The best way to learn business skills? Running an actual business.
That’s why we created Foundations of Management and Entrepreneurship (FME), an internationally recognized yearlong course, required for first-year students, where you and your team will create, develop, launch, and manage a real venture.
FME gives you more than just startup experience though—you’ll learn how to communicate, lead, work in a team, manage obstacles, and see a plan through to completion.
How FME works:
» Two dedicated faculty members—industry professionals—teach you the ins and outs of entrepreneurship, marketing, accounting, organizational behavior, information systems, and operations.
» Three teams are formed in classes of around 40 students, and the College loans up to $9,000 as startup money for each business.
» The ideas for the businesses are all yours and, whether you’re selling a tangible product or providing a service, you’re encouraged to think about how your business meets a human need.
» Teams establish a partnership with a local social services agency—you will volunteer at and donate at least 50 percent of your business’s profits to this organization (the other 50 percent can go to one or more organizations of your choosing).
FME Snapshot: Reduce Reuse Rebound
The Product: An attachable mini basketball hoop that encourages children to create fun lifelong recycling habits.
The CEOs: Natalia Castellanos ’21 (Guatemala City, Guatemala) and Reed Goldstein ’21 (Minneapolis, Minnesota)
The Inspiration: Only 23 percent of plastic was recycled in the U.S. in 2016, a statistic that made us realize recycling is not practiced as much as it should be, and awareness needs to be created.
The Obstacles: It was a big deal deciding which manufacturer to go with. We reached out to companies around the world and had to consider quality, cost, and shipping concerns. In order to make a final decision, everyone on the team had to be willing to compromise.
The Takeaways: Things will never go as planned, and that’s not a bad thing. Creating a real business is complicated, and it was extremely eye opening to realize how important every team member is to the success of the company.