Friday October 25, 2013

Kay F. MolkentinDirector, Center for Integrated EntrepreneurshipHiram College

Robert F. Culbertson IIIAdjunct Professor of EntrepreneurshipCarnegie Mellon University

Michael J PochanEntrepreneur-In-ResidenceWukich Center for Entrepreneurial OpportunitiesSeton Hill University

Panelists

Why Experiential ?

I hear and I forget, I see and I remember, I do and I understand.

—Ancient Chinese proverb

Bloom’s Taxonomy

< Prep session

< Coaching session

< Go out and do it !

< Recap

< Student Presents

< next time …

Issues

• Liability• Conflicts of Interest• Taxation• Handling Cash

Our Approach for this Session

On campus

In the Classroom

Off campus

Outside the Classroom

Our Approach for this Session

On campus

In the Classroom

Off campus

Outside the Classroom

Experiential Learning: Inside and Outside the ClassroomOn Campus Student Run Venture Experiences

Kay F. Molkentin, Hiram CollegeGCEC Conference ● October 25, 2013

Contact:Kay F. MolkentinDirector, Center for Integrated EntrepreneurshipHiram College330-569-5256molkentinkf@hiram.edu

Special Thanks to:Sharon Alpi, Millikin UniversityDianne Welsh, UNC Greensboro

Experiential Learning: In Classroom / On & Off Campus

R.F. Culbertson, Carnegie Mellon UniversityGCEC Conference ● October 25, 2013

“Do You Believe in This Thing or Not?”

email: rfc@culbertsons.com twitter: @taylorpamm

The Apprentice & Startup Incinerator

‘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 $’sWins ALL the $$’s

3

‘The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:- Encourage more Complete and Multi-Disciplinary Teams1

‘The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:- Increase Customer Knowledge / Prospect Interactions 2

‘The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:- Business Model via a Detailed Cash Flow Understanding3

‘The Apprentice’ & ‘Startup Incinerator’:

The 4 Specific Goals:- Improved Decision-Making by making Dynamic Decisions4

‘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

3

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EVERY Class STARTS by:Learning to THINK Like an Entrepreneur –“You Need to Learn to Think Differently!”

0 + 1000

Everyone: Add these numbers out loud with me

+ 10 = ?

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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5

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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 ofMark 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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‘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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‘Startup Incinerator’ – Evals

B of TE

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)

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In Class / On & Off Campus – “We Practice, Preach & More”

- We ‘preach’ Thinking

We ‘practice’ Doing

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In Class:- We ‘preach’ Delegation

On & Off Campus:We ‘practice’ Leadership

& Accountability

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In Class:- We ‘preach’ Communication

On & Off Campus:We ‘practice’ Consistency

(No Surprises)

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In Class:- We ‘preach’ Urgency

On & Off Campus:We ‘practice’

Evaluation

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In Class:- We ‘preach’ the Connection

We ‘practice’ beingin Synch

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In Class:- We ‘preach’ Fiscal

Responsibility

On & Off Campus: We ‘practice’ Granular

Cash Flow

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In Class:- We ‘preach’ M&A

On & Off Campus:We ‘practice’ Increased

Decision-Making

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In Class:- We ‘preach’ Dynamic

Thinking

On & Off Campus:We ‘practice’ Staying

Alive

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In Class:- We ‘allow’ Hiring &

Firing

On & Off Campus:We ‘practice’

Darwinism

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We Teach what NOT to DO… andOur 5 Steps to Staying Alive

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- 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

5 Steps to Staying Alive (Right Now):2

- 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

5 Steps to Staying Alive (Right Now):3

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

5 Steps to Staying Alive (Right Now):4

- 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 Steps to Staying Alive (Right Now):5

Advertising for Spring, 2014 Register Early & Register Often!

email: rfc@culbertsons.com twitter: @taylorpamm

The Apprentice & Startup Incinerator

Experiential Learning:Outside the Classroom,

Off-Campus

Michael Pochan

On campus

In the Classroom

Off campus

Outside the Classroom

A proud member of the

How We Did It.

be a focal point for all members of

the Seton Hill community - students,

graduate students, adult students, faculty, staff,

alumni, E-Magnify…

The Wukich Center Vision

… who are interested in:

• entrepreneurship,

• learning / growing

• serving the community and

• working as a team.

Vision (cont.)

Staff

WBCClients

Women’s Business Center

Alumni

Grad Students

Wukich Center

Faculty UnderGrad

Students

MBA

CareerCenter

Internships

DobsonPochan

Wukich Scholar

Learn

Help Teach

Adult Students

All-inclusive…

…via Experiential Projects

• silver-infused clay water filters

• blinded veterans

• repair of a parish house

for rental

The Student Officers

open to undergrad, Adult, graduate students

1. President2. 1st Vice President / Dir. of Communications3. 2nd Vice President / Dir. of Operations 4. Treasurer / Controller5. Secretary

Board of Directors

Board of Advisors

The Experienced Folk

… and (almost) run it like a business

StrategyStrategyPresidentPresident

MarketingMarketing

Human ResourcesHuman

Resources

AccountingAccounting

The Customer

LegalLegal

ResearchResearch

ControllerController 1st VP1st VP 2nd VP2nd VP SecretarySecretary

PlanningPlanning

AdminAdmin

Communications

Communications

SalesSales

OperationsOperations

Design

Make Product

Testing

ServiceService

Delivery

Customer Support

Implement

TechnologyTechnology

Tools

Website

Board of DirectorsBoard of Directors CEOCEO COOCOO Board of AdvisorsBoard of Advisors

Dobson Pochan

… now that we set it up…

Let’s Sell !

1. Classroom Prep

• What is Sales ? and Marketing• Who is the Customer ? • What do they Need ? • How to approach them ?

The Need and 2. the Product

… and 3. a Way to Serve the Community…

Finding the Targets

The Sales Team Approach

1. Two Groups

a. two top students – cold, UNannounced

b. By referral

2. A real product

3. A Low-risk product and sale

4. Plan B

Top Guns…

Get the Order…

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

• “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

• “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 ?