Mallory shares these thoughts on the interface between social media and entrepreneurship:
I am currently in the midst of finishing a consulting project regarding branding and social media for a local cable company. In my research, I have found several lists of types, characteristics and properties of social media:
• Types
o Tools to Create
o Tools to Connect
o Tools to Share
o Tools to Collaborate
o Tools to Define the World
• Characteristics
o Participation
o Openness
o Conversation
o Community
o Connectedness
• Properties
o Reach
o Accessibility
o Usability
o Recency
Seeing that this is a blog, a place where we can create and connect easily and quickly, I thought I would use this blog entry as a springboard for a discussion on social media and entrepreneurship.
So here are my questions for you:
• How can we use social media as entrepreneurs?
• What social media tools, besides blogging, can be used by an entrepreneur?
• How effect if social media for an emerging entrepreneur/entrepreneurial organization?
• In what ways can social media help/hinder entrepreneurial ventures?
• What role can social media play in the realm of entrepreneurship in academia?
Get engaged in the conversation. Don’t just be a spectator - participate in the conversation or even create your own. Let’s see what we can make of this social media business.
http://www.icrossing.co.uk/fileadmin/uploads/eBooks/What_is_Social_Media_iCrossing_ebook.pdf
http://searchenginewatch.com/3632809
The Entrepreneurial Professor
Thursday, April 2, 2009
Monday, March 30, 2009
What kind of degree should an Entrepreneur get?
Laura Evans asks the question:
What degree does an entrepreneur get?
There are different schools of thought on what degree an entrepreneur should receive, if any at all. Some look at top C.E.O.’s like Bill Gates who went to Harvard Business School for three years and then dropped out to form Microsoft. But even he will say that an education is essential to becoming a successful entrepreneur. Tim Berry at Entrepreneur recommends to major in your interests in college and to later further your education through higher degrees of education.
Many students believe that you must major in business, accounting or finance in undergrad to be a successful entrepreneur but that is not the case. You will not be a successful entrepreneur if there is no passion behind what you are doing. This too pertains to business schools. An MBA will help an entrepreneur grow and develop its company but it does take more than just the education. It takes dedication, commitment, passion, and of course, tough skin. Therefore, Berry recommends to follow your passions to become a successful entrepreneur. After all it is how top executives like Larry Page and Sergey Bain became such successful entrepreneurs.
What degree does an entrepreneur get?
There are different schools of thought on what degree an entrepreneur should receive, if any at all. Some look at top C.E.O.’s like Bill Gates who went to Harvard Business School for three years and then dropped out to form Microsoft. But even he will say that an education is essential to becoming a successful entrepreneur. Tim Berry at Entrepreneur recommends to major in your interests in college and to later further your education through higher degrees of education.
Many students believe that you must major in business, accounting or finance in undergrad to be a successful entrepreneur but that is not the case. You will not be a successful entrepreneur if there is no passion behind what you are doing. This too pertains to business schools. An MBA will help an entrepreneur grow and develop its company but it does take more than just the education. It takes dedication, commitment, passion, and of course, tough skin. Therefore, Berry recommends to follow your passions to become a successful entrepreneur. After all it is how top executives like Larry Page and Sergey Bain became such successful entrepreneurs.
Thursday, March 26, 2009
Laura Evans thoughts on social entrepreneurship
Laura has these comments regarding social entrepreneurship:
As jobs are becoming harder to find by the day, MBA students are becoming more concerned about their future. Many feel that this is the time to be entering into your MBA education, and not the job market. But unfortunately that does not stop graduation approaching in the Spring.
Most MBA students are interested in consultancy, banking and manufacturing, but as the economy recession deepens, many students are look to the government and nonprofits for an answer. We all know that job security is something of the past, but nothing has made that more prevalent that the current job market. According to Mark Scott at Businesses Week, lectures and classes that focus on social entrepreneurship are over capacity, for the first time in years.
Social entrepreneurship will not bring you the large signing bonus or huge paychecks, but it will provide support from the local community and government. Large companies, such as EBay, even offer special scholarships to graduate school students that focus on social entrepreneurship. Many graduate schools hold events and lectures to assist in further developing nonprofit organizations. Additionally, they can get several governmental benefits to help the company grow.
