While many business students plan on working for large corporations, some want something different. A proposed major is intended to help such students along that path.
An entrepreneurship major is still in the approval process, but many students are interested. The entrepreneurship major will include the basic business core classes plus an introductory entrepreneurship class plus marketing, accounting and financing classes that focus on starting a new business.
“Entrepreneurs have to study the whole business,” said Jack Brittain, dean of the business school. “This major crosses all disciplines of the business school.”
The classes will focus on both academic work and real world experience.
“A student will have at least one hands-on experience as an intern, as a participant in one of our programs or by starting up a company,” said Professor Steve Tallman, chairman of management and marketing for the business school.
The business school currently offers three courses that provide that hands-on experience.
“I have a couple of exams in the semester, but the bulk of the grade and the work comes from a feasibility study we do,” said Adjunct Professor Steve Hansen, who teaches the emerging business class. “We discuss the feasibility of starting up a new business, and we do the research that goes into making that decision.”
In Hansen’s class, students can choose any business to research.
“I let the students pick their own businesses because it allows them to have a very practical understanding of what they want to do in the future,” Hansen said. “We discuss the potential rewards and the potential risks of starting a business.”
The risk of starting a new business can be quite high.
“The three-year survival rate for new businesses is one in nine or one in 10,” Tallman said. “But people will start businesses anyway because there is money available to invest into companies.”
Although the risk can be big, the current economic downturn may actually benefit entrepreneurs.
“Some economists say it’s better to start a new business when the economy is down because the labor market is bigger, and it’s less expensive to lease or buy a facility for the business,” Hansen said. “My belief is that it’s a better time to invest when the economy is down.”
Regardless of the state of the economy, Hansen thinks the classes provide beneficial information for entrepreneurs.
“There are students that want to do something a little less conventional and a little more unique,” Hansen said. “These courses are tailored for getting out in the business world. They really give the students a leg up.”
The business school has a history of supporting entrepreneurship. About three years ago, U student Stuart Fetzer started the Utah Entrepreneur Challenge, a statewide business competition for college students.
“The nearly 700 participants in the Utah Entrepreneur Challenge is a great indicator of the interest level on this campus,” Brittain said. “We’ve started offering general courses, and all of them have been full.”