Junior Achievement Bulgaria and Business Education
Established in 1997, Junior Achievement Bulgaria is a member of Junior Achievement Worldwide (JAW) and its regional entity Junior
Achievement –Young Enterprise Europe (JA-YE). Junior Achievement Bulgaria is the first and foremost organization in Bulgaria offering top-
notch programs and courses in business, economics and the development of the entrepreneurial spirit through educational and hands-on
activities in economics, financial literacy, business skills, leadership and strategies for success.
Started with 10 pilot classes, today JA Bulgaria offers 28 educational courses, business programs, and separate initiatives and projects for all
ages and school grades and has nearly 20,000 students throughout Bulgaria. JA programs were taught by 627 teachers in 115 cities in 292
schools during the academic 2006-2007. Since their inception in 1997 until the end of the 2007-2008 school year, approximately 60,000
students, 582 student companies and more than 500 business mentors have benefited from JA Bulgaria programs.
MISSION: JAB was created to educate young Bulgarians to value free enterprise, understand business and economics, develop ethical
leadership and be workforce ready for the challenges of the future.
OUR PURPOSE: To inspire and prepare young people to succeed in a global economy.
OUR CORE VALUES:
Belief in the boundless potential of young people;
Commitment to the principles of market based economics and entrepreneurship;
Passion for what we do and honesty, integrity and excellence in how we do it;
Respect for the talents, creativity, perspectives, and backgrounds of all individuals;
Belief in the power of partnership and collaboration;
Conviction in the educational and motivational impact of relevant, hands-on learning.
ORGANIZATION OVERVIEW: Junior Achievement is the world’s oldest, largest and fastest-growing non profit economic education
organization. Founded in the U.S. in 1919, Junior Achievement has reached over 70 million young people. 287,491 JA volunteers teach
339,261 classes to 8,358,087 students a year...
JA WORKS! The JA-YE Company Programme is recognised by the European Commission Enterprise Directorate General as a ‘Best Practice
in Entrepreneurship Education’.
“The achievements of JA-YE are impressive. Their efforts are truly a testament to what can be done if businesses, government, and
communities work together. We must do everything we can to promote and encourage the growth and sustainability of such
initiatives across Europe.”
Gunther Verheugen, Vice President of the European Commission
Letter from the Chairperson of the Board of Directors of JA Bulgaria
Early management education in schools will guarantee Bulgaria’s prosperity in the long run.
The development of a modern entrepreneurial culture and environment is a prerequisite for
improving our country’s economy and competitiveness. I believe that JA is a very special
experience to every student as JA talks about the challenges in the real business world.
Entrepreneurial education helps young people develop an eye for opportunities and
abilities to be creative and innovative and think outside the box. Ensuring a working link
between education and business, JA Bulgaria grants a unique opportunity to hundreds of
students to walk side by side with Bulgaria’s top managers and learn about good business
practices first hand.
This is the reason why JA Bulgaria is naturally incorporated in the process and the system
of teaching economic and business skills to the young generation, skills so much cherished
and needed by the Bulgarian business.
JA has worked globally over 90 years, but the organization was established in Bulgaria just
11 years ago. In this short time span, JA Bulgaria established itself as the leading
organization with an excellent capacity to be a partner in the development of economic
environment in the country. JA Bulgaria has established a tradition and reputation to be
seen as a major partner in the promotion of best business practices and responsible
leadership behavior. Several of JA Bulgaria’s main events and programs are implemented
in fruitful partnership with the major business associations, members of the Bulgarian
cabinet, and media. Moreover, JA Bulgaria has started playing a significant role in the
policy making in the Bulgarian educational system. The organization achieved the
necessary standards which enable it to work with all types of schools in Bulgaria.
Chairperson, JA Bulgaria Board of Directors
General Manager, Hewlett-Packard Bulgaria
Letter from JA Bulgaria’s Chief Executive Officer
In order to reach the goals set in the Lisbon strategy, Bulgaria, as a European country,
should focus on promoting knowledge and innovation. Bulgaria needs to develop
entrepreneurial culture and financial literacy among the young generation. That’s why we at
JA believe that economic education and business skills are crucial for our future. Through
different JA programs and initiatives young people are given the opportunity to learn directly
from professionals in the private sector of our country, which gives them a chance to
develop leadership skills, creativity, innovative approach and responsibility at a very early
The programs that JA has popularized help the schools meet the educational requirements
and the needs of the students in Bulgaria. Through these programs the students learn how
to realize their ideas and how to turn theory into practice. JA teaches the students how to
use their knowledge and practical skills in order to assure the success of their enterprise,
which motivates them to work and accomplish themselves their whole lives!
JA Bulgaria continued successfully to expand its program package and the number of
schools it partners. JA programs were taught by 627 teachers in 115 cities in 292 schools
during the academic 2006-2007.
I would like to extend my sincere gratitude to our partners from the business community, the
institutions, and the many individuals who share our vision and help us dream “big”. I would
also like to say how privileged I am to be working so closely with so many talented
Milena Stoycheva professionals whose achievements continue to raise the bar every year.
This is our message to all young people - be pro-active, take advantage of the
opportunities, be bold! We have to be the change we want to see in the world!
