HBA Entrepreneurship Club Semester One Wrap-up
The HBA Ivey Entrepreneurship Club (IEC) continued to expand its offerings and influence around Ivey this fall, in just its third semester of existence. Membership reached a total of 96, about 21% of the student body, up from approximately 60 last year. Highlights of the term included the Ivey New Venture Forum, the National Family Business Day, 3x5 Dinners on Starting a Business Soon After Graduation and Venture Capitalists, and Speaker Series visits by Larry Rosen, Pierre Morrisette, and other successful entrepreneurs. The IEC bar night at the Barking Frog, promoting KIVA – the world’s first person-to-person micro-lending website – was a fantastic evening and a great success, as was the HBA1 student-run Creativity Discussion.
This semester, members can look forward to a possible partnership with the University Students Council to start a Business Incubator Program, which would assist Western student entrepreneurs in developing and growing their business ideas from the start-up phase. Upcoming events also include 3x5 dinners on Real Estate as well as other member-chosen topics, business plan competitions, and many more chapters of the Speaker Series.
The HBA Entrepreneurship club is poised for further growth and will soon be regarded by students to be as valuable and influential as the Finance, Consulting and Marketing clubs, an impressive feat considering that it officially started in only October of 2008.
The club executives would like to thank its members for their enthusiasm and Sarah Buck, the Initiative Coordinator for the Morrissette Institute for Entrepreneurship, for her incredible support. The executive committee is looking forward to another great semester!
Ivey New Venture Forum
The Ivey New Venture Forum took place this year at the Sutton Place Hotel. It was an incredible and memorable event for all of the students who were fortunate enough to attend. The air was filled with hope and opportunism, both on behalf of the entrepreneurs looking for between $500,000 and $10,000,000, as well as the potential sharks looking to invest.
The speaker panel, comprised angel investors and venture capitalists, was moderated by Ron Close, Ivey’s Executive Entrepreneur-in-Residence. The panel advised entrepreneurs to “prepare to marry your investors,” because once you take their money you no longer own or control your company. They also stressed the importance of a powerful “elevator pitch,” a 30 second explanation of what your company does and why it will succeed. You can see a full video of the Discussion Panel HERE.
Keynote speaker Pierre Morrissette also shared some wisdom, stating that entrepreneurship is a mindset. He advised to have a ten-year forecast, and be ready to adapt it as necessary. Successful companies “align interests and create win-win relationships,” and need “we people, not me people.” He recommend hiring the best and retaining them by promoting within the organization, while at the same time always “weeding the weeds.” Pierre wrapped up his speech by saying “To those considering or aspiring to be entrepreneurs: Build something – there’s nothing that feels better.”
The event was a great success and a terrific experience for the students who attended, and is highly recommended to those students who have the opportunity attend next year.
3x5 Dinner, Starting a Business Soon After Graduation
For entrepreneurial-minded students who feel pressured into one of the corners of the Finance-Consulting-Accounting trifecter, this event was a breath of fresh air and ushered in a sigh of relief. Bill Hennessey, Founder of HennesseyEvents.ca, Faheem Moosa, Founder of Springboarders and Aaron Buckstein HBA graduate and Certificate in Entrepreneurship holder shared stories of their lives after Ivey. Hennessey was already a serial entrepreneur by the time he graduated, and knew he was destined to continue down that path. The other entrepreneurs shared similar stories, working for multi-national companies out of school before realizing their hearts weren’t in it. Hennessey advised that now is a great time to become an entrepreneur, because as the baby boomers retire they are looking to sell their companies. He stressed the value of “non-sexy businesses,” claiming that “there are people flying under the radar selling nuts and bolts who make millions every year.”
This dinner was an eye opening experience. The Entrepreneurship Club would like to thank Bill Hennessey, Faheem Moosa and Aaron Buckstein for coming out, sharing their stories and providing inspiration to the young students approaching crossroads in their futures.
National Family Business Day Breakfast
The annual National Family Business Day Breakfast is run by Dave Simpson, Ivey’s HBA Entrepreneurial Finance Professor, and Executive Director of the Business Families Centre at Ivey. The keynote speaker this year at The London Hunt Club was David Bork, considered to be the leading mind in counseling family business. Also a very funny man, Mr. Bork stressed the importance of the delicate balance between family needs and business needs required to run a successful family business. Family business can put incredible pressure on certain family members, and the needs and wants of individuals must always be considered when making business decisions. Family and business must stand on their own, and it is necessary to remember that family businesses can’t survive broken families.
A great event all-in-all, this breakfast was an enjoyable and educational experience for the students who were lucky enough to attend.
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