Bruce Leech, Executive Director of the Coleman Entrepreneurship Center |
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Greetings and welcome to Spring weather! I hope you are all continuing to be safe and enjoying the hope of daylight savings time and being outside again. We just finished our Spring CEC Hackathon and it was another tremendous success. We had several student teams giving Danie’s Detox Drinks some great ideas for her business and we have students continuing their work with her. Congratulations to Aparna Grover and Natalie Velazquez for leading this program and all the students who participated in the competition with their creative ideas. |
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I recently had the good fortune to reconnect with a good friend and former life coach of mine, Jim Dethmer, who wrote the book The 15 Commitments of Conscious Leadership and founded the Conscious Leadership Group (CLG). During these difficult times of the pandemic, it was so comforting to re-explore some of the work Jim has been doing. He also did a guest lecture for my class and I wanted to share a few of his concepts, which I hope will be of comfort to all of you in getting through the next few months. His first commitment is for the conscious leader to take full responsibility for the circumstances of their life and for their physical, emotional, mental, and spiritual well-being.
They also commit to supporting others to take full responsibility for their lives. This is compared to playing the blame game; blame is a powerful motivator. Like its cousins, guilt and shame, it is one of the most common forms of motivation used by leaders, parents, politicians, etc. The pattern is simple and predictable; something doesn’t go the way we think it should, we become stuck in fear and anger (often the anger that we feel is masking our fear). We blame others, ourselves, or the system. Relationships solidify around the roles of victim, villain, and hero. What if the world just shows up the way the world shows up? What if the great opportunity of life isn’t in trying to get the world to be a certain way, but rather in learning from whatever the world gives us? What if curiosity and learning are really the big game, not being right about how things should be? Can you see how this would radically change the way we see and live our lives?
So, it is my hope in the months ahead, that we can all come together having made it through this pandemic and dealing with what life has sent our way and to be curious about the possibilities ahead. After all, curiosity and wanting to make the world a better place is a key attribute of successful entrepreneurs. Taking full responsibility for our outcomes is also a critical lesson to be learned for entrepreneurs. So, be responsible, be curious and continue to be safe!
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Sign up for a CEC Mentor today! |
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Pairing students with the right mentors has always been one of the top priorities at the Coleman Center. We believe that the right guidance is crucial to advancing your academic or professional goals.
The CEC Mentorship program is open to students and community members. Benefits include receiving ideas and feedback on your venture, expanding your network, and learning best practices for starting and running a business.
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Applications for Purpose Pitch Open on April 1st! |
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Students of social entrepreneurship help local social impact organizations succeed |
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“My interest in social entrepreneurship started when I was exploring sustainable products to incorporate into my lifestyle. To my surprise, I noticed that there was a lack of organizations that fulfilled a consumers' needs in conjunction with creating positive social impacts. I signed up for social entrepreneurship class to learn more about the obstacles that can arise and the strategies that can be employed in managing a social enterprise.
The class material included a consulting project with local social enterprises on building marketing plans, business strategies, and other needs of the organizations. I enjoyed working collaboratively with my team on Wanderluxe Home, a conscious home décor brand dedicated to showcasing traditional craftsmanship. We conducted a market survey, developed social media content strategy, and other marketing strategies to create brand awareness. I learned that social enterprises have scarce resources and need to use creative methods to optimize results. Overall, the class offered a great experience that further developed my interest in the social sector.”
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Publication for DePaul Entrepreneurship Professor |
A research paper written by DePaul Professor Paul Sanchez-Ruiz was recently published in The Journal of Business Venturing. The Journal of Business Venturing is a bimonthly peer-reviewed multidisciplinary academic journal publishing research on all aspects of entrepreneurship. Professor Sanchez-Ruiz shared the following summary of his research:
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Entrepreneurs often need to acquire money and other valuable resources from investors. In this entrepreneur-investor interaction, entrepreneurs are likely to engage in persuasive rhetoric as a way to convince investors to fund entrepreneurial projects. One persuasive rhetoric that entrepreneurs often leverage is that of ingratiation rhetoric. Ingratiation rhetoric is potentially persuasive in that entrepreneurs display opinion conformity and self-promotion language. However, entrepreneurs that display flattery and self-deprecation language are likely to pull away investors from allocating capital distributions in these entrepreneurs' projects. This research provides practical guidance to entrepreneurs pitching their ideas and projects to a particular set of investors--i.e., the so called angel investors. In that way, our findings indicate that entrepreneurs are likely to obtain higher levels of investor funding by displaying specific (and not others) elements of ingratiation rhetoric. |
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Reflecting on the CEC Internship Program |
CEC Program Manager, Emily Doyle, recently had the chance to interview DePaul undergraduate business student and Coleman Endowed Chair Scholar, Walter James Husmillo, about his participation in the CEC Internship Program and his work at Trove.
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ED: Where are you interning this quarter and can you tell us a little about the organization?
WJH: I am interning at an organization called Trove. Trove offers a wide range of move-in-ready, fully-furnished apartments. Our accommodations include a private room with cozy shared space and a fully-equipped kitchen. Trove is for business executives/people, college graduates, and any adults who are looking for apartments in the city of Chicago.
ED: What makes Trove unique?
WJH: Their apartments and vacation rental homes are fully furnished and easy to move into. Trove was started by a DePaul graduate and their business is involved in the city of Chicago. It is a business that offers something very enticing for college students and especially now with many people trying to find homes in this pandemic.
ED: What did you learn from this internship about running a business that surprised you?
WJH: I learned that having a good social media presence is a key factor in success in any business. Word of mouth is not as effective anymore so people turn to online marketing. I also learned that you can do so much even with a small team. The founder, Jorge Aguilar, and two others run Trove, which is really impressive.
ED: What were some challenges you faced?
It was difficult getting into the mindset of how to market the company.
I had to learn to use some new applications and create some posts for Trove. I was unfamiliar with these and don’t know much about real estate.
ED: What were some qualities you noticed the founders had that made them successful entrepreneurs?
WJH: The team has great synergy and communication.The team seemed very ambitious and willing to take risks even though at this moment in time the world is still falling apart a bit. They sought out opportunities that they knew would have big rewards in the end.
ED: What was the best part of your internship?
WJH: The best part of my internship was working with Jorge and the team. I would have never thought to be an intern for a real estate apartment company and help them with marketing but I was glad to get this experience. They always encouraged me and appreciated my time and work.
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Our friends over at 1871 are preparing to launch their yearly Campus 1871 program, a two-week educational program that immerses students in the experience of building and pitching a business. Develop your entrepreneurial skills, network with entrepreneurs in the tech community, and ideate, build, and pitch your business to a panel of industry leaders in Chicago.
To register for Campus 1871, click here
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2112 is Chicago's first incubator focused on the development of business and entrepreneurs in music, film/video and creative technology. DePaul is a member at 2112 which allows students to participate in their programs for free.
View 2112's upcoming events here
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MHUB is an innovation center for physical product development and manufacturing. mHUB's members create breakthrough products in robotics, connected devices, sensors, energy tech, medical devices, smart building / cities, unmanned vehicles, and other cutting- edge innovations.
View MHUB's upcoming events here
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Read our Article of the Month here
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Our very own Maija Renko, Professor & Coleman Chair of Entrepreneurship, recently shared her thoughts about growth strategies in the post-pandemic environment. Take a look at our featured Op-ed here!
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