entrepreneurship at baylor

Baylor Business Review, Spring 2005 by Elmore, Barbara

Students in entrepreneurial studies at Baylor University are exposed to every aspect of the entrepreneurial experience. By combining challenging class instruction with active involvement in new and emerging ventures, students at Baylor acquire a practical well-rounded knowledge base that prepares them for the diverse demands of today's competitive marketplace.

In 1977, Baylor University's Hankamer School of Business became one of the first academic institutions to establish an entrepreneurship program in the United States. For the past 28 years our program has been a leader in entrepreneurship education, serving as a model for other institutions and maintaining a record of excellence that is unsurpassed.

Professors at Baylor challenge students to reach beyond the textbook to develop the skills necessary for the rigors they will face in starting a business. This is the philosophy behind all courses offered - give students a practical and theoretical base of knowledge that will guide them throughout their careers.

Offering both an undergraduate degree in Entrepreneurship and an MBA with a concentration in entrepreneurship, Baylor hoe been continually ranked among the top schools for entrepreneurship education in Entrepreneur magazine and U.S. News and World Report.

Baylor is one of the few entrepreneurship undergraduate programs in the country to have its students start their own businesses. Students in Venture Initiation are required to develop a business plan, and start and operate their own small business. Although the course focuses primarily on the business plan and the start-up phase, several successful student businesses have resulted.

The entrepreneurial studies program encourages cross discipline studies. A new cross disciplinary and cross cultural program has been introduced at Baylor that allows students the opportunity to travel abroad to study and work with students in the computer science field. In the Baylor International Technology Entrepreneurship program students travel to the University of Maastricht for six weeks in the summer to get a personal look at business in Europe and work on a technology project with Maastricht students. While there they work together to develop a technology-based business.

It was through the John F. Baugh Center for Entrepreneurship, established in 1988, that the Baylor International Technology Entrepreneurship program was developed. The center has been instrumental in building bridges between disciplines and the local community to offer a comprehensive educational experience for anyone seeking knowledge and expertise in entrepreneurship.

FastTrac, one of several community out-reach programs offered through the John F. Baugh Center, pairs students from the Entrepreneurial Field Studies class with aspiring or active entrepreneurs who want to start a business or pursue the development of a product or service. Students work with these entrepreneurs to develop comprehensive business plans for new ventures or assist them with problems related to market research, financial management, managerial issues, product development, and other issues.

Other community programs administered by the John F. Baugh Center include the Innovation Evaluation program and the Institute for Family Business.

In 1981, the first non-government funded Innovation Evaluation program in the United States was established at Baylor. Since then, several universities have established programs based on Baylor's program and a number of corporations have modified it for internal use.

For a nominal fee, which covers administrative costs, an unbiased team analyzes the commercial potential of an inventor's new product or idea. The invention or idea is evaluated according to 33 different criteria. The program gives the inventor objective data on the product's strengths and weaknesses, which may be used to determine the likelihood of commercial success before committing capital to fully develop and market the product.

The program's purpose is to stimulate and encourage creativity and innovation. Since its inception, the program has evaluated over 1,500 ideas.

The Institute for Family Business, established in 1987, provides a forum for the development and dissemination of information relevant to the continuity and health of the family business. It is estimated that family businesses generate about half of the gross domestic product and half of the total wages paid. About 90 percent of all U.S. businesses are family owned or controlled. Their survival is fundamental to America's economy.

The Institute is committed to helping more family businesses survive to the second and third generations and beyond. The individual needs of the family and the business can present challenges that threaten a businesses' continuity. Family businesses need support that is sensitive to this inherent tension. The Institute, through research and programs, provides that support.

The institute recognizes and promotes outstanding family businesses as well through the Texas Family Business of the Year Awards. Firms whose families are the most responsive to the needs of their employees, communities and industries are honored yearly.