Dillard’s Lalani Center gives real-life, modern experience
An entrepreneur is a person who creates a business from scratch or from their imagination. Some of the most successful people in the world are entrepreneurs. These people include, Oprah Winfrey, Steve Jobs, Bill Gates, and Henry Ford. It is well-known to start any kind of business it takes time, money and risks. But to keep a business one needs knowledge of the inner workings of such a complex and competitive field.
The Lalani Center was created in 2006. It is designed to prepare students to go into the business world and achieve success. The Center is primarily focused on Entrepreneurs and preparing the students to face the hardships of the real world. The Center was a gift from the family of Munir Abdul Lalani.
“My simplest definition of an entrepreneur is someone who creates something of value that didn’t exist before,” Jeff Stambaugh director of the Center for Entrepreneurship and Free Enterprise, Lalani. “We have seen over the past 30 years that it’s all too easy to outsource to the lowest cost labor market most actions that are just done over and over. It is the ability to create something new that sets people apart from the masses, and, frankly, enables a person to get ahead in our society.”
Entrepreneurship is a minor.
“We do not have a major in entrepreneurship only a minor,” said Nick Gibson the internship coordinator for the Dillard College of Business.
As of fall 2012, there are 816 Business majors in the school. Of those 816, 216 are accounting, 15 are economics, 115 are finance, 142 are general business, 164 are management, 50 are management information system, and 114 marketing. I thought you could make some kind of chart out of this or something-just my opinion.
“The minor is primarily oriented toward non-business majors and develops the skills of creating and recognizing new opportunities, building a plan to seize those opportunities, and communicating the potential to others so that the entrepreneur gets the resources needed to launch the venture and succeed,” Stambaugh said.
According to Stambaugh, one of the missions of the center is to develop an entrepreneurial mindset. Some of the ways this was achieved was by implementing an entrepreneurship minor, providing business mentors to give advice, bringing in successful speakers, and provided quiet offices for students to work without distractions.
Another way to achieve this mission was the creations of the IdeaMSU contest. The contest is for students willing to go through the hard work of coming up with a business plan and propose it to selected judges. This year the completion will be in its fourth year as is due to kick off in the spring. The grand prize is 2,000. For more information please visit ideamsu.com or speak with Dr. Jeff Stambaugh, 940-397-4634, [email protected].
“People who create something that didn’t exist before will change the world, and I encourage them to change it for the better,” Stambaugh said.
Another mission is stimulating entrepreneurial activities in the region. Some of the things done to accomplish this mission is providing incubator spaces to entrepreneurs trying to launch a business and creating an independent study programmed teamed up with the Texacoma Angels. According to Stambaugh Angel investors are typically successful entrepreneurs that want to “pay it forward” by investing in start-up companies just trying to get off the ground.
“Here the students work with an actual startup company looking to raise money. The students analyze the startup and write a paper for the angels to review when the company makes a formal presentation,” Stambaugh said.
Stambaugh and the Dillard College of Business are also partnered with a regional competition called IdeaWF. It is a competition in which entrepreneurs in the region have a chance to present their ideas to selected judges. The top winners receive over $66,000 and assistance in marketing, legal, and accounting for their proposed business.
“It’s in its 4th year and the total prize package this year is worth over $70,000,” Stambaugh said.
The classes in the center are hands on. According to Stambaugh, students practice “pitching” their ideas, practice the development and sales of projects, and present their ideas to real entrepreneurs in classes such as; the Introductory course, the Entrepreneurial planning course and the Entrepreneurial consulting course.
“When I took the class in the summer, I was surprised to find that it wasn’t all theroretical,” Phil Cardinal a former student of an entrepreneur class said. “Four guest speakers came to the class that had built companies, sold companies, and exactly what we did in the entrepreneur world. They gave us the perspective of the work it took and the knowledge gained while working in the business world.”
Internships are important part of the business world.
“We go out into the community and find internship opportunities. Also because of our networking, internship opportunities find us as well,” Gibson said. We presently have approximately 50 businesses that do internships with us on a regular basis.”
Entrepreneurs like Bill Gates and Steve Jobs have shaped the world and changed it into something different from the past. Will the new entrepreneurs be able to do the same?
“Entrepreneurship is not a fad – it’s the future. As students realize how important the ability to create will be to their future success, they will want more and more exposure to entrepreneurship,” Stambaugh said. “That appetite, combined with the tremendous support from the Dillard College, university as a whole, and the business community, means the future is bright.”
