Let's say that you're a young entrepreneur looking for business advice. Would you rather read a dozen advice books or would you choose to hear directly from some of the country's leading entrepreneurs? Like most people, you probably prefer to get your wisdom straight from the experts themselves.

More than 1,300 student entrepreneurs enjoyed this rare opportunity when they gathered in Chicago at the recent College Entrepreneurs' Organization (CEO) annual conference. The students came to hear presentations from top business leaders, network with their peers, participate in how-to-do-it workshops and compete for awards. The conference also hosts sessions focusing on technology ventures and creative arts businesses.

YOUNG MONEY served as a co-sponsor of the event and we compiled some of the best thoughts offered by the speakers who appeared.

"Welcome to the insanity."

Jade Bourelle, president and CEO of a Canadian software firm and committee chair for the 2007 Global Student Entrepreneur Awards, discussed the challenges faced by college students. Student entrepreneurs often have their attention divided between paying their bills, running a business and getting an education. But Bourelle thinks that the real test comes when a student must take a leap of faith in order for his/her business to grow.

"You realize that the business needs more of your attention so you have to drop one of those jobs," said Bourelle. "Welcome to the insanity."

"Did I contribute something meaningful?"

Jeff Sandefer, president of Sandefer Capital Partners and co-founder of the Acton School of Business, inspired conference attendees with his message on the value of service to humanity and keeping high ethical standards in the workplace. He explained that one's life should not revolve around personal accomplishments but rather on what you have done for others.

"It's not about you, yet it's all about you," said Sandefer.

Sandefer rejected the notion that true success is measured by how much money or power a person accumulates. Instead, he suggested that everyone's life will eventually be defined by how well they answer the following three questions: "Did I contribute something meaningful? Was I a good person? Who did I love and who loved me?"

"Either you're an entrepreneur or you're not."

Keynote speaker Jay Goltz, founder of Artists Frame Service, Inc., and author of "The Street-Smart Entrepreneur," addressed the real meaning of the term entrepreneur. Goltz said he takes offense at people who are not business owners but still describe themselves as being "entrepreneurial."

"There is no such thing as entrepreneurial," he said. "Either you're an entrepreneur or you're not."

Goltz argued that while business owners must learn about marketing, management and finance, no one can ever expect to be an expert in all three areas. He also surprised some attendees by declaring that business plans are overrated because they rarely mirror reality. Instead, young entrepreneurs should focus on learning how to build a strong business team.

"Hiring workers is probably the most important thing you will do in business," said Goltz. "And yet maybe one percent of entrepreneurs has had training in hiring people."

"Think, act, and feel."

"Your ability to think, act and feel generally plays out to your advantage," said Michael VanGrinsven, director of field recruitment for Northwestern Mutual Financial Network, during his presentation on how to develop mental toughness.

He explained that "pre-playing" an event in your mind beforehand can give you added confidence stemming from a feeling that you have already successfully completed the challenge. VanGrinsven recalled his using the same technique to visualize running in a marathon before the actual race took place.

"Preplay the experience versus replay the experience," he said. "The more you can replay the experience to a degree, the more successful the experience will be."

"Sometimes [failure] just stinks!"

"Conventional wisdom tells us that there is always something to learn from failure," said conference speaker and serial entrepreneur Barry Moltz. "Not true. Sometimes it just stinks!"

Failure that offers no real learning value becomes a big jolt to the basic business belief system, according to Moltz, author of "Bounce! Failure, Resiliency and the Confidence to Achieve Your Next Great Success." He believes that both success and failure are simply outcomes in the lifecycle of business where repetition is inevitable and overall process matters more than any single event or outcome. Moltz emphasized that developing the resiliency to "bounce" through these cycles determines who ultimately will succeed.

Moltz explained that the reason he always mentions his business failures along with his successes is so that audiences can better relate to him since we've all had both experiences at some point.

"With this realization, my audience is more able and ready to listen and learn from what I have to say," said Moltz.

Does your school have a CEO chapter? Check out www.c-e-o.org to find out more about membership.

© 2007, InCharge® Education Foundation, Inc.