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Friday October 25, 2013. Panelists. Kay F. Molkentin Director, Center for Integrated Entrepreneurship Hiram College. Robert F. Culbertson III Adjunct Professor of Entrepreneurship Carnegie Mellon University. Michael J Pochan Entrepreneur-In-Residence

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Presentation Transcript
panelists
Panelists

Kay F. Molkentin

Director, Center for Integrated Entrepreneurship

Hiram College

Robert F. Culbertson III

Adjunct Professor of Entrepreneurship

Carnegie Mellon University

Michael J Pochan

Entrepreneur-In-Residence

Wukich Center for Entrepreneurial Opportunities

Seton Hill University

why experiential
Why Experiential ?

I hear and I forget,

I see and I remember,

I do and I understand.

—Ancient Chinese proverb

bloom s taxonomy
Bloom’s Taxonomy

< Prep session

< Coaching session

< Go out and do it !

< Recap

< Student Presents

< next time …

issues
Issues
  • Liability
  • Conflicts of Interest
  • Taxation
  • Handling Cash
our approach for this session
Our Approach for this Session

On campus

Off campus

In the Classroom

Outside the Classroom

our approach for this session1
Our Approach for this Session

On campus

Off campus

In the Classroom

Outside the Classroom

slide9

Experiential Learning: Inside and Outside the Classroom

On Campus Student Run Venture Experiences

Kay F. Molkentin, Hiram College

GCEC Conference ● October 25, 2013

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Special Thanks to:

Sharon Alpi, Millikin University

Dianne Welsh, UNC Greensboro

Contact:

Kay F. Molkentin

Director, Center for Integrated Entrepreneurship

Hiram College

330-569-5256

[email protected]

slide11

Experiential Learning: In Classroom / On & Off Campus

R.F. Culbertson, Carnegie Mellon University

GCEC Conference ● October 25, 2013

slide12

The Apprentice & Startup Incinerator

“Do You Believe in This Thing or Not?”

email: [email protected] twitter: @taylorpamm

slide13

‘The Apprentice’ & ‘Startup Incinerator’:

  • Umbrella Goals:
    • Augment an Entrepreneurship Offering
    • Using an In Classroom / On & Off Campus Experience
    • Improving Business Creation & Survival Rates
  • Started 14 years ago @ CMU
    • ‘The Apprentice’ came first
      • 2 Years Before TV Show 
    • ‘SI’ was added 1 year ago

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‘The Apprentice’ & ‘Startup Incinerator’:

  • Launched (in the Classroom) as an “Intro” Level Course
    • Most Students = NO Ideas and very Diverse backgrounds
    • Very Mini-Biz. Plans & NO Investor Pitches
    • ‘Real World’ emphasis on Profitability and Sustainability
    • Seeded team projects with $’s
    • Team that turned in the Most $’s

Wins ALL the $$’s

3

slide15

‘The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:

  • Encourage more Complete and Multi-Disciplinary Teams

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‘The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:

  • Increase Customer Knowledge / Prospect Interactions

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slide17

‘The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:

  • Business Model via a Detailed Cash Flow Understanding

3

slide18

‘The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:

  • Improved Decision-Making by making Dynamic Decisions

4

slide19

‘The Apprentice’ & ‘Startup Incinerator’:

My Specific 4 Goals:

  • Encourage more Complete and Multi-Disciplinary Teams
  • Increase Customer Knowledge / Prospect Interactions
  • Business Model via a Detailed Cash Flow Understanding
  • Improved Decision-Making by making Dynamic Decisions

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EVERY Class STARTS by:

Learning to THINK Like an Entrepreneur –

“You Need to Learn to Think Differently!”

slide23

My Customer:

  • Who’s My ‘Student’Customer @ CMU?
    • Any discipline / major – Normally WITHOUT an ‘Idea’

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Their Pain(s):

  • Who’s My ‘Student’Customer?
  • What’s Their Pain?
    • It’s Personal…
    • Desire to Experience Entrepreneurship
    • Large vs Small company Job / Internship
  • Quantify the Pain?
    • Teach > 150 students / semester

