Toward Effective Education of Innovative Entrepreneurs in Small Business: Initial Results from a Survey of College Students and Graduates

by

Summit Consulting, LLC

for

Under contract no. SBAHQ-08-M-0251

Release Date: September 2009

This report was developed under a contract with the Small Business Administration, Office of Advocacy, and contains information and analysis that was reviewed and edited by officials of the Office of Advocacy. However, the final conclusions of the report do not necessarily reflect the views of the Office of Advocacy.

TowardEffectiveEducationofInnovativeEntrepreneursin SmallBusiness:InitialResultsfromaSurveyofCollegeStudents andGraduates

Abstract
This paper describes preliminary results from a pilot survey of college and MBA students and alumni from five universities. This survey was designed and conducted by a team of researchers from the BerkleyCenterforEntrepreneurialStudiesattheSternSchoolofBusinessandtheSteinhardtSchoolof Culture, Education, and Human Development, both at New York University (NYU), 1 and was funded throughachallengegrantfromtheEwingMarionKauffmanFoundation.Thissurveyprojectisintended toidentifythenatureofthecoursesandtheirteachingapproachesandmaterialsthatweremostuseful, later,incarryingoutentrepreneurialactivities.Thegoaloftheprojectistoprovidethefoundationfor anevidencebasedredesignofeducationalprogramsthatfocusontraininginnovativeentrepreneurs.It alsoseekstocontributetotheeffectivenessofpublicpoliciesthataredesignedtopromoteandsupport economicgrowth. The educational goal of this study is arguably crucial for the future prosperity and growth of our economy for, as history repeatedly demonstrates, even in a society whose record of invention of valuable new products is exemplary, in the absence of innovative entrepreneurs who have the preparationandknowledgerequiredtoensurethattheseinventionsareputtoeffectiveuse,economic growth is likely to lag and poverty can be expected to persist. Thus, the preparation of a cadre of capableinnovativeentrepreneursisessentialtoastrongeconomy. It is important to note, however, that while business schools throughout the United States have programsthatgenerallyseemtobewelldesignedandeffectiveforthetrainingofentrepreneurswho canbeexpectedtoestablishnewfirmsofsomeconventionalvariety,mattersareverydifferentforthe nations prospective innovative entrepreneurs. There are few, if any, business schools with programs thatspecializeintheeducationofthisgroup.Surelyitshouldbedisquietingthatsolittleisknownabout thisimportantmatterandthatrelativelylittleisbeingdoneaboutit. Thus,thecentralpurposeofthestudywhoseinitialresultsarereportedhereistofocusononecritical subject:howprospectiveinnovativeentrepreneurscanbetrainedmosteffectively.Assuch,thisstudy cannot be carried out overnight. As a general approach, it requires investigation of the relationship betweentheeducationalexperiencesofsubjectsstudiedandtheirsubsequentinnovativeperformance. Certainly, we can learn from these preliminary efforts, but the deeper investigation will require continued effort to produce effective insights. The report provided here offers only the results of the firstyearofinvestigation,whicharelimited,asexpected,andshouldbeevaluatedaccordingly. For this report, the researchers at NYU agreed to share the data from this project with the SBA. This paperanalyzesthesedatatoprovidesomeinitialresultsthatindicatewhether,andtheextenttowhich,
1

TheteamofNYUresearcherswhoareconductingthisresearchprojectisledbyWilliamBaumol,AcademicDirectoratBerkley CenterforEntrepreneurialStudiesattheSternSchool,andiscomposedofMattMayhewattheSteinhardtSchoolofEducation, andBatiaWiesenfeldandJeffSimonoffoftheSternSchoolofBusiness.ThisreportwasauthoredbySummitConsultingunder contract#SBAHQ08M0251fromtheU.S.SBA.

courses that cover entrepreneurial topics influenced future participation in entrepreneurial activity particularly in small business, by survey participants. The findings from the initial round of surveys which represent only the beginning of the information and analysis that can be expected to emerge fromthisstudyindicatethat: Graduateswhohavetakenentrepreneurialcoursesaresignificantlymorelikelytoselectcareers inentrepreneurship,whichisdefinedaseverhavingfounded,run,orbeenemployedinastart uporentrepreneurialteam. Graduates who have taken entrepreneurial courses are more innovative, as quantified by the numberofpatentedinnovations,newproductionprocesses,andnewservicesandproducts. Graduateswhohavetakenentrepreneurialcoursesandthosewhohavenottakensuchcourses are equally likely to work for small businesses (defined as businesses with 500 or fewer employees). There is no discernable relationship between overall educational achievement (as defined by GPAandSATscores)andselectionofacareerinentrepreneurship. Studentswhohavetakenentrepreneurialcoursesaremorelikelytoselfreportstrongerskillsin areasrelatedtoentrepreneurship.

Background
At present, the U.S. is beset by severe economic difficulties. These include falling real gross domestic product(GDP),dramaticdeclinesinemployment,aweakenedfinancialsector,andcontinuedconsumer andbusinesspessimism.Inaddition,someofoureconomicchallengesarenotnew.Forinstance,the U.S.maintainsanunfortunatebalanceoftrade,withU.S.importsmateriallyexceedingexports,andan increaseinoutsourcingthatthreatensAmericanjobsandwages. 2 Inthepast,whensimilarchallenges emerged, the United States always managed to remain internationally competitive with the aid of its innovativeproductsandtechnology,aswellastheabundanceofinnovativeentrepreneurswhoensured effective development and utilization of these innovations. Newly created firmsespecially small onesplayedacriticalroleinrecognizingpromisingnewproductsandprocessesandadaptingthesefor useasinputsorasneededtomeetconsumerpreferencesasfinalproducts. 3 Although inventors make a direct contribution to economic growth through their advances, the entrepreneurswhobringtheseadvancestomarketplayanequallyimportantrole.Generallyspeaking, any individual who initiates a new firm is considered an entrepreneur. However, many of these individualssimplyreplicateotherbusinesses,anddonotactuallybringnewproductsorinnovationsto market.Thesereplicativeentrepreneursare,ofcourse,importantfortheeconomy.However,theyare not the critical contributors to economic growth, and this study is therefore primarily concerned with the innovative entrepreneurs, whom we define as individuals who introduce new products and new productionprocesses,findnewmarkets,orinnovateinotherways.Inaddition,wealsoincludeinthis categoryintrapreneurswhoinnovatewithinthestructureofanexistingfirm. TheseentrepreneursplayanindispensableroleinensuringthattheU.S.economycontinuestoprosper andgrow.Giventheimportanceoftheircontribution,itisessentialthatcollegesanduniversitiesadopt effective programs to train prospective entrepreneurs of this sort. Until recently, however, little attention has been devoted to investigating this critical topic. The study whose initial results are

2 3

Brainard&Riker,1997. Baldwin,1991.

reportedheremaywellbethefirstsystematicstudyoftheissue,anditsgoalidentifyingpracticalways toenhanceinnovativeentrepreneurialeducationisparticularlyunique. There is considerable evidence showing the need for welleducated entrepreneurs. 4 This evidence indicates,however,thatrigidlystructuredteachingmethods,whichhelptoproducepersonnelskilledin operatingtechniquesandwellversedinpreviouslyaccumulatedinformation,maynotbethebestway topreparestudentstoexplorethekindsofbreakthroughinnovationsandradicallydifferentideasand approaches that have kept the U.S. economy in the vanguard of innovation and new product development.Infact,rigideducationalstructureshavebeenidentifiedasamajorbarriertoeconomic growthindevelopingcountries. 5

