In abstraction, the flash of a light bulb often symbolizes a novice entrepreneur's idea; in the real world, however, an idea can stagger its conceiver like a bolt of lightning, rendering his vision blind to practicalities, and the fledgling startup that had shown so much promise spirals subsequently into ruin.
The McIntire Entrepreneurs' Group was formed last spring to help make students aware of the myriad issues facing the potential venture, to provide guidance on getting a start-up company to work and to help foster and promote the entrepreneurial spirit.
"It is a blessing and a curse that the momentum and euphoria a great idea imparts can also make its believer think he can do anything," Commerce Professor David LaRue said.
Founding a business enterprise on one's own requires a different mindset than the traditional risk-averse business philosophy might allow. The traditional rise along a corporate career ladder is intrinsically safer and is, by and large, a path that can be plotted along a predictable schedule.
Contrarily, the entrepreneur in his venture must take arms against a stormier sea of troubles, including but not limited to the procurement of capital, complex tax considerations, finding capable partners for administration purposes and the nearly-inevitable test in crisis management.
But the inherent risk associated with taking the entrepreneurial road less traveled is attractive in part because of the enormous potential benefits an entrepreneurship can offer.
"I'm consistently getting at least two to three students coming into my office per week seeking counsel as to how to get their startup ideas off the ground," said Prof. LaRue.
According to Prof. LaRue, the best way to foster entrepreneurialism is to give its visionaries clues as to what kinds of questions to ask, as well as what kinds of things can go wrong.
"Support for the Entrepreneurs' Group has grown because students are increasingly aware that the entrepreneurial option is there and that it is navigable," said third-year College student and McIntire Entrepreneurial Group President Tommy Sweets.
The Group "is here to reinforce the fact that students don't have to go into an entry-level corporate position to get your start in the business world," Sweets said.
Currently comprised of over 30 members, The McIntire Entrepreneurs' Group provides the opportunity for students to learn about business start-ups through discussion with local entrepreneurs and student enterprises. The Group has procured distinguished speakers such as Professor David LaRue and Bill Crutchfield, Board of Visitors Member and Founder of the Crutchfield Corporation.
But this month, the Entrepreneurs' Group offers its most ambitious program to date: the First Annual New Business Challenge, in which student competitors will submit an original business venture with commercial promise to a panel of corporate judges. Plans may include new ventures/businesses, mergers or acquisitions that lead to significant value creation (including leveraged buyouts and roll-ups), licensing arrangements and joint ventures. Sponsored by the Lux Capital Group, the McIntire Entrepreneurs' Group will reward entrants with feedback from qualified assessors, educational experience and cash prizes totaling $5,000.
At the same time, the contest will give young entrepreneurs the confidence to foray into the market.
"The competition is the best attempt the Entrepreneurs' Group has made to give students the chance to have their business ideas validated in a real-world venture capital context," said managing partner and co-founder of Lux Capital Group Jim Sharpe, a 1999 University alumnus.
The New Business Challenge will take place in three stages, consisting of groups' business plan submissions, a semi-final round presentation and a final round presentation to a panel of judges. The closing date for first round submission to the Lux Capital Group Web site is April 7.
Lux Capital Group is a Manhattan-based incubator/venture catalyst that is itself a product of recent entrepreneurship.
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