Oklahoma Business Week
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East Central University hosts Oklahoma Business Week each summer to give 120 high school and college students a one-of-a-kind opportunity to learn about business in a fun, experiential way. Partnerships with business professionals augment student learning and opportunities.
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Oklahoma Business Week
- 1. Oklahoma Business Week East Central University Stacey Bolin, Rachel Nicholas, and Casey Black @ACBSPAccredited #ACBSP2015
- 2. Presentation Overview • Engagement: Setting the Stage • OBW Video • OBW Engagement: Professionals • OBW Engagement: College Students • OBW Highlighted Activities • OBW Research: The Impact on Students • OBW Goals: Mission Accomplished
- 3. Engagement: Setting the Stage • Entrepreneurs contribute to prosperity, create jobs, and fuel innovation (Solomon, Bryant, May, & Perry, 2013; Yallapragada & Bhuiyan, 2011). 86% of the new jobs (Neumark, Wall, & Zhang, 2011) 70% of the world’s production (Ates & Bititci, 2011) 67% of new inventions (Winkel, Vanevenhoven, Drago, & Clements, 2013) • Despite some debate, entrepreneurship studies cite the ability to teach entrepreneurship (Cheung & Au, 2010; Morris, Webb, Fu, & Singhal, 2013; Raposo & Do Paco, 2011; Schmidt, Soper, & Bernaciak, 2013). Best results from hands-on, experiential learning (Gerba, 2012; Gibson, Harris, Mick, & Burkhalter, 2011).
- 4. References Ates, A., & Bititci, U. (2011). Change process: A key enabler for building resilient SMEs. International Journal of Production Research, 49, 5601–5618. doi:10.1080/00207543.2011.563825 Cheung, C., & Au, E. (2010). Running a small business by students in a secondary school: Its impact on learning about entrepreneurship. Journal of Entrepreneurship Education, 13, 45–63. Retrieved from http://www.alliedacademies.org/Public/Journals/JournalDetails.aspx?jid=8 Gerba, D. T. (2012). The context of entrepreneurship education in Ethiopian universities. Management Research Review, 35(3/4), 225–244. doi:10.1108/01409171211210136 Gibson, S., Harris, M., Mick, T., & Burkhalter, T. (2011). Comparing the entrepreneurial attitudes of university and community college students. Journal of Higher Education Theory and Practice, 11(2), 11–18. Retrieved from http://www.na-businesspress.com/jhetpopen.html Morris, M. H., Webb, J. W., Fu, J., & Singhal, S. (2013). A competency-based perspective on entrepreneurship education: Conceptual and empirical insights. Journal of Small Business Management, 51, 352–369. doi:10.1111/jsbm.12023
- 5. References Neumark, D., Wall, B., & Zhang, J. (2011). Do small businesses create more jobs? New evidence for the United States from the national establishment time series. Review of Economics and Statistics, 93(1), 16–29. doi:10.1162/REST_a_00060 Raposo, M., & Do Paco, A. (2011). Entrepreneurship education: Relationship between education and entrepreneurial activity. Psicothema, 23, 453–457. Retrieved from http://www.psicothema.com Schmidt, J. J., Soper, J. C., & Bernaciak, J. (2013). Creativity in the entrepreneurship program: A survey of the directors of award winning programs. Journal of Entrepreneurship Education, 16, 31–44. Retrieved from http://www.alliedacademies.org/Public/Journals/JournalDetails.aspx?jid=8 Solomon, G. T., Bryant, A., May, K., & Perry, V. (2013). Survival of the fittest: Technical assistance, survival and growth of small businesses and implications for public policy. Technovation, 33(8-9), 292–301. doi:10.1016/j.technovation.2013.06.002 Winkel, D., Vanevenhoven, J., Drago, W. A., & Clements, C. (2013). The structure and scope of entrepreneurship programs in higher education around the world. Journal of Entrepreneurship Education, 16, 15–29. Retrieved from http://www.alliedacademies.org/Public/Journals/JournalDetails.aspx?jid=8 Yallapragada, R. R., & Bhuiyan, M. (2011). Small business entrepreneurships in the United States. Journal of Applied Business Research, 27(6), 117–122. Retrieved from http://www.cluteinstitute.com/journals/journal-of-applied-business-research-jabr/
- 6. The Reach of OBW: Student Capital • OBW began Summer 2012 • Growth in Attendance New Students Returning Students College Students Involved Summer 2012 62 n/a 15 Summer 2013 72 10 25 Summer 2014 84 15 40
- 8. • Link to Oklahoma Business Week Video on YouTube: • https://www.youtube.com/watch?v=73JpQL7BooE OBW Video
- 13. OBW Engagement: College Students
- 17. How OBW impacts our life… Introduction to the Business World Development of Skills Needed to be Successful Real World Experience of Management Networking with the Numerous Business Professionals
- 18. Oklahoma Business Week Highlighted Events @ACBSPAccredited #ACBSP2015
- 23. Tradeshow
