University News: Entrepreneurship Program

This article appeared on the July 2005 University News Page. Below is a copy.

Entrepreneurship Program
July 2005 University News
By Vickie Driskell
Missouri State University-West Plains Public Relations Writer

If you are thinking about starting your own business, you're not alone.  Statistics show millions of Americans are attempting to create a new business at any given time. Unfortunately, many of these ventures are not successful.  Officials at Missouri State University-West Plains, however, hope to better those odds for area would-be entrepreneurs with a new degree and certificate program that will be offered for the first time this fall.

The Associate of Applied Science in Entrepreneurship and the Certificate in Entrepreneurship, both of which were recently approved by the Missouri Coordinating Board for Higher Education (CBHE), are designed to give small business owners the skills and education they need to own and operate a prosperous store or company.

The idea for this program came about because of a need we felt existed for people who wanted to start their own business," said Cathy Proffitt-Boys, division chair of Business, Applied Technologies and Public Services at Missouri State University-West Plains. "In the course of our research, we discovered that small businesses employ about half of the private sector workforce in America.  Also, we found that for many area residents there is a lot of appeal in working for yourself instead of a large company.  This degree is a way we can help the people in this area find a successful occupation here without having to go away."

Missouri State University-West Plains Chancellor Kent Thomas noted that Small Business Administration Regional Advocate Wendell Bailey was instrumental in helping the campus with its initial research. "We knew we had the need, and Wendell got us started down the right path," Thomas said.

In the written proposal for the program that was presented to CBHE for approval, university officials pointed out that, nationwide, small companies represent about 99 percent of employers, employ about half of the private sector workforce and generate between two-thirds to three-fourths of the net new jobs (Small Business Economic Indicators for 2003 report by the Small Business Administration).  In the Missouri State University-West Plains seven-county primary service area, nearly 80 percent of the businesses employ less than 10 people, and 96.5 percent employ less than 50 people (U.S. Census Bureau's 2002 County Business Patterns Report). These business owners and their employees are the target audience for the new degree and certificate program, university officials said in their proposal.

Initially, non-traditional students might be more interested in this degree, whether it's because their job disappeared or they want the satisfaction of owning their own business," Boys said. "But a lot of students right out of high school may have the same desire to own their own business, as well.This program is for everyone interested in being or becoming a small business owner."

With the help of an advisory board, which includes government and economic development officials and small business owners in the area, university officials have developed a schedule of required courses that will teach the practical skills of owning and operating a small business, Boys said.

We want to give students information and skills they can apply in real world situations," she explained. "The courses will take them from the business idea or concept through the process of developing the business and running it successfully. They will learn about financial management and accounting, legal issues in starting and operating a business, marketing and sales, and supervision and human resource management. We're hoping every class will give students information or skills they can use immediately."

The first entrepreneurship courses will be offered this fall in five-week blocks.  Introduction to Entrepreneurship (EPR 110), which will be held the first five weeks, will give students an overview of the process of developing and establishing a small business to help them determine if this is something they really want to do and, if so, how to make it work, Boys explained.

Opportunity Analysis (EPR 120) will follow during the second five-week period.  This course will give students a look into various business environments to determine viable business opportunities within those environments. "Students will learn how to do a needs analysis," Boys explained. "Again, it's a practical approach to developing a potential business."

The Business Plan (EPR 130) will be held during the final five-week session of the fall semester. In this class, students will take their idea for a business and develop financial projections and a marketing plan. "By the end of this class, students should have a plan that can be used to further develop a business or procure a business loan," Boys said.

"We hope that students will come into this program with an idea for a business and use that as a basis for their course work," she added. "With the information they learn, they will be able to begin putting their plan into action before they complete the degree."

Classes for the entrepreneurship degree and certificate will be offered either online or as hybrid course, which is a combination of both on-campus and online course work. The three courses scheduled for this fall will be hybrids, requiring an on-campus meeting from 5:30 to 8:20 p.m. each Monday during the semester.

"We thought that offering online and hybrid courses would be the most convenient for students who are already working or have other obligations. It will give them more flexibility," Boys said. "We also thought it would be more beneficial for students to have classes in five-week blocks so we could offer the information in a more concentrated time frame and give students the opportunity to apply what they've learned more quickly."

This is welcome news for many in the business community, who feel the entrepreneurship degree and certificate program is coming at just the right time. "I think entrepreneurship is the leading edge of how we will create job opportunities in this region," said Kris Norman, West Plains Economic Development Director, President of the Greater West Plains Area Chamber of Commerce and a member of the entrepreneurship program advisory board. "Members of the 'creative class' will be the ones who will support the economy, and we need to do what we can to help them be successful."

Innovations in technology, he added, make it possible for someone to live in a rural area and still be successful in the global economy. "If there's a niche that can be filled, this program can help someone do it.  It can take the average business owner and make him or her more successful by helping that business grow," he said. "We are evolving from an manufacturing-based economy to a service-based economy, which encompasses such professions as architectural and consulting firms, as well as stereotypical service businesses like restaurants and motels. Ultimately, these service industries result in more job opportunities, and for many, higher paying jobs."

Jay Garnett, co-owner of Axio Technologies Inc. in West Plains and a member of the advisory board, sees the entrepreneurship program as a way to stabilize the area's economy. "We want to continue to attract industry when we can, but a good mix of large and small employers will keep our economy stable," he explained. "This program will give people the skills they need to start one of those small businesses. Many people may have the technical skills and know-how to do or provide the service they have in mind, but they don't know how to run a business.  This program will round out their skill set.  It will help fill in the gaps."

Gene Weinbeck, president of Fundraiser Software, a small business in West Plains that creates computer software for companies and organizations which raise money, said he wishes an entrepreneurship program would have been available locally when he started his business 20 years ago.

"If it had been available then, it would have saved me a lot of aggravation," he said. "The information students will learn in this program will really give them a leg up in starting their own business. I believe it will cut the failure rate of small businesses in the area in half."

Weinbeck said he had to do a lot of the research for his company on his own with no direction. "I made a lot of mistakes, and I made a lot of bad decisions based on a lack of knowledge. People who complete this program will be more aware of what it takes to run a business and make it successful," he explained.

Weinbeck was one of the lucky ones. Despite several wrong turns, Fundraiser Software has become a solid employer for 15 area residents, and it pumps $400,000 into the local economy through its payroll. "And, we're still growing," he added.

Boys said she hopes this is the story students who complete the entrepreneurship program will tell. Whether they seek the degree or certificate, the students will receive a very well-rounded education in all aspects of running a business.

For more information about the Associate of Applied Science in Entrepreneurship degree or the Certificate in Entrepreneurship, contact the Missouri State University-West Plains Academic Affairs office at 417-255-7272. For more information about admissions and registration procedures for the fall semester, call the Missouri State University-West Plains Office of Admissions at 417-255-7955.  Registration for the fall semester is going on now.