By Hannah Kennedy

Starting your own business can be daunting, even as an adult in the working world. However, students in an entrepreneurship class at UMD already know the reality of being your own boss.

The entrepreneurship class through the Robert H. Smith School of Business at UMD provides business and non-business students alike with a hands-on opportunity to experience what it is like to run a business and work for yourself.

The course, BMGT461, is open to students with majors in the business school, innovation and entrepreneurship minor or non-business major or minor students. It is designed for students to work in groups and start their own businesses, with a portion of their grade depending on how successful their companies are.

The idea for the entrepreneurship class was initiated by Professor Brent Goldfarb, who was teaching entrepreneurship to MBA students at the time. He felt the original class needed to benefit students more as they just wrote business plans and had limited real-world experience.

“I wanted students to experience that…because an entrepreneurial career or entrepreneurial experience is just different than other jobs,” Goldfarb said.

For that reason, Goldfarb developed a competition-based class where students would pitch ideas that were then voted on. The top third of the pitched businesses would become the different companies the groups would create and work on.

Next, they would compete for “social capital,” as Goldfarb calls it. At the end of the course, the business with the most business traction would win.

Since its inception, BMGT461 has been altered to be taught as an undergraduate class through the Smith School of Business. While the basics are the same, there is more classwork, such as reflections and assignments throughout the semester.

Students now work within the semester to start up their companies, sell their products and hopefully make a profit, which students can keep.

“Your grades are partially based on…how much money you make,” said Maurice Boissiere, an adjunct BMGT461 professor, “And then there are assignments and competitions throughout the semester that count towards your karma points.”

Karma points are earned throughout the semester via assignments other than the students’ businesses. Typically, there is a strong correlation between people with the most points and those with high sales, Boissiere said.

Boissiere believes that BMGT461 is a great opportunity for any students, regardless of major or minor.

“It’s not even about your major, your minor, it’s a life class,” Boissiere said, “It’s about learning by listening.”

For junior psychology major Grace Cashman, the entrepreneurship class has already taught her valuable lessons she plans to carry with her.

“I thought that by pursuing a minor in entrepreneurship and innovation allowed me to gain more experience in the business world, aiding me in my future career path as an [industrial/organizational] psychologist,” Cashman said.

Cashman is the community outreach coordinator for Get Nailed, a student-run nail service on campus, where she works with two other girls from her class to run the company.

She acknowledged that the challenges of running a business while being a full-time student  could be overwhelming sometimes.

“It has been difficult to find time to put 100% of my effort into this business,” Cashman said, “I wish I was able to pour more of my time and effort into my business…However, with a full course load and a job it is quite impossible to do so.”

Madison James, a junior business management major and CEO of the baking company Joy in a Jar, echoes Cashman’s sentiments.

“You’re a full time student and now you’re practically running a full time business,” James said.

However, James also sees this class as a long-term investment for her entrepreneurial endeavors.

Since she was young, she has wanted to own and operate her bakery. With her long-lasting passion, BMGT461 helped her bring her ideas to fruition.

“[People] complimenting my craft and knowing that my hard work is paying off…and I’m bringing joy to people…it’s just so rewarding,” James said.

Whether students find it challenging or rewarding, one unique feature that separates the entrepreneurship class from others is the real-world experience students are getting.

“This class has been unique in that it is the most hands-on experience I have ever had,” Cashman said, “I am able to learn through active participation and learn from other’s as well, not just the professor.” Students interested in this class can register whether they are business majors, minors or neither.