Traditional wisdom holds that college is theory time, while
real-world learning comes later. Traditional wisdom would be wrong,
though, if you're talking about today's entrepreneurship
courses, which emphasize projects with real-life components.
That's because students today are learning entrepreneurship not
only from books and professors, but also from in-class projects
where they consult for outside businesses.
It's a win-win for both students and business owners, says
Michael P. Verchot, director of the Business and Economic
Development Program at the University of Washington in Seattle.
"Very often in academic settings, you take distinct
classes--accounting, marketing, finance--but you don't see how
all that fits together," he says. "Working as a
consultant with a small business . . . just weaves everything
together."
The Business and Economic Development Program, for example,
gives students the chance to consult for local small businesses,
from restaurants and auto repair shops to professional services
firms. "It takes away the mystery of what being an
entrepreneur is," says Verchot. "Students walk away
saying, 'Look at how hard running a business really
is.'"
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Connecting what's taught in class to the experiences of real
entrepreneurs is exactly what David Wiggs, a 2001 MBA graduate of
Vanderbilt University in Nashville, Tennessee, learned from his
on-campus consulting experiences. He recalls one particular
consulting project involving an entrepreneur who owned a Nashville
recording studio. The entrepreneur, whose profits were being
devoured by upstart home-recording studios, came to
Vanderbilt's Owen School of Management for student input on how
to market the specialty church background music his company sells.
Much to the entrepreneur's satisfaction, the students came up
with an effective marketing plan.
"When you have your dominant business model basically
shattered [like this entrepreneur did], you've got to remain
pro-active in knowing your industry and your capability so you can
adapt," says Wiggs, now 30.
That kind of knowledge helped Wiggs launch Earth to Air Systems
Inc., a manufacturer of geothermal heating and cooling systems,
soon after graduation. Wiggs, who says company revenue is nearing
the seven-figure range, is such a fan of entrepreneurial learning
that he's now on the other side of the spectrum. With plans to
grow his Franklin, Tennessee, business, he's looking to
students at Vanderbilt for fresh perspectives on technology
innovation, marketing and more.
If your school lacks this type of formal relationship with
businesses, Verchot suggests contacting the business club at your
school; perhaps the club can take on a service project for a local
entrepreneur. You might also have a Small Business Development
Center either on campus or in your community. "Students can
work with the SBDC director to find a business and complete a
consulting project," says Verchot. Ideally, you'll glean
firsthand entrepreneurial knowledge before you even become an
entrepreneur.
Read more about the kinds of help you can get from colleges
and universities by clicking here.