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In Review
2014 – 2015
An Ecosystem of Entrepreneurship
How people, programs and places have helped it grow at Minnesota State Mankato
contents 6
Big Ideas Challenge Students learn about entrepreneurship first-hand by competing for up to $10,000 in the College of Business’s new competition.
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Dean’s Message Our Entrepreneurship Ecosystem
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Enactus: Transforming Lives and Developing Leaders
High Impact Learning
10 Experiences Alumna and Mankato entrepreneur 16 Dr. Yvonne Cariveau teaches
entrepreneurship
College of Business 2015–2020
Advisory Council Welcomes
The Richard Schmitz Food
Distinguished Alumni: Jay Abdo ’96
Start it Up! Junior Achievement
19 Strategic Plan
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20 Nine New Members
22 Entrepreneurship Lecture 24 & Linda Koerselman ’81
26 Camp Inspires Young Entrepreneurs
Innovators & Entrepreneurs
Teaching By Example
Amy and Maha Abouelenein return to campus as the 2015 Morgan Thomas Executives in Residence
Dr. John Kaliski’s entrepreneurial spirit inspires students past and present
Dean, College of Business Brenda Flannery
Printer Minnesota State University, Mankato Printing Services
Editor/Writer Greta Fennell
Print Coordinator Doug Fenske ...............................................................................................
Contributing Writer Sara Frederick Joe Tougas Graphic Designer Terri Poburka photographers Greta Fennell SPX Sports Ginger Snaps Back Photography Bethany Lutheran College
The mission of In Review is to inform and to connect the reader to the College of Business community. In Review welcomes story ideas supporting this mission. In Review is copyrighted in its entirety. This volume and all articles, images and photographs within may not be reproduced in any form without written permission from the editor.
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College of Business 120 Morris Hall, Mankato, MN 56001 507.389.5420 | cob.mnsu.edu A member of the Minnesota State Colleges and Universities System and an Affirmative Action/Equal Opportunity University. This document is available in alternative format to individuals with disabilities by calling the College of Business at 507-389-5420 (V), 800-627-3529 or 711 (MRS/TTY). BUSC131NE_8/15
Dean’s Message
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elcome to our 2014-2015 InReview, which celebrates the entrepreneurial endeavors of Minnesota State University, Mankato students, faculty, alumni and friends. We increasingly refer to this innovative community as an “entrepreneurship ecosystem,” a network of people, organizations and communities that support the launch of new enterprises. Entrepreneurship extends far beyond an individual with an idea. Research shows that entrepreneurs thrive in environments that are rich in human, financial and professional resources. The College of Business is intentionally inventing, partnering and facilitating as much of this ecosystem as possible for our students and alumni. Our efforts to build that ecosystem ramped up during the past year: We added several new advisory council members and launched the Big Ideas Challenge (read more on page 6). We revitalized our entrepreneurship courses, partnered with Junior Achievement to create an entrepreneurship camp for high school students (see page 26), and celebrated entrepreneurial alumni. We aim to perpetuate the perspective that entrepreneurship is a way of being, thinking and doing. This spirit of doing and taking action is the core of our 2015-2020 Strategic Plan (page 19). Our vision to be the “clear business school choice for those who want to engage in real-world experiences” reflects Minnesota State Mankato’s big ideas, realworld thinking vision. It also confirms what many of us know from our days of formal learning… we often learn best through engaged experiences such as projects, internships, simulations, study abroad and starting something. Enjoy the stories of Maverick entrepreneurs. We invite you to be part of the entrepreneurship ecosystem that helps students launch their lives, careers, businesses and dreams!
Dr. Brenda L. Flannery Dean, College of Business Minnesota State University, Mankato
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The College of Business
Entrepreneurship
ecosystem
For entrepreneurship to flourish, a system of resources needs to be accessible to all. Potential entrepreneurs succeed most often in environments where they have access to human, financial and professional resources. That’s exactly the kind of environment we have been working to create in the College of Business. Our students are surrounded by entrepreneurial faculty, staff and alumni. They are supported by the University and the community. And they have opportunities to participate in programs designed to enhance their entrepreneurial ideas.
Programs
PEOPLE
Opportunities both in and out of the classroom that allow students to engage in entrepreneurial activities.
Students, faculty, staff, alumni and others who offer guidance and support to entrepreneurs.
ORGANIZATIONS Groups both on and off campus that provide support, encouragement and resources to entrepreneurs
PLACES Space where creativity and innovation have room to grow, as well as room for teams to work together.
COMMUNITY Nurturing the entrepreneurial spirit both on and off campus. 4 // minnesota state university, mankato // college of business
Entrepreneurship And Innovation
Fast Facts $1.2 million in new private support for
Mankato area is 3RD ON FORBES 2014 list
entrepreneurship and innovation
of Best Small Places for Business and Careers
2,500 Minnesota State Mankato alumni who are entrepreneurs
made the Big Ideas Challenge Finals
153 undergraduate students have had a start-up
Mankato is the 2nd fastest growing
experience in the United Prairie Bank Integrated Business Experience program
on the list of 50 largest communities in greater Minnesota
33 high school students participated
1 new campus-wide minor (6 courses) in
in the first Start-it Up! Camp
entrepreneurship and innovation
5 student teams
7 scholarships for entrepreneurial students
2014-2015 in review // 5
Innovative Ideas in Action New venture competition rewards student business ideas
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hether you just have a fantastic idea, are a start up or already operating successfully and looking to expand… Shark Tank is just the show for you” (abc.com). Minnesota State Mankato students now have the same opportunity to showcase their innovative ideas right on campus, through the College of Business Big Ideas Challenge. College of Business alumnus Craig Lloyd ’72, of Lloyd Companies, generously supported this new venture, which launched in November 2014. The Big Ideas Challenge is a platform to support, celebrate and promote students’ innovative ideas. The competition proved to be an excellent opportunity to advance student businesses and provide financial support to the winners, with $10,000 in prize money available.”It was a pleasure and honor to be a part of the Big Ideas Challenge,” says Christie Ernst, Lloyd’s daughter. “We were impressed with the innovative and entrepreneurial spirit that we witnessed in the students. We manage office and retail space for over one hundred businesses and rarely see the level of professionalism in the business cases and presentations like we observed at Minnesota State Mankato. We are already looking forward to next year!” When the competition began, ideas poured in from individuals and teams. The students participated in a series of workshops, consulting services and panel presentations throughout the 2014-2015 academic year. “This entire program simulated a real-life working environment, collaborating with different colleges and disciplines,” explained
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Katie McDonald, one of the participants. “The speakers provided a plethora of valuable information and created an even bigger network of individuals to work with as our company evolved.”
