Who gets an MBA?

A KU MBA is all about business, but it’s not only for business undergraduates.

Dee Steinle, the administrative director of masters programs at the KU School of Business, fights the stereotype that most MBA students have business backgrounds.

“There are ways an MBA can benefit those with a business undergrad,” Steinle said. “But absolutely the best fit for an MBA is really someone who is launching a career change that comes from a non-business background.”

The reality is that there’s a diverse student body in the MBA program, and people chose it for a variety of reasons.

Steinle believes that the MBA program is not only well designed for people with non-business backgrounds, but it’s best designed for them.

 “The notion is that a person can have an expertise in another area such as journalism or engineering and take that knowledge, with some experience preferably, and come into the MBA program to gain a systematic business education,” she said.

When students come out of the program, they have a well-rounded education, which allows their passions to drive business.

The MBA program consists of students with backgrounds in English, literature, hard science, engineering and even veterinarian science. Paul Epp, a second-year MBA student, is a professional musician and recording artist.

“He definitely has everything he needs to be successful,” Steinle said, “whether it’s in a business of his choice or starting his own business.”

Many graduates adapt their MBA to suit their own personal interests, allowing them to apply their degree in a variety of business settings. To learn more about an MBA, visit mba.ku.edu.

by Mackenzie Leander

RedTire program earns recognition for innovation

RedTire is one of the most effective initiatives for engaging regional and local economic development according to a report published by the U.S. Department of Commerce (USDC).

The Office of Innovation and Entrepreneurship (OIE) at the Economic Development Administration (EDA), a bureau within the USDC, collected information about entrepreneurial programs from universities all over the country, including 131 research universities. The OIE published its findings in a report titled, “The Innovative and Entrepreneurial University: Higher Education, Innovation and Entrepreneurship in Focus.”

The report said “the goal is for universities and colleges to look at these examples for inspiration and relevance to their programs and objectives.” RedTire, launched in June 2012, is one of those examples.

When rural business owners retire, many times the business closes simply because there is nobody to take over. RedTire matches businesses facing that dilemma with qualified Kansas graduates who want to own a company, thereby keeping the businesses open so they can continue to contribute to the local economy. Wally Meyer is director of entrepreneurship programs at KU and the director of RedTire. He said more than 100 businesses are participating in RedTire and they all provide essential services to the community.

“We also have about 150 candidates who have submitted their applications as replacement managers for the business owners who are retiring,” Meyer said. “We are currently in the process of matching those replacement management candidates with the businesses looking for successor management.”

The report praises the efforts of universities to support and revitalize local and regional economies through innovation and entrepreneurship.

For more information about RedTire or to apply, visit redtire.org.

Speaker engages business students in personal finance presentation

Adam Carroll

By talking about loans, cards and cars, Adam Carroll made personal finance a relatable topic for KU students.

On Nov. 13 Carroll, founder of National Financial Educators and Succeed Faster, presented “Winning the Money Game,” a financial talk based on the book he coauthored in 2005 by the same name.

Carroll told students about his experience with debt, living off loans as a college student, using the money for more than his school expenses.  He lived as a rich college student and paid for it as a broke professional.

“When I graduated from school, I had $20,000 in student loans, I had $8,000 in credit card debt and I was upside down in my car,” he said.

To make up for it, Carroll and his wife lived on one income in the early years of their marriage and used the other to pay down their debt.  He said starting early and living frugally allowed them to live more comfortably now.

“If you do for two years what most people won’t do, you’ll do for the rest of your life what most people can’t do,” he said.

Beginning in college, Carroll said, debt becomes an increasing challenge for many Americans as they’re “borrowing from tomorrow.”

• 93% of college sophomores have one to two credit cards.
• Those students owe an average of $2,700.
• The average household carries 14.7 credit cards and owes an average of $9,317.

Carroll used a model of a “spender, even Steven and saver” to demonstrate spending habits and what he calls, “needifying our wants.”  Americans justify unnecessary purchases by saying they need the product, causing many to spend beyond their means.  Carroll said this forces many Americans to live paycheck to paycheck.

“You have to have more money at the end of your month.  Not more month at the end of your money,” he said.

Carroll encourages the idea of becoming an investor-consumer and looking for ways to create more income instead of merely working for a salary.

“Put your money to work for you.  Employ it,” he said.  “So at some point you don’t have to go to work for your money.  It works for you.”

Delta Sigma Pi Business Fraternity, Student Alumni Association and the School of Business sponsored the event.  Learn more about Carroll at adamspeaks.com. Carroll donated copies of his book, and Delta Sigma Pi is selling them for $15 to raise money for its chapter.

by Allison Kite

MBA alumna joins Kansas gubernatorial ticket

KU alumna Jill Docking made headlines in October when Lawrence Democrat Paul Davis announced her addition to his 2014 bid for Kansas governor.

A long-time resident of Wichita, Docking has been an active player in Kansas public policy, including a 1996 run for U.S. Senate.

“Civil commitment and community are vital to the success of democracy,” Docking said, “and my husband, Tom, and I take seriously our commitments to our city and our state.”

Since earning her KU MBA in 1983, Docking has spent more than 25 years in the financial services industry, and credits her business background for guiding her political career.

“The skills learned in the business classroom — to analyze data and make sound decisions on policy — are critical in both the public and private sectors,” she said.

Docking fondly remembers her time in Summerfield Hall, noting that “a day focused on facing down Maurice Joy or Larry Sheerer taught me critical skills for life — preparation, perseverance and humility.”

