By Katherine Hutton
The study of entrepreneurship has had a long, and often informal, history at Thunderbird. Many alumni are practicing entrepreneurs despite not having a formal focus area in their education, however as Naomi Gunnels ’11, current Vice President of the Thunderbird Entrepreneurship Network pointed out recently ,“Entrepreneurship is the basis for business, all business. Not only does a business have to start with someone, somewhere entrepreneurial practices have to occur in the business to sustain the business over time.”
Alumni fondly mention the efforts of Dr. Paul Johnson who was their guide and mentor in developing business ideas and leading them in the path of entrepreneurship prior to the establishment of the Entrepreneurship Center and, since April of 2008, the Walker Center for Global Entrepreneurship.
While it has been estimated one-third of the alumni base are engaged in entrepreneurial efforts; a joint effort with the Executive MBA in Global Management program, Executive program alumnae Vickie Austin ’93, the Walker Center conducted a survey of Executive MIM/MBA alumni to determine the frequency of entrepreneurship within this alumni group. Of note, exposure to entrepreneurship in the Executive program began with a series of presentations in 2006 by Dr. Bob Hisrich, Garvin Professor for Global Entrepreneurship and Director of the Walker Center. In 2007 Entrepreneurship was formally added to the curriculum with a 1.5 credit course.
Of the total respondents, 66% are between the ages of 40 and 54. Forty seven percent graduated from the Executive program between 2006 and 2010. 26% of the respondents work in manufacturing followed by professional and technical services. Total survey respondent ratio was 80% male and 20% female.
While in the executive program, 16% were self employed or entrepreneurs and 13% were developing or running a business on the side while employed by a large business or corporation. 40% of the respondents are or have been entrepreneurs.
Of the entrepreneur respondents:
82% are male and 18% are female.
62% strongly agree or agree that their entrepreneurial venture was a result of OR enhanced by the class project or course they experienced in their degree program.
70% strongly agree or agree that the program content positively contributed to the skill set needed by an entrepreneur.
54% strongly agree or agree that Thunderbird classmates and network contributed to their ability to grow their venture.
Just over half of the entrepreneurs have customer bases primarily in the US. With the remainder having customers in both the US and abroad. The supplier base for 40% of the companies is solely based in the US. 50% of the companies have suppliers located in the US and globally. With 10% sourcing from companies not located in the US. Approximately 10% of the companies are located in countries other than the US.
One third have been in business for eleven or more years, 24% have been in business for 6 to 10 years, one third have been in business for 2 to 5 years with 11% just starting their ventures in the last 2 years.
The majority of entrepreneurs are engaged in providing professional services (36%), technical services (14%), software and web based services at 10% each. The remainder companies are in medical products and services, distribution, agriculture, import and wholesale.
Ranked #1 in the World
Health care professionals work in a fast-growing sector full of opportunity for innovation, but many industry leaders lack the business skills necessary to harness and commercialize their entrepreneurial spirit. To help close the gap between the emergency room and boardroom, Thunderbird School of Global Management will launch a 10-week open enrollment course for health care practitioners, administrators, researchers and students starting May 11, 2011.