LiteratureReview
TheUnitedStateshasahistoryofoutstandingperformanceinthearenasofinnovationandespecially entrepreneurship.AforthcomingstudybyBaumol,Schilling,andWolfffindsthatevenbefore1800,the U.S.rankedfirstinthenumberofentrepreneurs,withalmosthalf(47percent)oftheworldstotal. 6 The U.S. expanded its lead in the twentieth century. At that time, U.S. leadership was even stronger in entrepreneurshipthanininvention.TheU.S.accountedforalmost80percentofallentrepreneursanda littleover60percentofallinventorstwothirdsofwhomwerebothinventorsandentrepreneurs. 7 The U.S.maintaineditsleadinthetwentiethcentury. To remain competitive, we believe the United States must keep its innovative and entrepreneurial traditions alive. Educating future entrepreneurs is more important than ever. But while educators evidentlyhavelearnedhowtocreateeffectiveprogramstotraintheengineers,physicists,andothers who contribute to the economy by standard, welltested means, innovation and entrepreneurship continuetosufferwhentaughtbyroutineeducationalapproaches.Unfortunately,moreinformationis necessarytohelpeducatorsimpartentrepreneurialskillstostudentsmoreeffectively.

EducationandEntrepreneurialPerformance
Manyexistingstudiesexaminetherelationshipbetweenbothgeneraleducationandeducationspecific to entrepreneurship, and entrepreneurial performance. These studies paint a complex and nuanced picture, with many suggesting a positive link between education and entrepreneurial performance. Theseconclusionsarefarfromsettled,however.Forexample,inoneofthefirstmulticountry8studies focusingonawiderangeofentrepreneurialissues,theauthorsoftheGlobalEntrepreneurshipMonitor (GEM)researchprogramsuggestthattherelationshipbetweentheaveragelevelofgeneraleducation and the rate of venture formation is ambiguous and differs greatly across countries.9 In a comprehensivemetaanalysisofexistingresearch,VanderSluisetal.(2004,2005)agreewiththeGEM finding,butalsoconcludethattheevidencestronglyindicatesapositiverelationshipbetweeneducation andentrepreneurialperformance. 10

4 5

Franke&Luthje,2002. Caicedo&Siqueira,2006. 6 Forfullerdataandsources,seeBaumol,SchillingandWolff(forthcoming). 7 Ibid. 8 TheGlobalEntrepreneurshipMonitorresearchprogramstudied34countriesin2004. 9 Weaver,Dickson,&Solomon,2006. 10 VanderSluis,,vanPraag,&Vijverberg,2005.

There is also a stream of thought arguing that entrepreneurs are bornnot made, and cannot be developedthroughaneducationalprocess. 11 Thevaryinglevelsofeducationalattainmentbythosewho become entrepreneurs seem to reinforce this view. 12 However, Donald Kurato (2004) argues that it is nowdefinitivelyevidentthatentrepreneurshipcanbetaught. 13 IndeedGorman,Hanlon,andKings10 year study (1997) 14 argues that most of the empirical studies surveyed indicated that entrepreneurshipcanbetaught,oratleastencouraged,byentrepreneurshipeducation. Another important recent study by Weaver, Dickson, and Solomon 15 provides robust evidence supporting a positive link between education and entrepreneurial performance. Although the link between education and selection of an entrepreneurial career remains somewhat ambiguous, the studysresultssuggestthat,whennecessityentrepreneurshipandopportunityentrepreneurship 16 are considered separately and country differences are taken into account, that link becomes less ambiguous. The article also contends that the relationship between education and a career in entrepreneurship is not linear in nature, as the highest levels of entrepreneurship are linked to individuals with at least some college education. However, the authors report, educational courses beyond those taken as part of a baccalaureate degree program have generally not been found to be positivelylinkedtoentrepreneurship.

EducationandSelectionintoEntrepreneurship
Thisroundofsurveydataaddressesanotherimportantandrelatedquestion,whichiswhetherandto what extent education influences selection of an entrepreneurial career. Many researchers have investigatedwhethergenerallevelsofeducationarecorrelatedwithselectionofthisactivity,andhave come to various conclusions. In addition to his work cited above on education and entrepreneurial performance, Van der Sluis also linked education to selection of a career of entrepreneurship. 17 Specifically, he argued that the groups of people with the largest proportion of members who select entrepreneurship as a career generally have at least some college education. 18 However, education beyondacollegedegreedidnotincreasethelikelihoodofselectingentrepreneurshipasanoccupation. This suggests that there is some relationship between education and selection of a career in entrepreneurship,albeitanonlinearone. Markus Poschke (2008) argues that, in the United States, the distribution of entrepreneurs is U shaped with entrepreneurs existing in the most substantial numbers at both extremes of talent and education.Individualswithrelativelyhighorlowwageswhenemployed,or with highorlowlevelsof educational attainment, are more likely to become entrepreneurs and spend more time engaged in entrepreneurship. 19 Conversely, Poschke found, selfemployment rates are lower for people with intermediate levels of education. He argues that economic need is a critical determinant of which individualschoosetobecomeentrepreneurs,havingfoundthatthereisasubstantialfractionofpeople
11 12

ForthcomingpaperbyPeterG.KleinandJ.BruceBullock. Weaver,Dixon,&Solomon,2006. 13 Kuratko,2006. 14 Gorman,Hanlon,&Wayne,1997. 15 Weaver,Dixon,&Solomon,2006. 16 Severalwritersinthisfieldrefertonecessityentrepreneurshipmeaningthosewhobecomeentrepreneursoutofnecessity becausetheyhavefewotheremploymentoptions,andopportunityentrepreneurship,whichconnotesapersonwhohas othercareeroptionsavailable,butchoosestobecomeanentrepreneur. 17 Selectionintoentrepreneurshipreferstothechoiceofanindividualtoforegoemploymentbyanexistingbusinessinorder topursuesomeformofselfemployment. 18 VanderSluis,vanPraag,&Vijverberg,2004. 19 Poschke,2008.

who become entrepreneurs out of necessity," and not to pursue an opportunity. 20 Poschke found ratesofentrepreneurshiphighestamongthosewiththegreatestandleastamountsofeducation:42.1% ofPh.D.s(only0.5%ofthepopulation)becomeentrepreneursthelargestpercentage,while37.3%of those with less than a high school education (11.6% of the population) become entrepreneurs, the secondlargestpercentage. Other scholars have found that the greater the amount of schooling, the greater the likelihood of forming a small business. Moutray argues that obtaining more education increases the probability of selfemployment, as heads of households with some college are 3.3% more likely than those without collegetobeselfemployed;thosewithabachelorsdegreeare4.4%morelikelytobeselfemployed; andthosewithsomegraduateleveloftrainingare8.3%morelikelytobeselfemployed. 21 Using1980 Censusdata,BorjasandBronars 22 concludethatU.S.entrepreneurshiprates(expressedasapercentage ofworkingpeoplewhohavestartedtheirownfirm)at6.5%arehighestamongthosewithacollege degreeandlowest4.2%amongthosewithahighschooldiploma. 23 Severalotherstudieshavealso found a similar relationship. 24,25 However, these analyses do not focus on innovative entrepreneurs exclusively.Whetherornoteducationcorrelateswithentrepreneurshipremainsunclear.Inanycase, thisrelationshipiscomplex,andprobablynonlinear. Nevertheless,entrepreneurshipasanareaofstudyincollegesanduniversitiescontinuestoflourish.A 2000surveyofeducationalinstitutionsconductedbyGeorgeWashingtonUniversityindicatesthatthere is a growth trend in terms of courses, concentrations, and degrees in the field of entrepreneurship. 26 This trend highlights the need for a more concrete understanding of how educational institutions and educational programs can catalyze entrepreneurial development, and the implications of this for public policy. This report in particular will focus on one issuedetermining whethercoursesspecificallyfocusedonentrepreneurshipinfluencethedecisionofstudentstobecome entrepreneurs,ortojoinentrepreneurialorganizationsorteams.

