1. Annual Report
2008
Bulgaria

2. 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 more than 20,000 students throughout Bulgaria. JA programs were taught by 782 teachers in 607 schools and
5 universities during the academic 2007-2008. 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...
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
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3. Letter from the Chairperson of the Board of Directors of JA Bulgaria
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. 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.
Several of JA Bulgaria’s main events and programs are implemented in fruitful partnership
with the major business associations (Confederation of Employers and Industrialists in
Bulgaria - CEIBG, AmCham, Bulgarian Business Leaders Forum), members of the cabinet
(Ministry of Finance, Ministry of Economy and Energy, Ministry of Education and Science,
Ministry of Culture, Ministry of Foreign Affairs, Ministry of Labor and Social Policy) and
media (bTV, Dnevnik, Capital, Manager, Darik Radio). More than 220 corporations,
companies and government institutions volunteer to host students in Manager For a Day
and over 40 businesses and government entities support JA Bulgaria operations each year.
JA Bulgaria CEO Milena Stoycheva was elected Europe’s CEOs Round Table chairperson
for the period 2006-2008, which is a proof of the professionalism and quality of work of the
organization in Bulgaria and of its active participation in the activities of the European and
global JA network.
Sasha Bezuhanova JA Bulgaria established itself as the major provider of quality entrepreneurship education
for school-age kids. Its business programs are very much valued for some of the unique
opportunities they provide to the schools and students: hands-on education, opportunities
for higher teacher qualifications, exposure to international competitions for best performing
schools and competitive advantage for attracting more students to the schools participating
in the programs. JA Bulgaria makes a true impact on the lives of young people in Bulgaria
and is instrumental in the creation of entrepreneurial culture and environment in the
Chairperson, JA Bulgaria Board of Directors country.
General Manager, Hewlett-Packard Bulgaria
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4. 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. The growing
significance of the ability to communicate and connect with people, to work in networks and
synergize, to uphold values and embrace socially responsible causes means that success
is also measured in terms of the added value of “soft skills”. Bulgaria cannot afford not to
educate young people in these skills and attitudes which will help form a society of active,
informed and confident citizens.
In 2008, JA Bulgaria continued successfully to work towards achieving that goal by
providing more and more students the opportunity to experience the benefits of hands-on
economic education. We enlarged our joint project with the Ministry of Economy and Energy
of Bulgaria for the creation of entrepreneurship centers in vocational high schools. The
centers provide students participating in the Student Company program with modern
working environment and methodological support that facilitates the functioning of their
mini-enterprises. The project encompassed one new vocational high school and continued
the support for two others.
In 2008, Junior Achievement Bulgaria organized national competitions in JA Titan, JA
Banks in Action, JA Company Program, JA Graduate Company Program, Skills@Work,
numerous initiatives, conferences, and roundtables, directed at promoting the
entrepreneurship education agenda and developing long-term partnerships with the
business community and the public institutions. JA Bulgaria is recognized by all
stakeholders as an agent of change and modernization in the Bulgarian educational
system.
JA Bulgaria received the prestigious Model Organization Award given by JA-YE Europe to
Milena Stoycheva JA organizations in recognition of the quality of their board, management, and operations,
their impact and programs at all age levels from primary school through to university and
their contribution to the overall success of the JA-YE Europe network.
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”. Our
CEO, Junior Achievement Bulgaria message to all young people is be pro-active, take advantage of the opportunities, be bold!
We have to be the change we want to see in the world!
