One of the things that draws prospective students to Babson is the Foundations of Management and Entrepreneurs course (FME), in which first year students actually run their own business. Now that I am nearing the completion of my first semester at Babson, I can tell you this truly is the real deal!
So far, we have had to do Rocket Pitch, Proof of Concept, and Feasibility presentations and next week my business group will present to secure funding. There’s a big difference between theoretical business ideas and actually working to make them happen. At Babson, we are working to make our business a reality.
We have established an Executive Board for our business and we recently completed a real, detailed business plan. It’s an exciting course, and almost all of the work for the business happens outside of class. It can be a lot of time, but it’s an incredible experience. Already we have worked with suppliers, developed leadership and communication skills, and made professional presentations. It’s not just a class about teaching business, but one in which you really get to do it.
Our company is called MixItMug and we are selling environmentally friendly, self-stirring mugs that can mix drinks such as coffee, tea, hot chocolate or energy drinks with the push of a button.
The mixing action is powered by a small motor in the bottom of the mugs and we believe this is something fun, useful, and unique!
In the next month MixItMug will prepare its product launch and then we will be open for business. Not only are we excited about getting our product out, but we are also proud of the impact our sales are going to have. 100% of FME business profits are donated to a charity of the business’s choosing.
We have partnered with Engeye, a non-profit organization that supports healthcare, education, and sustainable business development in rural Uganda. As entrepreneurs at Babson, we will be giving back to support education and training of entrepreneurs on a global level. In addition, we are planning awareness events for our cause at Babson College and all business members will be contributing community service hours to support the organization.
There’s no better way to gain valuable experience while being able to make a difference! The FME experience is as real as it gets when it comes to a business course. The reality that first year Babson students actually run a business is even more than I expected. Looking forward to mixing things up over the next few months!