AbouttheSurvey
This survey, whose purpose, as already stated, is to determine better ways to train innovative entrepreneurs and intrapreneurs, was designed and conducted by a team of researchers from the BerkleyCenterforEntrepreneurialStudiesattheSternSchoolofBusinessandtheSteinhardtSchoolof Culture, Education, and Human Development, both at New York University (NYU). It was funded throughachallengegrantfromtheEwingMarionKauffmanFoundation. 27 Thisfirstroundofthesurvey isintendedasanexperimentalpilotprojectthatwillassistinthedesignofthequestionnaireandwill alsooffersomeindependentlyvaluableinitialresults.Thefulltextofthesurveyinstrumentisincluded asAppendixB.

20 21

Ibid. Moutray,Chad,2007. 22 Borjas&Bronars,1989. 23 Ibid. 24 Hamilton,2000. 25 Hipple,2004. 26 Solomon,Duffy,&Tarabishy,2002. 27 FundingforthissurveydidnotcomefromU.S.SmallBusinessAdministration(SBA)OfficeofAdvocacy,nordidithavean operationalroleinthesurveyimplementation.Therefore,PaperworkReductionActrequirementsdidnotapply.

Forthisfirstpilotstudy,fiveuniversitieswereaskedtoparticipate.ThefiveparticipantU.S.universities were three private universities in the Northeast with enrollment between 8,000 and 40,000 students, andtwolargepublicresearchuniversitieslocatedintheSouthandSouthwest.Thefiveuniversitieshave chosentoremainanonymous. As part of the survey, students were asked to complete a release form granting the survey team permissiontoaccesstheirinstitutionalrecords.Thesurveyteamthenwasgrantedaccesstoinstitutional data,includingGRE/ACT/SATscoresandGPAs,foreachparticipantwhosignedthereleaseform. Each university provided email addresses for the four populations of potential survey subjects, noted below: MBAstudentsintheirfinalyear(Classof2008) Seniorundergraduatestudents(Classof2008) MBAalumni(Classof2000) Undergraduatealumni(Classof2000) Thefollowingnumbersofstudentsandalumniresponded: UndergraduateStudents: 4,731 UndergraduateAlumni:283 MBAStudents:431 MBAAlumni: 153 Another round of the survey is planned for 2010 and will involve additional universities in the United States,aswellasuniversitiesinEurope,China,andtheMiddleEast. 28 Anumberofresearchpaperswill emerge from this work. Reports stemming from this survey project will be used to create future conferencesubmissions,scholarlypapers,andbooklengthworks.

ResponseRates
For this pilot study, the five participant universities were chosen on the basis of their willingness to participate in the survey, and questionnaires were sent out to a full census of available respondents. Dataconstraintspreventedusfromconductingathoroughanalysisofpossiblesourcesofnonresponse bias. Although some demographic and educational information was provided by the participating universities,privacyconcernsledustomakesuchdataavailableonlyafteraparticipantsignedawaiver formthatwaspartoftheonlinesurveyinstrument.Therefore,demographicvariablesareonlyavailable for survey respondents. University websites and yearbooks were consulted, but no reliable source for academic variables or demographic data specific to the universities and class years of potential respondentswasfound.Futureiterationsofthesurveymayusestatisticalsamplingand/orcollection ofauxiliaryvariablesthatmayallowuseofmethodsthataredesignedtocorrectfornonresponsebias, includingweightingofresponsestoprovideresultsthatmaybeextrapolatedtothelargerpopulation. However, the preliminary nature of this pilot survey precludes the group of respondents from constitutingarandomsampleofthepopulationunderstudy.

28

WhilethissurveyfocusesonU.S.students,futureversionsofthesurveywillbepresentedtointernationalrespondents.We turntoothercountriesforpertinentdatabecauseweseektostudyhow,ifatall,theirdifferentapproachestoteachingaffect whetherornotstudentschooseinnovativeentrepreneurialcareersandhowsuccessfullysuchcareersarecarriedout.

10

ThispilotsurveywasconductedbetweenAprilandJune2008usinganonlinesurveyquestionnaire.The onlinesurveyswereopenforperiodsoftimerangingfromoneweektotwomonths,asdeterminedby eachuniversity.Surveysubjectswerecontactedthroughemailaddressesgatheredfromtheuniversities, andpotentialrespondentswerecontactedbyanemaildirectingthemtoaWebbasedsurveyonathird party website. Potential respondents who did not complete the survey received one to two reminder emails. Potential respondents were encouraged to complete the survey through incentives. 29 Table 1 belowprovidesthesurveyresponseratesforvariouspopulations.
Table 1: Survey Response Rates

Group

Numberof Respondents

TotalEmail Addresses

ResponseRate

MBAAlumni(Classof2000) 153 597 25.6% MBASecondYearStudents 431 1,409 30.6% UndergradAlumni(Classof2000) 283 4,730 6.0% GraduatingSeniorUndergraduates 4,731 20,005 23.6% The response rates in Table 1 count as respondents all individuals who began the survey. Of those, approximately88%ofthosewhobeganthesurveycompletedit. For undergraduate students/alumni, women made up 68% of respondents, while for MBA students/alumni, women made up 36% of the sample. Table 2 below provides a breakdown of respondentsbyethnicgroup
Table 2: Ethnic Groups of Survey Respondents African Asian Native White/Caucasian Multi/Biracial Hispanic/Latino Group American American American

UndergradAlumni 3.8% 11.3% 5.5% 0.9% 69.4% 9.1% &Seniors MBAAlumni& 2.8% 18.4% 7.2% 0.2% 63.4% 7.9% SecondYear Students Thereappearstobesomeselfselectionbiastowardthosewhoparticipatedinentrepreneurship.Based onentrepreneurshipratesprovidedintheliteraturereviewfromstudiesofthegeneralU.S.population, we would expect perhaps 6 to 10% of respondents to have founded an entrepreneurial organization. However,thepercentageofrespondentsreportingparticipationinentrepreneurshipwasmuchhigher thanwewouldexpecthadtherespondentsbeenrandomlyselectedfromthegeneralcollegeeducated U.S. population (see Figure 1 below), with approximately 43% of alumni reporting employment in a startuporentrepreneurialorganization.Thoseinvolvedinentrepreneurshipmayhavebeenmorelikely tocompletethesurvey,asaresultoftheirinterestinthesubjectmatter. 30
Theseincentivesincludeanofferofentryintoadrawingforagiftcertificateandconsumerelectronics. Thiscouldbeattributabletoaselfselectionbiasfromrespondents.Thenotificationemailreceivedbypotentialrespondents starts with the following sentence: We area group of researchers fromNewYork University who are interested in learning moreaboutthewaysinwhichcollegesanduniversitiespreparestudentsforfuturerolesasentrepreneurs.Inordertobetter understand thistopic, we needyour input.Therefore, potential survey recipients may bemore likely to respond if they are interestedinand/orinvolvedinentrepreneurship.
30 29