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5. 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
TRUSTEE COUNCIL:
Mr. Peter Popov Curtis/Balkan
Mr. Peter Ivanov Cisco Systems Bulgaria
Mr. John Ayersr Consultant
Mrs. Tanya Boyadjieva Deloitte
JA AMBASSADORS AROUND
THE COUNTRY:
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
JUNIOR ACHIEVEMENT
BULGARIA’S STAFF
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. Ralitsa Likomanova Accountant
Ms. Maria Karayotova Office Manager
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6. Calendar of Events: January 2008 – December 2008
February 2008
22-23 Globul Training for student companies, Sofia, Globul office
March 2008
18 National Manager for a Day initiative
April 2008
4-6 International Trade Fair – Linz, Austria
22-23 Third National Student Conference – Elieff Center, Sofia
May 2008
5 National Competition “Virtual Enterprise” – Varna
14-15 JA-YE Europe Innovation Camp – Brussels
27 Banks in Action National Competition – Sofia
June 2008
12 Competition Best Graduate Student Company of Bulgaria – Sofia
16 Competition Best Student Company of Bulgaria – Sofia
25-27 Competition Best Graduate Student Company of Europe - Brussels
July 2008
24-26 Competition Best Student Company of Europe – Stockholm
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7. Calendar of Events: January 2008 – December 2008
September 2008
9-12 Annual Teacher Training – Sofia
October 2008
11 Official launch of the Center for Entrepreneurship in Vocational School of Forestry and Woodprocessing in Teteven
14 Conference “Creation of a network of Entrepreneurship Centers in vocational schools” – Sofia
November 2008
19-23 Global Entrepreneurship Week hosted by Junior Achievement in Bulgaria
18 Roundtable “New generation entrepreneurs in Bulgaria – Opportunities and Challenges”
21 Open House Day
22 Juniors in Action national initiative
December 2008
14 National Skills@Work Competition
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8. Annual Report | Program Statistics, 2007-2008
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9. 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.
PROGRAMS:
Ourselves (5-7 year olds)
Our Families (7-8 year olds)
Our Community (8-9 year olds)
Our City (8-10 year olds)
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.
Global Marketplace
Provides practical information about the key aspects of the global economy, what makes world trade work, and how trade affects students’ daily
lives.
EVENTS:
Juniors in Action
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10. Juniors In Action®
JA Bulgaria put the entrepreneurship talents of first-graders to a test
Junior Achievement Bulgaria challenged the entrepreneurship talents and
creative thinking of young students (first to fourth grade) for the third year in
a row in a hotly-contested “Juniors in Action” competition. The initiative is a
final test in Junior Achievement’s specialized education program which
stimulates the business thinking of the youngest students. This year, the
event was the last of a series of events within the Global Entrepreneurship
Week in Bulgaria. The annual initiative was held under the patronage of
Sofia Municipality and the mayor of Sofia Boyko Borisov.
The main goal of Juniors in Action is to provoke the kids’ ideas about the
ways different entrepreneurship activities and professions can be carried
out. More than 200 students from all over the country, aged 6-12, took part in
Juniors in Action on November 22, 2008 in Sofia’s Universiada Hall. The
kids had the task to think of different professions for all of the members of
their teams and explain on the stage what their duties and responsibilities
are. The motto of the competition was “My future career in our city”. The
students also had to draw the future profession they dream of undertaking.
The students were very energetic and creative, especially at the end of the
competition when they had to present their professions in front of all guests.
All participants received certificates. Official guests of the event were Sasha
Bezuhanova, chair of the Board of Directors on JA Bulgaria and general
director of Hewlett Packard Bulgaria; representatives of Sofia Municipality;
Antoaneta Apostolova, mayor of Slatina region in Sofia; Andon Ichev,
national advisor for General Electric.
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11. 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
people.
PROGRAMS
JA Student Company
JA Economics
Leadership and Success Skills
Globe – retiring in 2008-2009 school year
TTBiz – retiring in 2008-2009 school year
JA Business Ethics
Banks in Action
JA Titan
Youth Business
Graduate Student Company Program
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.
EVENTS
HP Responsible Business Conference
Best Student Company of Bulgaria Competition
Best Graduate Student Company Competition
Manager For a Day
National Competition “Virtual Enterprise”
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12. VIRTUAL ENTERPRISE 2008
Junior Achievement Bulgaria gathered 24 school teams from all over the country to test their abilities in the national student competition "Virtual
Enterprise". The initiative was held for the eleventh year in a row. This year the finals were held in Varna. The Virtual Enterprise competition
which is part of the annual calendar of the Ministry of Education and Science is a computer simulation for business management organized on
national, European, and global level under the title Hewlett-Packard Global Business Challenge. In the simulation, the virtual companies test
their business skills with the task to introduce an imaginary innovative product at the market. They all start their business under equal
conditions and have to consider carefully the real market situation and the macroeconomic policy when making their decisions. The following
major criteria were taken into account for determining the winners - price of the product, quantity, distribution channels, investments in factory
equipment, funds invested into R&D, etc. The final ranking is based on the so-called Index of Market Performance, which compares the results
according to the criteria that were set in advance.