STRAIGHT FROM ENTREPRENEURS To make it possible for Big Ideas Challenge participants to hear stories of local entrepreneurs, the College of Business partnered with Made in Mankato to host the Entrepreneur Film Festival during Global Entrepreneurship Week. The films showcased 10 successful entrepreneurs within the community and emphasized the diversity of small businesses in Mankato. After the theater-style film presentations, Minnesota State Mankato students and community members had an opportunity to network with the featured entrepreneurs.
BIG IDEAS LIVE! The competition continued with two rounds of judging in which participants were evaluated on innovation, feasibility and impact. They continued to prepare their business plans up until the final competition, Big Ideas Live! On May 1, 2015, the final five teams presented their ideas to a panel of five judges. Judges were carefully selected, taking into consideration their entrepreneurial expertise, success and personal interests. Paul Hanson ’84, chief operating officer of TrackIf, LLC, served as a judge. He has more than 30 years of experience as a business and technology leader, having founded small businesses and developed successful teams in large corporations.
“Big Ideas Live! was very well run, for a first time event,” Hanson says. “It modeled the show ‘Shark Tank,’ yet it was unique.” Each team had 10 minutes to present their ideas, followed by a 10-minute question-and-answer session. Hanson explained that the winners were “outstanding,” yet it was just as important to encourage the other four teams and provide lasting advice. When talking about entrepreneurship, Hanson says, “I think about freedom and you have to be willing to let yourself try and fail and be okay with both of those.”
AND THE WINNERS? Craig Lloyd himself presented Katie McDonald ’15 and Megan Chase ’15 with the $8,000 grand prize and the $2,000 People’s Choice award. The two nursing students had presented their idea for Mankato Pediatric Respite. “Being an entrepreneur was nothing I ever saw myself being; I was a nurse!” says McDonald. “After this experience, I can see that anyone can be an entrepreneur. Their idea came from a student project. “Megan and I identified an area of need in this community,” explains McDonald. Mankato Pediatric Respite provides complete and competent family-focused respite care to families with medically fragile children. Their vision is to give families a break from their daily caretaking responsibilities by matching them with qualified nursing students at Minnesota State Mankato who have a passion for pediatrics and fit well with the family. McDonald and Chase plan to officially launch Mankato Pediatric Respite in the fall and hope to expand their idea to other colleges and communities. “The Big Ideas Challenge has shown me anything is possible and I can make my idea a reality,” McDonald says.
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Big Ideas Challenge
5 Finalists Gym Life
Anthony Ulrich ’15, Finance John Engelhart ’15, Computer Science Gym Life is an online fitness retailer committed to providing high customer satisfaction through excellent service, quality fitness products and a fast, functional shopping experience at competitive prices.
NightOwl Technologies/ 911 Emergency Help Mohammed (Hassan) Shahid ’15, Marketing NightOwl Technologies provides customized technology solutions for business process improvement. The current project, 911 Emergency Help, is a system that allows a potential victim to request help with a single touch of a smartphone. “I recommend all students to push their mental limits and participate [in Big Ideas Challenge]. It left me extremely motivated, next time I’ll have the product ready and the pitch will be electric!”
VikasEd International Christina Tchatchouang, Graduate Student, Counseling and Student Personnel Charles Thiemele ’15, International Business VikasEd is an international admission consulting agency that connects African students with universities in the United States. Services range from admission consulting to visa assistance and airport services. “This challenge was like having one step in the real world, which is what students should experience while in school,” says Charles Thiemele. WINNING IDEA
Mankato Pediatric Respite Katie McDonald ’15, Nursing Megan Chase ’15, Nursing Mankato Pediatric Respite is a nonprofit organization that provides respite care to families with medically fragile children. The idea started as part of a class project and quickly became
Growing Entrepreneurship Thinking, Doing, Creating
The College of Business is proud to recognize two generous contributions received in 2015 to enhance the ecosystem of entrepreneurship and innovation at Minnesota State Mankato. Dean Brenda Flannery explains that these gifts benefit the College, University and community by supporting initiatives that may “unlock, for some people, a path to the rest of their life that would never have been unlocked before.”
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much more. It uses nursing students to provide care for the children, providing a service to the families and real-world experience to the students.
Telitox Faud Gazal, Graduate Student, Electrical Engineering Emmanuel Adeyemi, Junior, Manufacturing Engineering Technology major Cynthia Ovadje, Junior, Math and Environmental Science major Telitox is a new age delivery service for everyday goods, less than 22 pounds, via an Autonomous Quadcopter Aerial Transport Vehicle (AQEAT-V). It will have docking stations at strategic locations that allow consumers to initiate and receive deliveries. “Before the Big Ideas Challenge, I didn’t know the first thing about starting or running a business. I have learned so much and we now have resources to help us,” says Cynthia Ovadje.
Richard ’64 and Mary Schmitz pledged $200,000 to endow a graduate position within the Entrepreneurship & Innovation program. Entrepreneurship initiatives continue to gain momentum. “That’s really what stimulated me,” Schmitz says. He remembers his own entrepreneurial spirit when he began building his grocery business at the age of 30 Establishing the endowed graduate position is for “students who have a dream to be an entrepreneur,” he says. “It’s refreshing to see them with that ambition these days.”