CEO, Junior Achievement Bulgaria
Board of Directors, Trustee Council, JA Ambassadors and JA STAFF
BOARD OF DIRECTORS:
Ms. Jocelyn Greene Patron / Wife of U.S. Ambassador to Bulgaria, H.E. Ambassador John Beyrle
Ms. Sasha Bezuhanova Chairperson/HP Bulgaria, General Manager
Mr. D. Panitza Honorary Chairman / Free and Democratic Bulgaria Foundation, Chairman
Mr. Stefan Ivanov Citigroup, Country Officer
Mr. Boni Bonev Nestle Bulgaria, BD member / Active Business Systems - BD, Chairman /
"Vaptsarov" AD, MB,Chairman
Mrs. Galya Prokopieva “Capital” Weekly, Editor-in-Chief
Mr. Maxim Behar M3 Communications Group, Chief Executive
Mr. Martin Bankov Microsoft Bulgaria, Education Programs Manager
Mr Andon Ichev General Electric, National Advisor for Bulgaria
Mr. Nikolay Nedelchev Marc Communications,CEO
Mr. Peter Popov Curtis/Balkan
Mr. Peter Ivanov Cisco Systems Bulgaria
Mr. John Ayersr Consultant
Mrs. Tanya Boyadjieva Deloitte
JA AMBASSADORS AROUND
Varna Mr. Nikolai Bozhilov Unimasters Logistics, General Manager
Veliko Tarnovo Mrs. Teodora Kaleynska European Information Center, Director
Svishtov Mr. Mihail Kolchev "Sviloza"AD, Executive Director
Pleven Mr. Rosen Sofroniev Nova Plama SA, Executive member of the Board of the directors
Ms. Milena Stoycheva CEO
Ms. Mita Geogieva Director Educational Programs and Trainings
Mr. Dobromir Dobrinov PR and Marketing Manager
Ms. Vera Petkantchin Business Development Manager
Ms. Maria Yankova Program Manager / Youth Business Coordinator
Ms. Elica Efremova Program Manager
Ms. Iglika Milosheva Manager “Center for Entrepreneurship”
Ms. Tsvetanka Valova Accountant
Mr. Svetoslav Manoilov Office Manager
Calendar of Events - September 2006 – December 2007
5 – 7 European Summit for Educators, Brussels, “Entrepreneurship in Education” – a partnership between JA-YE and the European
8 Agreement between JA Bulgaria and the Ministry of Economy and Energy signed
8 – 10 Trainings for consultants and teachers from vocational, professional, and general high schools for business, economics, and
entrepreneurship programs – Sofia
10 Fall session of the JA Academic Council on JA business, economics, and entrepreneurship curricula in the Bulgarian educational
11 Fall session on cooperation between British Council, Junior Achievement, Youth Business International and Cardiff Business
School (Wales, UK)
13 – 17 First Conference “Entrepreneurship in United Europe” – Sunny Beach, Burgas
5 JA Bulgaria Board meeting
6 Training for Peace Corps volunteers in Dupnitsa
5 – 7 Regional meeting with Balkan Children and Youth Foundation partners and Youth Business, Skopje
6 – 8 Microsoft and JA Bulgaria seminar for teachers and consultants in the field of IT technologies
16 Launch of Banks Access Program – a joint project of JA Bulgaria and Citigroup
13 – 14 Training seminar for teachers in primary classes for the programs “Ourselves”, “Our family”, “Our community”, “Our city”,
“Personal economics”, “Economic benefits from education”
15 – 19 European CEO and staff training, Warsaw, Poland
27 Official opening of the first JAB Entrepreneurship Center in the Sofia High School for Construction, Architecture and Geodesy
2 JA Bulgaria Annual Fun Raiser Party - Sofia
1 – 3 Business Without Borders – entrepreneurship training jointly with British Council and Cardiff Business School, Wales, UK
15 Founding of JA Bulgaria Business Club under the joint project with the Ministry of Economy and Energy “Center for
Entrepreneurship “Student Company”
Calendar of Events - September 2006 – December 2007
19 Banks and financial literacy training, supported by JA and Citigroup
30 JA Bulgaria and HP “Responsible Business” National Conference
23 JA Bulgaria Board Meeting
25 Business Without Borders – second training
JA Bulgaria training for teachers on Banks in Action program in cooperation with Citibank
12 Manager for a day 2007
16 European Business Summit, Brussels, Belgium
28 JA Bulgaria Anniversary National Conference “Ten Years Investment in Education”
29 March – 1 April JA-YE European student Trade Fair 2007, Bucharest, Romania
Second National Student Conference on Entrepreneurship, Sofia
26 April Launch of Banks in Action program with Citigroup with an open class
27 Meeting of students and young entrepreneurs participating in JA Bulgaria programs with James Hyslop, EBRD – “Opportunities
for business development in Bulgaria”
4 Second National Event “Juniors in Action” – in front of the National Theater in Sofia
9 – 10 Tenth National Competition “Virtual Enterprise”, Plovdiv
Annual Meeting of JA-YE Europe, Brussels, Belgium
31 Tenth National Competition “Best Student Company of Bulgaria” in front of the National Theatre in Sofia
Calendar of Events - September 2006 – December 2007
20 Roundtable under the Center for young entrepreneurs project with the Ministry of Economy and Energy
22 Inauguration of the renovated Takev garden in downtown Sofia – a joint project of the Bulgarian Charities Aid Foundation and
students from the National High School in Finance and Business studying JA Business Ethics program
27 – 29 JA-YE European Graduate Program Competition 2007, Oslo, Norway
17 – 21 4th
European JA-YE Alumni Conference “Beyond Business”, Sofia, Bulgaria
26 – 29 JA-YE Europe Company of the Year Competition 2007, Berlin, Germany
10 -12 Fall Seminar for teachers
28 – 30 JA Bulgaria and Microsoft Bulgaria joint IT training for teachers
5 – 7 JA Bulgaria and Microsoft Bulgaria joint IT training for teachers
16 JA Bulgaria Board Meeting
20 Audi Test Drive for JA partners and business representatives
22 Larry Farrel roundtable for students and teachers on entrepreneurship education including a lecture “What is entrepreneurship
and why we need to teach it in the 21st century global economy”
23 Larry Farrel business workshop for partners “Corporate Entrepreneurship – how big companies and government administrations
can create an entrepreneurial spirit within their organizations”
2 JA Bulgaria Board Meeting
1 Annual Fun-Raiser – JAB Christmas party 8
Annual Report | Student Numbers by Age Group, 2006-2007
Annual Report | Student Numbers by Age Group, 2006-2007
Junior Achievement Bulgaria Programs
ELEMENTARY AND MIDDLE GRADE JA PROGRAMS AND EVENTS
Through the elementary and middle grades programs, Junior Achievement Bulgaria is delivering the youngest members of society a truly
innovative educational experience. Designed specifically for pupils aged 5 to 15, these programs provide building blocks for skills development
and understanding of the 'world of work'. Through practical and fun activities, role models engage pupils and help them understand how and
why individuals, families, communities and nations work together. JAB conducted a few teacher trainings, truly believing that the introduction of
these new programs into the elementary and middle grades will greatly enhance the quality of business and economic education in some of the
most needy areas of Bulgaria.