In 2008, around 90 students grouped in 24 teams reached the finals. They came from 7 different Bulgarian towns - Plovdiv, Varna, Kazanlak,
Vratsa, Targovishte, Pleven, and Sofia. They were divided into 3 markets where they competed against each other. The first places in each
market were occupied by the teams Energy from Plovdiv, Vzel dal from Kazanlak, and DantroFL from Plovdiv. This year's virtual race in
Bulgaria was organized with the active support of Microsoft Bulgaria. "For us at Microsoft it is very important to encourage the development of
innovation and entrepreneurship, so that young people realize their potential here in Bulgaria. An IDC survey for Europe shows that 97% of the
kids in kindergardens want to develop their ideas, to experiment and have their own business; among students in the universities this
percentage falls to 7%, whereas in reality only 4% really become entrepreneurs and develop their own business. It is our responsibility to
encourage people to experiment and make their dreams come true", shared Ognyan Kiryakov, Microsoft Bulgaria CEO.
To view photos from the competition, please visit our gallery. With the support of:
Gold sponsor:
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13. Best Student Company of Bulgaria 2008
On June 16, 2008 more than 40 student companies from all over Bulgaria competed for
the eleventh year in a row for the title “Best Student Company of Bulgaria”. The contest
took place at the Radisson SAS Hotel in Sofia. The three best student companies
presented their products and services in front of the whole jury and audience.
The jury assessed the real business principles that drive the companies and whether
they provoke an urge for maximum competitiveness in the businesspeople-to-be. The
big prize went to student company Bio World from Plovdiv. The company impressed the
jury with its interactive educational program in physics and biology for seventh-graders
which is distributed on CD. The same company took another prize – for most innovative
product bestowed by the JA Alumni Business Club. The big prize for the winners was
the opportunity to represent Bulgaria at the JA-YE European competition for best
student company in Stockholm, Sweden. The runner-up prize went to student company
IdeaInspirers from the Sofia High School of Construction, Architecture, and Geodesy.
The company produces rulers for measuring and drawing using a highly-precise laser
technology. Another Plovdiv company took the third place – Smart, which is interested in
the floriculture business and the production of flowers that grow in eco-soil.
The competition was held under the general sponsorship of Globul for the second year
in a row. The initiative was also supported by: Ministry of Economy and Energy, Nestle
Bulgaria, Citibank, Helwett Packard. Media partners were bTV, Economedia, Fame
Cards.
Main partner: With the support of:
Media partners:
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14. JA-YE European Company of the Year Competition 2008
In partnership with DG Enterprise, European Commission,
Stockholm, Sweden
The winning teams of the best student company competitions in 33 different European countries shared three hectic days of sales, preparation
of stands, presentations, and interviews with judges on July 24-26 in Stockholm. The 19th JA-YE Europe Company of the Year competition
was held open-air at the heart of Sweden's capital - the King's Garden.
The teams rivaled for the big title of European Student Company of 2008 and for the awards for Best Impact Stand (bestowed by the Swedish
Region Skane), the Fedex Global Impact Award (the winning team had to show an understanding of the international trade component of their
product, as well as show environmental awareness), and the HP Responsible Business Award (for excellence in corporate and social
responsibility). The Bulgarian student company Bio World from Plovdiv attracted the attention of the visitors to the trade fair and realized sales
of its product - multimedia guides in physics and biology for 7th and 8th grade.
A glamorous ceremony at the world-famous Stockholm City Hall where the Nobel Prizes are given out each year marked the conclusion of the
three-day event. Hosts of the show were the Swedish band "Tripple and Touch" who entertained the hall for more than 4 hours with songs and
sketches.
