By Sophie Barth
In 1797, Ben Franklin and 12 of his friends organized a society that met once a week to discuss self-improvement. Their organization, known as the Junto (pronounced who-n-toe) Society, served as the foundation for the American Philosophical Society.
One highly successful entrepreneur has taken the principles behind Franklin''s organization and applied them in young entrepreneurship, creating his own Junto Partners.
'Greg founded Junto in 2004 because he saw the need of people who are just out of college who don''t have the credibility or funds to start a business, but have the desire and the talent to do so,' said Tara Rosander, Junto manager. 'We help with credibility and funding to help them achieve their dreams as an entrepreneur.'
Junto is set up as a hands-on class where experts with real life experience train young, hopeful entrepreneurs.
For eight weeks, 20 to 25 students attend seven classes and complete hands-on 'homework' assignments. On the last day of class, participants give a final presentation and then cast votes for fellow students who they think should become Junto partners.
The votes are tallied by Warnock and Rosander. They discuss each individual participant, and then name five partners and an alternate.
The final five are provided with $50,000 each to start their own businesses, experienced mentors and weekly meetings to advise and support each other, Rosander said.
'The whole time we''re not just watching for who is a good fit for entrepreneurship, but the students get the chance to look at themselves and decide if they''re drawn to it,' Rosander said. 'Some people take the class and decide that entrepreneurship isn''t the right step for them.'
Fifteen to 20 years of academic research shows there isn''t a single personality type or trait associated with successful entrepreneurs, Warnock said.
'Entrepreneurs display such a wide variety of characteristics and personality types that the best way to understand skill level is by doing what entrepreneurs do,' Warnock said. 'In class, instead of just talking, we do projects similar to what they''ll be doing in their businesses.'
Warnock himself is a resource for aspiring entrepreneurs. After he finished school, he started buying, building and operating businesses.
In the decade after he graduated, he''d had his hands in 18 companies.
'It was very self-directed, empowering, and a very good start for me,' Warnock said. ' is an effort to give back to the community and entrepreneurship, which has been so good to me. Some people just need a little encouragement and a little nudge.'
That little encouragement and nudge has helped to propel a lot of Junto partners to success. All the partners are well-networked and many have businesses with sizable revenues.
Some Junto partners have been named to the vSpring Capital v|100, a peer-chosen award recognizing the top 100 outstanding entrepreneurs across the state, Warnock said.
'At the end of Junto, they talk differently-they think differently.' Warnock said. 'The change is very dramatic.'
The change comes through the hands-on experience approach to business.
'We realized how hard entrepreneurship can be,' said Justin Bergener, a Junto Partner and a current BYU senior, majoring in sociology. 'We thought we would be rolling around in Hummers and Porsches in six months. Instead, we''re a year in and just getting to the place where we have revenue.'
Bergener heard about Junto from his friends who had been in the program a year before.
Many of his friends found out about the program from professors in the business department.
'I think the best thing about Junto is that it provides a purpose, a reason,' Bergener said. 'You''re affiliated with a program, and it''s a reason for people to listen to you, talk to you. Before, I was a lone entrepreneur against the world, but now people know I''m serious.'