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The Results

  • Businesses:
    • Students come in ‘normally’ without ideas
    • Last 4 Years - Class has spun-out 24+ businesses
    • 21 are still alive / Largest = ‘ModCloth’ @ $140M+
  • Always Over-Subscribed
    • “Best Value for Money Course on Campus” … Jerry Cohen – (President of CMU)
  • Spun Out 2 Other Courses:
    • “Business for Engineers” & “Topics in E-ship”

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Their Reactions:

  • “Not sure if it’s worth ALL of my 4 year tuition – but it’s the ONLY reason I’d come back.”
  • “Finally a course that teaches something that I can use and take with me after these 4 years.”
  • “Why don’t you teach this at the MBA level?”
  • “Thank you sons and wife for allowing you to spend so much time with us.”
  • “My parents and friends want to meet you – as much I talk about your class and how much I’ve learned.”

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Course Structure (Pt. 1):

  • New Team & New ‘Real World’ Project Every 2 Weeks:
    • Invite Small Businesses in to present ‘Real’ problems
    • Teams are Formed, Problems Solved, & Winners
    • Focusing on:
      • Sales – Sell products for CMU small biz’s
      • Digitally Market CMU IP
      • Cash Flow / Strategy Analysis of

Mark Cuban’s AXS.TV channel

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Course Structure (Pt. 2):

  • New Team & New ‘Real World’ Project Every 2 Weeks:
  • Failures are analyzed and ENCOURAGED
    • Start with Karaoke –

End with “Your Own Idea”

    • Team that earns the Most $’s /

Wins ALL the $$’s

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2

slide29

‘The Apprentice’ – Teaches

  • A Different Aspect of Entrepreneurship / every 2 weeks.
  • Minimally Viable Product Determinations
  • Greed = Where Revenue Creation is part of the solution
    • Team producing the MOST $’s – Win ALL the $$’s
  • YOM vs OPM
    • YOM produces different decisions, increased learning and creativity

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slide30

B of TE

‘Startup Incinerator’ – Evals

Team Building

    • Hiring and Firing is ALLOWED
    • Denote Best & Worst Team Member
  • Winners determined by a ‘March Madness’ competition
      • Dynamic Decision-Making (2.5 / 1.5 / 1 min. Pre’s)
      • Winners = Peer / Social / Judges / Revenue Creation
  • Lessons:
    • Multi-Disciplinary Team of ‘A’ Players is a MUST!
    • Learn to work and flex each other ‘Under Pressure’

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Structurally:

  • We provide 1 [PRIVATE] Mentor per Group:
    • CEO Entrepreneur / Or have taken my course before
    • On Call 24/7 and accessible by ANY group
    • Require < 30 minute response

time on all inbound communication

(e-mail, texts, phone calls)

1

slide32

In Class / On & Off Campus –

“We Practice, Preach & More”

  • We ‘preach’Thinking

We ‘practice’Doing

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slide33

In Class:

  • We ‘preach’Delegation

On & Off Campus:

We ‘practice’Leadership

& Accountability

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slide34

In Class:

  • We ‘preach’Communication

On & Off Campus:

We ‘practice’Consistency

(No Surprises)

4

slide35

In Class:

  • We ‘preach’Urgency

On & Off Campus:

We ‘practice’

Evaluation

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slide36

In Class:

  • We ‘preach’the Connection

We ‘practice’being

in Synch

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slide37

In Class:

  • We ‘preach’Fiscal

Responsibility

On & Off Campus:

We ‘practice’Granular

Cash Flow

7

slide38

In Class:

  • We ‘preach’M&A

On & Off Campus:

We ‘practice’Increased

Decision-Making

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slide39

In Class:

  • We ‘preach’Dynamic

Thinking

On & Off Campus:

We ‘practice’Staying

Alive

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slide40

In Class:

  • We ‘allow’Hiring &

Firing

On & Off Campus:

