Goals and challenges for the Minor
The goals are twofold. First, we aim to give students a basic yet mature theoretical understanding of entrepreneurship phenomenon, especially the entrepreneurial process itself. For example, many valuable entrepreneurial insights are not commonly reported by entrepreneurs or founders themselves, yet the commonalities exist. Second, we aim to maximize the number of student teams that generate cash flow via a contract at the end of the semester. Research shows that there are a variety of outcomes from entrepreneurship ventures. Typically, the vast majority of real-life ventures do not turn profits within the first year. However, the scale of outlay in the 5-month minor is much smaller than the scale for funded ‘professional’ ventures.
There are a few major challenges in meeting these goals to deliver an ambitious and special program. Challenge #1: In order to maximize the cumulative success and diversity of learning in the student teams, we aim to mix students trained in business or economics, with those trained in other topical areas, such as computer science, engineering, and art. Besides structuring the minor to find the right mix and to encourage collaboration within diverse teams, recruiting from other nearly institutions is also important. Given different backgrounds with fewer shared norms or beliefs, and an experiential endeavor marked inherently by uncertainty, there is the potential for inaction and loss of motivation. Challenge #2: Delivering classroom materials that keep both groups engaged is not straightforward. Text and classroom discussion that is challenging for business and economics students (“B/E majors”) may be too difficult for the non-B/E majors, and material appropriate for non-B/E majors would likely bore the B/E majors. Challenge #3: Both the minor’s relative unstructuredness (due to all the skills involved) and the foreignness of business concepts and measureables makes grading tricky. Non-B/E majors will likely be unfamiliar with the terminology of business plans, and thus may have difficulty delivering high-quality work or effort.
There are a few major challenges in meeting these goals to deliver an ambitious and special program. Challenge #1: In order to maximize the cumulative success and diversity of learning in the student teams, we aim to mix students trained in business or economics, with those trained in other topical areas, such as computer science, engineering, and art. Besides structuring the minor to find the right mix and to encourage collaboration within diverse teams, recruiting from other nearly institutions is also important. Given different backgrounds with fewer shared norms or beliefs, and an experiential endeavor marked inherently by uncertainty, there is the potential for inaction and loss of motivation. Challenge #2: Delivering classroom materials that keep both groups engaged is not straightforward. Text and classroom discussion that is challenging for business and economics students (“B/E majors”) may be too difficult for the non-B/E majors, and material appropriate for non-B/E majors would likely bore the B/E majors. Challenge #3: Both the minor’s relative unstructuredness (due to all the skills involved) and the foreignness of business concepts and measureables makes grading tricky. Non-B/E majors will likely be unfamiliar with the terminology of business plans, and thus may have difficulty delivering high-quality work or effort.