Experiential Entrepreneurship Education
BY Inc. staff
Here are a few colleges that offer experience-based entrepreneurship programs.
University of Pennsylvania, Wharton School of Business
MGMT 100 - Leadership and Communication in Groups is a foundation course for all Wharton undergrads, 10 to 12 students work with the Wharton Small Business Development Center (SBDC) and do market research for clients
MGMT 230 - Entrepreneurship, where students work in venture teams to design a business development plan for a start-up company
MGMT 806 - Formation and Implementation of Entrepreneurial Ventures is a spring course where students write a comprehensive business plan for a venture of their choice, but it must have an innovative product or service
Typically, government-defined small businesses with around 50 employees and a revenue less that $10 million in around Philadelphia area; from Phatso's Bakery to William Schmidt & Sons
In Fall '05, MGMT 100 students worked with Phatso's Bakery outside of Philadelphia. They did market research to find out that customers enjoyed conventional flavors and told Phatso's to cut their inventory. They also suggested wholesaling to get more of its product out there. Phatso's business is growing and they now provide their doughnuts to all 10 Swiss Farm Stores, a convenience store chain.
Wharton does not charge anything; comes through the course and SBDC
Eller Undergraduate Honors Program Projects - senior undergrads work with companies
MBA and Advanced MBA Projects - grad students work with companies involving a little more complexity
Independent Projects - arranged on an as-needed basis
Eller works with a breadth of companies, anyone from Flavorbank, a Tuscon-based spice manufacturer, to IBM
Last spring, undergrads worked with TLC Healthcare Services, a company that consults with assisted living centers, to help develop a launch strategy for a new consultancy package. Students researched healthcare industry trends and did competitor analysis to come up with a strategy.
Undergrad - $2,500 and $1,750 for non-profs
MBA - $6,000 and $5,00 for non-profs
Advanced MBA - $7,500 and $5,000 for non-profs
Independent Projects - varies
Undergrads - marketing, public relations, advertising, human resources
Grads - Costs analysis, feasibility, product assessment, marketing, forecasting, IT
University of California Los Angeles, Anderson School of Management
Applied Management Research (AMR) Program's Field Study - required program for second year MBA students work in teams of 3 to 5 to develop a strategies business plan for a company over 20 weeks; started in 1967.
They work with companies that have management depth, so a decision maker can be really involved with students. They also need to do be facing a strategic issue and be willing to listen to MBAs and share their financial information. Work with huge breadth, Los Angeles Lakers to microfinance companies all over the world
In '05-'06 session, worked with a wine producer to see how they could improve their visitor center. The team examined wine club consumers to develop different market strategies.
$5,000 plus payment of the team's out-of-pocket expenses
marketing, business strategy, finance, competitive analysis
Undergrad: Young Entrepreneur's Association - organization where students work with entrepreneurs to solve a specific business problem
Grad: Entrepreneurial Management Academy - about 25 MBA students work on projects and a business plan with an entrepreneurial company
Law Student: Entrepreneurship Law Clinic - Jd/MBA students work with companies who have IP and business law related issues
Work with entrepreneurial businesses, including a lot of shoe string and bootstrapping companies, in early stages; work with a lot of alumni and high-tech and life science companies; i.e., Indianapolis-based Proxito, which offers local prices and events delivered to a cell phone via SMS technology.
In Fall '05, the YEA worked with Banzai Energy Drink to expand the brand under the radar of Coca-Cola and Pepsi. Students did market testing with different advertisements and logos.