A program that has helped nine Missouri Western State University graduates become business owners over the last four years is about to get much bigger. Missouri Western and Rocky Mountain Chocolate Factory Inc. today announced an expansion of the applied entrepreneurship program they created with Steve Craig, CEO of Craig Realty Group and benefactor of Missouri Western’s Craig School of Business. The expansion will give more Missouri Western students and for the first time all alumni the opportunity to own and operate Rocky Mountain Chocolate Factory stores.
Starting this school year, the applied entrepreneurship class and Rocky Mountain Chocolate Factory competition will be offered in both the fall and spring semesters, instead of just once a year, said Dr. Robert Vartabedian, Missouri Western’s president. “This will allow us to at least double the number of entrepreneurs the program prepares each year, and it may grow significantly beyond that,” he said.
UPDATE: Video from the press conference can be seen below.
There are also changes in eligibility that will broaden the pool of applicants for the program. Students with a business minor will be eligible. In addition, the program will now be open to all alumni of the Craig School of Business, no matter when they graduated. Previously, the opportunity was only available to business majors graduating the semester the class was offered or the previous semester.
“Not only will the program continue to transform the lives of graduates just starting out, it now has the potential to provide new opportunities to those who have been out of school for some time and are looking for a career change,” Dr. Vartabedian said. “We are very excited about the growth of this program and are extremely grateful to Steve Craig, to Rocky Mountain Chocolate Factory, to the faculty and staff who have so ably prepared the students for this opportunity, and to the Craig School of Business Advisory Council members who have been so generous with their time and expertise. We’re also exceptionally proud of the store owners who have seized their opportunities and made this program a success. Without their hard work, this expansion would not be possible.”
The program was conceived in November 2008 by Steve Craig, who strongly believes that our economy’s growth and our nation’s future depend on entrepreneurs.
“I wanted to find a way to help people get into business,” Craig said. “I knew that I had benefited greatly from operating and owning my own business, and I really felt it was important to extend that opportunity to other people. Giving young people the chance to own and operate a business does so much not only for the store owners themselves, but for the community. Our stores are employing people and enriching the cities where they’re located.”
Students and alumni who are accepted into the program enroll in the applied entrepreneurship class, which focuses on creating a business plan for a Rocky Mountain Chocolate Factory Store. At the end of the class, the students present their business plans to a panel of business leaders, who then select store winners. In the past, Craig has provided operating capital; now, the stores will be financed by Rocky Mountain Chocolate Factory. The store owners agree to repay the loan within five years, and to contribute money back to the Craig School of Business as their businesses become profitable. Craig, Missouri Western faculty members, Rocky Mountain Chocolate Factory and members of the Craig School Advisory Council provide mentoring and logistical support to the store owners.
The first store, in Silverthorne, Colo., was awarded to Seth Lyons in the spring of 2009. This summer, less than three years after taking over the store, Lyons and his wife, Kelsey, repaid their loan from Craig and now own the store outright. Two more stores were awarded in 2010 and three each in 2011 and 2012.
Greg Pope, senior vice president of franchise development for Rocky Mountain Chocolate Factory, says the company has been thrilled with the results.
“Two of the Missouri Western graduates were our ‘Rookie of the Year’ franchisees in 2010 and 2011,” Pope said. “They have all proven to be hard-working, dedicated, energetic store owners, and their education at Missouri Western has prepared them well for business ownership. Their commitment to success and the support provided by Steve and by the Craig School of Business have made this expansion of the program possible, and we couldn’t be happier.”
The commitment of the company in expanding the program is proof that it works, Craig said.
“They’re going all-in, committing the resources to make this happen,” he said. “The trust that Rocky Mountain Chocolate Factory is placing in Missouri Western demonstrates the tremendous value of the preparation and support these students receive through the entrepreneurship program.”
Frank Crail, Rocky Mountain Chocolate Factory founder, president and CEO, said the expanded partnership with Missouri Western is very exciting, and he encourages students and alumni to consider participating in the program.
“There aren’t many opportunities in life where you can graduate from college and right away start your own business,” Crail said. “If you have the desire and enthusiasm for a business like this, and have faith in yourself and your ability to do it, nothing is going to stop you. And you have a great team of people behind you who are not only rooting for you, but are there to provide whatever support you might need.”
Students and alumni interested in participating in this fall’s class and competition should contact the Craig School of Business at 816-271-4338.
Missouri Western State University is a comprehensive regional university providing a blend of traditional liberal arts and professional degree programs. The university offers student-centered, high quality instruction that focuses on experience-based learning, community service, and state-of-the-art technology. Missouri Western is located in St. Joseph, Mo., and is committed to the educational, economic, cultural and social development of the region it serves. Visit www.missouriwestern.edu.
Rocky Mountain Chocolate Factory, Inc., headquartered in Durango, Colo., is an international franchiser of gourmet chocolate and self-serve frozen yogurt stores, and a manufacturer of an extensive line of premium chocolates and other confectionery products.