11

Figure 1: Percentage of Alumni Who Have Participated in Entrepreneurial Activity

60%

47% 34% 24% MBAAlumni

Undergraduate Alumni

Haveworkedforan Havefoundedan entrepreneurialorganization entrepreneurialorganizaiton

ResearchMethods
This studys basic objective is to determine correlations (or their absence) among participants educational curriculum, formal learning experiences, and subsequent careers. The survey data we are analyzingcontainedtwotypesofquestions:1)outcomequestionsintendedtomeasurestudentsself reportedlevelofentrepreneurialskillsandalumnisinvolvementininnovativeentrepreneurship,and2) explanatoryquestionsregardingpersonaltraitsandeducationalbackgroundthatmaycontributetosuch outcomes. We considered those who answer yes to either of the questions below to be participating in entrepreneurship: Haveyoueverbeenemployedinastartuporentrepreneurialorganization? 31 Haveyoueverfoundedorrunanentrepreneurialorganizationorteam? We then estimated a series of logistic regressions to examine correlations between various outcomes involvingentrepreneurialskills,participationinentrepreneurship,andentrepreneurialperformanceand variousexplanatoryfactors.Duetotheoftenbinarynatureofouroutcomevariables,weoftenutilizeda logistic regression model. The goal of using regression analysis was not to model the drivers of the entrepreneurial outcome comprehensively, but to determine whether correlations between the outcomeandtheexplanatoryfactorsexist,andtodeterminewhetherthecorrelationsfoundwerethe result of other confounding factors, or whether they represent a true relationship between entrepreneurial courses and the outcomes at issue. In other cases, we also used difference of means

31

Entrepreneurialorganizationisnotdefinedfortherespondents.

12

teststodeterminewhetherthosewhoparticipatedinentrepreneurshiporwhotookanentrepreneurial courseweresignificantlydifferentfromthosewhodidnot. Weusedthesemethodstotestthefollowinghypotheses: Graduates who have taken entrepreneurial courses are more likely to participate in entrepreneurship. Graduateswhohavetakenentrepreneurialcoursesaremorelikelytoworkforsmallbusinesses. There is no linear relationship between overall educational achievement and participation in entrepreneurship. Graduateswhohavetakenentrepreneurialcoursesaremorelikelytoparticipateininnovative entrepreneurship. Thetypeofcourseworktakenbystudentsaffectsthedecisionofanalumnuswhethertoselect entrepreneurialactivity. Graduateswhohavetakenentrepreneurialcoursesaremorelikelytoselfreporthigherskills,in particularskillsrelatedtoentrepreneurship.

Findings
Approximately62%ofMBAalumniand13%ofundergraduatealumnireportedhaving takenacourse focused on entrepreneurship at some time during their educational careers. Our survey does provide evidence of a relationship between taking such courses and later participation in entrepreneurial organizations. However, it is important to note that this indicates a correlation, but not necessarily causation. We would expect that many students who are interested in entrepreneurship even before enteringacourseofstudywouldtendtotakeentrepreneurialcourses.

13

Figure 2: Percentage of Alumni Who Reported Ever Founding or Working For an Entrepreneurial Organization
TookanEntrepreneurial Course 51% 39% 35% 26% DidNotTakean EntrepreneurialCourse

WorkedforanEntrepreneurial Organization

FoundedanEntrepreneurial Organization

14

Figure 2 above shows that alumni who took a course specifically focused on entrepreneurship were morelikelytobeinvolvedinastartuporentrepreneurialorganization. However,wefoundthattakinganentrepreneurialcourseisnotrelatedtowhetheranalumnusworks for a small or a large firm. Figure 5 illustrates that there is no strong correlation between taking an entrepreneurialcourseandworkingforasmallbusiness.
Figure 3: Percentage of Alumni Who Reported Taking an Entrepreneurial Course and Who Are Currently Working for a Small Business (Less Than or Equal to 500 Employees)

33%

32%

TookanEntrepreneurial Course

DidNotTakean EntrepreneurialCourse

PersonalFactorsandParticipationinEntrepreneurship
Although our main concern was the effect of academic predictors on entrepreneurship, we also attempted to determine what some of the other predictors of entrepreneurship were, to determine whetherconfoundingfactorswereaffectingourresults. Not surprisingly, one of the personal history factors most strongly correlated with participation in entrepreneurshipisparentalinvolvementinasimilarbusinessenvironment.AsFigure4belowshows,a familyhistoryofentrepreneurshipstronglycorrelateswithparticipationinentrepreneurialorganizations andwithfoundingofanentrepreneurialorganizationorteam.

15

Figure 4: Percentage of Students and Alumni Who Worked for a Startup or an Entrepreneurial Organization by Family History of Entrepreneurship
51%

39% 35% 26% Havefoundedanentrepreneurial organization Haveworkedforan entrepreneurialorganization

Parentstartedtheirown entrepreneurialorganization

Parentneverstartedtheirown business

We also explored the relationship between gender and participation in entrepreneurship. Overall, female survey participants reported lower rates of participation in entrepreneurship than their male counterparts. Women and men also seem to have fairly proportional increases in entrepreneurial activity as a result of additional education. For men, participation in entrepreneurial organizations is approximately 75% higher for MBA alumni than it is for undergraduate alumni, while for women, participationinentrepreneurshipisapproximately74%higherforthosewithanMBA.

16

Figure 5: Percentage of Respondents that Have Worked for an Entrepreneurial Organization by Gender and Education

63% 54%

36% 31% Male Female

MBAAlumni

UndergraduateAlumni

Otherdemographicfactorsthatcouldinfluenceparticipationinentrepreneurshipincludeageandethnic group.However,becauseofthecompositionofthepopulationsurveyed(theclassesof2000and2008), the age range of respondents was narrow. Also, the size of the sample provided very small sets of respondentswithrespecttoanalysisbyethnicgroup. Wethenlookedatthesetwodemographicpredictorsofentrepreneurshipgenderandfamilyhistory, andtriedtodeterminewhethertherelationshipbetweeneducationalcoursesandentrepreneurshipcan be explained merely by a greater propensity for men and those with a family history of entrepreneurshiptotakesuchcourses.Tocontrolforthesefactors,weconstructedalogisticregression modelthatattemptstopredictparticipationinentrepreneurshipbasedonthreefactors:gender,family historyofentrepreneurship,andhavingtakenanentrepreneurialcourse.Theresultsofthisregression (foundinAppendixA),indicatethattakingentrepreneurialcoursessignificantlyincreasestheoddsofa student later participating in entrepreneurship, even controlling for the effects of gender and family historyofentrepreneurship.

