Tag: entrepreneurship (page 1 of 6)

Entrepreneurship at McCombs: Austin Startup Week

The McCombs School of Business, ranked #6 for entrepreneurship by U.S. News & World Report, offers many unique resources in one of America’s most innovative cities to prepare students for new business ventures. Many Texas MBA alumni have gone on to run successful startups not only here in Austin, but across the country. Check out some of the companies our awesome alumni have started as we gear up for Austin Start Up Week on October 3, 2016.

Sock Club: Noah Lee, MBA ’16

Sock Club offers a monthly sock subscription and customizable sock designs, with delivery straight to your door. 

  • Founded: 2012sockclub-847b3fcd4214f607a3f5e426e9e175b4
  • Advice to current students: Half the battle is getting started. You will never know if the idea will succeed unless you try it.
  • Favorite part of current position: Every day brings a new challenge.
  • Biggest challenge as an entrepreneur: Finding the time to get everything done and finding good help.
  • How did you and your partner Dane come up with the idea for Sock Club? We read a Forbes article on a subscription sock company that shipped black Italian dress socks, we liked the idea of a reoccurring revenue model, and thought it would be better to do it with colorful socks. Away we went.
  • How did McCombs and the Texas MBA Program help you in running your business? Running a new company requires managing your mistakes and opportunities, and is impacted by how effectively you can react to the results of your economic activity. The Texas MBA Program didn’t necessarily teach me how to do things. It taught me how to think about things and make decisions.

Nicely Noted: Perry Nelson, MBA ’10 

A stationery subscription service that delivers a curated collection of letterpress cards and stamps to your mailbox every month.

  • Founded: 2011xnorsrpc
  • Advice to current MBAs: Take risks while you have the safety net of being in school. You have unique access to almost anyone in the business community by approaching them as a student; take advantage of it.
  • Favorite part of current position: Wearing many hats! Every day is different, and the challenges run the gamut from working with developers, training interns, and pitching press for editorial coverage to assembling the monthly mailing, and more.
  • Biggest challenge as a business owner: Prioritizing and keeping the core value proposition at the forefront of all your efforts.

Beatbox Beverages:  Aimy Steadman, Justin Fenchel, Dan Singer, & Jason Schieck, MBA ’13

A ready-to-drink mixed alcohol beverage, prepared in Austin. 

Justin Fenchel says:beatboxlogo_retina

  • Founded: 2011
  • Advice to current MBA students: Take a chance — you have two years to explore what you really want to do. Try not to get caught up in the chaos of who has a job and who doesn’t. Take the time to find out what you really want to do because you’ll never have a better opportunity.
  • Favorite part of current position: Working doesn’t feel like work.
  • Biggest challenge as an entrepreneur: Stress and fear from starting a business in an industry that we effectively have no experience in.

You’re Invited to McCombs Entrepreneurship Night!

Smart People. Big Ideas. New Connections.

What happens when you combine Austin Startup Week with McCombs’ renowned faculty, world class students and alumni, and Austin’s hottest tech startups? McCombs Entrepreneurship Night!

Come meet successful McCombs entrepreneurs from the Texas MBA and Texas MSTC programs showcasing their startups. You’ll have the opportunity to network with current students, alumni and local entrepreneurs from the growing Austin Startup scene. Join us for discovery, a great time, and complimentary food & drinks.

Register for McCombs Entrepreneurship Night

Meet Us During the ATX Startup Crawl!

The ATX Startup Crawl is a celebration of technology and entrepreneurship in Austin! The Texas MBA Program will be present during the event to answer answer questions and share with you how an MBA degree from The University of Texas at Austin can help you increase your potential and jump start your career.

RSVP today to grab your spot to network with more than 90+ Austin startups and don’t forget to stop by our booth!

Thursday October 6, 2016 5:00pm – 10:00pm
800 Congress Ave, Austin TX 78701

RSVP HERE

Check out more startups started by McCombs alums: http://www.today.mccombs.utexas.edu/2013/12/mccombs-alumni-product-guide

Texas MBA Full-Time Program – FINAL Application Deadline Approaching

The final Texas Full-Time MBA application deadline (for domestic applicants) is March 24th. WThe deadline is March 24e are excited to have seen an increase in both the quantity and quality of applications this cycle so far, and have received applications from over 40 countries. The Texas MBA Admissions team is looking forward to welcoming some of our newly admitted students to our Preview Weekend event in Austin soon!

Discover More Reasons “Why McCombs?” 

If you are applying to our program before the March 24 final deadline, here are some fantastic blog entries to help you complete your application:

Understanding the 2015 Essay QuestionsUnderstanding the 2015 Essays Leveraging the 3rd PersonLetters of Recommendation The WaitlistThe Waitlist: FAQs & How-Tos You’ve Got Application Questions, We’ve Got AnswersTips on the
Application

We’re here to help – If you have any questions, please feel free to reach out to us via email at TexasMBA@mccombs.utexas.edu and we encourage you to check out our many upcoming events.

We look forward to meeting you soon!

Hook ‘em!

SXSWi 2015: McCombs Entrepreneurship Night & Booth Info

SXSW 2015 is almost here! The Texas MBA will have a booth at the SXSWi Tradeshow, March 15-18. If you’re attending the conference and/or tradeshow, please stop by our booth to say hello and for the chance to win some Texas MBA swag!

SXSW banner 2014

You’re Invited to McCombs Entrepreneurship Night!