The programs also supplement core elements of the National Curriculum, particularly with its links to literacy, citizenship and personal and
social health education. As we look to the future, we know that it will greatly depend on the efforts of our youth and on us as we strive to
promote their education, diligence and career aspirations. JAB’s programs encourage the young generation's initiative and independence and
illustrate to them how economic literacy can help everyone meet the goals and basic needs of a democratic country and its citizens.
Ourselves (5-7 year olds)
Our Families (7-8 year olds)
Our Community (8-9 year olds)
Our City (8-10 year olds)
Personal Economics (13-15 year olds) – retiring in 2008-2009 school year
Economics of Staying In School (13-15 year olds) – retiring in 2008-2009 school year
PILOT PROGRAMS IN 2008-2009:
It’s My Bizz
Emphasizes entrepreneurship while providing a strong focus on social studies, reading, and writing skills. Students are encouraged to use
critical thinking to learn entrepreneurial skills that support positive attitudes as they explore and enhance their career aspirations.
Europe and Me
Increases the understanding of how businesses operate in Europe and introduces the relationship between the natural, human, and capital
resources found in different countries and explores European businesses that produce goods and services for consumers.
Provides practical information about the key aspects of the global economy, what makes world trade work, and how trade affects students’ daily
Juniors in Action 11
Juniors In Action®
On May 4, 2007, more than 150 students working on JAB elementary
programs “Ourselves”, “Our Families”, “Our Community”, and “Our
City” gathered in the city garden in front of the National Theatre to
participate in the Second National Competition “Juniors in Action”.
Traditionally the initiative was under the patronage of the mayor of
the city – Mr. Boyko Borisov. The motto in 2007 was “Our City – a
more beautiful and clean place to live in”.
The teams had to work in groups of up to five students. Each team
had to develop a project/idea of how to raise money to improve the
city or to start and develop a business in the city. The two age groups
were working simultaneously but independently from each other.
The youngest students needed to come up with ideas and solutions
of how to make the city they live in a cleaner, safer and more
beautiful place. They were given 10 different projects to work on (the
park in the city, their school, the street, the school playground, their
building, the city garden, the bus stop, the classroom, the library and
others). Their task was to find ways to raise money, buy equipment or
any other materials they might need to implement their ideas for
improving the city.
The second group of students aged 9 – 13 were faced with the
challenge to decide how to start their own business in the city. Each
team had to develop a certain type of business: a restaurant, a bank,
an office with an appropriate activity, a marketing agency or other
types of companies, a newspaper and so on. Having selected their
new business they were given also a frame of their potential
expenses and income which helped them develop a real business
plan for their new business.
In the second phase of the competition, each participant had to draw
his/her idea. An exhibition of 200 drawings from the participants of
the contest took place all around the garden.
Junior Achievement Bulgaria Programs
HIGH SCHOOL JA PROGRAMS AND EVENTS
As high school students begin to position themselves for their future, there are many unanswered questions about what lies ahead. Junior
Achievement's high school programs help students make informed, intelligent decisions about their future, and foster skills that will be highly
useful in the business world.
With a range of different programs, Junior Achievement teaches about concepts from microeconomics and macroeconomics to free enterprise.
The volunteers bring real-life business experience and guidance into the classroom at a time that represents an essential crossroads for young
JA Student Company - revised
Leadership and success skills – retiring in 2008-2009 school year
Globe – retiring in 2008-2009 school year
TTBiz – retiring in 2008-2009 school year
JA Business Ethics - revised
Banks in Action
MESE - Management and Economics Simulation Exercise - revised
PILOT PROGRAMS IN 2008-2009
Enterprise Without Borders
The program gives students the opportunity to form student-run, trade collaborations between two schools located in different countries. At the
end of the project, students liquidate their company by preparing a profit and loss statement and balance sheets, paying a dividend to their
stockholders, and publishing annual reports.
