Vibrations shake on the highest setting from an Apple watch. It’s strong enough to wake even a heavy sleeper. It's a summer night, and Ryan Klosterman is in his hometown, Cold Spring, Minn. It's active bar time. He grabs the keys to his 2000 Toyota Avalon and heads to his car. He is about to pick up his first rider of the night. This is Ryan’s Sober Cab business.
A finance major in the UMD Labovitz School of Business and Economics, Ryan possesses an entrepreneurial spirit. He has started two businesses this year, the Sober Cab in Cold Springs and a haircut business in Duluth. He is taking every business principle he learns and applying it to his businesses. “The people at LSBE, and the faculty, and staff there really do a good job of making sure their students understand basic economics,” says Ryan.
When the summer started, Ryan went around and handed flyers out to the active bars in his town. “They were all pretty excited. If there was a problem, they’d call me,” says Ryan. His flat rate was $20. “That is what I felt was worth it for me to get out of bed." Read More