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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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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


Friday october 25 2013

Experiential Learning: Inside and Outside the Classroom

On Campus Student Run Venture Experiences

Kay F. Molkentin, Hiram College

GCEC Conference ● October 25, 2013


Friday october 25 2013

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

molkentinkf@hiram.edu


Friday october 25 2013

Experiential Learning: In Classroom / On & Off Campus

R.F. Culbertson, Carnegie Mellon University

GCEC Conference ● October 25, 2013


Friday october 25 2013

The Apprentice & Startup Incinerator

“Do You Believe in This Thing or Not?”

email: rfc@culbertsons.com twitter: @taylorpamm


Friday october 25 2013

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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Friday october 25 2013

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

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Friday october 25 2013

The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:

  • Encourage more Complete and Multi-Disciplinary Teams

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Friday october 25 2013

The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:

  • Increase Customer Knowledge / Prospect Interactions

2


Friday october 25 2013

The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:

  • Business Model via a Detailed Cash Flow Understanding

3


Friday october 25 2013

The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:

  • Improved Decision-Making by making Dynamic Decisions

4


Friday october 25 2013

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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Friday october 25 2013

EVERY Class STARTS by:

Learning to THINK Like an Entrepreneur –

“You Need to Learn to Think Differently!”



Friday october 25 2013

+ 10 = ?


Friday october 25 2013

My Customer:

  • Who’s My ‘Student’Customer @ CMU?

    • Any discipline / major – Normally WITHOUT an ‘Idea’

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Friday october 25 2013

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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Friday october 25 2013

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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Friday october 25 2013

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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Friday october 25 2013

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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Friday october 25 2013

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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Friday october 25 2013

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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Friday october 25 2013

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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    Friday october 25 2013

    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


    Friday october 25 2013

    In Class / On & Off Campus –

    “We Practice, Preach & More”

    • We ‘preach’Thinking

      We ‘practice’Doing

    2


    Friday october 25 2013

    In Class:

    • We ‘preach’Delegation

      On & Off Campus:

      We ‘practice’Leadership

      & Accountability

    3


    Friday october 25 2013

    In Class:

    • We ‘preach’Communication

      On & Off Campus:

      We ‘practice’Consistency

      (No Surprises)

    4


    Friday october 25 2013

    In Class:

    • We ‘preach’Urgency

      On & Off Campus:

      We ‘practice’

      Evaluation

    5


    Friday october 25 2013

    In Class:

    • We ‘preach’the Connection

      We ‘practice’being

      in Synch

    6


    Friday october 25 2013

    In Class:

    • We ‘preach’Fiscal

      Responsibility

      On & Off Campus:

      We ‘practice’Granular

      Cash Flow

    7


    Friday october 25 2013

    In Class:

    • We ‘preach’M&A

      On & Off Campus:

      We ‘practice’Increased

      Decision-Making

    8


    Friday october 25 2013

    In Class:

    • We ‘preach’Dynamic

      Thinking

      On & Off Campus:

      We ‘practice’Staying

      Alive

    9


    Friday october 25 2013

    In Class:

    • We ‘allow’Hiring &

      Firing

      On & Off Campus:

      We ‘practice’

      Darwinism

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    Friday october 25 2013

    We Teach what NOT to DO… and

    Our 5 Steps to Staying Alive

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    Friday october 25 2013

    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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    Friday october 25 2013

    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

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    Friday october 25 2013

    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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    Friday october 25 2013

    5 Steps to Staying Alive (Right Now):

    • There is no OPM – It’s ALL YOUR money!

      • Finance impacts HOW and WHAT you create

    4


    Friday october 25 2013

    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

    5


    Friday october 25 2013

    The Apprentice & Startup Incinerator

    Advertising for Spring, 2014 Register Early & Register Often!

    email: rfc@culbertsons.com twitter: @taylorpamm


    Experiential learning outside the classroom off campus michael pochan
    Experiential Learning:Outside the Classroom, Off-CampusMichael Pochan


    Friday october 25 2013

    On campus

    Off campus

    In the Classroom

    Outside the Classroom


    Friday october 25 2013

    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 



    Friday october 25 2013

    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



    Let s sell
    Let’s Sell !


    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


    Thank you questions
    Thank you.Questions ?