EducationalAchievementandParticipationinEntrepreneurship
Wehypothesizedthatwewouldnotfindalinearrelationshipbetweenoveralleducationalachievement andselectionofacareerinsmallbusiness,andwefoundthistobetrue.Toexaminethishypothesis,we investigated whether business students who had participated in entrepreneurship or a startup had significantlydifferentSATscoresorGPAsfromthosewhohadnot.Ttestsdeterminedthattherewasno statistically significant difference between average GPAs (t=0.146, p=0.6074) or average SAT scores (t=0.2859,p=0.7753)forthesetwogroupsofrespondents.GPAsforbothgroupsofrespondentswere approximately 3.4. The average SAT score for those who participated in entrepreneurship was 1307, whileitwas1300forthosewhodidnotparticipateinentrepreneurship(fromatotalSATscoreof1600). Of course, such an investigation will only reveal a linear relationship. So only further research could determinewhetherPoschkesUshapedrelationshipispresent.Todeterminewhetherthismaybeso, inadditiontoattest,weexploredalogisticregressioninwhichthedependentvariablewaswhetheror

17

notapersonreportedparticipatinginentrepreneurialactivity,andtheindependentvariableisanSAT score.Wetriedspecificationswithbothlinearandsquaredterms,andfoundnostatisticallysignificant relationshipbetweeneitherGPAorSATandpropensitytoparticipateinentrepreneurialactivity.Thus, we can conclude that there is no discernable association between educational achievement, as evidenced by a strong SAT score or high GPA, and whether or not respondents participate in entrepreneurialorganizations.

ParticipationinInnovativeEntrepreneurship
Aswasstatedearlier,oneoftheprimaryfociofthisstudyisthetrainingofinnovativeentrepreneurs,as contrasted with replicative entrepreneurs. Innovative entrepreneurs are those who create and commercializenewproducts,services,andbusinesspractices.Thefollowingquestionswereintendedas indicators of innovative entrepreneurial performance for those who had worked for or started an entrepreneurialorganizationorteam: 1. Didyourentrepreneurialorganizationorteam: a. Offerproductsorservicesthatareneworunfamiliartoitsprimarycustomer? b. Useproductiontechniquesandprocessesthatdifferfromthemaincompetitorsin theindustry? c. Receiveventurecapitalfunding? d. Obtainapatentorcopyright? e. Noneoftheabove. Figure 6 illustrates the relationship between taking an entrepreneurial course and participating in innovativeentrepreneurship.Figure6includesonlythosesurveyrespondentswhoreportedbelonging to an entrepreneurial organization or team, and provides percentages of those respondents who reported three types of innovation within those entrepreneurial teams: (1) offering new products or services,(2)obtainingpatents/copyrights,and(3)usingproductiontechniquesthatdifferfromthoseof the industrys main competitor. The figure compares the percentage of respondents reporting innovativeentrepreneurialactivitybywhetherornottheytookanentrepreneurialcourse.Forexample, while only 18% of all participants in entrepreneurship report offering new products or services to customers, 86% of those who also took an entrepreneurial course reported belonging to a team that offerednewproductsorservices.

18

Figure 6: Percentage of Respondents Reporting Participation in Innovative Entrepreneurship

86% 75% 62% Respondentswho Tookan Entrepreneurial Course 28% 18% 10% AllRespondents Participatingin Entrepreneurship MyFirmUsesNew ProductionTechniques

MyFirmOffersNew ProductsorServices

MyFirmObtaineda PatentorCopyright

Figure 6 illustrates a relationship between taking an entrepreneurial course and later participation in innovative entrepreneurship. Those who have taken an entrepreneurial course are evidently far more likelytobeinvolvedineachofthethreetypesofinnovativeactivityrecognizedhere.

EntrepreneurialCoursesandTheirInfluenceonEntrepreneurialSkills
In addition, we hypothesized that the type of coursework taken by studentswhether it expressly concernsentrepreneurshipornotaffectsthedecisionofanalumnuswhethertoselectentrepreneurial activity.Toexplorethehypothesisthatthereissuchaneffect,studentswereaskedtoratethefollowing statements on a Likert scale from 1 (strongly disagree) to 5 (strongly agree). We found no discernable relationship between responses to the following statements and choice of a career in entrepreneurship: Academicworkinstilledinmetheconfidenceneededtoexplorenewideasinnonconventional ways. Examsorassignmentsrequiredmetowriteessaysand/orsolveproblems. Examsorassignmentsrequiredmetousecoursecontenttoaddressaproblemnotpresentedin thecourse. Examsorassignmentsrequiredmetocompareorcontrasttopicsorideasfromacourse. Exams or assignments required me to point out the strengths and weaknesses of a particular argumentorpointofview. Examsorassignmentsrequiredmetoarguefororagainstaparticularpointofviewanddefend myargument. Examsorassignmentsrequiredmetocreateinnovativesolutionstopresentedproblems. Academicworkpushesmeoutofmycomfortzone.

19

Entrepreneurialskills
Within entrepreneurship education, there are two opposing streams of thought: one that advocates focusingonsmallbusinessmanagementandanotherthatconcentratesonentrepreneurshipitself. 32 As a field, entrepreneurship education is defined as the process of providing individuals with the knowledge, skills, and selfesteem to recognize opportunities overlooked by others and act where others have hesitated. 33 In general, this includes instruction in opportunity recognition, marshaling resources in the face of risk, and initiating a business venture. It also includes instruction in business management processes, such as business planning, capital development, marketing, and cash flow analysis. The relevant differences in educational approach stem from the ultimate goal of the course at issue. Small business management courses aim to provide students with solid foundations in managing and operatingexistingcompanies,whileentrepreneurshipcoursescovertheactivitiesinvolvedinoriginating and developing new growth ventures. The former approach focuses on how to manage a business successfully in order to achieve normal sales, profits, and growth, with emphasis on planning and organization, selection of employees, marketing of goods and services, and financial planning and control.Incontrast,thelatterapproachemphasizestheprincipalobjectivesofanentrepreneur:growth andtheresultingprofitability. 34 While skills like business plan preparation and cashflow modeling are fairly easy to quantify, it is difficult to quantify the other entrepreneurial skills that students may be learning in entrepreneurial courses. In order to examine whether entrepreneurship skills are being effectively communicated in entrepreneurshipcourses,andwhethertheseskills actually translateintosuccessasanentrepreneur, weaskedstudentsandalumnitoratetheirmasteryonaLikertscalefrom1(extremelyineffective) to5(extremelyeffective)ofthefollowingskillsoftentaughtinentrepreneurialcourses: 1. AbilitytoIdentifynewbusinessrelatedopportunities(suchasanewproductorservicepeople need,butthatisnotcurrentlyavailable,oramoreeffectivewayofproducingorrunningan organization) 2. Acquiringtheresourcesnecessarytotakeadvantageofanewbusinessrelatedopportunity (suchasfinancialresourcesorexpertise) 3. Designofastrategytodirectyourandothers'efforts,withthegoaloftakingadvantageofa newbusinessrelatedopportunity(suchascreationofabusinessplan) 4. Developinganewentitytotakeadvantageofnewbusinessrelatedopportunities(forexample, ateamororganizationdevotedtothenewopportunity) Wefoundthatstudentswhohavetakenentrepreneurialcoursesconsistentlyhavehigherselfreported skilllevelsinalltheareasdescribedabove. Of all the entrepreneurial skill areas considered, Developing a new entity to take advantage of new businessrelatedopportunitieswastheareainwhichthegreatestdifferencecanbeseeninthosewho did and did not take an entrepreneurial course. As is shown inFigure 3, there appears to be a strong correlationbetweenwhetherrespondentshavetakenanentrepreneurialcourseandtheirselfreported skillinidentifyingnewbusinessrelatedopportunities.Only13%ofrespondentswhohadnottakenan entrepreneurial course rated themselves as extremely effective in identifying new businessrelated
32 33

McIntyre&Roche,1999. Ibid. 34 McIntyre&Roche,1999.