- 28. OBW Research: The Impact on Students Statistical Significance between Pretest and Posttest Scores Student Ratings of their Abilities - Scale 1 to 7 Leadership Skills t(76) = 2.44, p < .01 Recognition of Opportunity t(76) = 2.36, p < .05 Development of New Products and Services t(76) = 2.22, p < .05 Networking Skills and Professional Contacts t(76) = 2.14, p < .05 Problem Solving t(76) = 2.02, p < .05 Creativity t(76) = 1.00, p > .05 Students Considering Entrepreneurship as a Career Pretest 48 Posttest 48 Changes 20
- 29. I feel more confident speaking in a group or public setting now 91% I feel more comfortable asking questions if I am not sure about something 90% I feel more comfortable negotiating my ideas and thoughts 95% I found my interaction with my CA valuable to my personal development 94% I found speakers, judges and guests valuable for my personal development 97% I feel I am better able to work in a team environment 97% I feel more flexible and tolerant 92% I feel I am better able to evaluate and select information 95% I will work even harder in school after this experience 97% I will return to school with greater motivation to succeed after this experience 99% This week gave me better ideas about furthering my education beyond high school 94% I am more excited for my future career possibilities 96% I am more self-confident 93% OBW helped me understand what is required to manage a successful business 100% I have a better understanding of corporate/business finance 96% My understanding of personal finance/credit has improved 92% I had fun 99% I will recommend this program to my friends 99% My ability to work under deadlines has improved 92% I think I am more creative 87% I would like to return to a future OBW 91% Has OBW influenced your choice of a college major? 76%
- 30. OBW Goals: Mission Accomplished 1. Recruitment of Excellent Students 2. Real World Management Experience for College Students • Planning & Execution of Teambuilding Activities • Assisting with Companies and Dorm Life 3. Networking for the Future 4. Business Professional Engagement
- 34. “It was more hands on and we were able to work with other students directly and formed bonds with the other students which made it a lot more entertaining.” -OBW Alum
- 37. “I actually had hands on learning instead of reading it out of the book, as well as speakers with success in business showing that I can actually achieve something later in my future.” -OBW Alum
- 41. “It's much more specific and hands on, which I enjoy. You actually put all of your time to use at OBW, where as in school you waste too much time. OBW is more fast paced, so I never get bored and I'm always interested.” -OBW Alum
- 44. “I actually learned what it means to run a business. I learned about all the important details in business. I did not just learn about leadership skills, but also business skills that are important to ANY occupation I go in to.” -OBW Alum
- 48. “At Howe High School I only learned the basics to business but only enough to get a taste for it. At OBW I now understand what business is and want it to be part of my future.” -OBW Alum
- 51. OBW Contact Information Camp Director – Stacey Bolin (580) 559-5596 sbolin@ecok.edu OBW Intern – Casey Black (580) 559-5274 caseyblack13@gmail.com
Editor's Notes
- After a dozen years in industry with two entrepreneurial ventures and two stints at large corporations, I began a career in higher education. I also have the privilege of directing East Central University’s Wilburn L. Smith Center for Entrepreneurship. As an entrepreneur tasked with teaching and inspiring students to explore entrepreneurship, I spent a considerable amount of time researching and reading about entrepreneurship education in academic journals to acquire as much information as possible. A literature review of entrepreneurship education revealed that entrepreneurship educational offerings have increased dramatically over the past 20 years as the importance of entrepreneurs to societies has been more heavily documented in academic literature. While some critics claim that entrepreneurs are born with unique attributes, entrepreneurship studies cite the ability to teach entrepreneurship. Additionally, several scholars cite the best results from hands-on, experiential learning activities associated with entrepreneurship. This research inspired me to offer Oklahoma Business Week – a one week summer camp with an entrepreneurial focus to students. The reference listings for the literature review are included on the following slides. To give you a glimpse of what happens at the camp, we are going to watch a 7-minute video that we produced to recruit high school and college students and business professionals.
- We began planning for the first Oklahoma Business Week in the Fall of 2011 and held the first camp in the summer of 2012. Since that summer, we’ve continued to grow and found that involvement over 100 students stretched the capacity of our dorm and classroom facilities. For summer 2015, we plan to host the camp with approximately 100 resident students and a few commuter college students.
