[email protected]: You said not much funding comes from venture capitalists or angel investors.
How are entrepreneurs getting the money they need to execute their ideas?
A finely crafted, tightly defined, highly detailed business plan seems like a perfectly rational tool for getting your entrepreneurial ideas off the ground. Schramm, an economist, Syracuse University professor and former president of the Ewing Marion Kauffman Foundation — a non-profit that encourages entrepreneurship — says that crafting a business plan is one of the biggest misconceptions about how to start a company on the right footing.
His new book, , says the true blueprint for success requires innovative ideas, real-world experience and keen judgment.
I’ve seen students who are passionate about having a web app for frying pans. I’ve judged business plan competitions at the college level and seen the same idea come up five times.
Invent a sensor for a frying pan, and it tells you on your phone when your eggs are cooked.” Even grammar school children get courses and exposure to entrepreneurship.At the university level, it’s now a major in probably 3,000 colleges and universities.If you do this, and then you do this, and then you do this, the cake will come out okay. [email protected]: Let’s talk about age because many entrepreneurs are in their late 30s or 40s.These are people who made a shift in their career paths. It goes to this question of, “What are we doing when we’re trying to teach high school kids?So, I largely view the creation of a business plan as something of a waste of time.The third problem is that it seems to make starting a business somewhat like a cookbook.Schramm: I don’t think [the current curriculum] can be tweaked. It’s in engineering or the STEM subjects, the technical subjects. At MIT, there’s one professor in the business program there who teaches entrepreneurship.Many, many more entrepreneurs come out of MIT because it’s an engineering and a technical school. But it doesn’t matter because if they didn’t teach it at all, these schools would be producing many, many new businesses all the [email protected]: Would you say that passion and determination are two of the great qualities that a lot of entrepreneurs have? Students in college are told to follow your passion and start a company.But a lot of times, the passion doesn’t make any sense.