Students looking to purchase an MP3 player need to look only as far as the Ohio University Venture Creation Course in the Ohio University College of Business.
OUVCC is a yearlong experience giving students the opportunity to start a business from scratch, sell a product and then liquidate by the end of the year.
This year, the students have chosen to sell plug-and-play MP3 players.
I'm amazed that they picked a risky
expensive item said William Lamb, the faculty adviser for the course.
Students take a four-hour course Fall Quarter, when they get 80 percent of their grade, Lamb said. During next two quarters, it is up to the students to make the business go.
I ask questions and try not to make any decisions or push them to make a decision Lamb said.
Lamb and another professor, Scott Wright, were approached last year by students who had the idea for the course.
The course is funded through the Executive Advisory Board, which gave $5,000 to start the course last year.
A percentage of the money goes back to the Executive Advisory Board
another percentage goes to a charity of the students' choosing
Lamb said, and about half of the money goes back into the program.
OUVCC is the only university-funded entrepreneurship organization, said Ryan Palma, a junior and the chief executive officer of this year's OUVCC.
We are a whole entity of a business
Palma said.
The student-run business has a Web site, www.plugitplayit.com, where they hope to have online ordering available soon.
The students get to choose everything from which product to sell to what kind of body is going to head up the project, said Dan O'Brien, junior and chief financial officer. This year's group chose to have a CEO.
O'Brien and Palma both said the product they are selling has versatility because it is both an MP3 player and a flash drive. They said the only comparable product is the Creative Nomad MP3 player, but it does not have a screen.
I just want students to know that they have another option
O'Brien said. We're offering a creative solution while supporting students.
The students of the OUVCC will be selling MP3 players through the end of Winter Quarter, and they might sell some at the beginning of Spring Quarter. Then they are faced with the decision of what to do with the leftover product, Palma said.
The students in the course are students who are self-starters and already very involved, O'Brien said.
The class is selective
and we want it to become even more selective
Palma said.
Students interested in the course have to apply before fall 2005 pre-registration in Spring Quarter. The current students then review the applications and interview prospective students. Students do not have to be business majors, though business coursework might be helpful. Lamb said it is important to highlight any skills that a student can bring to the project.
Hopefully this course helps people build a lot of confidence
and I hope it helps people get more out of the rest of their courses
he said.