- To host the camp for 100 students, we need involvement from approximately 200 business professionals. Business professionals, like the two Kellogg & Sovereign business consultants pictured here, engage with students in a variety of ways. As an executive committee member who works throughout the year providing oversight and planning assistance. As a company advisor who works with a team of students for the entire week. As a speaker who presents and interacts with students on a specific topic for one or more hours. As a mentor who meets with students over a meal. As a tour host who invites students groups to tour their place of business. As a board room meeting host who invites students to visit their company’s board room for a meal, tour, and presentation about the business. As a board room presentation judge who spends an entire morning interacting with students as they share their successes and failures from the business simulation. As a tradeshow judge who spends time hearing each team’s pitch about their new product or service idea and invests “monopoly” money in potentially good ideas.
- We use this overview video to help explain the concept of the camp to all potential students, volunteers, and donors.
- OBW Executive Committee members and Company Advisors at OBW 2014
- OBW Speaker, Monica Neal, presenting about Ethics
- OBW speaker, Jet McCoy, shared words of encouragement with students to set goals and never give up.
- Panel Presentation by (left to right) Alan Marcum, Executive Vice President, Devon Energy – Monica Neal, Director of Community Development, Chickasaw Nation – Dr. John Hargrave, President, East Central University
- College students have the opportunity to not only participate in OBW events but also plan and lead many of them. College students spend countless semester hours preparing for careers but value the opportunity to put their coursework into practice. With OBW, ECU college students get to do just that. College students serve in a variety of ways throughout the week: As dorm counselors As leaders in the company headquarters As planners of events As speakers to the high school students
- OBW Alum and College Student leader, Rachel Nicholas (right) visiting with OBW Camper
- OBW College students enjoying a snow cone to cool off after some exciting teamwork games at a local park
- OBW alum and college student worker, Ben Godwin (center standing) shares information on presentation skills with OBW campers at a Wednesday soft skills luncheon.
- OBW helps students by introducing them to the business world as a camper, helping them develop success skills as an advanced student, offering them the opportunity to practice real-world management, and exposing them to countless business professionals to help expand their network.
- While there are numerous events during the week, we would like to highlight three of the favorite and most important to the students.
- On the last evening of camp, after students have been running their own business through 8 quarters of operation, students travel to a local business to share a meal and hear executives share about their business in their board room. This not only helps students prepare for their board room presentation the next morning, but it also allows students to network with high level executives from a business.
- Students learning from First United Bank Executives
- First United Bank executives visiting with OBW students
- On the last morning of camp, students present a presentation about the successes and failures experiences while running their simulated business throughout the week. The simulation requires that the students make production, sales, marketing, and financial decisions for each quarter. Results from the simulation help students adjust for future quarters. Additionally, students experience HR, ethical, and other decisions.
- On the last day of the camp the students participate in a Tradeshow. All week they have been developing a unique product that they plan on producing and marketing to seller to the public, but in order to do so they must find people who will invest in their company so that they can start up their business. Each team gets a science fair board and their imagination runs wild. They learn how to give a 30 second elevator pitch of their product to give to the investors and they learn really quick what works and what doesn’t. As a team, they make a game plan and assign different jobs to each teammate and it’s off to the races as they compete against the other teams to earn enough “money” to start up their business!
- OBW students pitching their idea to a trade show investor.
- An example of an OBW tradeshow booth
- ECU President, John Hargrave, visiting with OBW students about their pitch
- Cliff Agee, a Chickasaw Nation executive, visiting with students about their tradeshow pitch
- As we’ve progressed with OBW, we wanted to examine the impact of the event on students. At the beginning and again at the end of the week, students complete a SurveyMonkey® survey about what they know and have learned throughout the week. As you can see the most significant improvement experienced involved leadership skills. Also significant were recognition of opportunity, development of a new product or service, networking, and problem solving. While students did rate their creativity skills as improved, the change was not significant. An interesting point from the survey was the number of students who might consider a career as an entrepreneur. While the response result was the same at 48 on both the pre- and post-tests, 20 students changed their answer. This helped us understand that what the students are learning during the week may influence future career decisions.
- On the post-test, students were also asked a series of yes/no questions about their experience at the camp. Those with the most meaning are highlighted in the slide.
- The OBW Executive Committee and sponsors rate the camp a valuable investment of time and money. The camp allows East Central University to recruit talented students. From the first three years of OBW, over 30 students have enrolled in ECU after their OBW experience. Half of these have come from outside ECU’s normal recruitment area. Our college business students have the opportunity to gain real-world management and leadership experience by planning and executing camp activities. All parties involved benefit from the networking opportunities involved. ECU has benefited from establishing new business professional relationships and strengthening others.
- As we answer your questions, we are going to continue to scroll through some pictures from the camp as well as quotes from OBW alumni.