Paul ’84 and Diane ’86 Hanson established a $50,000 endowment to support initiatives in the field of entrepreneurship and innovation. At 15, Paul began working with his mentor, who gave him direction but let him explore the ways of business. That experience set Hanson on a path toward entrepreneurial success. “I know now what I was blessed with
Taking Action to Improve the World For students who want to “improve the world through entrepreneurial action,” the College of Business formed a new student organization to do just that. “Enactus is about doing something and starting something,” explains Brenda Flannery, dean of the College of Business. “It is beyond just yourself; it is the intersection between what a student is doing and what happens in the community.” Enactus is a national community of students, faculty members and business leaders that channels ingenuity and talents toward community development projects. The goal is two-fold: impact lives in the community and develop students into effective, values-driven leaders. Enactus spans across 36 countries, 1,700 universities, and consists of more than 70,500 students. Teams implement nearly 5,000 projects that ultimately impact 2 million people each year. Projects focus on three main areas: entrepreneurship, social and learning experience. “Students in Enactus will create new project ideas, develop communication skills, leadership skills, brainstorming and most importantly how to start a business idea from
the beginning, how to walk through each step and learn from mistakes,” explains Lucas Fontana, Enactus founding member. “We are willing to try and make a difference on our campus and in the Mankato community.” In its first year, the Minnesota State Mankato Enactus team included 16 students who participated in a project each semester. In Fall 2014, they partnered with Dream Closet, another Minnesota State Mankato student organization, to develop marketing and fundraising strategies for a free community shopping event. The team focused on a potential start-up food business called The BackPack Bar in spring 2015. Enactus members conducted target market, production and financial projection research to create, package, market and distribute the bar, with proceeds benefiting the local BackPack for Food program. “Students who participate in Enactus should be willing to talk, share ideas, and want to try something completely new,” Fontana explained, “I guarantee they will learn a lot during this experience.” Future goals for the Enactus team include starting and managing a student-run enterprise on campus. Early ideas include a fair trade/organic coffee and chocolate cart or shop, an international gift center, a book exchange service, a bike rental service and a student business co-op working center. n
as a youngster. I didn’t know what it was at the time or what it would start with me, but because of it I have been able to move along in my career and it just seemed like a natural fit [to support entrepreneurial initiatives],” he says. Current MBA student April Femrite is the first to accept the Entrepreneurship & Innovation Graduate Fellow role. She will manage a number of co-curricular programs within the College, such as the Big Ideas Challenge, Enactus and events focused on entrepreneurship and innovation. New initiatives will help students in several ways, such as practicing real-world applications of business concepts, increasing self-awareness and acquiring new resources. Hanson and Schmitz both recognize the importance of creating entrepreneurial opportunities for students. “It helps students use their brains to figure things out,” Schmitz says. “Then they can do much better for themselves all their lives.” n
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Providing Students with Experiences High-impact learning (real-world learning experiences) is defined as an investment of time and energy over an extended period that has unusually positive effects on student engagement in educationally purposeful behavior. What they do: • Require time and effort in purposeful tasks that deepen students’ investment and commitment • Build substantive relationships through interactions with faculty and peers • Provide rich and frequent feedback, inside and outside the classroom • Provide learning opportunities in new situations where students apply and test their knowledge • Allow for reflection of one’s values and beliefs to provide students a better understanding of themselves and the larger world
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9 1. Students in the Spring 2015 United Prairie Bank Integrated Business Experience program dedicated 217 hours to raise almost $6,000 for the BackPack Food Program. 2. The Entrepreneurship Organization attended the Lake FX Improvisation and Innovation Expo presented by Google in Chicago. 3. The Finance Organization visited The Northern Trust Company during its annual trip to Chicago.
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10 4. Students visited the Federal Reserve Bank in New York City with Dr. Robert Zelin and Dr. Juan (Gloria) Meng. 5. Students, faculty and staff from both the College of Business and the College of Science, Engineering and Technology took part in a tour of Cambria’s facilities. 6. Dr. Kristin Scott took students to Belize on a Fair Trade study abroad trip for the third time in 2015. 7. Students in the Fall 2014 Maverick Student Investment Fund, taught by John Hylle, received hands-on experience investing $407,000.
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12 8. Two of Dr. John Kuzma’s students participated in the 2015 National Collegiate Sales Competition in Georgia, the largest and oldest sales competition with 65 other universities in attendance.
11. Marketing faculty members hosted a Social Media Marketing Panel discussion for marketing students to hear insights from seven panelists about careers in social media.
9. Students in Dr. Leon Chen’s financial planning class present financial management plans during a Northwestern Mutual Financial Planning Competition.
12. The College of Business hosted its first Wall Street Journal Street Smarts Jeopardy event, in which five student organizations competed for prize money.
10. College of Business students present financial management plans during a Northwestern Mutual Financial Planning Competition.
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Be involved outside of class, have a positive attitude, always give 110 percent and strive to learn and develop.
Entrepreneurial
—Pratibha Dhamala
Student spoTlights Pratibha Dhamala Hometown: Kathmandu, Nepal Program: Master of Business Administration Expected graduation date: 2016
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What was your first impression of Minnesota State Mankato? I still remember my three-day orientation when I walked into the College of Business planning room with my major in mind. The advisors helped me plan my entire course of studies and gave me insight on how to pair classes. I found the people very helpful and welcoming.
Tell me about your experience studying in the College of Business. I’ve met many great people. My first advisor gave me great advice and direction on how to be involved, develop myself as a business professional and reach my goals. Dean Brenda Flannery also connected me with the director of the Small Business Development Center, who turned out to be a great mentor by teaching me to utilize my strengths, overcome my weaknesses and reach my goals.
What programs/organizations have you participated in during your time at Minnesota State Mankato? I have been involved with the International Student Association, where I have served as vice president and director of public relations. I was also the president of the Entrepreneurship Club, where I helped bring the organization back to life, create a mission and vision, and bring together a group of enthusiastic people with great business ideas. I also participate in other organizations and activities on campus as opportunities arise.
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Are you working while pursuing your MBA? I am a Graduate Assistant at the Small Business Development Center and a Business Development Intern at Taylor Corporation. Both of these jobs came my way because of my involvement on campus and the networks that I have built here. These opportunities have taught me so much and provided me with all the learning opportunities that I could ask for. What do you see yourself doing in the future? I would like to continue working for Taylor Corporation. My internship puts me on an exciting team that deals with a lot of big ideas. I have a lot a variation in my job as we work with different ideas, and that excites me to go to work every day. I would also like to own my own business someday. This idea and the challenges it holds keeps me motivated and moving toward the future.
What is the biggest challenge about being in school? Time management is one of the challenges. I have not yet perfected it, but I have learned to prioritize things to bring a balance to my life. For example, when I have an assignment or an exam, I put everything aside and give all my attention to my studies. If I have a social event, I work my calendar around it.
What advice would you give to incoming students? Be involved outside of class, have a positive attitude, always give 100 percent and strive to learn and develop. Nobody is perfect and everybody has room for improvement.
