Class is in session

It’s hard to believe that it is already back-to-school month for many of the area’s students. Didn’t summer just start? Alas, as we bask in the final days of the warm months it is time to look ahead, hopefully with excitement, at the pending academic year and all of its potential. This month, we are happy to report that there is indeed much to be excited about.

Staff writer Kayla Prasek has been following higher education’s evolution in supporting young entrepreneurs. In “Shift in Focus,” she shares how a growing number of schools in the region have decided to embrace entrepreneurship as a vital component of business education, through accelerators, mentorships and campus-wide curriculum. And they are seeing rapid results.

We also look at how business leaders are demonstrating impressive support for education institutions through private philanthropic efforts. The past year has seen a number of million-dollar-plus gifts to area schools from business leaders who want to pay it forward and continue to provide the best education possible to our students. Their generosity comes at a time when schools need all the financial support they can get, and their gifts have been gratefully received. We spoke with several donors and their recipients to find out more about what motivates them to donate, how their gifts will be used, and why they hope others will be inspired to do the same in “Paying it Forward.”

If you’ve stepped into one of the region’s many newly built or redesigned trendy businesses lately, you may have noticed a recurring design element. The use of salvaged wood and other restored products has surged in the area and many architects say they think it’s a trend that will be around for some time. We speak with several for “Making the Old New Again,” as well as the entrepreneur who can be credited for literally delivering the goods to make the trend happen, despite the fact that he never intended to even open a business.

We hope you enjoy this issue as you savor the final days of summer. We are already hard at work compiling our second annual best places to work issue, and this year’s field of contenders is extremely competitive. Stay tuned for the results next month. There may be a pop quiz. PB

KORRIE WENZEL, Publisher

KRIS BEVILL, Editor

KAYLA PRASEK, Staff Writer

BETH BOHLMAN, Circulation Manager KRIS WOLFF, Layout Design, Ad Design

Sales Director: JOHN FETSCH 701.212.1026 jfetsch@prairiebizmag.com

Sales:

BRAD BOYD western ND/western SD 800.641.0683 bboyd@prairiebizmag.com

NICHOLE ERTMAN eastern ND/western MN 800. 477.6572 ext. 1162 nertman@prairiebizmag.com

Editor: KRIS BEVILL 701.306.8561 kbevill@prairiebizmag.com

Prairie Business magazine is published monthly by the Grand Forks Herald and Forum Communications Company with offices at 375 2nd Avenue North, Grand Forks, ND 58203. Qualifying subscriptions are available free of charge. Back issue quantities are limited and subject to availability ($2/copy prepaid). The opinions of writers featured in Prairie Business are their own. Unsolicited manuscripts, photographs, artwork are encouraged but will not be returned without a self-addressed, stamped envelope.

Subscriptions Free subscriptions are available online to qualified requestors at www.prairiebizmag.com

Address corrections

Prairie Business magazine PO Box 6008

Grand Forks, ND 58206-6008

Beth Bohlman: bbohlman@prairiebizmag.com

BY MATTHEW D. MOHR

Most people have heard sayings such as “You need to stick to your knitting” and “Put all your eggs in one basket and watch that basket very carefully.” In essence, the advice to the entrepreneur is to become involved with one business endeavor and put all your effort into that one endeavor.

Contrary to this business advice, investment professionals constantly praise the value of a diversified portfolio.

Should or can a successful entrepreneur devote energy to multiple enterprises?

A very successful and good friend of mine once noticed me reading a book about investing in the stock market. He admonished me by exclaiming the only good investment was my own business and suggested I forget the stock market.

After he sold his own business, I was surprised to learn he was maintaining his interest in a local bank, continuing his real estate portfolio along with still being involved with a manufacturer who made a product he had patented. It seemed to be rather hypocritical.

When I inquired about his previous business along with all these sideline efforts, he explained he felt forced to sell his primary business because he had expanded to markets beyond his capability. The bank was an admitted honor and vocation, the real estate served the business and the patent manufacturer was for a product he developed for a customer which he continued to sell. Inter-related business efforts to support his primary enterprise; but also sources of income and enjoyment, as well as personal and business growth. All of his efforts were intertwined and supported his main business, so he wasn’t such a hypocrite after all.

Some individuals can handle multiple enterprises successfully, but not everyone. One way or the other, a business owner needs to keep his eye on the ball at all times. External interests that support your primary business can be good if handled right. PB

Matthew D. Mohr CEO, Dacotah Paper Co. mmohr@dacotahpaper.com

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