HP Responsible Business Conference
Best Student Company of Bulgaria Competition
Manager For a Day
Best Virtual Enterprise Competition
JA Student Company
The oldest JA program is the COMPANY PROGRAM, which is recognised by the
European Commission as a Best Practice in Entrepreneurship Education. The Company
program is our benchmark and model for success: we see that it has achieved a high
level of quality due to the fact that it now exists in all our Member Nations (know-how is
being shared across the network) and we have established pan-European activities
(such as the Company of the Year Competition) which draw upon national participation
and raise standards. The program helps young people appreciate and better understand
the role of business in our society. With the support and guidance of volunteer
consultants from the local business community, the program provides basic economic
education for high school students. By organizing and operating an actual business
enterprise, students not only learn how businesses function, they also learn about the
structure of market economics and the benefits it provides. In addition they learn a
number of important life skills such as teamwork, how to present and communicate,
leadership, problem-solving, decision-making, etc. They learn about responsibilities and
how to organize an enterprise; they learn about strategies for business planning,
production, finances, and marketing; they learn how to manage production, sales, and
people; they learn how to be accountable to their shareholders and other stakeholders
and liquidate their enterprise. One semester or full-year programme; includes visits to
the school by a volunteer business consultant, as well as extra-curricular activities such
as Trade Fairs and Company Competitions. 82 student companies from more than 40
cities and towns, ranging from production through services and retail, operated
throughout Bulgaria during the academic 2006-2007.
BEST STUDENT COMPANY OF BULGARIA 2007 COMPETITION
A part of JA-YE European Company of the Year Competition 2007
With the partnership of DG Enterprise, EU Commission
May 31st, 2007
For the tenth year in a row Junior Achievement Bulgaria awarded students from Bulgaria for best achievements in business and economics.
This year more than 40 student companies participated in the “Best student company of Bulgaria”® 2007, which was held in the City garden
just in front of the National theater “Ivan Vazov”.
The first place for “Best student company of Bulgaria”® 2007 went to JA Experts. The company was founded in 2006 by 13 students from Sofia
High school in Construction, Architecture, and Geodesy “Hristo Botev” and offers work clothes and accessories for construction and building.
JA Experts' President, Peter Stoyanov (17), said: “This award gives us strength to fight with even more fervor to make our dreams come true.
Our efforts are really appreciated and this fact gives us hope that the business in Bulgaria will open space for us – the young talented people.”
The students from JA Experts represented Bulgaria at the Junior Achievement – Young Enterprise Europe trade fair for student companies on
July 26-29 2007 in Berlin (Germany). The European competition was organized in partnership with DG Enterprise and the European
Commission. This is the central annual event for the student companies in Europe, which gathers at one place the talented, innovative young
people from the continent who are determined to succeed professionally. JA Experts’ participation was sponsored by GLOBUL, the Golden
sponsor for the Bulgarian competition.
“It is an extreme honor for GLOBUL and for me to be partners of Junior Achievement Bulgaria. To support talented and aspiring young people
has always been among the GLOBUL priorities as for us it as an investment in the future. Junior Achievement Bulgaria assists us in achieving
that goal and we highly appreciate our partnership. With its initiatives, Junior Achievement Bulgaria gives a valuable input for the professional
and personal development of the future business leaders of Bulgaria”, says Globul CEO Haris Kotsibos.
The participants put to the test the competitiveness of their skills, efforts invested, and the realization of their business ideas. The other award
categories included: responsible business, marketing strategy, best business plan, best team, best stand, most innovative product.
During the academic 2006-2007, ambitious young people from over 40 locations in the country made their first step in the world of business.
The young entrepreneurs founded 78 student companies, which operate in reality and fulfill the innovative ideas of their creators.
Gold Sponsor: Silver Sponsor: Bronze Sponsor: Media partners:
JA Bulgaria Students Set an Example for Social Responsibility
JA Bulgaria students from the “Business ethics” program at the National
High School in Finance and Business found a way to put into practice the
lessons learned in the JA classroom. The students formed a special club,
named “Radeteli”, aiming at organizing charity projects, thus
implementing the values of ethical behavior and social responsibility.
December 21, 2006 was the date of the first event that the students
organized all by themselves - a Christmas charity party at the high school
grand hall. Among the performers in the show were the actor Robert
Yanakiev, the vocal band “Jestim”, pantomime students from the National
Academy for Theater and Film Art, as well as the JAB students
themselves. Proceeds from the event amounting to 685.71 were donated
to the Children’s onchohematology clinics at the “Tsaritsa Yoana”
On January 15, 2007, JAB and Bulgarian Charities Aid Foundation
started a project “Giving is wonderful … in school” with the Business
Ethics students from the National High school in Finance and Business.
They were given a certain amount of money and had two months to
decide how to spend it. The results of this social experiment depended
strongly on the ethical decision of the GBE group. They chose to renovate
the Takev city garden at the intersection of “Solunska” and “Angel
Kanchev” streets in Sofia. The students collected 2,500 BGN for the
renovation and the official opening of the renovated garden took place in
JA BULGARIA AND HEWLETT PACKARD June 2007. The project was done with the financial support of KAI Group,
BULGARIA RESPONSIBLE BUSINESS NATIONAL Bulgaria’s largest producer of wall, floor tile and granitogress ceramic
The second Responsible Business National Conference was held on January 30, 2007 at the National High School in Finance and
Business in Sofia. Students from all over the country participating in JA Student Company program took part in the conference. They
learned about the opportunities to enter the European Responsible Business contests and win prestigious awards from Hewlett Packard.
Ms. Sasha Bezuhanova – General Manager of HP Bulgaria and Milena Stoycheva, CEO of JA Bulgaria, officially opened the conference.
Volunteers from HP Bulgaria kindly joined the conference as lecturers. Within the panels they held lectures on “Responsible business”
and discussed with the students business cases form their practice.
