The Online Reflector

By Andrew Gouty
Online Editor

Students of the newly developed entrepreneurship program in the University of Indianapolis School of Business are participating in a real-world business development project as part of their course work.

The project represents approximately one-third of the students’ semester grade and is based on developing a plot of land approximately 30 miles west of Indianapolis. The land up for potential development is owned by Doreen Howell, administrative assistant in human resources at UIndy, and her husband Melvin. Students in the ENTR 280 Small Business Venture course are required to generate business plans for the development of the plot of land.

“[The relationship] came about quite by accident,” said Stanley Osweiler, professor of entrepreneurship.

Osweiler took a position this fall as a professor in the School of Business and since then has developed the necessary relationships to provide a real-world business venture project for UIndy entrepreneurship students. Now, more than halfway through the semester, students are finishing their 35 to 45 page business plans.

The business plans take comprehensive looks at the potential uses for the plot of land and include topics ranging from idea generation to funding, development and marketing. Several varied concepts are in the works, including a vineyard, extreme sports course, youth camp and horse stables.

During the process, students from the ENTR 443 Entrepreneurial Finance course were invited to provide analysis for financial and legal aspects of the business plans.

According to Osweiler, the next step for entrepreneurship students may be to explore the feasibility of any plans the Howells deem viable. This step of the development process is potentially planned for the spring semester, when entrepreneurship students may be given the chance to explore the implementation strategies for their business plans. However, working through another lengthy business plan is not out of the question for students.

“It’s like anything else; you don’t get good at it doing it once,” Osweiler said.

Repetition in the small business venture course has been moderated by a stock of hands-on exercises that relate to real-world examples. The mix between classroom theory and real-world example has kept many of the students interested in the assignment.

“Classroom lectures can be so boring and disengaging; hands-on experiences keep me awake!” said junior entrepreneurship major Felisha Brooks.

The hands-on components of the course lend themselves to an overall plan for the entrepreneurship program. According to Osweiler, the program should convey fundamental business concepts, appeal to students’ natural curiosity, encourage leadership and focus on hands-on learning.

“The project has really helped bring life and substance to the textbook. The text I use is great, but a textbook is just a textbook,” he said.

The Small Business Venture course project is just one tie to real-world topics for the entrepreneurship program. Students recently had the opportunity to attend Indiana Entrepreneurship and Innovation Day on Nov. 8, which showcased the Collegiate Idol competition. The competition was put on by the Indiana Economic Development Corporation and hosted at the Indiana Convention Center.

Fifteen student teams were asked to present a two-minute pitch on their product, service or business idea. Five finalists were selected to expand on their ideas later that afternoon in a five-minute presentation. Area entrepreneurs, venture capitalists and angel investors were present to provide an ear for college students and professionals alike, the latter vying for potential investment monies for new or ongoing business projects.

Junior marketing major Emilie Myers was selected among other applicants to be one of the presenters at the Collegiate Idol competition.

“I would definitely do it again. I got very good feedback, and it emphasized a lot of what I’ve learned in the classroom,” Myers said.

More opportunities may be in the works for next semester and next year, as the entrepreneurship program hopes to expand its ties with organizations such as the IEDC and participate in more events like Collegiate Idol.