is synonymous with action, and Kellogg is providing the tools
to ensure its students enjoy the best shot at succeeding in
this challenging arena
is tough as hell, says Professor Steve
been on the phone with someone as his bank was literally repossessing
the firm’s office furniture and equipment — including
that phone,” he says.
the Gordon and Llura Gund Family Professor of Entrepreneurship
and director of the Larry
and Carol Levy Institute for Entrepreneurial Practice
at the Kellogg School, knows what he’s talking about.
He has been an entrepreneur himself, and today he is one of
the subject’s gurus.
mistake: He believes in the power of entrepreneurship to change
lives, build communities and create wealth. But he’s
not going to tell anyone that entrepreneurship is a cakewalk.
public tends to romanticize entrepreneurship, and that’s
not fair,” he says. “As an entrepreneur, the pressure
is all on you to ensure that capital comes in to pay your
expenses and employees.”
and enthusiasm — buzzwords associated with entrepreneurs
— are great, says Rogers, but those qualities are limited
in their ability to drive success.
need the skills and mettle as well. There needs to be something
special inside you to want to take on this responsibility
and risk,” Rogers states.
© Nathan Mandell
has to come from within, but the Kellogg School is providing
students with ample opportunities to develop the skills to
beat the odds. Through various courses and initiatives, Kellogg
delivers one of the top entrepreneurship and innovation experiences
available. The dynamic curriculum includes Professor Barry
Merkin’s Entrepreneurship and New Venture Formulation,
in which students develop real business plans and pitch them
to real venture capitalists, and Rogers’ Entrepreneurial
Kellogg entrepreneurial experience also features action-learning
opportunities that take students outside the classroom. For
instance, the Kellogg internship program, a partnership with
the Kauffman Foundation, immerses students in the practicalities
of entrepreneurship. By working alongside real entrepreneurs,
students gain a firsthand understanding of the challenges
and strategies associated with running ventures.
want our students to experience every aspect of entrepreneurship:
the joys of being with a successful company and the trauma
associated with a company that is on hard times,” says
Boris and John Hamilton, both ’05, were among the 12
interns for the 2004 term.
was an invaluable opportunity, says Hamilton. “It allowed
me to see that while entrepreneurs are similar to [Apple CEO]
Steve Jobs, fighting to overturn the status quo, setting their
own hours and not working for ‘the man,’ they
are also flying ATA, taking the El to work and their celebration
lunches are typically a $2 hamburger.”
who worked with Wendy Beard, founder and owner of All She
Wrote Fine Stationery and Gifts, says the internship “enabled
me to combine my passion for the business and my skills from
the classroom to prove that I am capable of creating my own
offers students other real-world learning opportunities, including
one through a partnership with the National Foundation for
Teaching Entrepreneurship (NFTE), an organization dedicated
to mentoring high school students from low-income backgrounds.
Founded in 1987, NFTE encourages students to stay in school
and gives them the tools to pursue entrepreneurial careers.
also hosts a distinguished speakers series that invites entrepreneurial
luminaries to share their insights. Recent speakers included
Larry Levy ’67, founder of Levy Restaurants, and Scott
McNealy, co-founder of Sun Microsystems.
last spring Kellogg held its inaugural Alumni Entrepreneur
Conference and KICK Business Plan Competition, featuring a
total of $10,000 in prizes.
entrepreneurship demands persistence, talent and courage to
face daunting risks, the potential reward is big, says Rogers.
And not merely for the entrepreneur.
create jobs for people; people who have jobs tend to be more
self-sufficient, and self-sufficient people live in healthy
communities,” says the Kellogg professor.
helps reduce crime and increase prosperity, and so we need
to do all we can to make entrepreneurs successful.”