The big prize for European Company of the Year went to the student company Image.BB (Germany). The company created a high-quality
multilingual image film about the city of Boeblingen with information about the history, economy, culture, sport, quality of life, and future of the
city. The film had a public screening at the city cinema and elicited the positive response of the deputy mayor of the city. Thus, they
successfully advertised and turned into an attraction a small German city which most of the people had never heard of before.
The selection process for the big winner involved stage presentation in front of the jury and audience, interview with the jury at the stands, and
panel interview with the jury.
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15. Best Graduate Student Company of Bulgaria 2008
Junior Achievement Bulgaria held the first-ever competition for best graduate student company in Bulgaria on June 12 at Hilton Hotel in
Sofia with the kind support of Nestle Bulgaria. Nestle was the main sponsor of the Graduate Company program for 2008. The contest was
jointly held with Microsoft Bulgaria's Innovation Forum. Six graduate student companies from five Bulgarian universities took part in the
contest. They managed to develop and offer intriguing products on the market in the course of only a few months during the second
semester of the academic year: mobile phone skins with various designs which the client can customize according to his own
preferences; training bike that is suitable to use in the office and is entirely discreet; magazine that offers information about career
development and targets exclusively the young people; event management through unusual show programs with music and colorful
costumes; eco-bags made of recycled paper; luxuriously-looking wooden trash bins and complete solutions for landscape planning and
design of green spaces.
The jury which consisted of leading managers from Nestle Bulgaria, Microsoft Bulgaria, APRA Porter Novelli, General Electric, and Active
Business Solutions, chose YPM from Sofia University as the best graduate student company for its overall performance, innovativeness
of the business idea, business documentation, design of the stand, presentation skills, and potential for future investment and growth.
The winners went on to represent Bulgaria at the European contest for best graduate student company in Brussels. The special award for
most innovative product given by Microsoft Bulgaria went to graduate student company Fat Burner from Ruse University.
General sponsor:
With the support of:
Media partner:
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16. European Enterprise Challenge 2008
The Bulgarian graduate student company "YPM" participated
in the JA-YE Europe Enterprise Challenge 2008
YPM publishes a career development magazine “Start Point” targeted at
young people. The magazine is a monthly issue distributed for free at sites
such as universities. It provides students with information about current
events and topics related to business, education and career development.
YPM tested the competitiveness of their business idea and the company itself
in a contested competition with more than 50 young entrepreneurs from 9
European countries. The student company "Mensa Heating" from Denmark
won the competition for their environmentally friendly terrace heater which
can be easily placed underneath the table, offering a pleasant feeling to the
client. The product reduces the use of energy by 68% compared to the normal
terrace heaters used today.
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17. First ever JA-YE Innovation Camp in Brussels
The JA-YE Europe Innovation Camp is a 24-hour intensive idea
generating workshop where students gather in order to address a
specific business challenge to come up with ideas which would
solve the problem. The team members may not know each other,
have to adapt to one another quickly and find out how to work
together most efficiently. While applying the principle of “learning
by doing", the students are able to develop their interpersonal as
well as problem-solving skills and learn to work under very tight
deadlines.
During the first Innovation Camp in May in Brussels, Nokia
challenged 80 students from 12 European countries with a task in
relation to Nokia’s activities. All teams had to think of an innovative
and ecologically-friendly technology with a great impact to people
in the future. The students had to propose a solution within 24
hours, given access to tools, information and resources. Bulgaria
took part in the challenge with three students from the Model
Mathematical High School in Plovdiv. The teams had to present
their business plans in front of all participants and a professional
jury that consisted of Nokia, JA-YE and European Commission
representatives. The main criteria included feasibility of the
business idea, innovation, ecological issues and team work, and
presence at stage.
The five finalists` ideas were: computer bag with a solar panel and
a shaking system that automatically recharges your laptop
(winner); intelligent shoes with a GPS sticker on them; expire
assistant that scans all your receipts from the supermarket and
warns you when each item in your fridge expires; sticker with Wi-Fi
sender that might be used by governments as a tracking method;
system for mobile phones that simultaneously translates audio to
audio while talking in different languages.