We ‘practice’

Darwinism

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slide41

We Teach what NOT to DO… and

Our 5 Steps to Staying Alive

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slide42

5 Steps to Staying Alive (Right Now):

  • Learn how to exist in a ‘low growth’ environment
    • Without VC’s / Organic Growth just TEAM
    • Get ‘real’ customers – Off Campus / Outside the Building

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5 Steps to Staying Alive (Right Now):

Learn how to SELL

  • Learn how to ‘Sell the Dream’
  • Understand the difference between being ‘pushed’ vs being ‘pulled’ into a customer’s deal!
  • Understand that success is more than ‘tech’ – channel / partners / revenue models

2

slide44

5 Steps to Staying Alive (Right Now):

  • Learn how to Make Decisions ‘structurally’
    • Where do you want to be in ‘X’ months
    • The next 3 to 4 steps to get you there
    • Learn how to ‘course correct’ along the way

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slide45

5 Steps to Staying Alive (Right Now):

  • There is no OPM – It’s ALL YOUR money!
    • Finance impacts HOW and WHAT you create

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slide46

5 Steps to Staying Alive (Right Now):

  • Learn the Incubator, Accelerator, & VC models
    • Know how THEY are graded
    • One size does NOT fit all
      • Same $’s / Same timeframe
      • One chance / One mistake = One Divorce

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The Apprentice & Startup Incinerator

Advertising for Spring, 2014 Register Early & Register Often!

email: [email protected] twitter: @taylorpamm

slide49

On campus

Off campus

In the Classroom

Outside the Classroom

slide50

How We Did It.

A proud member of the

the wukich center vision
The Wukich Center Vision
  • be a focal point for all members of the Seton Hill community - students, graduate students, adult students, faculty, staff, alumni, E-Magnify…
vision cont
Vision (cont.)
  • … who are interested in:
  • entrepreneurship,
  • learning / growing
  • serving the community and
  • working as a team.
all inclusive
All-inclusive…

Staff

Faculty

UnderGrad Students

Dobson

Wukich Center

Pochan

Grad Students

Wukich Scholar

MBA

Adult Students

Women’s Business Center

WBC

Clients

Alumni

Career

Center

Internships

Learn

Teach

Help

via experiential projects
…via Experiential Projects
  • silver-infused clay water filters
  • blinded veterans
  • repair of a parish house for rental
the student officers
The Student Officers

open to undergrad, Adult, graduate students

President

1st Vice President / Dir. of Communications

2nd Vice President /  Dir. of Operations

Treasurer / Controller

Secretary

the experienced folk
The Experienced Folk

Board of Directors

Board of Advisors 

slide58

Board of Directors

CEO

COO

Board of Advisors

Dobson

Pochan

Strategy

President

Planning

Controller

1st VP

2nd VP

Secretary

Admin

Marketing

Service

Technology

Operations

Accounting

Research

Design

Delivery

Tools

Website

Human Resources

Communications

Make Product

Implement

Customer Support

Legal

Sales

Testing

The Customer

1 classroom prep
1. Classroom Prep
  • What is Sales ? and Marketing
  • Who is the Customer ?
  • What do they Need ?
  • How to approach them ?
the sales team approach
The Sales Team Approach
  • Two Groups
    • two top students – cold, UNannounced
    • By referral
  • A real product
  • A Low-risk product and sale
  • Plan B
results
Results
  • All Ads were sold
  • The Top Guns suffered ‘massive’ rejection
  • The Direct Sellers had ‘easier’ time
  • The Placemats were delivered with accolades
  • Students presented their experience
student feedback
Student Feedback
  • “I didn’t know how hard it is to get people to call you back.”
  • …stressed pre-call preparation - knowing all the details about the product.
  • “ I have never done this before. Thanks.”
customer feedback
Customer Feedback
  • “It’s nice to know that our colleges and universities are using real-life situations as part of the learning environment and utilizing professional feedback as a means to further enhance student education.”- Jim Elliott, Irwin Builders Supply
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