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My favorite part about Minnesota State Mankato and the College of Business has got to be the abundance of opportunities available to students.
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—DeAndre J. Cunningham
DeAndre J. Cunningham Hometown: Minneapolis Majors: Finance & Psychology Expected Graduation Date: Fall 2015
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Tell me a little about yourself before coming to Minnesota State Mankato. I was born in Chicago and raised in Minnesota. Growing up I was involved in various activities, including Cub Scouts, sports and music. In high school, I was a three-sport athlete (football, wrestling and track & field) and also played the viola in my high school symphony orchestra.
What made you decide to enroll at Minnesota State Mankato? I wanted to play football in college, so I looked into universities with a strong Division II football program. I decided to enroll at Minnesota State Mankato after I attended their summer football camp and really enjoyed the campus.
Why did you choose to pursue a major in Finance? I originally studied Psychology because I wanted to help others with the problems they faced. During my sophomore year I developed a fascination with business/entrepreneurship and its potential to leave a positive impact on the world and in peoples’ lives. It was then I decided I wanted to go into business upon graduation. To support this, I pursued a minor in Business Administration, followed by a major in Finance that I started my junior year.
Tell me about your experience studying in the College of Business. Students can expose themselves to so many different people, ideas and cultures in and outside the classroom. My favorite program was the Integrated Business Experience, which gave me a taste of what it may be like to run a business and give back to the community.
What programs/organizations have you participated in here? I participated in the United Prairie Bank Integrated Business Experience (IBE), where I had the opportunity to serve as the company president for a semester-long student-run business. I also founded a recognized student organization, Minnesota State Mankato Consulting Group, where students can gain exposure to businesses and business situations through case competitions and company tours. Finally, I am a member of Delta Sigma Pi, an international business fraternity, and will serve as president of the Epsilon Iota chapter in the fall of 2015.
What do you hope to do after graduation? I hope to work in a job where I make a lasting and positive impact. I can see myself working as a management consultant for a large firm. One day I want to found and operate a business that adds value to the world and helps individuals through use of entrepreneurship and innovation.
Do you have any advice for incoming students? Study hard and then study harder, but don’t let your studies interfere with your exposure to the world around you. Make time to meet your professors and peers. Most importantly…go to class! All of them! n
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Success IN Different Forms
Amy and Maha AboUelenein share their stories of innovation and entrepreneurship as the 2015 Morgan Thomas Executives in Residence. This year was a first on two fronts for the College of Business: to host two Executives in Residence, and to host women. Sisters and business executives Amy Abouelenein and Maha Abouelenein ’91, ’95, returned to Mankato in April for the Morgan Thomas Executive Lecture, sharing stories of success as entrepreneurs and leaders in their fields. “We love to showcase individuals with real executive and leadership experiences and students can see them as role models,” explains Brenda Flannery, dean of the College of Business. “We want to connect our alumni back to the university.”
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he Morgan Thomas Executive Lecture has developed a reputation of excellence in the College of Business since it was established in 1982. The annual lecture honors Morgan Thomas, who was the dean of the College of Business Morgan Thomas from 1960-82. Amy and Maha were natural selections for the lecture series. Both maintain deep roots in the Mankato community as daughters of the late Gaber Abouelenein, a former faculty member (1968-90) and dean (1990-97) of the College of Business. During their two days on campus, Amy and Maha reconnected with faculty and staff they knew from their childhood and met with students in entrepreneurship courses, international students and interns at Taylor Corporation.
Steady Path in Corporate Amy is currently vice president of innovation, technology and quality for the Global Baking platform and the Convenience & Foodservice segments of General Mills. She is accountable for leading product development, quality in General Mills’ retail baking business and its away-fromhome business. Amy shared her experiences working for a global Fortune 500 company and possible careers that can stem from an education at Minnesota State Mankato. “I also spoke a lot about challenges facing the food industry and how an entrepreneurial mindset is the key to competing in today’s marketplace—the need to be agile and responsive to consumer’s changing needs,” she explains. At work, Amy encourages her team to integrate with customers so they understand “what problem our products are trying to solve.” She relates it to entrepreneurs’ strong passion and having consumer empathy, which begins with opportunities in an educational setting. “As I think about the keys to success in the business world today, getting realworld experience, learning entrepreneurial behaviors and innovation are all keys to learning how to drive business growth,” she says.
Blazing the PR Trail Maha is the founder and managing director of Organizational Consultants, a communications firm based in Cairo, Egypt, that provides strategic communications for clients in the United States and Middle East. She has more than 22 years of experience advising government and corporate leaders and was Google’s head of global communications and public affairs for the Middle East and North Africa region from 2011-2014.