The Bulgarian participants at JA-YE’s Innovation Camp
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18. Manager for a Day 2008
Students took over the management of three ministries and more
than 190 companies for one day
For the seventh year in a row “Manager for a Day” gave the opportunity to
hundreds of young people to work with top managers and ministers and to
spend one real business day in their companies and ministries. The young
students who make their first steps in the development of
entrepreneurship culture and management skills saw how the knowledge
they acquire at school is put into practice at the host companies.
Traditionally, “Manager for a Day” was held under the patronage of the
Ministry of Finance. “I participate in Junior Achievement’s initiative for yet
another year because I am convinced that the future of the country is in
the hands of young people. Their development however is our
responsibility. For this reason I consider it my personal cause to support Minister of Finance Oresharski (center) with the
activities in which the state and business together lend a hand to our “minister for a day” Preslav Mitranov (left) from
children”, said Minister Oresharski. Another three ministers joined the National High School in Business and Finance.
initiative this year – Ministry of Economy and Energy, Ministry of Labor
and Social Policy, and Ministry of State Administration and Administrative
Reform. Another active participant was Sofia Municipality with its seven
deputy mayors sharing their administrative experience to their young
colleagues.
More than 190 leading Bulgarian and international companies in 46 cities
opened their doors to the young entrepreneurs. Sasha Bezuhanova, JA
Bulgaria’s Board of Directors Chairperson, turned to the students, saying:
“Today we give you the opportunity to see what the real business
environment feels like, so that tomorrow you have that knowledge and
experience. “Manager for a Day” is a unique initiative which makes us
forget the differences between big and small and remember that
knowledge is passed on from generation to generation, and that
experience is gathered through a lot of practice.”
This year, another 7 cities held an official opening ceremony for “Manager
for a Day” – Ruse, Plovdiv, Pleven, Varna, Burgas, Byala Slatina, and
Velingrad. 18

19. Manager for a Day 2008
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20. International JA-YE Trade Fair in Linz, Austria
Three hundred and seventy-five young entrepreneurs from 17 European countries participated in the annual European trade fair for student
companies which took place in Linz, Austria, on April 4-6, 2008. Bulgaria was represented by the student company JA WOW from Velingrad.
They produce hand-woven cases for cell phones, bags with Rhodopian ethno motives and elements, socks, scarves, etc. The traditional
Bulgarian motives are based on the young entrepreneurs' desire to preserve the customs of their region. The motto of JA WOW! is "Looking
into the future, we remember the past". The young managers from JA WOW! taught Austrian citizens how to dance traditional Bulgarian "horo"
and showed them how to knit socks and to paint Easter eggs.
The Italian company YouVisit.it was awarded the big prize for developing a website which gives tourists information about the remarkable sites
in the students' home region. The best stand award went to Flexcup who produce cups for beverages. A student company from Denmark won
the award for most innovative product with its sensor system for typing PIN codes.
Third National Student Conference
More than 120 students took part in the conference that is already a tradition for JA Bulgaria. During the first day, the participants discussed
issues of responsible business, best practices and principles of work that make the company a responsible contributor to society. The
conference was supported by Hewlett Packard Bulgaria whose employees took active part in the discussions serving as business consultants
during the group work. The students received real-life cases to which they had to find the most appropriate, innovative and socially responsible
business solution. The joint project of Hewlett Packard and Junior Achievement encourages future entrepreneurs to combine their pursuit of
financial profit with society’s best interests and the commitment to give back to their communities.
During the second day, a heated discussion about intellectual property and author’s rights unfolded. The second day of the conference was
held under the patronage of the Ministry of Culture. The students had the opportunity to learn more and share their views on the hot social topic
of Internet piracy. The different stakeholders on this significant issue were represented by famous Bulgarian artists and influential lawyers. Vasil
Gyurov, a famous Bulgarian rock musician, shared with the students: “Stealing from others, every intelligent person is actually stealing from
himself. Think about this next time when you decide to download a movie or mp3 from the web.” The conference was part of a project of Junior
Achievement Bulgaria and the Ministry of Culture titled “Intellectual property – element of the culture of the young”. The goal of the project is to
foster an understanding of intellectual property as a moral right and to help form a conscious attitude among young people toward protecting it.