Therefore, just as in the past, students are turning to the government and now nonprofit organizations for a job. This economic climate may bring about a larger focus on social entrepreneurship in MBA programs and student organizations. Creating a new breed of entrepreneurs.
http://compuserve.businessweek.com/globalbiz/content/mar2009/gb20090313_504677.htm?campaign_id=twxa
As jobs are becoming harder to find by the day, MBA students are becoming more concerned about their future. Many feel that this is the time to be entering into your MBA education, and not the job market. But unfortunately that does not stop graduation approaching in the Spring.
Most MBA students are interested in consultancy, banking and manufacturing, but as the economy recession deepens, many students are look to the government and nonprofits for an answer. We all know that job security is something of the past, but nothing has made that more prevalent that the current job market. According to Mark Scott at Businesses Week, lectures and classes that focus on social entrepreneurship are over capacity, for the first time in years.
Social entrepreneurship will not bring you the large signing bonus or huge paychecks, but it will provide support from the local community and government. Large companies, such as EBay, even offer special scholarships to graduate school students that focus on social entrepreneurship. Many graduate schools hold events and lectures to assist in further developing nonprofit organizations. Additionally, they can get several governmental benefits to help the company grow.
Therefore, just as in the past, students are turning to the government and now nonprofit organizations for a job. This economic climate may bring about a larger focus on social entrepreneurship in MBA programs and student organizations. Creating a new breed of entrepreneurs.
http://compuserve.businessweek.com/globalbiz/content/mar2009/gb20090313_504677.htm?campaign_id=twxa
Saturday, March 7, 2009
2008 Top Entrepreneurs Under 25
Here is a blog from Mallory about up and coming entrepreneurs:
This past summer, BusinessWeek embarked on its fourth annual search to find the most promising young entrepreneurs in the US. Candidates, age 25 and under who are running their own companies, were nominated based on growth potential and the talented founders backing the ventures. I never knew there was such a competition, and was happy to find that a respected business publication like BusinessWeek was highlighting people just like me, students (and some not-quite-students) just breaking into the entrepreneurial world, hoping their ideas will stick. This slide show will do a better job at introducing you to the 25 finalist than I will, so take a look. http://images.businessweek.com/ss/08/09/0908_2008_entrepreneurs/index.htm
You can see there’s everything from retail to high tech to a boutique wine brand to a flavored plastics company. Interesting. Speaking of flavored plastics (not something I ever thought I’d say), Add the Flavor founder Corey Capasso touched on the subject that many student entrepreneurs, including myself, grapple with - how to balance it all out. “[B]alancing the company with homework comes down to energy management: ‘You have to know what needs to be done and what it'll take out of you.’”
This blog focuses more on “suggested reading” than a specific discussion point, but its something I found inspiring and interesting and thought it may serve as food for thought and motivation for young students of entrepreneurship.
Check out the 2008 winners here: http://www.businessweek.com/smallbiz/content/sep2008/sb20080925_140764.htm
This past summer, BusinessWeek embarked on its fourth annual search to find the most promising young entrepreneurs in the US. Candidates, age 25 and under who are running their own companies, were nominated based on growth potential and the talented founders backing the ventures. I never knew there was such a competition, and was happy to find that a respected business publication like BusinessWeek was highlighting people just like me, students (and some not-quite-students) just breaking into the entrepreneurial world, hoping their ideas will stick. This slide show will do a better job at introducing you to the 25 finalist than I will, so take a look. http://images.businessweek.com/ss/08/09/0908_2008_entrepreneurs/index.htm
You can see there’s everything from retail to high tech to a boutique wine brand to a flavored plastics company. Interesting. Speaking of flavored plastics (not something I ever thought I’d say), Add the Flavor founder Corey Capasso touched on the subject that many student entrepreneurs, including myself, grapple with - how to balance it all out. “[B]alancing the company with homework comes down to energy management: ‘You have to know what needs to be done and what it'll take out of you.’”
This blog focuses more on “suggested reading” than a specific discussion point, but its something I found inspiring and interesting and thought it may serve as food for thought and motivation for young students of entrepreneurship.
