus expenses will equal profit which is exactly what we teach the kids in BizWorld. That’s the most important equation you can have; the revenue minus the expenses equal profit.
Host: How do you raise money for BizWorld?
Catherine Hutton Markwell: Do you have a checkbook with you?
Host: I don’t. I can show you.
Catherine Hutton Markwell: Exactly.
Host: You asked me for my checkbook and then I write a check and I’m like here.
Catherine Hutton Markwell: Yes. So the idea is, is that people that feel passionate as I do about education and being innovative and inspiring kids to think differently. Those are the people that want to get and invest in our future. These kids are going to be the economic leaders of our future, why not invest in them in a way of allowing them to be inspired when they’re younger.
Host: Now tell me about BizWorld. Give me the pitch.
Catherine Hutton Markwell: BizWorld is a not for profit that inspires kids by teaching them business and entrepreneurship skills. So they become presidents and vice presidents, a friendship bracelet company. And through this experience, they pitch V.C.’s and raise money; they create marketing campaign, they design prototypes, they do commercials to market their product. And at the very end, they do an income statement and a balance sheet and value their company.
Host: That’s awesome and how did it start?
Catherine Hutton Markwell: It started by adventure capital list challenge to explain to your eight-year daughter what he did when we went to work everyday. So how do you explain business to an eight-year? Well she was very, very passionate about friendship bracelets. That’s an industry. If I can explain business using friendship bracelets she’ll understand and wants to understand business.
Host: And to make a lot of friendship bracelets and therefore make a lot of bestfriends. Now how global is BizWorld right now?
Catherine Hutton Markwell: Everyday we’re constantly bringing in our new partners. We just two weeks ago signed up India. So India is a new global partner. We have the Netherlands, South Korea. The program’s been taught all over the world in 80 different countries.
Host: Tell me about the different programs of BizWorld has to offer.
Catherine Hutton Markwell: BizWorld the original program is friendship bracelets. The second program is called BizWiz and that was developed in partnership with Merrill Lynch. So you sell your friendship bracelet business, you have a money, what are going to do with that money? How to manage that money to make more money? So that’s BizWiz. And then our third end program that’s in draft form being piloted as we speak is called BizMovie.
Host: Is like an entertainment industry biz?
Catherine Hutton Markwell: Exactly.
Host: Well I think that maybe we should make some friendship bracelets, what do think?
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