This post explains why Business Schools, such as the Rotman School of Management, which are typically part of large universities, such as the University of Toronto, can play a vital role in enabling micro-entrepreneurs start up their own businesses. This post is motivated by the positive results from this years participant survey so it has a fairly positive tone.
The Rotman Regent Park Small Business Program completes a survey of course attendees after each session, and the program is adjusted according to the feedback from the participants, from the survey, in class, and followup contact. The results from last years survey are overwhelmingly positive, and program changes based on previous participants feedback, including a couple of sessions on small business finance, resulted in positive feedback results this year.
Lets describe the Rotman Regent Park Small Business program structure concretely so that the successful formula can be replicated elsewhere. A business school provides the following elements for a micro-entrepreneurship program:
- Administrative Support
- Business Faculty
- Entrepreneurial Instructors
- Network of connections
- Alumni as coaches
- Library resources
- Brand extension
1. Administrative Support
Every program requires substantial administrative support. Administrative support includes arranging physical space; intake of participants including short interviews; putting together program materials; ensuring food, drink and childcare needs are covered; reminders to faculty and participants; maintaining the program website; program budgets; and internal reports. The Rotman Regent Park Small Business Program has been extremely lucky in having an administrator, Peter Scott, who is deeply interested in the success of this program and puts in many unpaid overtime hours to ensure everything runs smoothly.
2. Business Faculty
One of the main attractions of the program to participants is having access to world class faculty from the Rotman School of Management. The course participants normally would not be able to have access to faculty through MBA courses and other non-degree programs due to financial barriers. Running a continuing program also requires an Academic Director. The Academic Director ensures the design of the curriculum meets the needs of the participants, involves other faculty in the program , and ensures any research conducted as part of the program falls within the ethical guidelines set by the university. The Academic Director of the Rotman Regent Park Small Business Program is professor Ann Armstrong, who has always been on the forefront of social enterprise issues.
3. Entrepreneurial Faculty
A business school is not only able to involve professors who specialize in entrepreneurship, but also engage instructors who are extremely successful Entrepreneurs. The Rotman School of Management has an Entrepreneur In residence, Tom Corr, who along with Economics professor Doug Hyatt led some of the most highly rated sessions this year. There is nothing that can replace actual entrepreneurial experience The war stories that come out of that entrepreneurial experience provides program participants lessons learned from failures, that entrepreneurs have to live through to go on to successes.
4. Network of connections
The Rotman School of Management has built a positive reputation in the financial industry in Toronto, where a large number of MBA graduates are employed. Therefore the school has a wide network of connections to call on where financial expertise is needed. One of the most frequently requested sections of the program is on small business finance. Through its network, Rotman was able to organize two different classes on Small Business Finance, one from a community based credit union, and another from a large bank, providing different perspectives on small business loans, for enterprises at different levels of development.
5. Alumni as Coaches
Rotman has a number of degree and certificate programs, therefore creating alumni who come from a diverse range of backgrounds and interests. The benefit of having business school alumni is that they have all attained a certain level of knowledge of business, and are capable coaches for budding entrepreneurs. This year, Rotman was able to sign up more coaches than participants, and multiple coaches helped multiple participants. The participants appreciated one on one and group coaching, and even requested more time with coaches to develop different aspects of their business ideas.
6. Library resources
Another unique class Rotman offered was a session by the Business Librarian, Sean Forbes, on Small Business Resources on the Internet. A number of program participants in previous years have asked for small business resources available on the internet, and a Business Librarian can add value not only in collating a list of appropriate resources, but also in pointing out each resources strengths and weaknesses and answering program participants questions. Program participants can also use library resources during normal library hours.
7. Brand Extension
Brands and reputations are very important to business schools, since they have been built up over years and decades. Receiving a certificate of program completion from a highly reputed business school is also very important to program participants. Many program participants proudly mention their certificate from the Rotman Regent Park Small Business Program on their resumes. At the same time it is important for the integrity of the program that certificates are only awarded to people who attend the majority of classes.
Some starting points
If you are trying to start a micro-enterprise program at your school, here are some starting points:
a) Find someone with a personal connection.
The program at Rotman started with contact with the former Director of Executive Programs, Michael Hartmann, who lived close to Regent Park, and therefore had exposure to the issues of the area first hand, and could see the benefits of a small business program for disadvantaged groups.
b) Start with Professors with a a social bent
The program at Rotman is spearheaded by Ann Armstrong, who is faculty advisor for a number of social cause oriented student groups, and is also director of the Social Enterprise Initiative. There are professors with a social orientation at every business school. One observation is that Marketing professors were the first ones to sign up for the program. Something about developing a close relationship with customers that enables marketing professors to be great micro-enterprise instructors.
c) Promote the brand of the school
The Rotman School of Management provides facilities at no cost, administrative support as a contribution in kind, and the faculty teach the courses pro-bono. As a recognition of the contribution of the business school, always promote the benefits of the program internally and externally to ensure that the broadest range of stakeholders support the ongoing operation of the program.
Are there any other schools with similar micro-enterprise programs for disadvantaged populations ?
I will post links any other similar programs here in this blog.