Entrepreneurship 101

Colleges used to ignore their students' business aspirations. Now, they are trying to nurture them. ...

Small business is becoming a big deal on college campuses these days. The Arizona State program hands out $200,000 to student ventures annually, accepting about 15 to 20 of the roughly 100 submissions that are made each year. And hundreds of other U.S. colleges and universities also have awakened to the fact that many of their graduates are likely to work for themselves someday. Many are bolstering their courses and extracurricular activities for aspiring entrepreneurs and helping students create businesses before graduation.

It's a far cry from just a decade ago, when most colleges ignored students' entrepreneurial ambitions, or just offered basic business-planning courses in the business school. Now, many schools are adding entrepreneurship majors and minors, holding business-plan competitions for cash prizes and teaming students up with local entrepreneurs. And many campuses are teaching entrepreneurship beyond the business school, to get students in other disciplines interested in business development. ...

Washington University in St. Louis is trying to help student entrepreneurs move past the idea stage with a program it started in 2005 called IdeaBounce. Several times each year, students and locals -- usually about 100 to 150 -- give two-minute "elevator pitches" of their business ideas before a live audience and judging panel. Five winners get $100 each and dinner with the judges, who are often faculty members, venture capitalists and local entrepreneurs.

"We saw lots of situations where people had good ideas, but 90% of the time they wouldn't act" on them, says Ken Harrington, managing director of Washington University's Skandalaris Center for Entrepreneurial Studies. The school hopes that giving students a little boost will compel them to think more seriously about starting ventures. ...

•	Entrepreneurship 101 THE JOURNAL REPORT: SMALL BUSINESS The Wall Street Journal, Monday, March 19, 2007 Byline: Kelly K. Spors