Standing in front of the trophy case in the School of Business office, you might think we have a dynasty on our hands. Trophies fill the display case, each proclaiming the accomplishments of SIFE. It’s impressive, but it raises a question.
What is SIFE?
The Students in Free Enterprise, or SIFE, is one of the largest student non-profit organizations in the world, with over 1600 participating colleges in the U.S and 40 countries worldwide. Texas attorney Robert T. “Sonny” Davis founded the international organization in 1975.
USM has had a SIFE team for the past four years. The team coordinates local events for business and high school students and competes in regional and national competitions that involve solving business, marketing, and personal finance-related problems as a group and presenting their solutions to a board of judges.
Citing core goals of increasing financial and economic education within the university and community, SIFE is based on five core pursuits aimed at “practicing and teaching the principals of free enterprise.”
USM SIFE president, senior Buddy Lalemand, insists that the group is “absolutely essential for any business major.”
“The time-management skills and networking opportunities that SIFE provides are a valuable resource for students interested in business,” said Lalemand.
With groups in 42 percent of colleges nationwide, SIFE’s core pursuits aim to educate students and their community on market economics, financial literacy, entrepreneurship, business ethics, and personal success skills.
SIFE groups practice these principles by designing programs for students and the local community to boost their understanding of free enterprise.
Last week the group hosted several projects at USM as part of National Entrepreneurship Week in Maine. The projects included a market simulation for high-school students enrolled in Junior Achievement, and a seminar on Insurance Fraud.
In January Lalemand, fellow seniors Sara Willey, Kelly O’Connell and junior Jason De Campos competed in the annual “Duel on the Heights,” a personal finance competition at Boston College put on by the University of Arizona’s SIFE team.
They finished in second place behind Syracuse, and took home a prize of $1,500.
In its first year at USM, SIFE was awarded the title of “outstanding new student organization” in the annual Student Involvement Awards.
In addition to competitions and helping local high schoolers, the team spends all year developing projects to benefit the community. Such projects are submitted for review at regional SIFE competitions each year, where groups can win awards for projects in each of the five core pursuits.
This year, SIFE is running a program through the Long Creek Youth Development Center, a youth correctional facility in South Portland.
The group provides mentoring and tutoring for juvenile offenders, focusing primarily on personal success skills. By providing education on credit cards, loans, credit scores, and job interview skills, SIFE hopes to make integration into society easier on the youths.
Dr. John Voyer, SIFE’s faculty advisor, insists that SIFE is not just for business and accounting majors. “We get a lot of students who join just for resume purposes, but some people find that they really get sucked into it, and become committed.”
The group has between 15 and 20 active members at USM, and cites its extensive alumni network as a valuable networking tool for business professionals-USM students have gotten jobs right out of school through connections via SIFE.
“The best way to get a job is through contacts,” said Voyer. “There are a lot of companies that are looking specifically for employees with a SIFE background.”
As an international organization, there are more than 11,000 alumni worldwide. Locally, Voyer says the group is getting some real name recognition.
“SIFE has become well known in the Portland business community, and it gives students the chance to rub elbows with local CEOs and CFOs,” said Voyer.
Starting off with a bang, SIFE took home the first place trophy at the regional competition three out of its first four years and also was awarded “Rookie of the Year” at the 2004 national competition in Kansas City.
During this run, SIFE has won individual topic awards in all but one of the group’s core pursuits. They’re still looking to take an award in “entrepreneurship” one day to complete the set.
Not only have they seen success in regional competition, the USM SIFE group has earned several honors in the national “Take Charge America” competition designed by the University of Arizona-Tucson SIFE team.
Similar to other competitions, this situation-based contest presents a scenario containing a family and their financial problems and gives students two days to come up with a solution to their mock-family’s economic woes.
In 2005 SIFE took home second place honors in the regional competition, following it up in 2006 with a gold medal.
To get involved with SIFE or to learn more about them, stop by the office of the school of business, located on the first floor of Luther Bonney.