What happens when you combine SXSWi with McCombs’ renowned faculty, world class students and alumni, and Austin’s hottest tech startups? McCombs Entrepreneurship Night!
Kick off SXSW with the Texas MBA. We’ll be having a reception during SXSW Interactive with SXSW attendees, local entrepreneurs, and McCombs students, faculty, alumni, & prospective students. We will also be showcasing some McCombs startups. All attendees will need to RSVP below:

Register for  McCombs Entrepreneurship Night
Note: Due to capacity restrictions, registration does not guarantee entry.

Meet us at SXSWi

 

 

 

We’ll see you at SXSW! Hook ‘Em!

Entrepreneurship at McCombs: TVL Scholarship Competition Recap

Jon Brumley Texas Venture Labs (TVL) at UT is a campus-wide initiative to accelerate start-ups in taking their innovations to market. In service of this mission they have created, in coordination with the McCombs School of Business, the TVL Scholarship, a unique program for entrepreneurial students interested in attending business school.

TVL Scholarship Competition 2015

2015 TVL Scholarship Competition Finals

This year’s TVL Scholarship Competition Semi-Finals & Finals were held on February 20th. 16 presenters gave their pitch to a panel of judges in hopes of winning the scholarship. Each TVL Scholarship is worth up to $174,000 and includes:

– $10,000 per year scholarship, as well as in-state tuition (for a total of $25,000 per year scholarship value).

– Consideration for admission of your company into the TVL Accelerator upon graduation.

– Consideration for a post-graduate position as a Venture Partner worth $50,000.

– Continued support from Texas Venture Labs throughout the development of your company.

 

Congratulations to the 2015 TVL Scholarship Winners!

TVL Scholarship Winners 2015

TVL Scholarship Competition Winners 2015 (left to right): Omar Garza & Tenaj Ferguson

Full scholarships were awarded to 1st place and “Best Presenter” winner, Tenaj Ferguson, for Lady Epicure Gourmet all-natural frozen bars & 2nd place winner, Omar Garza, for YouRefund, a tax fraud prevention app.

3rd place was awarded to Phil Trench for VacayBuddy & 4th place was awarded to Patrick Zhang for Concertleaf.

More Entrepreneurship at McCombs

McCombs, ranked #8 for entrepreneurship, offers many unique resources in one of America’s most innovative cities to prepare students for new business ventures. Learn more about TVL or check out these other resources:

Summer School, Part 1: Entrepreneurship…It Ain’t Just For Startups

Summer is upon us.  Most of higher ed actually, you know, takes the summer off.  But for those of us in the Executive MBA program, it generally means it’s time for electives.  Yes, we EMBAs willingly agreed to sacrifice any notion of a full-on summer vacation so that we could attend school.  But classes are generally held only on Saturdays and Sundays, so that makes it okay!

One of the electives I’m taking this summer is New Venture Creation, taught by Dr. Rob Adams.  As the name of the class suggests, it’s all about startups.  I’ll be honest: I didn’t really pursue an MBA to become an entrepreneur.  But it’s an elective, it fit with my very tight schedule, and several members of the Class of 2014 highly recommended the class, so I signed up for it.

I will not mince words.  If you are not game for doing a startup, Dr. Adams will not attempt to persuade you otherwise.  In fact, if you’re only lukewarm on the idea, he might try to talk you out of it.  From day one – which started just as we were completing our final exams from the spring semester, I might add – he made it very clear that the startup world is not for the faint of heart, that anybody looking to start his or her own venture is fighting very long odds.  In fact, since any new venture is far more likely to fail than succeed, his recommended approach to entrepreneurs is to fail fast and fail cheap.  If your idea won’t find any paying customers in the marketplace, Dr. Adams says, you’re far better off finding out as soon as possible.

As we develop our business plan, I’m finding that our MBA skills and general business backgrounds are really put to the test.  You take an idea, start hammering on it to discover if it really has potential, begin sketching out how this company might attract funding, where you anticipate taking it three, four, five or more years down the road.  What kind of prices can you really charge for this product or service?  How will it stack up against the competition?  What kinds of customers will you pursue?  How will you ramp up production?  Finance, marketing, accounting, leadership, hiring decisions – it all comes together.  “Use your MBA skills,” Dr. Adams said more than once during our weekend marathon.

Moreover, the skills required to become a successful entrepreneur are hardly limited to the startup world.  He pointed out that plenty of people end up becoming “intrapreneurs” – starting some type of new venture within their existing companies.  As it happens, this is precisely the situation I find myself in within the confines of my day job. Developing realistic financial projections, scoping out a marketing plan, determining the type of customer that would be an optimal fit for a new offering – these are high-level business questions, not merely entrepreneurial considerations.  And while it can be heartbreaking to take your pet idea and subject it to a pretty harsh interrogation, it’s for your own good to check your ego and tender feelings at the door and take a cold, clear-eyed assessment of what it will really take for that pet idea to see the light of day.  In other words, not only is New Venture Creation a good way to put me through my paces midway through the program, the class could hardly have come at a more opportune time in my professional life.

So I’m a bit bemused to find tremendous value and unexpected use of a class I hadn’t expected to take in the Executive MBA program.  After a year in the program, this is where the rubber starts to meet the road.

Now, if you’ll excuse me, I have a paper to help write.  And some financial projections to put together.  And a book to finish reading.  And some lectures to listen to online.  And…

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