Making the Local Economy Hop: Entrepreneurial Programs at Maryland Post-Secondary Institutions

By Joseph Patrick Bulko, STAFF WRITER



The entrepreneurial field is rich and abundant - especially at the college and university level, where many programs dedicated to entrepreneurship have been implemented in recent years. Academics generally display a visceral exuberance about this emerging field of study. They cite the value of an entrepreneurial curriculum to students, the business community and society in general.

Entrepreneurial programs are available at many Maryland institutions of higher learning. For example, Loyola College's Sellinger School of Business and Management offers an entrepreneurship minor as part of its business administration degree program. Baltimore City Community College offers an Entrepreneurship Certificate designed for those individuals interested in starting and managing their own business through the traditional operating format or online.

An entrepreneurial curriculum differs somewhat from a typical business degree, focusing on issues pertinent to the small business and startup: the development of a business plan and acquisition of capital.



The UB Approach

Now in its third year, the Entrepreneurial Opportunity Center at the University of Baltimore (UB) is dedicated to the growth and support of innovative ventures in Baltimore. The EOC provides a broad range of services to students, emerging entrepreneurs and the business community. Student entrepreneurs receive coaching, mentoring and support for their entrepreneurial initiatives.

"Entrepreneurship is growing very rapidly as an academic discipline," said Jim Kucher, EOC executive director. "Entrepreneurship is more about assessing risk. A good entrepreneur is not a risk taker, but an analyst of [markets, business opportunities, etc.]."

The university's Merrick School of Business defines an entrepreneur as someone who is able to see an opportunity and gather the courage to act on that opportunity and realize its potential.

"Given that less than half - 43% - of new ventures are operating after five years, on average, across the country, proper coaching can reduce the failure rate," Kucher added. "With proper mentoring and coaching, the survivable rate increases to 87%."

UB is not trying to find the "great idea" or teach the "great idea"; instead the focus is on teaching how to succeed. The reality of launching a business is that "it's just plain hard work," Kucher noted. "[Business owners] need marketing, finance and operational analysis skills. We provide an atmosphere where students can combine those skills" in the context of a particular venture.

The UB approach "starts with a feasibility analysis - not a business plan - based on finance, accounting, marketing, market research, human resources and operations management," he explained. "It's effectively a capstone experience."

For students with an existing business, they "apply learning to their own business," Kucher said. "We help them to grow it. We help them exit that business to start another. UB has always attracted entrepreneurs."

The curriculum attracts undergraduate and graduate students, plus working people and those who are seeking a second career. "Even if your career path takes you to corporate offices, managers are valued for their ability to innovate," he said. "Innovation is the core driver of entrepreneurship."



Villa Julie Charts New Course

With the establishment of a School of Business and Leadership, a transformation is underway at Villa Julie College as the institution moves from the college model to the university model. Still in the process of choosing a dean for the new school, "exploring programs in entrepreneurship is on the radar," said Paul D. Lack, Ph.D., Villa Julie College's executive vice president for academic affairs and dean.

"We're a career-focused college," he continued. "All our academic programs have an applied aspect. We're practical in our focus - all our degrees are career-oriented. It is not our tradition to be just a liberal arts college, so it's natural for us to bring in a school of business."

Underscoring the college's entrepreneurial commitment, President Kevin J. Manning, Ph.D., received the Ernst & Young Entrepreneur of the Year 2007 Award in the Education category in Maryland. He is the first higher education recipient in the 18-year history of the Maryland EOY awards.



E-Commerce Big at UMUC

At University of Maryland University College, entrepreneurship is melded into the business curriculum. "UMUC's Executive MBA curriculum isn't focused only on students with entrepreneurial interests, of course, but it incorporates a final project that is proving especially beneficial to the entrepreneurial community," explained Dr. Mary Ann Spilman, executive director, business and executive programs, UMUC Graduate School of Management and Technology. "Because of their limited resources and their urgent need to 'sell' their business plans to potential investors, entrepreneurs benefit disproportionately from these university projects."

Dr. Daniel Hudak, academic director of finance and economics for UMUC's School of Undergraduate Studies, has been involved in three startups, and his doctoral dissertation focused on entrepreneurial strategy crafting. "On the undergraduate level, UMUC regularly offers two courses in entrepreneurship as part of its finance major: FINC310 Entrepreneurship and New Venture Planning and FINC311 Managing New Ventures," he explained. "Two other courses - Managing Strategic Venture Growth and Industry and Building the Entrepreneurial Team - have also been developed and will be offered as demand dictates."

UMUC's certificate in E-Commerce in Small Business prepares entrepreneurs and managers of small businesses to utilize e-commerce for entrepreneurial ventures. It enables entrepreneurs, small-business owners, non-IT managers and others in small business to upgrade their skills with the theory and practical knowledge necessary for organizing an e-commerce effort within a small business.



Entrepreneurs Compete at Salisbury

"Entrepreneurship has taken off in general in universities around the country," said Salisbury University's Stephen B. Adams, Ph.D., associate professor of management, Franklin P. Perdue School of Business. "Entrepreneurship came to universities during the late 1980s and 1990s."

Adams teaches an entrepreneurial class where "each student conceptualizes a business and writes a business plan," he said. "We don't have an entrepreneurship major. We have a real experiential emphasis in the Perdue School of Business."

Since 1987, the university has offered an annual business plan competition, the $5,000 Bernstein Award, open to SU students, which attracts 20 to 30 entrants per year. The four finalists present their plans to a panel of judges consisting of bankers, entrepreneurs and others.



Morgan State Provides 'Solid Foundation'

The Morgan State University Center for Entrepreneurship and Strategy (CES) evolved from "having noticed a lower entrepreneurial rate among African-Americans," explained Dr. Rob Singh, CES executive director. "There was great interest and need in the African-American community and urban areas in general. Through high-quality education programs, we provide a solid foundation for entrepreneurs."

The university has entrepreneurial classes and seminars aimed at undergrads and those working toward MBAs and Ph.D.s. "We have a very innovative program, with high-quality teaching and good access to information," Singh explained. "The goal is to produce a good rate of entrepreneurial students," which will increase the state's tax base as they go out and start their own successful businesses.

Outreach is the mission of the Entrepreneurial Development & Assistance Center, which hosts "seminars for would-be entrepreneurs and sponsors a $2,500 annual business plan competition," Singh explained.

Noting that two-thirds to three-quarters of jobs are created by small businesses and startups, he said, "Entrepreneurship drives societies forward. There is new recognition by policymakers of the role of entrepreneurs and small businesses. Spurring new venture creation really makes the economy hop."