Consumer spending is down. Loans can be hard to find. In short, it’s not the best time to start a business.
That’s not going to stop 23 university students from trying to do just that. And they have some help.
The business school’s Dingman Center for Entrepreneurship hosted the Jumpstart program this week, aiming to bring those students together to brainstorm business concepts and pitch them to potential investors.
The program’s main goal is “to teach students how to think like an entrepreneur and how to run a business like an entrepreneur,” said Alla Corey, the center’s program manager.
Students begin each day with a workshop led by a successful entrepreneur, investor or lawyer. The program kicked off Monday with a presentation by Asher Epstein, the managing director of the center.
Following the presentation, students went around the room and introduced themselves and presented their business ideas.
Nick Mostovych, a senior French and physics major, wants to create another way to study abroad. He said he is interested in providing “more of a bare bones, authentic experience that will be a lot more affordable.” He said he would also like the study abroad program to be less structured.
Senior marketing major Zoe Pagonis has another plan.
“I want to start an online farmer’s market that connects local consumers to the farmers, but actually delivers [the food] to your house instead of having to go to the farmer’s market,” Pagonis said.
She said she is passionate about politics and realized by being in the business school that if she wants to be a successful politician, she needs to raise capital and make connections by meeting people at events like Jumpstart.
But not all of the students came with a business idea in mind. Students without ideas can work with other students who already have a plan.
Business master’s student Ahmed Niyas said though he does not have a business idea, he thinks the program is the best opportunity to get involved.
Developing a business plan is the first step of what is referred to as the Dingman Process. The students first concentrate on “ideation.” Later on in the process, they move on to assessment, implementation and iteration.
This is the Dingman’s Center second program of the sort. The first program took place during winter term and was called the Dingman Bootcamp. This summer’s program is a two-week experience ending Aug. 28.
By starting in August, the students participating in the Jumpstart program will have a leg up when it comes to preparation for the Cupid’s Cup Business Competition, according to a Jumpstart information packet.
And while it may seem the economy would work against the student entrepreneurs, Corey does not see it as a problem.
“Current economic conditions are only bad for poorly run businesses,” Corey wrote in an e-mail. “Entrepreneurs looking to grow their businesses or start new businesses will have an advantage with every new skill they acquire. Students who signed up for the Jumpstart program recognize that investing in their own education, acquiring new skills and knowledge will give them an advantage whether in running their own business or looking for employment.”