The discussion included problems of the day regarding the corporate social responsibility and the development of the business and the
community. Within the working groups the students paid attention to serious issues like CSR practices, principles of work and corporate
values. The initiative`s purpose is to develop certain skills in the young people and to encourage innovative ideas for responsible
business thus creating the future business leaders and bounding the students in socially responsible practices. 16
Banks in Action Program Launched with an Open Class
By long-term partnership with Citigroup Bulgaria, JAB developed the Banks
Access program with the delivery of a $12,500 grant from the Citigroup
Foundation. Within its global commitment to financial education, the Citigroup
Foundation awarded for the second time the grant to ensure that an increasing
number of students and schools across the country have access to modern
finance training methods and to provide them with the appropriate teaching
materials, trainings and mentorship. The project has been organized in
cooperation with the Bulgarian Ministry of Education and Science. The
Program allows students active interaction with representatives of the
Bulgarian banking and finance community and through group work, case
studies and lectures gives them a first hand feel of the economics of doing
business in Bulgaria.
Citibank N. A.-Sofia Branch and Junior Achievement Bulgaria announced the
launch of the new financial education Banks in Action on April 26, 2007. The
program is funded by Citigroup Foundation, which has provided a grant in
excess of $1 million to JA Worldwide, and is implemented in over 28 countries
around the world. Banks in Action is a bank simulation program that helps
teach high school students about the many facets of the banking industry. JA Banks in Action simulates the operation of banks in a
competitive environment helping students develop their decision making skills. The revised program includes a competition in which teams of
students assume the role of bankers and make banking decisions.
In Bulgaria, Banks in Action will run along and complement Banks Access, another financial literacy program sponsored by the Foundation
and managed by JA Bulgaria. This marks a significant increase in Citi’s funding of local JA Programs and confirms its commitment to support
financial education of young people.
Stefan Ivanov, Citi Country Officer for Bulgaria said, “Junior Achievement and Citi share a common belief that financial literacy is an
important life skill for young people in today’s global economy. We are very happy to share our knowledge and experience of the banking
industry with students through JA’s educational programs. By planting early the seeds of interest in financial education, we hope to yield
better bankers, financial managers, and generally more versatile professionals for the benefit of our economy."
Milena Stoycheva, CEO of Junior Achievement Bulgaria added, “Thanks to the continuing support of Citigroup Foundation, JA programs will
now reach more than 1000 students in 32 schools throughout the country. We value greatly the participation and support of the Citi
employees who serve as business consultants and volunteer their time to help deliver the program.”
VIRTUAL ENTERPRISE 2007
Students from Kazanlak created
the most successful virtual enterprise in Bulgaria
For the tenth year in a row, Junior Achievement Bulgaria held the computer-generated competition in financial management “Virtual
Enterprise”, part of the annual calendar of the Ministry of Education and Science. The most successfully managed enterprise at the competition
was the company SAW from “Antim I” high school, Kazanlak. The second and third places went for the Plovdiv teams PGTM and Phantom.
At the contest, high school students from all over the country competed in the development of a new high-tech product and in realizing high
sales. At the semi-finals, 42 company-teams produced “Concertmaster” - a revolutionary product for forecasting concerts from all over the world
in real-time. The participants were placed in a situation of economic recession and had to survive under the risk of bankruptcy.
At national level the competing company teams, allocated in 21 markets, started under equal conditions. The participants managed their
companies for seven periods and made their decisions based on the market conditions and macroeconomic indicators. The most important
decisions for the teams to make were: setting the price of their products, deciding how much to produce, and deciding how much to invest in
marketing and advertising, capital and equipment, and research and development respectively.
The results of the teams were processed automatically by the computer simulation program based on fluctuating Market Index. Based on their
performance, only seven companies had the chance to continue to the finals.
In 2007, the live semi-finals and finals were on 9-10 May in Plovdiv. The winners received their official certificates from Mrs. Silvia Kantcheva,
chief expert in “Public Education Policy” Directorate, Ministry of Education and Science.
The JAB Youth Business program started in 2006 as a partnership with Balkan Children and Youth Foundation www.balkanyouth.org
following the successful model of Youth Business International www.youth-business.org. It targets young people between 18 and 29 years
of age who have a viable business idea and would like to start their own business. In less than two years more than 50 young
entrepreneurs from all around the country applied for mentoring and financial support and the best ideas received a loan at the preferential
conditions that Youth Business offers. Ten are the business plans that took advantage of the program so far. The total amount of the loans
is $38 000.
Georgi Dichev, 21 years old, from Varna
Future Media Company for web solutions and programming, loan: $ 4000
Future Media provides specialized computer services as creating web sites, 3D visualizations and animations as well as movie and media
effects. Eight months after starting the business, a total of six people work for its success in an office located in the centre of Sofia. The
management of the company admits that the accelerated rates of the work and the fast growth of the company weren’t expected. Rival
companies have even tried to “steal” specialists from them. Georgi Dichev was awarded the prize “Best Young Entrepreneur 2006” for his
innovative ideas for future company development.
Kiril Manilov, 29 years old, from Pazardzik
Trade with Bulgarian produced sportswear in the region of Veliko Tarnovo, loan: $ 3000
Kiril`s idea is to offer fashionable sportswear for young people at reasonable prices and most importantly – under the trademark of a certain
Bulgarian company that is not so familiar in the region. Kiril Manilov managed to rent a store in the centre of Veliko Tarnovo and to start
trading successfully, taking advantage from a market niche in the region and satisfying the need of young people for quality sportswear.
