Former Congressman Steve Israel settled into his chair as he staff perched around and behind him. In front of him, six students from the Upper School class, Entrepreneurship I, stood pensive but ready to pitch their ideas inside Theodore’s Books, a small bookstore located off Oyster Bay’s Main Street and owned and operated by Congressman Israel.
The challenge on the table? Present ideas, backed up by field research, that expand the revenue streams and market share of this community business.
“The business model of selling books to people who walk in the door just is not there,” commented Mr. Israel. “Our biggest competitor is Amazon. If you are price-conscious, you are not shopping here. But, we sell experience and we have actual human beings who can give you recommendations,” he added. “No matter what you are interested in reading, they are amazing.”
Through PowerPoint and Prezi presentations, the two teams of students articulated ideas that ranged from improving the design appeal of the shop’s interior space and window displays, to expansion of Gen Z-friendly merchandise, to a mix of curated and surprise book bundles to partnering with Friends Academy students on an all-school Book Fair.
Citing revenue and marketing research, case studies around the country, and even polling results from FA Upper School students, the two teams presented a variety of ideas to the Congressman and his staff.
“I saw that you have a Book Club,” commented sophomore Ava Jacklitch. “Build off of that. Customers can attend author events and you can promote that on your social media. Bookstores can act as a community event.”
Creating pathways to new markets informed one team’s research and potential solutions. “Book fairs are a blue ocean,” shared sophomore Dylan Leon. “And high school book fairs are very rare,” he continued. “While you may not be Scholastic, their book fairs are limited to grades. Because we are a PK-12 school, we can host a larger fair and expand your recognition.”
Teammate Chris Tsiolis added, “You could be considered the innovator of the high school book fair.”
With nods of approval, Mr. Israel looked up from his notepad. “Oh my gosh, that was fantastic! You know, when I opened this bookstore, I knew zero about this place. My wife said, ‘What do you know about bookstores?’ And I said, ‘What did I know about Congress?’ I do know that every single square foot needs to generate revenue.”
Co-taught by Upper School teachers Leanne Loizides and Molly Foresta, Entrepreneurship I, a semester-long course, challenges students to research and present real-time solutions to a business’ urgent need.
“I’m really interested in the innovation behind business,” shared sophomore Naina Narula about her future aspirations, who added that she planned to major in economics at college. “I love being challenged and I definitely want to pursue business.”
As the student presentations ended, Mr. Israel and his staff peppered the two teams with questions and accolades. “We loved what we saw,” praised the Congressman. “The depth of your research and your polish is some of the greatest I’ve ever seen – congrats to your teachers!”
Photography by Alvin Caal/Friends Academy