STAC Hosts Eleventh Annual Entrepreneurship Panel

Last Thursday, Saint Thomas Aquinas College invited five business owners to an entrepreneurship panel. The hour-long panel hosted 50 students and was a part of “STAC Your Future Week”, a career and experiential learning program to prepare college students for their careers.

The panel was moderated byJohn Azaria, an adjunct professor in the STAC School of Business. The program invited Tammy Felton, retired State Farm insurance agent, Julie Termini, owner of on-site STEM education program Challenger Island, Pat Loftus, business attorney, Matt Borgenson, owner of Gentle Giant Brewing Company, and Louis Scamardella, Director of the Small Business Development Center (SBDC). 

While none of their businesses may have a single product in common, the owners do share years of experience of building their own businesses.

One new development to the panel this year is the establishment of the SBDC on campus this past March, whose office represents the Lower Hudson Valley Region. The SBDC will be hosting several free workshops across Rockland, Westchester, and Putnam, including assisting with the application process for Small Business Association (SBA) loans. Scamardella, Director of SBDC, said, “We’re in this higher ed space. It’s really smart the way [SBDC] set it up, because if you think about where a lot of new business develops, it is in the minds of college students. 100%.”

Moderator Azarian spoke about how having a vision and executing it is what qualifies someone to be an entrepreneur, regardless of their failures or missteps. He connected several of the questions with his lesson plans, primarily focusing on risk management and planning.

Borgenson, owner of Gentle Giant Brewing Company in Pearl River, recommended that students get hands-on experience before they start their own ventures, and reminded them of the price of responsibility. “If you’re really good and you know what you’re doing, go ahead and do it. But if you’re starting out, learn on other people’s dime—work for somebody, learn, then eventually take the risk yourself.” 

Julie Termini spoke on her experience establishing Challenger Island, a program which facilitates hands-on STEM-based learning for students in their own classrooms. Prior to starting Challenger Island, Termini had been an educator for several years, and decided with no formal business experience to begin her own company. “It’s not as easy as you think … I had to really study up on how to run a business. How do you make sure that you’re profitable?…In business, you are always thinking ahead … How do I differentiate myself even further? … Are there other opportunities I can look into, other profit centers?” 

Regarding planning, business attorney Pat Loftus had this to say: “The earlier the better… Succession planning saves money in the long run, because it avoids the fight later on … good  planning, way more often than not, does survive any challenge.”

Loftus also had the unique experience of working with his father-in-law, which had its own set of obstacles. “You need open lines of communication. When uncomfortable topics arise, you need to face them and address them. As long as you do that, it works.”

Scamardella emphasized the importance of marketing for a new business, stating, “They can’t buy what you’re not selling.” 

Termini agreed, but prioritized fostering strong connections with clients. “Word of mouth is huge and free. If you have a great product or service, people are going to love you, and they’re going to tell everybody they know about you.” 

Borgenson agreed that providing a good service will produce its own advertisement. “Referrals are the absolute best form of marketing and advertising, because it doesn’t really cost you anything—it’s your reputation.” 

Tammy Felton worked with State Farm as an insurance agent for 36 years and has recently retired. As a seasoned businesswoman, Felton advised students to think responsibly about saving. “From day one…you have to start preparing for the future. It’s not just about getting money and spending it every day.” 

Although these college students have a long way to go before they think about retiring, having awareness about all phases of a career can certainly help them kickstart their own – with no funny business.