What is the difference between the content in BUS398 Strategy versus BUS399 Entrepreneurship?

BUS399 Entrepreneurship is taught from a Strategic perspective. That means that the course entails learning the same analytical tools, frameworks, models, and concepts that you would get in BUS398 Strategic Management. In Entrepreneurship we use this knowledge and these skills to develop a business plan for what your team believes is an exciting opportunity. Similar to those taking the Strategy capstone, Entrepreneurship capstone students go on to investment banking, banking, consulting, accounting, and just about every other type of job you may search for. And yes, many go on to work for Venture for America, startups, and other entrepreneurial organizations.  They key is that BUS399 Entrepreneurship course is not just for those who know they want to be entrepreneurs. Its for students with a variety of aspirations.

What are class sessions like?

Professor Shay uses a combination of readings, cases and case discussions, short interactive lectures, and a series of in-class exercises aimed at keeping your team moving forward with your business plan. Our class culture evolves over the term into a developmental learning community in which teams interact with each other to provide valuable feedback.

What are the major assignments for Entrepreneurship?

Student teams develop a business idea and write a business plan. The business plan is divided into three assignments so that the work paced appropriately and is spread out over the term. Students are highly motivated by the fact that they are provided the opportunity to draw upon everything they learned from various courses in the Williams School and the College to develop a professional plan for a business idea of their choice. At the end of the term student teams present their business plans to a panel of alumni judges.  The top three teams in the Final Round receive prize money: 1st Place = $4,000, 2nd Place = $2,000, and 3rd Place = $1,000 (prize money is split between team members). Yes, students find the work challenging, but they say the rewards are more than worth it.

How are teams formed?

A very unique process is used to optimize the team selection process. Teams typically have consisted of 3-5 students. The professor devotes 50-60 minutes to the selection process that entails all students meeting the entire class, discussing their ideas, sharing their backgrounds and skills, and ultimately forming teams. This process ensures that every team has the best chance to succeed and there are very rarely any problems.

Do I need to have a startup idea?

Ideas are selected by each team of students. The students think of ideas during the summer (or winter break) and come to class with a few in mind. The professor provides assistance in how to develop ideas and students typically have an abundance of ideas from which to choose. The teams meet, discuss the ideas, and then select the one that they believe has the most interest and potential by the team. Ideas have never been a problem.

How does entrepreneurship apply in the corporate world?

Again, you are learning to use the same tools as in Strategic Management but in the context of a new venture. The business plan that students develop have been used in several ways during their job search. Employers are impressed by the professional level and quality of the work and often the business plan becomes a focus of discussion during the interview. Students have also brought copies of their business plan with them to interviews as a useful representation of the work that the student is capable of. The rigor of these business plans prepares you well for the real world. Taking Entrepreneurship in the fall term assures that you’ll have this valuable document and experience in hand for your interviews.

How does what I learn in entrepreneurship apply to real life?

Students who study entrepreneurship and gain the valuable experience of writing a business plan reap many benefits. These students may go on to work in corporations as described above, start their own company (we have 1000’s of W&L alum who have done just that!), work as a CPA or consultant or lawyer for entrepreneurs, work for an entrepreneurial company (we have alumni at Facebook, Yahoo, Google, Amazon, etc. and they’re always looking for W&L students), or apply the knowledge gained to make better personal investment decisions when examining entrepreneurial opportunities. Many alumni comment they they wish they had an entrepreneurship course when they were at W&L.