Maha grew up on campus and completed both her undergraduate and graduate degrees at Minnesota State Mankato. She left for the Middle East in 1997 and started her career in public relations, which involved consulting with high net worth individuals and CEOs and handling communications through crises. Her four years at Google in Dubai came at an interesting time, because they coincided with the beginning of the Arab Spring. “I quickly became part of the story,” Maha says. “It was a critical time to be at Google because the Internet was now a catalyst for change, it was a really big liberating force for people.” She managed business for Google across the region up until her resignation in August 2014, when she returned to her communications firm. “I knew I had a really good network and what I believed I could do on my own was stronger than what I could achieve at Google,” Maha says. Now, Maha draws on passion to keep her business moving forward. “Passion is a currency,” she says. “You can teach a student how to be passionate, but you should teach them to go for what really makes them thrive and makes them happy because that’s what is going to carry them through.” A second life lesson is something Maha’s father instilled in her: education is everything. “Always be a life-long learner,” she says. “Everyday I need to learn. I need to learn what’s going on. I need to learn what’s happening in business. And I never stop learning.” The College of Business strives to add new and fresh elements each year to the Executive in Residence series. “This year we highlighted women—and to have that dynamic between them really made it a fun and unique experience,” Flannery says. “We continue to shake it up a bit and keep expanding the number of people who can be part of that experience.” n
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Always be a life-long learner. Everyday I need to learn. I need to learn what’s going on. I need to learn what’s happening in business. —Maha Abouelenein
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Entrep A
business plan is the roadmap to success, with a strategy, a model and anticipated scenarios. But there are things that even the best business plan can’t predict. “Bad things happen,” explains Dr. Yvonne Cariveau, adjunct professor of Management 443, Entrepreneurship. “By thinking this through as you’re doing your business plans you begin to realize, ‘what should you do?’” Cariveau isn’t only talking about business plans; she is also referring to her experience teaching the Entrepreneurship course at Minnesota State Mankato last fall. Cariveau’s success began back in 1994 when she created Internet Connections and introduced the Internet to southern Minnesota. Within six years, she sold the service provider portion to HickoryTech (now Consolidated Communications), retained the website development portion and renamed it VoyageurWeb. Fast-forward to 2014, and Cariveau’s role with VoyageurWeb had settled into a maintenance point. “I’ve accomplished what I wanted to,” she explains. “I had been doing some soul searching and was thinking about teaching.” At that point, she was approached by College of Business Dean Brenda Flannery to bring her expertise into the classroom. What Cariveau thought was perfect timing turned into a test of her business—and life—plans. As she was preparing for the class, one of those unanticipated scenarios happened. Cariveau’s father, an entrepreneur and her long-time mentor, unexpectedly passed away. She turned her grief into a learning opportunity for her
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class. “My dad would have wanted me to continue on and teach others about entrepreneurship,” she says. Cariveau approached the class with a new look and a fresh start. “I told the students, ‘I’m going to react to you.’ It’s going to be more work for me but it’s going to be awesome,” she remembers. “Out of this bad thing, something really good is going to come.” Students used specialized business plan software to create robust business plans. Cariveau read every plan each week, making comments and suggestions along the way. Based on content in the plans, she selected resources, such as speakers or workshops, to “fix” what was missing. “She teaches in an untraditional manner in the most incredible way. I actually got excited to go to class,” says Kylen Feltes ’15, a Management and Marketing major. “Instead of a lecture, she demanded that we get actively involved, and that’s how you grow as a student and as a person.” Cariveau noticed students helping each other. “When you have 36 people in a room who are all smart and capable and creative,” says Cariveau, “then it’s foolish for them to be sitting there and listening to me.” Management 443 is one of six classes in the Entrepreneurship and Innovation minor, which blends marketing, management, finance, sales and other skills students’ pick up throughout their education. “The students’ development in the class has been really interesting,” explains Cariveau. One thing she hopes students get out of the class is confidence. “This is an achievable thing; they can build a business, they can do this.”
Teaching epreneursHIP
Alumna and successful Mankato entrepreneur Dr. Yvonne Cariveau ’82, ’86 shares her experiences with students. Ashley Vetter and Kylen Feltes, along with many other MGMT 443 students, are now using resources from the class to turn their business ideas into a reality. “Not only did I learn a lot in Dr. Cariveau’s course, I also enjoyed developing my business plan and feel inspired and motivated to open my own business,” says Vetter. “This class helps students to develop the well-rounded skill that is needed by future entrepreneurs.”
Ashley Vetter, Fall ’15
Kylen Feltes, ’15
Major: Management; Minors: Marketing and Business Administration
Major: Management and Marketing; Minor: Business Administration
Hometown: Fargo, N.D. Future Goals: Opening a store that provides a unique jewelry experience Business Idea: “It’s what I call a Jewelry Bar—the formal name right now being Ashley Elizabeth’s Jewelry Bar. The Jewelry Bar is a boutique-style jewelry store based on a Netflix-for-jewelry monthly subscription mentality where customers rent pieces for a period of time. One of my goals is to establish a unique customer experience by providing one-on-one consultants and a beverage service, and by cultivating a social setting for groups, as well as establishing a strong social media presence.” Entrepreneurship: “The course helped me think of many things that I wouldn’t have considered in my business plan on my own. It also helped me realize what goes into starting a business, such as patents, permits, suppliers, loans, location, et cetera. Each group’s business plan was so different. We had the opportunity to listen to other students’ plans and offer them ideas and opinions, as well as receive feedback on our own plans. It’s amazing how sharing my plan with just a couple of fellow students gave way to many more ideas and developments. There really is power in numbers!”
Future Goals: Implement an internship program with current business, Dream Closet (www.dreamclosetmankato.com) Business Idea: “Dream Closet is so portable. Every community that holds a Dream Closet event will have an amazing and completely unique experience. I know this idea can help many. It helps individuals clean out their closets, it helps individuals that need a hand to get some clothing, and it helps students learn. I have learned through it all and I know that as long as I am working on Dream Closet, that learning will never stop. I plan to never stop learning and improving myself. I knew from the start of my college career that I wanted to be in business. The work ethic and professionalism attracted me to the programs at the College of Business. When I saw there was a course geared specifically to students who think in that unique perspective, I knew I had to get involved.” Entrepreneurship: “This course has absolutely changed my perspective on success and what that actually takes. I realized how much work goes into a business. It isn’t lucky people who find success, it is those who are willing to work tremendously hard and follow a dream that they believe in. The only way to actually fail is to quit. Perseverance will eventually lead to success.” n
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Teaching by Example Dr. John Kaliski’s serial entrepreneurial spirit inspires students Dishes clank and customers chatter during breakfast at Weggy’s, an all-day diner near Minnesota State Mankato. It’s too loud for a soft-spoken guy like Dr. John Kaliski, associate professor of management, to be heard well. He suggests moving to the quieter loft area, but a small rope supporting a “Reserved” sign is stretched across the bottom of the stairs. He grabs one end of the rope and moves it aside. “It’ll be fine,” he says. Kaliski is known as a champion for Minnesota State Mankato students who want to go into business for themselves. As he talks about his approach to helping those students and his own experience as an entrepreneur, his dismissal of the reserved rope makes perfect sense. “When I started here I was exactly the opposite person of who I am today,” Kaliski says. “I was very much an ivorytower guy. Research-driven, heavy math, heavy theory, that sort of thing.” His approach changed when he teamed up with John Weir, the director of development for the College of Education at that time, to form Anlon, an online learning company that they ran for 10 years before selling it to another company. “That’s when things in the classroom changed, because I honestly couldn’t teach the way I taught before, where it’s theoretical, read-the-chapter, take-the-test,” Kaliski says. “That wasn’t my business experience, that wasn’t my life.” At about that time, Josh Ritzer ’98 was a freshman at Minnesota State Mankato. Ritzer interned with Anlon as its web developer and became a software developer in California. He recently reunited with Kaliski on a new business venture: the development of an app called CloseByNow, which allows small businesses and service organizations to offer last-minute discounts on a daily basis. The software was tested in Mankato during the winter and spring of 2015. Among those who worked on CloseByNow was Jack Bostrom, a marketing major. Bostrom managed marketing and sales for the app and enlisted more than 40 businesses to take part in the program’s trial. Kaliski currently operates two businesses: Oak Tree Simulations, a worldwide business simulation company for entrepreneurial instruction, and a wood products manufacturing company. Listening to students’ own ideas for starting or saving businesses is a frequent and favorite part of his job, he says.
