Entrepreneurship Education in Australia

We have had the pleasure of hosting Colin Dunn and Kathy Griffiths from RMIT University in Melbourne, Australia. They run an ambitious program in which students receive their actual degree in Entrepreneurship (a BBE degree). While most American universities offer a major or a concentration (typically just a handful of courses), the vast majority of the courses RMIT students take focus on entrepreneurship. It is an applied program that requires their students to start a real business before they can graduate. Admission is selective and looks for not only good students, but those with entrepreneurial and leadership potential that is already in evidence.
I look forward watching this program as more of its students make their way into the world.

Tips on Avoiding Common Financing Mistakes

StartupJournal offers a few sound tips on common financing mistakes in start-up ventures.
1. “Not raising enough capital”. True, but I’ll add a corollary: don’t raise too much either, as it can lead poor spending decisions, over-commitment to overhead, and just general mischief.
2. “Risking everything you own”. Very true! We wife and I had significant savings when I went into business in NC, which got us through a very up and down start-up period.
3. “Borrowing from friends and family”. I generally agree with this as it can lead to rather uncomfortable Thanksgiving dinners! However, I have seen it work when the funds are relatively (no pun intended) small and the transaction is done in a truly business-like manner.
4. “Failing to keep good records”. Amen!

Tips on Creating Balance

I recently wrote about the importance of self-assessment and self-reflection. One of the important outcomes of this process is to keep all of the important things in your life and your goals all in balance. This article from StartupJournal offers four practical tips to help keep your business from becoming all consuming.
1. Define what is important in life.
2. Make personal commitments concrete.
3. Just say “no” to non-essential tasks.
4. Delegate, then delegate some more.

Going Global Tough for Small Businesses

Much is said about the global economy and the need for all businesses to “think globablly”. However, a report issued by the SBA Office of Advocacy suggests that the road overseas for small businesses is a difficult one to navigate.
“Small business owners may not have the time and money to invest in overcoming barriers to exporting, suggests a study released today at the South Carolina Chamber of Commerce Business Summit. The study closely examined barriers to exporting faced by a panel of South Carolina small businesses.”
The barriers seem to be many and they are most often situation specific, so the report did not generalize a list of basic barriers that all small businesses face. This makes finding solutions for small businesses looking to go overseas much more difficult.

Student Businesses

A couple of student entrepreneurs that we work with here at Belmont have been in the news this past week. I often get asked about what kinds of businesses students get involved with while in school. Here are a couple of examples. One is a venture capital backed start-up and the other is a business supported by our Entrepreneurship Center.
Jim Stefansic, an MBA student, is part of a team that is starting up a medical device company called Pathfinder. This article in the Nashville Business Journal highlights the emergence of biotechnology companies here in middle Tennessee. Jim’s company is one of several that are given as examples.
“Tennessee is a sponsor at next month’s Southeastern BIO Investor Forum in Florida, where early-stage companies Pathfinder Therapeutics and TransCell Therapeutics of Nashville were competitively selected to make presentations.”
Erin Wooters and Kate Miller are two art students (Erin is also an entrepreneurship minor and Kate is getting a minor in business) who are leading the student-run business Boulevard Art and Design, which is part of our program here at Belmont.
“The two women took over Boulevard this summer as part of a program through the school’s Entrepreneurship Center that gives them class credit for running a business….It’s part of a larger project encompassing three other student businesses….What sets the program apart from many across the country is its emphasis on the community, not just the university. Anyone, for example, can buy art from Boulevard or trade in used CDs to Reverb, the student music store two doors down.”
Right now our Center is working with dozens of student entrepreneurs like these.

You Might Be a Redneck If….

It sounds like the makings of a Jeff Foxworthy joke, but some entrepreneurs are taking there home-based businesses and making the “home” part mobile. RV-based entrepreneurship seems to be a new trend as seen in this article at StartupJournal.
“When Richard Dahl sold everything and hit the road 10 years ago, he planned to relax and tour the country full time with his wife. That got old after six months, so he decided to start a business and run it out of the couple’s 36-foot Holiday Rambler travel trailer.
“After unsuccessful stints selling campground memberships and trying other ventures, Mr. Dahl, of Roseburg, Ore., created a water filter for recreational-vehicle plumbing systems. He manufactured them himself using off-the-shelf materials and sold them at trailer parks, campgrounds and motor-home shows. He moved more than 1,300 of the $30 devices over the next couple of years, enough to finance his rambling and then some.”