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21. First-ever Banks in Action competition in Bulgaria
Sixty high school students participated in the first national ‘Banks in Action’ competition held at the High School of Finance and Economy in
Sofia. The competition, organized by Junior Achievement Bulgaria, is part of the Banks in Action financial education program, run with the
support of Citibank N.A. – Sofia Branch, through a Citi Foundation grant. The students, forming 20 teams of 3, represented 15 schools from 10
towns throughout the country. During the day-long session, the students played the role of bank managers who had to take decisions on credit,
savings interest rates, etc in a dynamic and competitive environment. Citi volunteers supported the teams by providing counseling and
assistance.
Banks in Action is a financial literacy program specially developed by JA Worldwide and Citi and is implemented in over 28 countries in the
world with the financial support of Citi Foundation. It is a bank simulation program that teaches high school students basic skills and concepts
required to run a bank. In Bulgaria, the program was launched last year and now reaches 1000 students throughout the country. Citi is
supporting the program for the 2007/2008 academic year by providing a grant of $27,000 and volunteering time and expertise.
Stefan Ivanov, Citi Country Officer for Bulgaria, who attended the event said “The combination of the elements of competitiveness, teamwork
and the acquisition of knowledge in the sphere of banking and finance through the Banks in Action program, allows us to help the students
develop an interest in financial education and strive for excellence – qualities which will help them in the future irrespective of the choice of
professional realization.
The winners from The State High school in Finance and Business in Pleven, as well won the “Best Strategy” prize in the First National
Competition “Banks in Action”. “The great investments in R&D and Marketing helped us climb from the bottom to the first place despite the very
competitive market” – shared the winners. “First Runner-Up” went to the second team from Pleven. “Second Runner-Up” and the “Best
Recovery” prize went to the team from Targovishte.
Please, see photos from the event in our gallery.
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22. Global Entrepreneurship Week in Bulgaria hosted by Junior Achievement
Junior Achievement Bulgaria was the host for Bulgaria of this worldwide entrepreneurship initiative and celebrated its participation with a series
of events. A round-table “New generation entrepreneurs in Bulgaria – Opportunities and Challenges” set off the week in Bulgaria. It got together
Junior Achievement Bulgaria Board members, CEED Bulgaria (specialists in the consulting of business start-ups), the Institute for Market
Economy and young entrepreneurs. An Open House Day, with the partnership of the American Chamber of Commerce, saw business people
enter the classroom together with young 3rd and 4th graders from 73rd School in Sofia and experience the spirit of JA programs. Students and
volunteers worked in groups, solving problems, discussing topics from the lesson and answering questions. The topic was based on JAB’s
program “Our city”, which explores careers, the skills people need to work in those careers, and how businesses contribute to a city.
The exciting end to the Global Entrepreneurship Week in Bulgaria was the third “Juniors in Action” initiative, under the patronage of Sofia
Municipality and the motto “My Future Career in Our City”. “Juniors in Action” is a competition that fosters entrepreneurship among youngsters.
This year the students were given tasks related to their future career; working in teams they had to take on the job of different professionals and
explain their daily tasks and responsibilities. They also had to explain the reasons for their choice and list the abilities a person needs to be a
certain professional. Business volunteers mentored their work. More than 200 students from all over Bulgaria took part in the initiative.
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23. Skills @ Work National Competition – December, 2008
Junior Achievement Bulgaria and British Council in Sofia in partnership with the Ministry of Education and Science organised a very successful
national competition on 14 December. Skills @ Work is a joint project of JA-YE and British Council in 10 European countries, based on JA’s
concept of innovation camps. The national competition was included in the official calendar of competitions of the Ministry of Education and
Science. The 100 participants from 40 vocational schools in 37 towns from all over the country were selected out of 365 candidates who had
applied online to a nation-wide competition organised by JA Bulgaria. The applicants were asked to submit a solution to an environmental
business challenge on saving water and preserving diminishing water resources globally in a short essay.
