Shreyas Parab, CEO of NovelTie, is a licensed small business owner from the suburbs of Philadelphia who is working hard to grow his novelty necktie company. He started NovelTie to “turn the occasion of having to wear a tie to the event where you get to wear your NovelTie.”
Eight months into his business, Shreyas has revenues of $3,500 and expanded his team of one to nine salespersons in two states.
Very impressive for a 14 year old. Yes, Shreyas Parab is 14 and balances his CEO demands with homework as a full-time 10th grader at Archmere Academy, where he is required to wear a uniform. Thanks to an after-school program called the Young Entrepreneurs Academy (YEA!), Shreyas wrote a real business plan, launched NovelTie and found investors in just 30 weeks.
His ties are meant “for teens by teens” – his best sellers, for example, are titled “stud muffin” and “chick magnet” – and his salesmen are students at neighboring schools with similar dress codes. Soon, he’ll also have an even bigger audience: NovelTies will be available to members in his local Sam’s Club through our ShowCase Events program, a limited-time merchandising opportunity for small or new business suppliers.
As a finalist at the June 2015 YEA! national competition, Shreyas recently joined five YEA! scholars at Sam’s Club’s corporate headquarters in Bentonville, Arkansas, to pitch his business to buyers, participate in supplier workshops, visit with CEO Rosalind Brewer and experience the Walmart culture. In preparation for the trip, Shreyas did his homework: he read Made in America, Sam Walton’s autobiography. “I learned from the book ... that no matter where I was or what I was doing, I need to stay true to my intentions and who I am,” Shreyas wrote in a letter to Sam’s Club executives. “Even as Mr. Walton got older, he never forgot the values that he had grown up with and held true to his heart.”
33 years ago, “Mr. Walton” founded Sam’s Club to help small business owners save money, and today we continue working to help entrepreneurs of every age realize the American dream. Our club associates met thousands of YEA! scholars in more than 100 communities this year as they served as lead judges at local YEA! business pitch competitions. Sam’s Club also contributed startup funds to expand YEA! to 13 new communities in collaboration with the U.S. Chamber of Commerce Foundation.
You or a teen you know could launch the next NovelTie or even the next Walmart: YEA! classes start this fall. To find a YEA! chapter near you, visit yeausa.org.