Check out the 2008 winners here: http://www.businessweek.com/smallbiz/content/sep2008/sb20080925_140764.htm
Friday, February 27, 2009
The Role of Consulting
The following post is courtesy of Laura Evans. Laura is another valuable graduate student working with me in the area of entrepreneurship. Laura writes:
Several business schools across the U.S. provide students with the opportunity to do consulting projects for small businesses. As mentioned in the Wall Street Journal on Monday, in the article Class Action by Shelly Banjo, many companies are turning towards these free or relatively inexpensive consultations during this economic downturn. These consulting programs provide students with a great deal of know-how but also provide companies valuable information and a new strategies. MBA students analyze where companies should expand their business to, provide hard numbers as back and/or the costs, create new marketing strategies, find was to be more efficient and much more. These opportunities provide companies with a fresh, younger perspective of the situation.
Students do not always have all the tools or experience that they may need to do these projects, yet they can bring a lot to the table at an inexpensive price. Many schools do not charge companies anything for these consulting projects but the most expensive consultation charge a school requires is $20,000. These consulting projects are often done by groups of students who will work on the project for about three to four months. Companies that are generally selected by the graduate schools are ones that have been open for at least three years and that are facing some sort of difficult situation.
I am currently an MBA student at Rollins College Graduate School of Business in Winter Park, Florida and have worked on two consulting projects. Both of which were international since I am from the Bahamas and have chosen my concentration as International Business. Of these two projects my team and I assisted a company facing a serious problem dealing with its changing environment in the Czech Republic. However, the other company my team and I consulted for decided to use the free consultation for large project that they simply did not have the know-how or time to complete.
For a student, these projects are a lot more interesting when there is a problem to solve. When there is a real problem, students will learn a great deal more through the experience with the real company, market, and product information, a long with the professor as a sounding board. Additionally, if the company decided to use the students strategy, they can see if it actually worked or what they should have done differently. This is not to say that companies are student guinea pigs because companies would not choose to implement graduate students ideas unless there were hard numbers to back up the findings.
Nevertheless, in times of economic downturn, this may be a great way for companies to alleviate some of its strain; while at the same time improving the educational experience of MBA students. It is important for schools to work with local businesses, as well as provide international consulting projects to their MBA students. Overall, I believe that this should be a requirement for all business school students since it is an essential experience.
Several business schools across the U.S. provide students with the opportunity to do consulting projects for small businesses. As mentioned in the Wall Street Journal on Monday, in the article Class Action by Shelly Banjo, many companies are turning towards these free or relatively inexpensive consultations during this economic downturn. These consulting programs provide students with a great deal of know-how but also provide companies valuable information and a new strategies. MBA students analyze where companies should expand their business to, provide hard numbers as back and/or the costs, create new marketing strategies, find was to be more efficient and much more. These opportunities provide companies with a fresh, younger perspective of the situation.
Students do not always have all the tools or experience that they may need to do these projects, yet they can bring a lot to the table at an inexpensive price. Many schools do not charge companies anything for these consulting projects but the most expensive consultation charge a school requires is $20,000. These consulting projects are often done by groups of students who will work on the project for about three to four months. Companies that are generally selected by the graduate schools are ones that have been open for at least three years and that are facing some sort of difficult situation.
I am currently an MBA student at Rollins College Graduate School of Business in Winter Park, Florida and have worked on two consulting projects. Both of which were international since I am from the Bahamas and have chosen my concentration as International Business. Of these two projects my team and I assisted a company facing a serious problem dealing with its changing environment in the Czech Republic. However, the other company my team and I consulted for decided to use the free consultation for large project that they simply did not have the know-how or time to complete.
For a student, these projects are a lot more interesting when there is a problem to solve. When there is a real problem, students will learn a great deal more through the experience with the real company, market, and product information, a long with the professor as a sounding board. Additionally, if the company decided to use the students strategy, they can see if it actually worked or what they should have done differently. This is not to say that companies are student guinea pigs because companies would not choose to implement graduate students ideas unless there were hard numbers to back up the findings.
Nevertheless, in times of economic downturn, this may be a great way for companies to alleviate some of its strain; while at the same time improving the educational experience of MBA students. It is important for schools to work with local businesses, as well as provide international consulting projects to their MBA students. Overall, I believe that this should be a requirement for all business school students since it is an essential experience.