She shares Dean Bendapudi’s desire to bring private sector solutions to public problems, and notes that partnerships between the private and public sectors enhance the strength of both.

“It’s my hope that business school alumni will choose to dedicate a portion of their lives to public service through community boards, local elected office or, of course, state or federal office.”

In 2010, Docking received the School of Business Distinguished Alumni Award. She has served the school as a member of its board of advisors, executive committee and finance advisory board.

Business school to celebrate social entrepreneurship

This week, the KU School of Business celebrates Global Entrepreneurship Week through the lens of social enterprise, but the concept of social entrepreneurship is not a new idea.

John Muir, known as the Father of the National Parks, founded the conservation organization Sierra Club in 1892; Susan B. Anthony campaigned for women’s rights and played a major role in the adoption of the 19th amendment; and Kailash Satyarthi continues to fight against child labor in India and around the world.

Fueled in part by economic situations, social entrepreneurship is growing like never before and KU business students want to get involved.

“We continue to see an increasing interest in social entrepreneurship from students,” said Charlotte Tritch, associate director of entrepreneurship programs. “Global Entrepreneurship Week is a perfect platform to expose students from across campus to the concept of social entrepreneurship, and shows how students can use entrepreneurial thinking to solve today’s social challenges.”

This year, nearly 75 percent of the countries in the world will participate in the global movement. Events at the Lied Center include a student competition of ideas to promote economic growth in Wyandotte County, a panel of area social entrepreneurs, and remarks from U.S. Senator Jerry Moran and School of Business Dean Neeli Bendapudi. The events this Friday will conclude with a networking lunch providing an opportunity to speak with the panel members and other guests.

The goal of Global Entrepreneurship Week, now in its sixth year, is to inspire people around the world to move forward with their ideas and to encourage the spread of an entrepreneurial mindset.

Students get inside look at KC startup scene

Nov. 15 marked the first ever Silicon Prairie News startup job crawl in Kansas City, sponsored by The University of Kansas School of Business.

The job crawl allowed Kansas City area university students to network with entrepreneurs and learn more about the startup community.  Startups and organizations involved in the crawl are looking to involve students in the startup community.  Foster Casterline, a KU information systems student and primary organizer of the crawl, has worked with the startup community and said he believes students can get a competitive advantage by working for a startup during their college career.

“There’s a lot more pressure on you, and you’re going to have to work a lot harder, but you’re going to learn so much more about it and how to run a company, ” Casterline said.

Brittany Mascio, events coordinator at Silicon Prairie News, said the organization wants to partner with universities to spread the word about the startup community and inform students of opportunities.  She said she believes events like the job crawl allow students to see a range of career options.

“It opens their eyes to other options they might not have been aware of,” she said.

Students arrived first at EyeVerify, a member startup of the Kansas City Startup Village. The village is a community of 25 startups, founded to provide support for entrepreneurs after the introduction of Google Fiber.

Students heard from several founders of KCSV startups including Jeff Rohr, CEO and founder of SquareOffs.  During a debate with a friend, Rohr recognized the need for a platform that allows people to discuss and share their viewpoints on a number of matters.  The realization inspired him to found SquareOffs, a debate forum that can be housed in publishers’ websites similar to a YouTube video.

The bus next took students to BetaBlox, which serves as an incubator for startups, assisting them with law and tax issues.  BetaBlox presented its current projects to students and told them about the type of employee they are looking for.

The final stop on the crawl was the Kauffman Foundation where students were able to network with startups that are hiring.

Nate Olson of the Kauffman Foundation founded the One Million Cups program, which allows entrepreneurs to present their ideas to an audience and receive feedback.  He encourages more students to attend the event as a way to be involved in the startup community, because he wants to keep talent local.
“Our interest is keeping talent in the region and getting smart people to start companies and to work in companies,” he said.

Olson said there isn’t only one way to get started in entrepreneurship careers after college.
“When you get done with school, there is no right path,” he said.  “There is only forward.”

by Allison Kite

Serial entrepreneur shares life story with student clubs

Startup specialist Christian Fisher visited the School of Business on Wednesday night to talk shop with members of the entrepreneurship and information systems student clubs.

Fisher has worked for startups, such as Twitter, as well as created some of his own. His current project, Briefcase, gained funding from SparkLabKC, which brought him from the West Coast to the Midwest about a year and a half ago. Briefcase is a job search app that delivers real-time push notifications to job seekers while keeping track of the application process. The application’s aim is to make it more convenient for people to stay on top of their job hunt from anywhere.

As he spoke to a packed classroom on Wednesday, Fisher said Briefcase was the culmination of a lifelong goal to help people get jobs through the use of technology.

Fisher grew up in a low-income neighborhood in East Oakland, Calif., where his mom worked three jobs, and at night, she attended school through an online program. The opportunity that provided his family set in motion Fisher’s lifelong objective to use technology to enrich peoples’ lives, he said.

After Fisher shared his personal story, he answered students’ questions about entrepreneurship and life in the startup industry.

“The benefits are crap. The pay is crap. But you get to work with people who share your vision,” he said.

Fisher said people find their way into the startup community and entrepreneurship in varying ways. Some may start their career working for a large company, and others may jump right into a startup on their own.

“Everyone’s path is different,” he said.

No matter how entrepreneurs get started or the challenges they may face, he added, it’s all about disrupting the idea of the status quo to improve how people live.

by Annie Montemayor