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“Ideas don’t come from the ether,” he says. “They’re spawned out of 100 different conversations that are all cross-pollinated and all jumbled together and you just create this swirl of ideas and conversations and thoughts and relationships.” The idea is to provide students with more than a degree to take into a job interview. “I’m looking at all these people and thinking, they’re going to expensive places and coming out with big bills,” Kaliski says. “And man, if they don’t have something in their back pocket that they can actually bring to the market, what the heck are we doing here?”—Joe Tougas n
A screen shot from the testing phase of CloseByNow, a venture Kaliski started with former student and alumnus Josh Ritzer.
2015 – 2020 College of Business
Strategic Plan vision
Premiere Partnership Receives Recognition The College of Business partnership with the Taylor Corporation Innovation Center received the Brian Fazio Business Education Partnership Award during the 2014 Greater Mankato Business Awards and Hall of Fame event held last November. “[Receiving this award] was a tremendous honor,” says Glenn Bottomly, Ph.D., Senior Vice-President, Online Marketing and Innovation, Taylor Corporation. Since the partnership began in early 2014, Lucas Howk, College of Business Internships & External Partnerships Coordinator has been able to provide students with great internship opportunities that serve a realworld purpose at Taylor. “Our partnership with Taylor Corporation allows our students to be part of a company that is committed to being innovative,” says Howk. Taylor has provided more than 30 internships, including 14 in the Innovation Center. “We look forward to our continued deep partnership with the College of Business to focus on one over arching goal: improve the student experience through real-world educational opportunities,” says Bottomly. The Taylor Corporation Innovation Center brings students of varying disciplines together in a modern thinktank environment and in collaborative teams to work on real-world projects for Taylor Corp companies. Such projects have included an e-commerce website, extensive market research and building social media presence.
The clear business school choice for those who want to engage in real-world learning experiences.
mission We are an AACSB accredited College of Business committed to exceeding the expectations of those who want to engage in learner-centered education, applied research and high-impact mutually beneficial partnerships. • Our primary focus is on diversified undergraduate education with expanding opportunities in graduate education and continuing professional education. • We engage in collaborative research to advance knowledge of business practice, to further impact student learning and advance business theory. • We create relational partnerships as a way to benefit students, business and community.
core values In the College of Business, we are committed to these guiding principles: Our core values of being • student-centered • innovative, and • professional are always pursued in a spirit of • inclusion, • collaboration, and • collegiality
Recipients (L to R): Glenn Bottomly, Sheila Kramer, Brenda Flannery and Lucas Howk. Photo by SPX Sports
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9New Members
The College of Business Advisory Council Welcomes
The advisory council is an integral connection between the College of Business and the community. “It is invaluable for industry and alumni engagement,” explains Brenda Flannery, dean of the College of Business. “Given our new strategic plan, partnership with the advisory council is core to the College achieving its strategic plan.” ............................................................................................................
The mission of the College of Business Advisory Council is to provide advice in the development and implementation of the College of Business’s Strategic Plan and assist the College in connecting with the business community to achieve its goals. ............................................................................................................ The advisory council appointed nine new members in 2015 to carry out that mission. “I believe the exciting part for the new members was digging in and working on the College of Business strategic plan,” says Don Kreye, chairperson of the advisory council. “They had the opportunity to offer their experience and expertise, and that is what engages our council and makes a difference to college and university.”
The council’s membership committee considered several criteria when reviewing new members and looked specifically for College of Business alumni. “The process of selecting new members is important to the overall success and value of the council,” explains Mike Mitchell, membership committee. “A long list of candidates was generated with special attention to diverse backgrounds, skills, experiences and especially passion for Minnesota State Mankato and the College of Business. We are very excited for the new members to join the existing committed members.” Flannery worked closely with the membership and executive committees to revisit the by-laws in the last year to begin revitalizing the advisory council. “We created a statement of expectations that confirmed importance of the advisory council and its values—presence, knowledge and generosity,” explains Flannery. The committees plan to welcome three to five additional new members over the next few years. “I’m excited to see this advisory council work together,” adds Flannery. “Our new members bring insights, energy and resources that have already made a difference and will help the College go to the next level.”
Advisory Council Current Members Don Kreye – Business Development Manager, Abdo Eick & Meyers
Advisory Council and Executive Committee Chairperson .............................................................................................................................................................................................................................................
Keith Bauer – Director of Human Resources, Mankato Clinic Brad Brolsma – President, Merchants Capital Resources, Inc. Louise Dickmeyer – President, People Driven Performance, Inc. (PDP Solutions) Advisory Council Executive Committee Chad Ellman – First Vice President and Financial Advisor, MorganStanley SmithBarney Curtis Fisher – Broker/Owner, Coldwell Banker Commercial Fisher Group Advisory Council Executive Committee Jean Fitterer Lance – Senior Vice President and Chief Compliance Officer, Boston Scientific Corporation Norb Harrington – Regional President (Retired), Wells Fargo Bank Douglas Holtan – Systems & Procedures, Mayo Medical Center Greg Lea – Senior Vice President, DFO and COO, EntreoMedics Suresh Mathews – Senior Vice President and CIO, Unisys Corporation Dennis Miller – President and CEO (Retired), Key City Ventures Member Mike Mitchell – President, MSM Financial Advisory Council Membership Committee Brad Peters – President, Bremer Bank Advisory Council Membership Committee Ryan Spaude – Financial Advisor, Eide Bailly Financial Services, LLC Advisory Council Membership Committee
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Advisory Council New Members Jay Adams ’91 Owner, Cranky Ape
“[The advisory council] can get some things going where I can help with conceptualizing and take the entrepreneurship program higher. That’s the key, to keep the energy going.”
Trudie Gustafson ’81 Vice President, Greater Mankato Growth, Inc.