20

opportunities, while 25% of respondents who had taken an entrepreneurial course rated themselves extremelyeffectiveinthisskillarea.
Figure 6: Respondents (All Students and Alumni) Self-Reported Skill in Identifying New Business-Related Opportunities

Aswedidabovewhenexaminingtherelationshipbetweenentrepreneurialcoursesandentrepreneurial participation(seeFigure6),weagainexaminedwhetherthisrelationshipholdswhenwealsoconsider ourtwogreatestdemographicdriversofentrepreneurshipgenderandfamilyhistory.Inaddition,we wanttoincludetheeffectthatparticipationinentrepreneurialactivityitselfmayhaveonselfreported skill.Todothis,weestimatedasimplelogisticregressionmodelthatattemptstopredictselfreported skill in identifying new businessrelated opportunities based on four factors: gender, family history of entrepreneurship, and having taken an entrepreneurial course. The results (provided in Appendix A) indicate that wecansay with certaintythattakingentrepreneurialcoursessignificantlyincreasesself reportedskillinidentifyingnewbusinessrelatedopportunities,evencontrollingfortheeffectsofactual workexperienceinthisarea. However, it is important to note that many other factors may affect respondents selfreported skills. Some may have gained these skills through work experiencenot coursework, for example. We also examinedwhetherthiseffectwasmerelyaresultofthefactthatparticipantsinentrepreneurialcourses have a higher rate of entrepreneurship generally, and that this results in the increase in selfreported skills. However, we found this not to be the case. The results of our logistic regression were not

21

significantly altered by the inclusion of a variable indicating whether a person participated in entrepreneurship. Therefore,wecansaythatthosewhobecomeentrepreneursarestrongerinthesebusinessskillsareas than the average, and that those who also took an entrepreneurial course have even stronger (self reported)skillsintheseareas.Alternatively,thefindingscouldmerelyillustratethefactthatthosewho takeentrepreneurialcoursesaremorelikelytohaveconfidenceintheirskillsintheseareas,aresultof selfselection bias. Further study and modeling may succeed in teasing out the relationships between theseoutcomesandentrepreneurialcoursesofstudy.

Conclusions
ThispaperdescribespreliminaryresultsfromapilotsurveyquestionnaireofcollegeandMBAstudents and alumni from five universities, conducted by a team of researchers from New York University. The explorationofthisfirstroundofthesurveydatahasproducedthefollowingkeyfindings: Graduateswhohavetakenentrepreneurialcoursesaresignificantlymorelikelytoselectcareers inentrepreneurship,whichisdefinedaseverfounding,run,orbeingemployedinastartupor entrepreneurialteam. Graduates who have taken entrepreneurial courses are more innovative, as quantified by the numberofpatentedinnovations,newproductionprocesses,andnewservicesandproducts. Graduateswhohavetakenentrepreneurialcoursesandthosewhohavenottakensuchcourses are equally likely to work for small businesses (defined as businesses with 500 or fewer employees). There is no discernable relationship between overall educational achievement (as defined by GPAandSATscores)andselectionofacareerinentrepreneurship. Studentswhohavetakenentrepreneurialcoursesaremorelikelytoselfreportstrongerskillsin areasrelatedtoentrepreneurship. Asthisstudymovesforwardinfuturephases,theNYUTeamwillfocusonprovidingdatathatwillhelp instructorstotrainprospectiveinnovativeentrepreneursmoreeffectively.Aspartofthis,theresearch teamwillcontinuetoaccumulateevidencethatenablesittoidentifytheeducationalapproachesthat should be emphasized and those that should be avoided, or at least minimized, in order to stimulate studentscreativityandalertnesstopromisingtechnologicaldevelopmentsandotheropportunitiesfor innovation.Suchanapproachwillenablestudentstorecognizepromisingdesignsofnewproductsand productionprocessesthatarecrucialtoeconomicgrowth,imparttheskillsnecessaryfordevelopment ofthesenovelitemstothepointwheretheycanbeputtoeffectiveuse,andensurethattheseitems are effectively utilized. More evidence is needed before one can confidently assert which current practicesfallintoeachcategory,butfornow,theseresultsconfirmthattheissuemeritsfurtherstudy usingtheapproachemployedhere,andindicatesthattheapproachpromisestoprovideveryusefuland illuminatingresultsastheresearchprogresses.

22

WorksCited
Baldwin,William.InnovationandSmallFirms:AReview.ReviewofIndustrialOrganization,6(1991): 313316. Brainard,Lael,andDavidA.Riker.AreU.S.MultinationalsexportingU.S.jobs?Paper presentedat theNationalBureauofEconomicResearch.(1997). Borjas,G.J,andS.G.Bronars.ConsumerDiscriminationandSelfEmployment.JournalofPolitical Economy.97(3)(1989):581605. Gorman,Gary,DennisHanlon,andWayneKing.Someresearchperspectivesonentrepreneurship education,enterpriseeducation,andeducationforsmallbusinessmanagement.International SmallBusinessJournal,15(3)(1997). Caicedo,GuidoandJoseLerosaSiqueira.EntrepreneurshipinLatinAmerica.Paperpresentedatthe RoundtableonEntrepreneurshipandEducation.Stanford,California,(2006). Franke,Nikolaus,andChristianLuthje.Fosteringentrepreneurshipthroughuniversityeducationand training:LessonsfromMIT.Paperpresentedatthe2ndAnnualConferenceonInnovative ResearchandManagement.Stockholm,Sweden,(2002). Hamilton,B.H.DoesEntrepreneurshipPay?AnEmpiricalAnalysisoftheReturnstoSelfEmployment. JournalofPoliticalEconomy.108(3)(2000):604631. Hipple,S.SelfemploymentintheUnitedStates:anupdate.MonthlyLaborReview.127(3)(2004): 1323. Kuratko,Donald.EntrepreneurshipEducationinthe21stCentury:FromLegitimizationtoLeadership. PaperpresentedattheUSASBENationalConference.(2004). McIntyre,JohnR.,andMathieuRoche.UniversityEducationforEntrepreneursintheUnitedStates:A CriticalandRetrospectiveAnalysisofTrendsinthe1990s.Paperpresentedatthe GeorgiaInstituteofTechnology,CenterforInternationalBusinessEducationand Research.(1999). Moutray,Chad.EducationalAttainmentandOtherCharacteristicsoftheSelfEmployed:An ExaminationusingDatafromthePanelStudyofIncomeDynamics.Paperpresentedatthe OfficeofAdvocacyoftheU.S.SmallBusinessAdministration.(2007). Poschke,Markus.WhoBecomesanEntrepreneur?LaborMarketProspectsandOccupational Choice.PaperpresentedattheInstitutefortheStudyofLabor.Bonn,Germany,(2008). Solomon,GeorgeT,SusanDuffy,andAymanTarabishy.TheStateofEntrepreneurshipEducationinthe UnitedStates:ANationwideSurvey&Analysis.InternationalJournalofEntrepreneurship Education.1(1)(2002):121.

