Michael
Ravenscraft is a Truman State University student who saw a need and
an opportunity.
The need he saw is a perennial one faced by college students
everywhere: saving money on textbooks. To fill the need Ravenscraft,
a native of Festus in Jefferson County, started Pricemonk.com.
"This business acts as a go-between for students who have books
to sell and students who want to buy them," says Glen Giboney,
director of the Small Business Development Center at Truman State
in Kirksville. "Mike says he's been able to save some students
up to $300 per semester on their books, which is significant to students
on a limited budget."
Ravenscraft,
an undergraduate biology major, gets book lists from Truman State,
the University of Missouri at Columbia, the University of Missouri
at Kansas City and the University of Missouri at Rolla.
"Mike had a number of obstacles to overcome," says Giboney.
"One of those was getting the book lists and ISBNs (International
Standard Book Number) from the various universities. He had to contact
the legal counsels at some of the campuses to get some of this information."
Ravenscraft is in the process of developing a business plan to help
obtain additional financing so he can expand his business to other
campuses. The Students in Free Enterprise (SIFE) team at Truman, which
Giboney sponsors, has helped this entrepreneurial student develop
his plan. Ravenscraft, who first came to the SBDC center two years
ago before he opened his business, also received some basic business
start-up pointers and was directed to other pertinent sources of information
by Giboney.
"The SBDC provided multiple ways and means to solve the problems
associated with starting a new business," Ravenscraft says. "Glen
gave me advice in general business planning, and where to look for
information on small business marketing, accounting, etc. He also
helped me see the big picture and recognize that there was more opportunity
to expand geographically, which we have profitably done since then."
Apparently he's putting his recently gained business knowledge to
good use. Since starting Pricemonk.com, Ravenscraft has created three
jobs and currently has $250,000 in annual sales, while helping many
students save money on textbooks.
And what does this youthful entrepreneur plan to do when he graduates
next December?
"I'm looking into career opportunities in the field of biotechnology
and pharmaceuticals combining finance or accounting with biology,"
says Pricemonk's founder. "However, I believe that I am an entrepreneur
at heart, and if this business expands as planned with the associated
projected cash flows I will undoubtedly be content managing the company
that I built…and waking up each morning without a supervisor
to report to."
Pricemonk.com
General Partner
1302 Beulah
Festus, MO 63028
Email: Michael.ravenscraft@gmail.com
www.Pricemonk.com
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