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When Michael Showalter's folks asked for a little help from the teenager with the money he would need for college; they had in mind an after-school job at a local business or maybe helping out neighbors with odd jobs. But instead of working for someone, Michael started a small business, Giuseppe's Italian Ice, which quickly turned a profit. The teen was hooked and used his business' success story to win the McKelvey Foundation's $40,000 college scholarship, awarded to student entrepreneurs. Now the recent high school graduate will use the scholarship money to continue his education at the University of Michigan. The teen’s enterprise, Giuseppe's Italian Ice, operates out of pop-up tents, dishing up traditional Italian Ice to tired, thirsty fairgoers at festivals and outdoor events across the Midwest. Showalter buys the product from Little Jimmy's Italian Ice in New Jersey, where it's manufactured according to a century-old family recipe.
"It's healthier than most desserts, especially stuff that you find at a festival -- it doesn't have high-fructose corn syrup," said Showalter. "Popular flavors are lemon, blue raspberry, watermelon and cherry."
His enterprise, named after his father, began a year ago with an initial investment of $14,000. Showalter recouped those startup costs handily, and now Giuseppe's has eight employees, friends of Showalter's. Operating expenses included buying two tents -- Showalter has invested another $20,000 to expand his market, and next year, Giuseppe's Italian Ice will be sold in both Ohio and Michigan.
According to Dennis Moore vice president of Little Jimmy's, Showalter demonstrated true entrepreneurial grit, planning and executing a business that could have taken a lifetime to build, in just a matter of months
As tuitions rise and the economy slows, enterprising students can benefit from the trend toward giving among successful entrepreneurs who are feeling philanthropic as retirement approaches. Colleges offering entrepreneurship majors fund scholarships as well. Showalter graduated from high school this year, and hasn't chosen a major yet at the University of Michigan. However, he is sure he'll continue selling Giuseppe's Italian Ice at festivals and fairs, right through college. The Entrepreneurial Scholarship offered by the McKelvey Foundation is awarded to high school students who start their own businesses or nonprofit agencies. The foundation's founder is Andy McKelvey, who started his own first business selling eggs at age 14, and went on to found several successful businesses, the largest of which evolved into the online employment ad giant, Monster.com. The McKelvey Foundation currently supports over 600 students achieving a better future. You can find more information at http://www.mckelveyfoundation.org
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