Monday, February 23, 2009
Can entrepreneurship be taught?
Here is a post by Mallory Hynes. Mallory is one of my graduate assistants and a very valuable student. She asks a very important question. To add to her comments, let me point out that a 2002 study from the University of Arizona found that five years after graduation, the average annual income for MBA's with a concentration in entrepreneurship was 27% higher than students with standard MBA's. From the same study; Entrepreneurship students were three time more likely to form new companies. These companies averaged $50M in sales and employed 200 people. The study of entrepreneurship seems to have some impact. Mallory comments follow:
Can Entrepreneurship be taught?
There are classes on it. Undergraduate institutions and MBA programs are offering concentrations in it. But is entrepreneurship being taught or are we simply learning about it? Learning the processes and the pitfalls. Learning how to develop ideas and where to locate resources. Learning how to write business plans. But in the country of the self-made man and the American dream, can we actually teach people entrepreneurship? Can we really teach people to be - not just how to be - entrepreneurs?
In October of 2007, Richard Goosen, CEO of M&A Capital Corp. and a professor of entrepreneurship at Trinity Western University in Vancouver, B.C., gathered a group of entrepreneurship experts in an attempt to answer this question. He came to the conclusion that several elements of entrepreneurship can be taught to enhance the knowledge and potential success of entrepreneurs. These include general business principles, general entrepreneurial principles, and being alert to entrepreneurial opportunities. In the end, however, Goosen believes that entrepreneurship can really only be learned by doing. Based on his research and conversations, he believes that the ability to understand and see specific niches in a market and recognize whether it will be successful or not is not something that can be taught. In other words, "You can't teach someone how to know what will work and what won't.”
To an extent, I largely agree with him. Yes, you can teach/learn general business and entrepreneurial principles. At least I certainly hope so, otherwise I’ve been wasting the last 2 years of my life pursuing an entrepreneurship concentration. And I also agree that you can’t teach people to know what will and what won’t work. I do believe, however, that you can teach people to be better equipped to recognize opportunities and ideas that will work and those that are destined for disaster. At the very least, you can teach people to recognize signs at various points in the entrepreneurial process that alert people when they are on track and when to abandon ship. If you tell people they can’t learn to be entrepreneurs, then they won’t be; but if you teach people the principles, equip them with the proper tools, and educate them to be more alert and responsive to the environment around them, then they will stand a better chance of becoming a successful entrepreneur.
Can you teach people to be a successful entrepreneur without fail? No. But that’s true in any field. Can you teach them to know how to be a successful entrepreneur? Yes. And with proper training, encouragement, and motivation, they likely will be successful at some point and in some capacity of the entrepreneurial process.
http://www.businessweek.com/smallbiz/content/oct2007/sb20071025_812985.htm
Can Entrepreneurship be taught?
There are classes on it. Undergraduate institutions and MBA programs are offering concentrations in it. But is entrepreneurship being taught or are we simply learning about it? Learning the processes and the pitfalls. Learning how to develop ideas and where to locate resources. Learning how to write business plans. But in the country of the self-made man and the American dream, can we actually teach people entrepreneurship? Can we really teach people to be - not just how to be - entrepreneurs?
In October of 2007, Richard Goosen, CEO of M&A Capital Corp. and a professor of entrepreneurship at Trinity Western University in Vancouver, B.C., gathered a group of entrepreneurship experts in an attempt to answer this question. He came to the conclusion that several elements of entrepreneurship can be taught to enhance the knowledge and potential success of entrepreneurs. These include general business principles, general entrepreneurial principles, and being alert to entrepreneurial opportunities. In the end, however, Goosen believes that entrepreneurship can really only be learned by doing. Based on his research and conversations, he believes that the ability to understand and see specific niches in a market and recognize whether it will be successful or not is not something that can be taught. In other words, "You can't teach someone how to know what will work and what won't.”