Ivan Botushev, 29 years old, from Gotse Delchev
Development of rural and ecological tourism in the region of South Pirin, loan: $
Ivan`s entrepreneurial project includes the purchase of two huts and their
adjustment as a base for pedestrian and horse tourism. At a later stage of the
project he plans to buy a few horses which will add to the attractiveness of the
idea. The potential target group of customers consists of Bulgarian and European
tourists. Another part of the project is the recovery of an ancient Roman route.
Ivan Botushev invested his early savings and the credit received from Junior
Achievement into buying several small rural huts which he renovated. He also
received a license for hospitality business and welcomed his first guests in the
winter of 2006.
Alexandra Bizerova, 26 years old, from Plovdiv
Elaboration and maintenance of help documentation for specialized software and
optimization of documents flow within the client companies, loan: $ 4000
Alexandra`s company works in the IT field – creation and maintenance of training
documents for software applications, help files, working instructions, software
specifications, web site texts, documents needed for the ISO standardization
process and others. The whole variety of documentation can be offered in both
Bulgarian and English.
Alexandra`s innovative idea received recognition not only in Bulgaria but also at
European level. She was invited to share her experience of starting her own
business at the European Business Summit – Brussels in March 2007. She was a
guest speaker in the closing panel for young entrepreneurs and the only
representative of the Bulgarian youth entrepreneurs. European Business Summit
is one of the most prominent business forums gathering representatives of world-
known companies and institutions to share their experience and ideas.
Krasimira Spassova, 30 years old, from Kyustendil
School center for language and computer skills for children in Kyustendil, loan: $ 4000
Krasimira worked as an English teacher and a deputy principal at the school of her home
town. Her love for teaching and children led her to starting her own business. The school
centre will offer language classes and specialized classes to improve the computer skills of
children aged 5-13. The courses will be flexible in relation to the children’s abilities, age and
individual needs. Her private school is the only one of this kind in the town. She has already
rented and furnished two classrooms.
Daniel Marinov, 19 years old, from Veliko Tarnovo
Production of innovative software supporting the educational work and applicable in schools
and universities, loan: $ 2000
When he applied for the loan, Daniel Marinov was only 18 years old. He developed his idea
while running his student company in Veliko Tarnovo under the educational programs of
Junior Achievement Bulgaria. After graduating, the team registered the company under the
same name. Daniel invented user-friendly software for teachers who could develop tests and
an electronic school diary that could be accessed by parents via Internet.
Presently the company is working on improvement of the software supporting the educational
process and development of a similar software for universities and other private and public
institutions and on a licensed system for simultaneous translation created for the needs of the
business and others. The company annually participates in various IT forums and exhibitions
for extending its activities beyond the country. The management’s expectations are to
significantly enter on new markets in the beginning of 2008.
Maria Patarinska, 27 years old, from Botevgrad
Financial & Accounting Service Ltd., loan: $ 4000
The project aims to offer modern and prompt services of high quality including financial and
accounting services and audit. Maria has two years of experience in accounting and she has
already chosen her future office. It will be situated in the centre of Sofia which gives additional
benefits related to potential customers. The whole project requires about 12 000 BGN. Youth
Business supports Maria’s company with $4000 and the rest of the sum will be covered from
personal savings and a bank credit.
Deiana Dragoeva, 30 years old, from Sofia
Part-time and daily nursery school for children in early ages, loan: $ 4000
The idea for creating a nursery school came to Deiana when she first became a mother and realized the difficulties of combining professional
and family responsibilities. Her children`s center is a start-up business and will offer a variety of educational and social activities for children
aged 1-6. The school will also offer a variety of classes, forums and interest clubs (dancing, singing, sports) with the participation of parents
and professionals in the certain field. Parents will also receive consultations about the questions concerning the health, physical training,
education and the whole process of bringing up a child within the forum “I need an advice”. Presently Deiana has found the perfect place for the
school and is in the process of overhauling and upholstering the place. Her expectations are to have it finished in November so that she can
move to the next step of her project.
Elitsa Dimitrova, 27 years old, from Ruse
Children`s centre “Vulshebstvo”, loan: $ 4000
Elitsa`s idea for a children’s club in the town of Ruse combines opportunities for educational courses, part-time care for children and organizing
of parties and other special events gatherings. The club is also a nice opportunity for the parents to take a rest while their child is being taken
care of at a coffee corner. Currently the children`s club offers art classes, language classes and organizes different competitions. One of the
most preferred classes are the birthday workshops where the children make their own presents. The parents and the community accept Elitsa`s
idea more than well.
Todor Kolev, 22 years old, from Sofia
Creation and implementation of prototype server product – Adobe Flex Data Services for Microsoft. Net Framework, loan: $ 4000
The unique software will enable the communication and help the developers concentrate on the real business applications thus saving time and
resources. The whole project amounts to 500,000 BGN. For the past six years Todor has been working for Gugga, an experienced software
company, as a software developer and the new product will be developed as a partnership between Gugga and Todor Kolev`s Ltd. under the
name of Gugga Data Services.
Manager For A Day
The “Manager for a Day” initiative is designed to provide high-school students with the opportunity to experience the personal and academic
demands of daily business operations. Furthermore, Manager for a Day promotes experiential student learning and fosters productive
relationships among business, education and the community. Each year leaders from all walks of life serve as role models to young people by
transfering their knowledge and practical experience in a partnership with students.