“It is important to me as a College of Business alum to contribute back to Minnesota State Mankato, be it time, talent and/or financially. It is stewardship.”
Lisa Hyland ‘88
Director of Human Resources, Federated Insurance “Great employers are looking for people who embrace entrepreneurial attributes like an orientation toward continuous improvement, curiosity, adaptability and creative problem solving. This strategic [plan] is preparing students for career success.”
John Kind ’79
Executive Director, Mankato Family YMCA
“If we are to attract the best students, those with ‘big ideas,’ we need to provide opportunities that match their interests. I believe those students would have a higher than normal inclination to be an entrepreneur so our direction should lead to the success of not only the College of Business, but also the students we serve.”
DR. Janet Moldstad Vice President of Marketing, The Occasions Group at Taylor Corporation
“I believe the College of Business is heading in a critical direction with regard to integrating education and real world experience, particularly developing entrepreneurship. The College is also well positioned to leverage this direction being able to draw on the history of strong entrepreneurship experience in Mankato, as well as its surrounding communities and alumni base.”
Paul Rasmussen ’92 President and CEO, Zepol
“Being an entrepreneur myself, I love the direction and initiatives [the College of Business is taking]. We need to see that graduates are ready—not only go out and work in the “real world”—but also to take a leadership position within the region.”
Bron Scherer ’79
Founder and Partner, Protein Sources
“I wouldn’t be where I am today without the outstanding education and experience I received as an accounting major at Minnesota State Mankato. Supporting the current faculty, students and Dr. Flannery via the advisory council is something that I was excited to be involved when asked. Professionally and personally, I hope I’m able to contribute in a meaningful manner to the extent I’ve already benefited from getting to know my fellow advisory council members.”
Kyle Smith ’01
Principal, TAILWIND Group
“I would like to see the College of Business continue the success it has had to date, and see sustainable growth and retention for Minnesota State Mankato students moving into the future.”
Glenn Stolt ’89
President and CEO, Christensen Farms
“I look forward to working with Dean Flannery, the other council members and others across the College of Business to develop and advance the future strategic direction of the college. As a 1989 graduate, I am honored to serve on this committee with the opportunity to give something back to a quality institution that helped to launch my career so many years ago.”
For more information about the College of Business Advisory Council, please visit cob.mnsu.edu/college/advisory
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Providing Food to a Growing World Alumnus and Christensen Farms CEO Glenn Stolt presents the 2015 Food Entrepreneuership Lecture
Glenn Stolt
The Christensen Farms leadership team and Minnesota State Mankato alumni who work there at the event.
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G
lenn Stolt ’89 serves as president and chief executive officer of Christensen Farms, or CF. After more than 20 years with large, publicly-held businesses, Stolt joined CF in 2010 as vice president and chief financial officer. He took on the permanent role of CEO in 2013, upon the unexpected passing of company founder Bob Christensen. As Executive in Residence, Stolt met with a variety of groups throughout his day on campus. Four CF team members joined him for a presentation in the Business Policy and Strategy course, where students learned about communications, human resources, marketing and logistics, and managing finances for the company. Stolt participated in an Agriculture Forum, hosted by the College of Business in collaboration with Greater Mankato Growth. It was an open setting for local agribusiness leaders to discuss workforce needs in the industry and how Minnesota State Mankato can continue to prepare students for the demand. That evening, more than 300 attendees took seats in Ostrander Auditorium for Stolt’s presentation, “A Legacy of Entrepreneurialism—Providing Food to a Growing World.” Stolt spoke about the company’s high-quality, integrated pork production, from farm to fork. “In an ever-volatile industry from a markets perspective, we must be relentless in being a top 10 percent performer in the industry,” he explains. “We
need to continue to respect and support our obligation to industry leadership with uncompromising respect toward animal care, environment impact, employee safety and food safety.” Stolt spoke about the entrepreneurial spirit that Christensen instilled in the company’s culture. It has shaped CF over the past 40 years and will continue to create success in the future through solid core values and employee development opportunities. “Embedded in that process is a focus on innovation, embracing change and strategic thinking, all key ingredients of entrepreneurialism,” he explains. “A focus on collaboration and teamwork can be a powerful combination that drives personal success for our team and business success for the organization.” Stolt ended the lecture with a message about career opportunities in the agribusiness industry. He challenged students to be engaged in activities and to take on higher roles and new opportunities. “I encourage individuals to own this themselves,” he says. Use resources on campus to “build your own toolbox,” as he describes the collection of skills, capabilities and experiences that everyone should have. “Create capacity for yourself and take advantage of opportunities that either present themselves or opportunities you can create for yourself.” n
The Richard & Mary Schmitz Food Entrepreneurship Endowed Lecture In 1999, Richard ’64 and Mary L. Schmitz funded an endowment meant to support a lecture series at Minnesota State Mankato. Each year, an expert in food industry comes to speak on campus—giving the College of Business an opportunity to engage the growing sector of agri-business and to educate the community about the needs in the agricultural world. The Schmitzes had a vision to share with students insights about food retailing, an industry they knew well from Richard’s professional successes as both an executive and business owner in food retailing. Recent speakers have included Dan and Angie Bastian from Angie’s Artisan Treats, Dave Rettig from Rembrandt Foods and, the most recent, Glenn Stolt from Christensen Farms. “This has allowed us to support students interested in the food industry, bring executives from the food industry onto campus, have students spend a week in a shadow experience at my business and now to have Glenn Stolt share his experience and business,” says Schmitz ’64. Richard Schmitz
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Honoring our Distinguished Accounting Alumni JAY ABDO ’96 Jay Abdo (Accounting ’96) is no stranger to Minnesota State Mankato. “I grew up in the shadows of upper campus,” he remembers. A cornfield stood where the Performing Arts Center parking lot is now. “We would stomp down the weeds and build a baseball field with a chicken-wire backstop. All the neighborhood kids would play there.” Abdo’s grandparents were Lebanese immigrants who established themselves in Mankato. “They opened a Lebanese grocery store and sold penny candy, milk and bread,” Abdo says. His father, a Korean War vet and the youngest of 13 children, started Abdo Eick & Meyers in 1963. He borrowed his mother’s life savings to get it off the ground. “You’re looking at close to 500 employees in Abdo companies with that little $13,000 loan, that was it.”
