Entrepreneurship Development Club

It is of utmost importance that individuals do not confine entrepreneurship to starting a business. An Entrepreneur is a creative innovator who acting on initiative, seeks and maximizes opportunity, takes a calculated risk, and passionately drives it to a worthwhile conclusion. Therefore, the department will focus on developing these skills in students. It has been stated that in order for the nation to remain internationally competitive, entrepreneurialism must be at the core of University life, and by fostering entrepreneurial mindsets Universities can equip young people with highly transferable and valuable skills with which to build their future roles in the economy and society - National Council for Graduate Entrepreneurship. The Club aims to be sustainable and well integrated in the University’s operations.

This group offers inspiration and support for any student who aspires to become an entrepreneur.  There are also opportunities to interact, share business ideas, develop professional networks and build teams for competitions.  Several startup companies have emerged from Entrepreneurship Club:

• Huskies4Hire - a company that connects Michigan Tech faculty and staff with students who are looking for odd jobs
• Superior Filament - "Changing the World, One Spool of Filament at a Time". Manufactures 3D-printed filament using recycled and bio-degradable plastics. 
• We Inspire – a company that connects students with professionals at a high school level in order to inspire young adults to find their passions.
• 1st Element - sunglasses are handcrafted from bamboo. Made from eco-friendly products, all the while being very stylish, comfortable, and sustainable. 

As each member assists the other members and pursues the mission, vision and objectives of the club, students will gain more knowledge, experience, and equip themselves with an essential fabric - necessary to build a successful career.

Vision
To provide the entrepreneurship community at University with networking and educational opportunities while promoting entrepreneurial spirit and awareness

Mission

·          To foster entrepreneurial thinking, promote business knowledge.

·         To instill confidence in every student at Commerce Department.

·         To provide future scholars with the opportunity to learn by doing.

·         To foster an entrepreneurial mindset at University level.  

Objectives

·         To encourage entrepreneurial thinking and activity, business knowledge, and commercial awareness.

·         To instill confidence, inspire and build momentum among the entire student body.

·         To stimulate participation and interaction between students, entrepreneurs, alumni, faculty and prominent individuals in the world.

·         Social capital creation by connecting people, ideas, and money.

·         The Entrepreneurship Club should also create partnerships with organizations that support student entrepreneurship programs.

Activities

1.      Idea Diffusion - Get a creative and fun loving audience; ask them for one line startup ideas; people interested in the same idea can interact and form teams; 1 hour preparation time for chalking out the implementation; 3 minute pitches to pick out the best ideas.

2.      Business Plan and Business Idea- Students should learn how to develop business plan in a formal manner and also able to develop business ideas through formal and informal resources.

3.      Business Challenge - And not a B-Plan competition because a 20-30 page document with a lot of big numbers doesn't make a startup. Make the teams pitch their ideas and test them on their knowledge and understanding of their product / technology / service, market, competitors and revenue model. [If you need to shortlist teams ask for slide decks instead on B-Plans]. And include mentoring sessions for the teams before the final event so they can refine their ideas.

4.      Case Studies - Students can team up and analyze other startups and make case studies / caselets about them which can also be used as a resource for other students. A good way to start off would be to profile startups run by alumni.

5.      Starts a Venture - If possible start a venture on campus to get firsthand experience of starting up. If that might seem a little difficult, one / more groups can do a pilot run to get a better idea of how real life micro-businesses work.

6.      Summer in a Startup - Start an internship program which connects students to startups as summer interns.

7.      Big Bouts - Pick up something recent in the news (may / maynot be related to startups) invite a few relevant faculty members and a lot of students; have a discussion (debate) moderated by the faculty.

Expected Outcome

·         Expected to develop an entrepreneurship mindset in the students who have that bend of mind.

·         A team of students will be encouraged and motivated to establish a small business in the nearby area.

·         Expected that students learn how to work in a group, make presentation, prepare business plan and present in front of the authority to generate funds.

·         Expected that by seeing this initiative, many students will get awareness and in the long run college will be very popular for developing the entrepreneurship.

 Expected to encourage more dynamic start-ups by motivating educated youth, scientists and technologists to consider entrepreneurship as a lucrative, preferred and viable career.