One thousand and four hundred students, more than 220 companies and government institutions took part in the Manager for a Day 2007
initiative held on March 12. Traditionally, Manager for a Day is held under the patronage of the Ministry of Finance. Minister Plamen Oresharski
signed the first internship contract for a day. This year, the Minister of Education and Science Daniel Valchev, the Minister of Economy and
Energy Rumen Ovcharov, and the Minister of State Administration and Administrative Reform Nikolay Vasilev joined their colleague Oresharski
as participants and supporters of the initiative.
“I realized how big the responsibility a minister carries is and how important the decisions he has to make are and I am convinced this is not a
task everybody is equal to. I want to thank all the people who devoted skills, time, and efforts to teach and help the others, because they
develop skills that are useful throughout one’s whole life, because their contribution changes lives, as it changed mine!”
Rositsa Kirilova – Varna, Minister of Education and Science for a Day
Official Launch of the First Center for Entrepreneurship
On November 27, 2006, the official opening of the first JA Bulgaria Entrepreneurship Center in Sofia’s High School of Architecture,
Construction and Geodesy took place in the presence of Minister of Economy and Energy Rumen Ovcharov, USAID Mission Director Michael
Fritz and many other special guests. The Center is launched as part of a joint project of JA Bulgaria and the Ministry of Economy and Energy
called “Center for Entrepreneurship – Student Company”. The major aim of the Center is to develop the economic and business knowledge and
shape and stimulate the economic way of thinking and entrepreneurship behavior among the graduating students from the non-economics
vocational high schools. The Center supports the vocational non-economic high schools in elaborating entrepreneurship strategies and
programs, stimulates the links between schools and business, helps students develop important social skills such as teamwork, responsibility
and self-discipline, risk assessment and management skills, personal initiative and creativity, business ethics, etc. The Center gives students
studying JA Bulgaria’s programs the opportunity to have regular contacts with representatives of business in a working atmosphere and also
works in order to improve the qualification of the teachers who consult the student companies as well as of the managers of the companies. A
Business Club was created as a part of the Center for Entrepreneurship which facilitates the establishment of a lasting partnership with
business. To that end, the Business Club organizes different initiatives such as roundtables, internships and others.
2007 – A Year of Awards for JA Bulgaria
JA Bulgaria received the Best Practice Award from JA-YE Europe at the Annual Meeting of JA-YE Europe in May, 2007 in Brussels. Such
awards are given for the first time in Europe, and it was a real honor for both the Board and the staff of the organization to have this recognition
on part of the European network.
In 2007, Mita Georgieva was awarded the JA Worldwide 2007 Teacher of the Year Award for her “excellence, innovation, and effectiveness
in teaching economics” and for her ten years of dedicated involvement with Junior Achievement Bulgaria. Leveraging her reputation as a noted
expert in the field of education, she was instrumental in helping build the relationship between JA Bulgaria and the Bulgarian Ministry of
Education and Science.
Ms. Georgieva has also helped raise the profile of Junior Achievement Bulgaria in the local media promoting Junior Achievement’s innovative
entrepreneurship, work readiness, and financial literacy programs for young people. Since 1997, she taught JA Worldwide programs in her
classes, reaching an estimated 1,000 students. She also works with JA Bulgaria to recruit volunteers by sharing her experiences. Ms.
Georgieva helped adapt JA Worldwide programs for use in Bulgaria, and developed case studies and exercises which reinforce the program’s
lessons on entrepreneurship, financial literacy and work readiness.
JA Bulgaria was also awarded the 25,000-dollar 2007 Entrepreneurial Award of JA Worldwide and the MetLife Foundation. MetLife, a long
time JA partner, has a desire to be engaged in advancing the JA mission and recognizes the need to provide JA members with incentives to
identify and implement innovative ideas.
HP Responsible Business Ideas European Contest – in 2007 the contest was won by the Bulgarian student Viktoria Zogova from Velingrad
for her idea to address the global potable water shortage locally through a mechanical household system for water purification called “Crystal
JA Bulgaria CEO Milena Stoycheva was awarded the 2007 JA Wordwide Platinum Individual Achievement Award.
JA-YE Alumni Business Club Bulgaria
JA-YE Alumni Business Club Bulgaria started its history in October 2000, when four enthusiastic former JA students established it. During the
years its structure changed, its members increased but its values and vision remain the same. JA-YE ABC considers it is important to
encourage and help young Bulgarians to understand business, value free enterprise and be workforce ready for the challenges of the future,
and that is why it shares JA Bulgaria’s mission and values. Being one of the founders of JA-YE Alumni Europe, Alumni Business Club Bulgaria
was among the participants in the first JA-YE Alumni Conference held in Lithuania 2004.
Apart from helping JA Bulgaria, we have our own projects to work on. We are a socially responsible organization and we believe that our
activities assist in the selection and recruitment of the future business leaders in our country. Therefore we reach the best JA students; share
knowledge, experience and responsibilities; develop business skills of the alumni members. At the same time we have the opportunity to
develop as individuals, acquire and later teach organizational and entrepreneurial skills, communication and teamwork abilities. To achieve our
mission we rely on excellence, responsibility and quality.
During the 2006/2007 school year, JA-YE Alumni Business Club Bulgaria organized the 4th JA-YE Alumni Conference and supported different
events such as: the final round of “Virtual Enterprise” competition, “Manager for a day ®”, “Best Student Company of Bulgaria 2007”
competition, etc. These activities and projects helped us build a reliable and working organization that provides its members possibilities to gain
knowledge and develop interpersonal skills by following the JA mission and goals. As a result we have set up “The most innovative product”
award; published the first Alumni Bulgaria newsletter “Together”; and recruited around 40 new members in ten different Bulgarian towns.
