Business Research Guide is happy to announce that Elvira Nnodim is the Spring 2021 winner of the $1,000 Business Research Guide Scholarship for Women Entrepreneurs.
Elvira Nnodim of Landover, MD is an Economics major at the University of Maryland, College Park. She is a self-taught artist and has a vision for an art print shop which she has named ÉCLART. The shop will be directly adjacent to the malls and food centers at Bowie Town Center, an outdoor shopping mall in Bowie, MD.
Nnodim said her business plan is about “taking art businesses to the next level.” Her business will offer everything from custom shoes, denim jackets, pictures, phone/laptop cases, home décor, and even carpets, all at the same place. “Our primary strategy is to develop the ÉCLART art print shop as the most convenient and quality alternative for the thousands of visitors who flock to the area each year,” she said in her scholarship submission. ÉCLART will be the first company in the city to offer this service. Her goal is to make a $25,000 profit in her first year and reinvest in the business to increase the clientele.
There were five applicants for the spring scholarship. “The business plan Ms. Nnodim submitted was comprehensive, innovative, and impressive,” said Tara Karleen, scholarship committee chair. “It’s obvious that she had put a lot of time and thought into this business venture.”
Included in the ÉCLART business plan are: Product and Services, Company and Management, Competitive Advantages, Financial Projections, Company Background, Mission Statement, Management Team, Legal Structure, Principal Members, Capital Required, Marketing Plan, and Manufacturing Plan.
“I’ve always been passionate about both art and economics but was unable to find the link between them,” Elvira explained. She said that when she started painting, people encouraged her to start a business to sell her art. “However,” she says, “before I even created my business plan, I had to ask economic questions associated with the art market such as:
“What role should governments play in the art market?
“How do art auctions work?
“What explains the particular institutions that govern the business art market?”
She said she is passionate about both economics and art. “In my world, economics is no longer a stranger to art,” Elvira said. “By investigating the role of arts and aesthetics in our economy, I’ve discovered that emotions, stories, experiences, and symbols are used to boost economic value.”
As for the name of the business, she said it comes from the initials of her first and middle names, followed by L and art. “I didn’t make the name long because I wanted it to be something that could be easily remembered,” she explained.
The Business Research Guide (BRG) Scholarship for Women Entrepreneurs scholarship is designed to support promising women entrepreneurs as they pursue higher education degrees. Awardees are selected based on the strength of their written business plans as determined by the scholarship committee at the Business Research Guide.
Scholarship applications are open to U.S. citizens who have been accepted to or are enrolled at an accredited college or university in the U.S. Applicants can be undergraduate and master’s students in all majors and disciplines. Particular consideration is given to women studying entrepreneurship, business management, or a closely related field.
BRG awards two scholarships a year. Click here for details of the scholarship and application guidelines.