23

VanderSluis,J.,M.vanPraag,W.Vijverberg.EducationandEntrepreneurshiponIndustrialized Countries:AMetaAnalysis.PaperpresentedattheTinbergenInstitute. Amsterdam,TheNetherlands,(2004). VanderSluis,J.,M.vanPraag,W.Vijverberg,Entrepreneurshipselectionandperformance:Ameta analysisoftheimpactofeducationindevelopingeconomies.TheWorldBankEconomic Review,19(2)(2005):225261. Weaver,Mark,PatDickson,andSolomon,George.EntrepreneurshipandEducation:Whatisknown andnotknownaboutthelinksbetweeneducationandentrepreneurialactivity.TheSmall BusinessEconomy:AReporttothePresident(2006):113156.

24

AppendixA
Figure 7: Output for Regression Relating Entrepreneurial Courses, Gender, and Family History of Entrepreneurship to Participation in Entrepreneurship
Logistic regression Number of obs LR chi2(3) Prob > chi2 Pseudo R2 Std. Err. .9354936 .2896966 .4239546 z 4.69 0.76 2.52 P>|z| 0.000 0.448 0.012 = = = = 327 35.65 0.0000 0.0787

Log likelihood = -208.57658 entrepreneur course male parents Odds Ratio 3.500757 1.200676 1.805373

[95% Conf. Interval] 2.073474 5.910514 .7482553 1.926646 1.139409 2.86058

Figure 8: Output for Regression Relating Entrepreneurial Courses, Participation in Entrepreneurship, Gender, and Family History of Entrepreneurship to Self-Reported Skill in Identifying New Business-Related Opportunities
Ordered logistic regression Number of obs LR chi2(4) Prob > chi2 Pseudo R2 Std. Err. .4793344 .5044385 .2732198 .188428 .3873144 .2269823 .2031404 .2355274 z 2.74 3.77 1.09 -0.48 P>|z| 0.006 0.000 0.275 0.633 = = = = 326 33.32 0.0000 0.0384

Log likelihood = -417.46211 q13identified course entrepreneur male parents /cut1 /cut2 /cut3 /cut4 Odds Ratio 1.958003 2.293043 1.265641 .9054376 -3.164838 -1.38612 -.1860497 1.970814

[95% Conf. Interval] 1.211805 1.489908 .829006 .6021677 -3.92396 -1.830997 -.5841976 1.509189 3.163692 3.529109 1.93225 1.361443 -2.405715 -.9412432 .2120983 2.432439

25

AppendixB
Thefollowingisthesurveyquestionnairethatwaspresentedtothestudents: Page2

Pleaseindicatehowmuchyouagreewitheachofthesestatements: Iseemyselfas... Q2Extroverted,enthusiastic Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q3Critical,quarrelsome Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q4Dependable,selfdisciplined Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q5Anxious,easilyupset Stronglyagree[Code=5] Agree[Code=4]

26

Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q6Opentonewexperiences Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q7Reserved,quiet Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q8Sympathetic,warm Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q9Disorganized,careless Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

27

Q10Calm,emotionallystable Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q11Conventional,uncreative Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q12Complex Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Pleaseindicatehoweffectiveyoubelieveyouareineachofthefollowingareas. Q13Identifyingnewbusinessrelatedopportunities(suchasanewproductorservicepeople needbutthatisnotcurrentlyavailable,oramoreeffectivewayofproducingorrunningan organization) Extremelyeffective[Code=5] Somewhateffective[Code=4] Neutral[Code=3] Somewhatineffective[Code=2] Extremelyineffective[Code=1] Requiredanswers:1Allowedanswers:1

28

Q14Acquiringtheresourcesnecessarytotakeadvantageofanewbusinessrelated opportunity(suchasfinancialresourcesorexpertise) Extremelyeffective[Code=5] Somewhateffective[Code=4] Neutral[Code=3] Somewhatineffective[Code=2] Extremelyineffective[Code=1] Requiredanswers:1Allowedanswers:1

Q15Developingastrategytodirectyourandothers'effortswiththegoaloftakingadvantage ofanewbusinessrelatedopportunity(suchasdevelopingabusinessplan) Extremelyeffective[Code=5] Somewhateffective[Code=4] Neutral[Code=3] Somewhatineffective[Code=2] Extremelyineffective[Code=1] Requiredanswers:1Allowedanswers:1

Q16Developinganewentitytotakeadvantageofnewbusinessrelatedopportunities(for example,ateamororganizationdevotedtothenewopportunity) Extremelyeffective[Code=5] Somewhateffective[Code=4] Neutral[Code=3] Somewhatineffective[Code=2] Extremelyineffective[Code=1] Requiredanswers:1Allowedanswers:1 NextPage:Sequential Page3

Thefollowingseriesofquestionsaskyoutothinkbackuponyourgraduatebusinessschool experiences. Requiredanswers:1Allowedanswers:1

Q17Belowaresomeactivitiesinwhichstudentsoftenparticipatewhileinbusinessschool.Please indicatewhichofthefollowingexperiencesyouhadduringyourtimeinbusinessschool.(Checkall thatapply) Heldaleadershippositioninastudentclub,campusorganization,orresidencehall[Code=1]

29

Workedonaresearchprojectwithafacultymemberoutsideofcourseorprogram requirements[Code=2] Servedasaresidentassistant,peereducator,studentorientationleader[Code=3] Participatedinaninternshiporcoopexperience[Code=4] Noneoftheabove[Code=5] Requiredanswers:1Allowedanswers:5

Belowarestatementsaboutyourcontactandinteractionswithbusinessschoolfaculty.Indicateyour levelofagreement/disagreementwitheach. Q20Mynonclassroominteractionswithfacultyhadapositiveinfluenceonmypersonalgrowth, values,andattitudes. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q21Mynonclassroominteractionswithfacultyhadapositiveinfluenceonmycareergoalsand aspirations. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q22WhenIattendedthisinstitution,Idevelopedaclose,personalrelationshipwithatleastone facultymember. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Belowarestatementsaboutexperiencesyoumayhavehadinclass.Indicatehowoftenyou experiencedeachduringyourtimeinbusinessschool.