4th JA-YE Alumni Conference – 17-21 July 2007 – Sofia
The European Alumni conference is an annual meeting that brings together the JA-YE alumni from all over Europe for training, workshops,
roundtable discussions, cultural management, sharing of best practices, and networking. The 4th Annual Alumni Conference was held in Sofia.
Alumni Business Club of JA Bulgaria handled all the logistics of the event.
The purposes of the Alumni Conferences are to build and strengthen the network within former JA-YE students across Europe; to inspire the
delegates to get further involved with the JA-YE alumni work in their countries; to motivate alumni organizations in JA-YE member countries to
continue supporting their home country JA organizations at both national and international level after the conference; to engage JA-YE alumni
directly in the coordination and implementation of youth activities and enterprise programs of the JA-YE organizations; to instill in young people
the value of volunteering, sharing and networking; to improve quality and increase innovation throughout our network by encouraging more
exchange between JA-YE Alumni member nations.
JA Bulgaria Christmas Fun-Raisers 2006 and 2007
In the beginning of December 2006 and December 2007, JA Bulgaria held its traditional Christmas Fun-Raiser parties and celebrated together
with friends and partners the year’s accomplishments. During the whole night The Jazz Big Band of Bulgarian National Radio and a DJ
performed a selection of popular and loved songs to entertain all of the guests, who had a chance to enjoy the impressive menu of Flannagan’s
and to win big raffle prizes, provided by our sponsors. Later in the evening Santa Clause Junior & Little Snow-white joined the party as special
guests and rewarded the lucky ones with a whole bag of surprises and attractive gifts, among which weekends in 5-star hotels and spa resorts,
travel packages, sports treats and many more.
Santa Clause’s assistants and partners 2006 – special thanks to:
Raffle Sponsors 2006:
Santa Clause’s assistants and partners 2007 – special thanks to:
Raffle Sponsors 2007:
Report of the Auditors
TO THE MANAGEMENT OF FOUNDATION “JUNIOR ACHIEVEMENT BULGARIA”
I have audited the accompanying balance sheet of FOUNDATION 'JUNIOR ACHIEVEMENT BULGARIA' as of 31 December 2007 and the
related statements of income, of cash flows and of changes in equity for the year then ended. These financial statements are the responsibility
of the Foundation's management. My responsibility is to express an opinion on these financial statements based on our audit. I conducted my
audit in accordance with the International Standards on Auditing. These Standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management as well as evaluating the overall financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion the financial statements present fairly, in all material respects the financial position of the Foundation as of 31 December 2007
and the results of its operations and its cash flows for the year then ended (in accordance with the National Accounting Standards).
March 18, 2008
Certified Public Accountant
Report of the Auditors
JUNIOR ACHIEVEMENT BULGARIA
Balance Sheet as of 31 December 2007 in BGN Currency
Amount in BGN’000 Amount in BGN’000
Sections, groups, items Current year Previous year Sections, groups, items Current year
A. Fixed (non-current) assets 60 60 A. Equity 83 76
I. Tangible fixed assets net of
7 12 I. Subscribed capital
II. Intangible fixed assets net of
5 6 II. Reserves 83 76
III. Long-term financial assets 48 42 III. Financial result
B. Current assets 236 44 B. Liabilities 73 28
I. Inventories 14 7 I. Long-term payables 4
II. Short-term receivables 22 6 II. Short-term payables 69 28
III. Short-term financial assets 200 31 III. Provisions
C. Deferred expenses 1 C. Deferred income and financing 141
TOTAL ASSETS 297 104 TOTAL EQUITY AND LIABILITIES 297 104
Ammount in BGN'000 Ammount in BGN'000
EXPENSES current year previous year REVENUES current year previous year
А. Operating expenses 231 221 А. Operating revenues 291 291
I. Operating expenses 243 97 I. Grants and subsidies 4 279
II. Administrative expenses 151 115 II. Other net revenues 234 12
III. Financial expenses 12 9III. Revenue from sales 167
IV. Investment earnings 3
V. Exceptional income 5
B. Operating profit B. Operating loss
C. Extraordinary expenses C. Extraordinary income
D. Total revenues before
D. Total expenses before taxes 406 221 413 291
E. Accounting profit 7 70 E. Accounting loss
F. Tax expenses F. Tax revenues
G. Net profit 7 70 G. Net loss 29
TOTAL 413 291 TOTAL 413 291
Sponsors / Contributors to JA Bulgaria and Partners:
Ministry of Economy and Energy British Embassy
United States Agency for International British Council Bulgaria
Development Peace Corps Bulgaria
Balkan News Corporation (bTV)
Capital Weekly Newspaper Balkan Children and Youth Foundation
Dnevnik Daily Newspaper Hewlett-Packard Europe
Citi Free and Democratic Bulgaria Foundation
Globul Bulgarian International Business Association (BIBA)
Microsoft Bulgaria CNsys
Publicis / MARC Porsche Bulgaria
Hewlett-Packard Bulgaria M3 Communications Workgroup
Nestle Bulgaria Deloitte Bulgaria
GE (General Electric) Right Rental
Darik Radio Manager Magazine
Coca-Cola Company Scena Magazine
Sviloza Inc. Bulgarian Charities Aid Foundation
Ministry of State Administration and Grand Hotel Sofia
Administrative Reform Congress Engineering
Vapcarov AD Karieri.bg
Boni Bonev JA-YE Alumni Business Club Bulgaria
Ministry of Education and Science Radisson SAS Grand Hotel
Ministry of Finance Estee Lauder
Ministry of Culture Avon
JA Worldwide Ecopack
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