 In This Issue AAUW Resources | The Entrepreneurial Spirit: Understanding How to Make Your Non-Business Education Into a Successful Business Venture By Claritza Jimenez Business was never my thing, and mathematics even less so. In high school, while my sister daydreamed about becoming the founder and CEO of a company and added accounting and computer science classes to her schedule, I was trying to figure out if I preferred broadcast to print journalism while working as an editor for the yearbook. Today, my sister and I seem to follow the same pattern. She is a business graduate and market researcher on the West Coast and I’m an undergraduate student pursuing political journalism in the East Coast. But now we have something in common: we both have the long-term goal of starting a business. And we are not alone. In the last decade, there has been a dramatic growth in the number of women in the United States who have taken an entrepreneurial route in their careers. According to the Center for Business Women’s Research, between 1997 and 2004, the estimated growth rate in the number of women-owned firms was nearly twice that of all firms, and 10.6 million companies are at least half-owned by a woman or women. So, why would a journalism and political science student even consider the possibility of starting a business? I’m not completely sure. What I do know is that at some point, I developed a strong desire to invest the knowledge and talents acquired through journalism and public policy into something I could call my own. My business doesn’t have a name yet or even a specific industry, but what’s important is that right now is that I am beginning to develop the knowledge to start it. I currently enrolled in a course named “Women’s Entrepreneurial Leadership” at The George Washington University (GWU). The class aims to teach students how to develop a business plan, create a pitch to sell their idea to potential investors, and understand the key lesson that having a “great idea” is not enough to create a profitable and valuable venture. “The course is meant to give women an opportunity to try the entrepreneurial experience for once. The reason why we want to do that is because we want to raise the awareness of how valuable an entrepreneurial career can be,” explained GWU Professor Susan Duffy who co-created the course along with Eric Winslow, professor of behavioral sciences and Department of Management Science chair at GWU. “When we decided we wanted to do this, we sat down with successful entrepreneurial women and asked them what they would include in such a class,” Duffy commented. “It was clear entrepreneurship is not only about the technical aspects, but also about the professional development. It’s important to put role models in front of the students.” As part of the class, each female student is paired with a woman business owner of her choice from whom they learn about management styles, business operations, and the day-to-day challenges faced as entrepreneurs as well as the rewards reaped from their endeavor. In addition, students are encouraged to approach their mentors about career advice and networking opportunities. Ironically, what Duffy considers the most important aspect of the course has nothing to do with drafting a business plan, often cited as the crucial component that can make or break a venture. Duffy explained that, “Entrepreneurial education teaches you to think entrepreneurial whether in a business context or not. It teaches you to recognize opportunity and value. Even if you are working for someone else, you learn how to go up to someone when you have an idea and show them a plan and how you are going to pursue it. It’s important to focus that is not just about starting a business. It’s a frame of mind – it’s a disciplined set of activities to create.” Students in the course come from an array of backgrounds: fine arts, political communication, creative writing, and yes, even some students pursuing business degrees. Some are interested in launching nonprofit organizations while others aspire to have for-profit companies. But in the end, they all learn the same skills—how to develop a business proposal, secure funding, and refine their public speaking, writing, and networking abilities – all traits that are essential for a successful entrepreneur. Duffy explained that the enterprising vision that she tries to develop in students isn’t just for a nice set of business areas. “Entrepreneurship is not just about the high-tech [industry]. It’s also about the community-based projects that are politically and socially oriented. What we are trying to do is tell them to broaden their mind,” she said. “I know a woman who started a non-profit in the United States that is adopting a village in Africa—that’s an entrepreneurial venture! You can be an entrepreneur doing work like that just as much as the work of creating Napster.” Looking to develop your entrepreneurial abilities? Professor Susan Duffy offers the following suggestions:
Claritza Jiménez is a senior at The George Washington University in D.C. graduating in May 2005 with a Bachelor or Arts in Political Communication with Journalism minor. Learn more about women and the workplace from AAUW
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