The 100 finalists in the national competition were divided into 20 teams of 5 students. For a period of 6 hours they had to find a new way to
supply their homes with energy using already known or completely new energy sources. The challenge was given by the sponsor Overgas. The
solution had to be innovative, efficient, feasible and of social benefit. The teams also had to come up with a business strategy and a SWOT
analysis of their product and a good presentation of it. The jury, including two employers (directors in Overgas and Microsoft), representatives
from the Ministry of Education, JA and British Council, assessed the solutions of the challenge on the basis of previously agreed criteria.
The presentations themselves provoked great fun. Both the jury and the audience enjoyed the solutions presented in a fresh and amusing way.
Some of the proposed solutions were: a floor carpet producing energy while being pressed thus creating more energy the more you step on it;
blankets accumulating energy from human bodies while sleeping; satellite solar systems transforming solar energy into electricity and being
able to supply whole towns.
The first prize went to the SAVE THE ENERGY team who proposed an integrated approach for energy production and saving. The
SAVE THE ENERGY house combines three technologies to produce energy and one to preserve it. The team uses waste and rain waters and
steam to produce electricity and waste processing to produce bio gas. Their house has double thermal insulation to prevent the energy loss.
The system’s advantages are that it’s environmentally-friendly, uses waste products, assures maximal quantity of energy and prevents energy
losses. The main disadvantage is the high expenses for technical equipment. To overcome it the team proposed that the state contributes to
the construction of such houses up to 5% of its annual VAT income. The team promised to arrange for financial alleviations with municipalities
and institutions. It staked on a direct marketing strategy via public discussions with potential clients. Media and Internet advertisement had as
well a big share in positioning the product on the market.
The second award went to the ECO TEEN team. They will produce energy using the production process of alcohol drinks for the households.
The idea behind it is that while combusting the alcohol evolves big quantity of energy which rightly applied might be transformed into electricity.
It’s very innovative, as it uses the waste of the alcohol production process. The team stressed on its differentiated approach channelling low
quality, illegal and waste alcohol to electricity production.
The third award went to the SUNNY POWER team who proposed the construction of a Sun HemiSphere with a sensor movement to collect
solar energy and convert it into electricity. It’s a product especially developed for the households. It will decrease the electricity expenses of the
households and they will have a constant stream of lowcost energy. The production and installation price of the product is also attractive – 23
appr. 100 £. So, the producers would count on economy of scale to generate profit.

24. Skills @ Work National Competition – December, 2008
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25. Report of the Auditors
TO THE MANAGEMENT OF JUNIOR ACHIEVEMENT BULGARIA FOUNDATION
We have conducted an audit of the attached financial statements of the Junior Achievement Bulgaria Sofia Foundation including its Balance
Sheet as of 31.12.2008, Profit & Loss Statement, Statement on the Equity Capital Changes, Money Flow Statement for the year ending on this
date, and an overview of the substantial accounting policies and other explanatory notes.
The liability for the preparation and the correct presentation of this financial report in conformity with the International Financial Accounting
Standards is borne by the Management. This liability includes: development, implementations and maintenance of internal control system
related to the preparation and reliable presentation of financial statements without any material inaccuracies, inconsistencies, and
discrepancies therein, regardless of whether they are due to fraud or error; selection and application of appropriate accounting policies; and
preparation of reasonable accounting estimates in the context of particular circumstances.