To an extent, I largely agree with him. Yes, you can teach/learn general business and entrepreneurial principles. At least I certainly hope so, otherwise I’ve been wasting the last 2 years of my life pursuing an entrepreneurship concentration. And I also agree that you can’t teach people to know what will and what won’t work. I do believe, however, that you can teach people to be better equipped to recognize opportunities and ideas that will work and those that are destined for disaster. At the very least, you can teach people to recognize signs at various points in the entrepreneurial process that alert people when they are on track and when to abandon ship. If you tell people they can’t learn to be entrepreneurs, then they won’t be; but if you teach people the principles, equip them with the proper tools, and educate them to be more alert and responsive to the environment around them, then they will stand a better chance of becoming a successful entrepreneur.
Can you teach people to be a successful entrepreneur without fail? No. But that’s true in any field. Can you teach them to know how to be a successful entrepreneur? Yes. And with proper training, encouragement, and motivation, they likely will be successful at some point and in some capacity of the entrepreneurial process.
http://www.businessweek.com/smallbiz/content/oct2007/sb20071025_812985.htm
Friday, February 20, 2009
Entrepreneurship in a volatile economy
Here is a post from Joshua Snyder. Joshua is the graduate assistant for the Center for Entrepreneurship, here at Rollins. Joshua is on to something. Microsoft was not able to attract outside funding until four or five years of operation. Access to capital isn't the only success factor. During times of volatility, existing business relationships are up for graps. New gaps are formed in the economic system. Gaps that new entrepreneurs can fill.
I read a short article in Kiplinger’s last week about an MBA student specializing in finance named Chris, who is about to graduate this May from Mendoza College of Business at Notre Dame. Chris completed his summer internship on Wall Street with the investment arm of the Swiss mega-bank UBS. After he didn’t receive a job offer (due to the stock-market meltdown) he decided to forego his investment banking dreams on Wall Street and head into a career doing corporate restructuring. Chris realized that there is a much more solid market in helping businesses refinance and eliminate bad dept than there is in investment banking.
Chris’ story made me think that with all the doom and gloom being talked about on the trading floors, in the board rooms, and all the way down into the classrooms, graduating MBA students (especially aspiring entrepreneurs) should take heart in the knowing that with all of the shake up going on in our economy as a result of this crisis, there are going to be tons of brand new opportunities available for those with enough vision and determination to find them.
The greatest entrepreneurs are the ones who are always willing to look at the big picture. It is impossible to find the best opportunity unless you are examining all of your available options. Chances are, if you start your education with an idea for a new venture, by the time you graduate you may have found that the market has changed, the economy has shifted, or you simply have learned through your education that your idea was not as solid as you originally thought. The important thing is that you should come away from your studies with the skills necessary to assess a wide variety of opportunities and be able to select the best one. And if a finance student can demonstrate that kind of flexibility, how much better prepared to adapt should you be as an entrepreneur?
Here's the link to the full article:
http://www.kiplinger.com/magzine/archives/2009/03/finance_majors.html
I read a short article in Kiplinger’s last week about an MBA student specializing in finance named Chris, who is about to graduate this May from Mendoza College of Business at Notre Dame. Chris completed his summer internship on Wall Street with the investment arm of the Swiss mega-bank UBS. After he didn’t receive a job offer (due to the stock-market meltdown) he decided to forego his investment banking dreams on Wall Street and head into a career doing corporate restructuring. Chris realized that there is a much more solid market in helping businesses refinance and eliminate bad dept than there is in investment banking.
Chris’ story made me think that with all the doom and gloom being talked about on the trading floors, in the board rooms, and all the way down into the classrooms, graduating MBA students (especially aspiring entrepreneurs) should take heart in the knowing that with all of the shake up going on in our economy as a result of this crisis, there are going to be tons of brand new opportunities available for those with enough vision and determination to find them.
The greatest entrepreneurs are the ones who are always willing to look at the big picture. It is impossible to find the best opportunity unless you are examining all of your available options. Chances are, if you start your education with an idea for a new venture, by the time you graduate you may have found that the market has changed, the economy has shifted, or you simply have learned through your education that your idea was not as solid as you originally thought. The important thing is that you should come away from your studies with the skills necessary to assess a wide variety of opportunities and be able to select the best one. And if a finance student can demonstrate that kind of flexibility, how much better prepared to adapt should you be as an entrepreneur?
Here's the link to the full article:
http://www.kiplinger.com/magzine/archives/2009/03/finance_majors.html
Wednesday, February 4, 2009
Are you trying to scare us?
