Performing in front of a classroom filled with fellow entrepreneurial icons, 43 budding students delivered snappy, two-minute “elevator pitches” to a panel of alumni judges to wrap up the course, “The Mind of the Entrepreneur.”
Men may have outnumbered the women in the class 3 to 1, but the top three prizes were claimed by women. First prize of a $25 gift certificate to the College Bookstore went to Patricia Linden '09, who portrayed Google entrepreneur and billionaire Larry Page. Jessie Cardinale '09 took second and won a $15 gift for her interpretation of Henry Ford while Jennifer Mao-Jones '09 did a confident rendition of Howard Hughes for third place and a $10 certificate.
“This is the third year we've offered this course and we always have to turn people away,” said Hal Fried, the David L. and Beverly B. Yunich Professor of Business Ethics. “We have a key ethical strand and discuss a ‘social contract' and doing what's right throughout the course. We want kids to realize that thinking like an entrepreneur-being creative, ambitious, persistent and innovative-is a way to actively manage your whole life.”
Students choose an entrepreneur to emulate, read a biography or autobiography of their choice for background, write a paper reporting on the products and methods their entrepreneur used to successfully pitch their ideas and present an elevator pitch based on historical context and relevance. Students chose entrepreneurs ranging from Howard Stern and Mary Kay to Vince McMahon and Sam Walton and utilized costumes, props and other gimmicks to sway investors.
Many, like Susan Pocock '09, who portrayed Hugh Hefner, enjoyed letting loose after the 10-week term.
“I figured with all the papers and research I have to do,” Pocock continued, “I'll take any opportunity to get creative and do something fun.”
In addition to Fried, Assistant Professor of Psychology George Bizer taught four lectures on the psychology of persuading people and economist J. Douglass Klein, dean of interdisciplinary studies and special programs and director of the Center for Converging Technologies taught three lectures. Seven Union alums spoke to the class throughout the term. They included John Barmack '62 president and CEO Marland Mold, Pittsfield, Mass.; Josh Bresette '96 president and CEO Bresette & Co., Portsmouth, N.H.; Gary Cohen '83 general manager AOL Music Now, Chicago, Ill.; Ben Livitan '83 consultant, Cedalion Partners, Weston, Mass.; Entrepreneur in Residence Les Trachtman '77 and Janie Tremlett '78 senior strategic advisor, Concordant, North Chelmford, Mass.
Trachtman also served as a judge along with Ted Eveleth '87, a partner in the Center Square Consulting firm.
Before announcing the winners, the judges imparted some valuable advice to the would-be entrepreneurs.
“Your opinion is not as strong as an endorsement,” stated Eveleth. “You need to remember that people don't invest in product categories or markets. You need to sell them your individual product or idea, not speak in generalities.”
“Every investor is different,” added Trachtman. “You need to know your investor and research how you might connect with them. Clarity is also essential. You and your investor should both know what it is you're pitching.”
Trachtman also said that “to win, you had to actually ask the investor not just to invest, but how much and why.”