Today, Abdo is the Senior Partner at Abdo, Eick & Meyers, with more than 43 years of experience in accounting, taxation and litigation. He is passionate about helping small business owners and consults with clients on a regular basis.
On Entrepreneurship Since Abdo joined his father’s firm in 1974, he has reinvested in the company and its employees. “A true entrepreneur provides security and longevity for employees, they are our partners,” he explains. Abdo continues to be involved in professional and nonprofit organizations. He received the 2003 Edina Business Person of the Year Award through involvement in the Edina Chamber of Commerce. “If you’re going to be involved, do it because you want to do it, you want to give back, and be active,” he says. “Good things happen when you do it for the right reasons.”
On Giving Back One charity has a deep and personal meaning to Abdo: St. Jude Children’s Research Hospital. His son was diagnosed with two brain tumors when he was 12-years-old. Through treatment at St. Jude, he beat the tumors and is in full remission. Abdo set a goal to raise $50,000 through a letter writing campaign. “The response was overwhelming. We received more than $92,000.” He was honored in 2014 as the National Volunteer of the Year from St. Jude Children’s Research Hospital.
Distinguished Alumni Award
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Abdo’s firm continues to look to the College of Business to recruit top talent. “Our company’s future depends on the college and the really great, bright students that come from it.” His long-standing connection with the college was recognized as a recipient of the 2015 Distinguished Alumni Award. “It’s extremely humbling that I was able to get that honor. I’m proud of the fact that I earned it because I have been very active in charitable organizations.” Abdo currently lives in Bloomington, Minn., with his wife Julie, who also graduated from Minnesota State Mankato. They have been married for 43 years and have four children. n
Since 1961, Minnesota State Mankato’s Alumni Association has recognized more than 200 alumni who have achieved high rank or honor in their profession and have a widespread effect on their communities. This year, two exceptional alumni from the College of Business were honored at the Distinguished Alumni Award ceremony on April 24.
LINDA KOERSELMAN ’81 Linda Koerselman (Accounting ’81) joined Wolf Etter & Co. right after graduation. “We were held to a high standard, dependence and trust, and that has always stayed with me,” Koerselman says about her education at Minnesota State Mankato’s College of Business. In 2006, Wolf Etter joined with Eide Bailly, and Koerselman helped it become one of the top accounting firms in the nation.
Growing in the Industry Koerselman is currently the partner in charge of Eide Bailly’s Mankato office and the chairman of the board, the first woman to hold that post. She was named a Super CPA by Twin Cities Business Monthly and a Top Woman in Finance by Finance and Commerce magazine. “I never dreamed that I would have the success that I’ve had over the past 35 years. I received support and encouragement when I was a student at [Minnesota State Mankato],” she said. “The education I received at [Minnesota State Mankato] gave me the confidence that I could do anything.” Koerselman is a member of many banking industry groups and a frequent speaker at conventions and meetings around the Midwest. Her experience includes an emphasis in working with banks on strategic planning and regulatory matters.
Business professors for a private lunch. “Their passion for making sure their students get the best education preparing them for the business world was impressive,” she says. Koerselman credits colleagues, friends and family who supported her along the way for the award. “Receiving the award was a highlight of my career,” she says. “I will always be thankful for the great education and professors that helped my along the way.” Koerselman and her husband, Vern, whom she met at Minnesota State Mankato, currently live in Mankato. They have four children. When not hard at work, Linda likes to enjoy a freshly pressed cup of coffee at their lake home in northern Minnesota. n
Key to Success To be a successful accountant, Koerselman says, “More than anything you have to want to help others.” That attitude, combined with her education from Minnesota State Mankato and the strength of her family, has helped her achieve great success. She says she owes a lot of that to her mom, Loretta. After her father passed away, her mom was left to raise five kids on her own. “There aren’t many people I respect more than my mother,” she says.
Distinguished Alumni Award Receiving the Distinguished Alumni Award was a very humbling and emotional experience for Koerselman. Prior to the award ceremony on April 24, 2015, she joined current College of
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Start it up!
Junior Achievement Camp Inspires Young Entrepreneurs “I’m grateful for all the friends, advising, inspiration and excitement the [Junior Achievement Entrepreneurship] Camp brought me.” — Jordyn Morris, Mankato West High School Senior
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Not all summer camps involve campfires, hiking or music. For 33 high school students at the weeklong Start It Up! entrepreneur camp in June, it involved pitching an original product idea to a panel of judges and answering questions about market competition and markup prices. Junior Achievement of the Upper Midwest partnered with the College of Business at Minnesota State Mankato to develop the camp, which was made possible by a grant from Otto Bremer Foundation and several local sponsors. Lucas Howk, College of Business internships & external partnership coordinator, was the project manager for the camp. “I was humbled to be surrounded by such a highoctane team that came together to provide young entrepreneurs the tools and skill sets to be successful in their start-up efforts,” Howk says. Led by Management Department faculty Dr. Kathy Dale and Dr. Cheryl Trahms, faculty at the University collaborated with local businesses and entrepreneurs to develop a comprehensive curriculum filled with
networking, field trips, and team building exercises. Activities included a visit to the Taylor Corporation Innovation Center and kayaking down the Minnesota River. Dr. Shane Bowyer, another business professor in Southern Minnesota, was the camp director. He understands the importance of inspiring students before they go to college. “The whole point of the camp was building that entrepreneurial spirit in students and building those business skills,” he says. In-between activities, campers developed their product ideas, including a short video and elevator pitches, to present on the final day. The team that won the Future Entrepreneurs Award came up with a plan for a product called “Remember the Date.” Students commented on the new friends, opportunities and inspiration they gained. “I really like how it gave us a world view on entrepreneurship, says Natalie Konopka, a senior at Sleepy Eye High School. “It helped me start my path to owning my own business.” n
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{ one c ol or l o go
Looking to the future: Please join the College of Business as we help students expand their future. Whether through technology, coursework, partnerships, student organizations or internships, our faculty, staff, alumni and external partners team up to create opportunities for students that could not be achieved alone. Be a part of our future. Contact Nick Linde, director of development, at nicholas.linde@mnsu.edu or 507-389-5420.
Ways to Connect: Facebook: www.facebook.com/MSUMankatoCOB LinkedIn: http://www.linkedin.com/groups/ Minnesota-State-University-Mankato-College-124122
cob.mnsu.edu