Many people think being an entrepreneur is exciting and fun. Recently in class, we have been talking about the dark side of entrepreneurship. Here is a recent piece of correspondence between one of my graduate students and myself.
Jamie
I enjoyed reading your email and no I am not trying to scare you. In
fact, the Ockham guys did (very, very) well in their "liquidation
event".
Last semester I had someone ask me if an entrepreneur had ever been
successful with out pain. I had to tell them not to my knowledge,
though I am sure it is possible. It is the old risk/reward equation.
Higher reward corresponds to higher risk. Many new companies succeed.
Many do not.
There are factors that mitigate risk but still you have better than
average odds the end will not be positive. If you do succeed, the
payoff can be substantial and not just in money but feelings of
contributions to society, to family; a sense of self satisfaction.
There is nothing wrong with being a part of the corporate business
world. Most business people chose this path, pay taxes, support their
family and have satisfying lives.
But if you want to be an entrepreneur, failure isn't the worst outcome.
Not trying is.
See you in class.
Michael R. Bowers, Ph.D.
Professor of Marketing & Entrepreneurship
Academic Director, Center for Entrepreneurship
Crummer Graduate School of Business
Rollins College
ROLLINS MBA RANKED #37 IN NATION & #1 IN FLORIDA
--FORBES, September 2007
Dr. Bowers,
I just read Ockham Technologies for the first time, and I have to say
that case seems like a total nightmare to me. I have always wanted to
have my own hotel or business, but the more I learn about the process of
starting my own company/entrepreneur venture, the more I get scared. I
am not a gambling man (even though I am in Sales/Marketing), and I think
corporate career path is more my comfort level.
The reason why I am writing is really to ask the question, "Are you
trying to scare us?" No really. Is every new business this hard to
start? I have worked in the hotel business since age 15, worked in
London, on a cruise ship, and for three different theme parks, so I am
used to getting a pay check every week. Is the pay off of starting your
own business really that lucrative? Just trying to understand why
anyone would want to go through all this effort and not have a
successful venture at the end or even have it taken away from you. Am I
just naive I my thinking?
Okay, so there are multiple questions here, but I hope you get my point.
Look forward to your feedback.
- Jamie
Jamie
I enjoyed reading your email and no I am not trying to scare you. In
fact, the Ockham guys did (very, very) well in their "liquidation
event".
Last semester I had someone ask me if an entrepreneur had ever been
successful with out pain. I had to tell them not to my knowledge,
though I am sure it is possible. It is the old risk/reward equation.
Higher reward corresponds to higher risk. Many new companies succeed.
Many do not.
There are factors that mitigate risk but still you have better than
average odds the end will not be positive. If you do succeed, the
payoff can be substantial and not just in money but feelings of
contributions to society, to family; a sense of self satisfaction.
There is nothing wrong with being a part of the corporate business
world. Most business people chose this path, pay taxes, support their
family and have satisfying lives.
But if you want to be an entrepreneur, failure isn't the worst outcome.
Not trying is.
See you in class.
Michael R. Bowers, Ph.D.
Professor of Marketing & Entrepreneurship
Academic Director, Center for Entrepreneurship
Crummer Graduate School of Business
Rollins College
ROLLINS MBA RANKED #37 IN NATION & #1 IN FLORIDA
--FORBES, September 2007
Dr. Bowers,
I just read Ockham Technologies for the first time, and I have to say
that case seems like a total nightmare to me. I have always wanted to
have my own hotel or business, but the more I learn about the process of
starting my own company/entrepreneur venture, the more I get scared. I
am not a gambling man (even though I am in Sales/Marketing), and I think
corporate career path is more my comfort level.
The reason why I am writing is really to ask the question, "Are you
trying to scare us?" No really. Is every new business this hard to
start? I have worked in the hotel business since age 15, worked in
London, on a cruise ship, and for three different theme parks, so I am
used to getting a pay check every week. Is the pay off of starting your
own business really that lucrative? Just trying to understand why
anyone would want to go through all this effort and not have a
successful venture at the end or even have it taken away from you. Am I
just naive I my thinking?
Okay, so there are multiple questions here, but I hope you get my point.
Look forward to your feedback.
- Jamie
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