Our liability is limited to the expression of auditor’s opinion regarding this financial report based on the audit conducted by us. Our audit was
conducted in accordance with the professional requirements set forth by the International Auditing Standards. It is an imperative of these
standards to abide by the ethical norms and that the audit be planned and conducted in a way as to persuade us to a reasonable extent that
the financial report is free of any material inaccuracies, inconsistencies and discrepancies. The audit also includes the implementation of
procedures aiming to collect audit evidence about the sums and representations made in the financial report. The procedures are selected at
the auditor’s discretion, including the risk assessment pertaining to material irregularities, inconsistencies and discrepancies in the financial
report regardless of whether they are due to fraud or error. While conducting such risk assessments the auditor is taking into consideration the
system of internal control related to the preparation and reliable presentation of the financial report by the Foundation, in order to develop
auditing procedures appropriate for the specific circumstances but not aiming to express opinion about the efficiency of the entity’s system of
internal control. The audit also includes assessment of the adequacy of accounting techniques applied and the feasibility of the accounting
estimates made by the Management and comprehensive evaluation of the presentation of the financial statements.
We believe that the audit conducted by us provides sufficient and appropriate background for the opinion we have expressed. Therefore we do
hereby certify that the financial report provides true and fair picture of the financial condition of Junior Achievement Bulgaria Foundation as of
31.12.2008, its business financial results and money flows for the year ending on this date in accordance with the International Accounting
Standards.
Sofia
March 16, 2009
Maria Vaklinova
Graduate Expert Accountant
Registered Auditor
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26. Report of the Auditors
JUNIOR ACHIEVEMENT BULGARIA
Balance Sheet as of 31 December 2008 in BGN Currency
ASSETS LIABILITIES
Amount in BGN’000 Amount in BGN’000
Previous
Sections, groups, items Current year Previous year Sections, groups, items Current year
year
A. Fixed (non-current) assets 39 60 A. Equity 85 83
I. Tangible fixed assets net of
4 7 I. Subscribed capital
accumulated depreciation
II. Intangible fixed assets net of
1 5 II. Reserves 85 83
accumulated depreciation
III. Long-term financial assets 34 48 III. Financial result
B. Current assets 233 236 B. Liabilities 122 73
I. Inventories 18 14 I. Long-term payables 4
II. Short-term receivables 35 22 II. Short-term payables 122 69
III. Short-term financial assets 180 200 III. Provisions
C. Deferred expenses 1 C. Deferred income and financing 65 141
TOTAL ASSETS 272 297 TOTAL EQUITY AND LIABILITIES 272 297
Income Statement
Ammount in BGN'000 Ammount in BGN'000
EXPENSES current year previous year REVENUES current year previous year
А. Operating expenses 462 406 А. Operating revenues 464 413
I. Operating expenses 300 243 I. Grants and subsidies 153 234
II. Administrative expenses 146 151 II. Other net revenues 3 4
III. Financial expenses 16 12 III. Revenue from sales 304 167
IV. Investment earnings 4 3
V. Exceptional income 5
B. Operating profit 2 7 B. Operating loss
C. Extraordinary expenses C. Extraordinary income
D. Total revenues before
D. Total expenses before taxes 462 406 464 413
taxes
E. Accounting profit 2 7 E. Accounting loss
F. Tax expenses F. Tax revenues
G. Net profit 2 7 G. Net loss 26
TOTAL 464 413 TOTAL 464 413

27. Sponsors / Contributors to JA Bulgaria and Partners:
Ministry of Economy and Energy British Council Bulgaria
United States Agency for International Overgas
Development Peace Corps Bulgaria
Balkan News Corporation (bTV)
Capital Weekly Newspaper Bulgarian Charities Aid Foundation
Dnevnik Daily Newspaper Hewlett-Packard Europe
Citi Free and Democratic Bulgaria Foundation
Globul Bulgarian International Business Association (BIBA)
Microsoft Bulgaria Audi
Publicis / MARC
Hewlett-Packard Bulgaria M3 Communications Workgroup
Nestle Bulgaria Manager Magazine
GE (General Electric) Business Week
Darik Radio Bulgarian Charities Aid Foundation
Dimi Panitza Sheraton Sofia Hotel Balkan
Boni Bonev
Ministry of Education and Science Kongress Engineering
Ministry of Finance Karieri.bg
Ministry of Culture JA-YE Alumni Business Club Bulgaria
JA Worldwide Radisson SAS Grand Hotel
U.S. Embassy Ecopack
Sofia Municipality Programata Magazine
Fame Cards
Business Week
27