30

Q23Facultyaskedchallengingquestionsinclass. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q24Facultyaskedmetoshowhowaparticularcourseconceptcouldbeappliedtoanactual problemorsituation. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q25Facultyaskedmetopointoutanyfallaciesinbasicideas,principles,orpointsofview presentedinthecourse. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q26Facultyaskedmetoarguefororagainstaparticularpointofview. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q27Facultychallengedmyideasinclass. Veryoften[Code=5] Often[Code=4]

31

Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q28Facultyencouragedmetoexploreanoriginalidea. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q29Facultychallengedmetothinkoutsideoftheboxtocreatesolutionstoproblemspresented inclass. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Thestatementsbelowdescribeactivitiesoftenemphasizedincourses.Selecttheresponsethatbest fitsthefrequencywithwhichfacultyorcourseworkemphasizedtheseactivities. Q30Analyzingthebasicelementofanidea,experience,ortheory,suchasexaminingaparticular caseorsituationindepthandconsideringitscomponents Verymuch[Code=5] Quiteabit[Code=4] Some[Code=3] Verylittle[Code=2] Notatall[Code=1] Requiredanswers:1Allowedanswers:1

Q31Synthesizingandorganizingideas,information,orexperiencesintonew,morecomplex interpretationsandrelationships Verymuch[Code=5] Quiteabit[Code=4]

32

Some[Code=3] Verylittle[Code=2] Notatall[Code=1] Requiredanswers:1Allowedanswers:1

Q32Makingmyownjudgmentsaboutthevalueofinformation,arguments,ormethods,suchas examininghowothersgatheredandinterpreteddataandassessingthesoundnessoftheir conclusions Verymuch[Code=5] Quiteabit[Code=4] Some[Code=3] Verylittle[Code=2] Notatall[Code=1] Requiredanswers:1Allowedanswers:1

Q33Applyingtheoriesorconceptstopracticalproblemsorinnewsituations Verymuch[Code=5] Quiteabit[Code=4] Some[Code=3] Verylittle[Code=2] Notatall[Code=1] Requiredanswers:1Allowedanswers:1

Q34Creatingsolutionstoproblems Verymuch[Code=5] Quiteabit[Code=4] Some[Code=3] Verylittle[Code=2] Notatall[Code=1] Requiredanswers:1Allowedanswers:1

Indicateyourlevelofagreement/disagreementwitheachofthefollowingstatements. Q35Studentsatthisschoolspentsignificantamountsoftimestudyingandonacademicwork. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3]

33

Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q36Academicworkpushedmeoutofmycomfortzone. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q37Academicworkinstilledinmetheconfidenceneededtoexplorenewideasin nonconventionalways. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1 NextPage:Sequential Page4

Belowaredescriptionsofthetypesofexamsorassignmentsyoumayhavehadinbusinessschool. Indicatehowoftenyouexperiencedeach. Q38Examsorassignmentsrequiredmetowriteessaysand/orsolveproblems. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q39Examsorassignmentsrequiredmetousecoursecontenttoaddressaproblemnot presentedinthecourse. Veryoften[Code=5]

34

Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q40Examsorassignmentsrequiredmetocompareorcontrasttopicsorideasfromacourse. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q41Examsorassignmentsrequiredmetocreateinnovativesolutionstopresentedproblems. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q42Examsorassignmentsrequiredmetopointoutthestrengthsandweaknessesofaparticular argumentorpointofview. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q43Examsorassignmentsrequiredmetoarguefororagainstaparticularpointofviewand defendmyargument. Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2]

35

Never[Code=1]

Requiredanswers:1Allowedanswers:1

Indicatetheextenttowhichyouagree/disagreewitheachofthefollowingstatementsaboutyour experiencesinbusinessschool. Q44Courseshelpedmetoseetheconnectionsbetweenmyintendedcareeranditsbroadeffect onsociety. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q45MyoutofclassexperienceshelpedmetoconnectwhatIlearnedintheclassroomwithlife events. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q46Myoutofclassexperienceshelpedmetotranslateknowledgeandunderstandingfromthe classroomintoaction. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q47Myoutofclassexperienceshadapositiveinfluenceonmyintellectualgrowthandinterest inideas. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3]

36

Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Q48Myoutofclassexperienceshadapositiveinfluenceonmypersonalgrowth,attitudes,and values. Stronglyagree[Code=5] Agree[Code=4] Neutral[Code=3] Disagree[Code=2] Stronglydisagree[Code=1] Requiredanswers:1Allowedanswers:1

Howoftendidyouhavethefollowinginteractionswithdiversestudents(i.e.,studentsdifferingfrom youinrace)whileattendingthisbusinessschool? Q49Haddiscussionsregardingintergrouprelations Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q50Hadmeaningfulandhonestdiscussionsaboutissuesrelatedtosocialjustice Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q51Sharedpersonalfeelingsandproblems Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2]

37

Never[Code=1] Requiredanswers:1Allowedanswers:1

Q52Hadguarded,cautiousinteractions Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q53Feltsilencedbyprejudiceanddiscriminationfromsharingmyownexperiences Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q54Hadhurtful,unresolvedinteractions Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q55Hadtense,somewhathostileinteractions Veryoften[Code=5] Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Q56Feltinsultedorthreatenedbasedonmyrace Veryoften[Code=5]

38

Often[Code=4] Occasionally[Code=3] Rarely[Code=2] Never[Code=1] Requiredanswers:1Allowedanswers:1

Howmuchemphasisdidyourschoolplaceon:

Q57Helpingyoudeveloptheconfidenceneededtotakerisks Alot[Code=5] Quiteabit[Code=4] Some[Code=3] Verylittle[Code=2] Notatall[Code=1] Requiredanswers:1Allowedanswers:1

Q58Helpingyouchannelyourcreativityintoinnovativeproductsandsolutions Alot[Code=5] Quiteabit[Code=4] Some[Code=3] Verylittle[Code=2] Notatall[Code=1] Requiredanswers:1Allowedanswers:1

Q59Didyoutakeanycoursesinbusinessschoolthatwerespecificallyorientedtowards entrepreneurshipandentrepreneurialactivity? Yes[Code=1] No[Code=2] Requiredanswers:1Allowedanswers:1 NextPage:Sequential Page5

Thefollowingquestionsarerelatedtotypesofbusinessactivitythatyoumighthaveengagedin duringyourcareer. Requiredanswers:0Allowedanswers:0

39

Q60Haveyoueverbeenemployedinastartuporentrepreneurialorganization? Yes[Code=1] No[Code=2] Requiredanswers:1Allowedanswers:1

Q61Haveyoueverfoundedorrun(orareyounowintheprocessoffoundingorrunning)an entrepreneurialorganizationorteam? Yes[Code=1] No[Code=2] Requiredanswers:1Allowedanswers:1 NextPage:Sequential Page6 DisplayifQ59='Yes'

Q61(writein)Pleaseindicatethenameofyourentrepreneurialorganizationorteaminthespace provided: [Code=1][TextBox] Requiredanswers:0Allowedanswers:1

Q61Does/Didyourentrepreneurialorganizationorteam:(Checkallthatapply) Offerproducts/servicesthatareneworunfamiliartoitsprimarycustomers[Code=1] Useproductiontechniquesandprocessesthatdifferfromthemaincompetitorsintheindustry[Code =2] Receiveventurecapitalfunding[Code=3] Obtainapatentorcopyright(pleaseindicatethenumberofpatentsorcopyrights)[Code=4] [TextBox] Noneoftheabove[Code=5] Requiredanswers:1Allowedanswers:4 NextPage:Sequential Page7

QWhatwereyourscoresontheGMAT,SATand/orACT? GMAT[Code=1][TextBox] SATVerbal[Code=2][TextBox] SATMath[Code=3][TextBox] ACTComposite[Code=4][TextBox] Requiredanswers:1Allowedanswers:4

40


QWhatwasyourapproximatebusinessschoolGPA? Below2.0[Code=1] 2.0[Code=2] 2.1[Code=3] 2.2[Code=4] 2.3[Code=5] 2.4[Code=6] 2.5[Code=7] 2.6[Code=8] 2.7[Code=9] 2.8[Code=10] 2.9[Code=11] 3.0[Code=12] 3.1[Code=13] 3.2[Code=14] 3.3[Code=15] 3.4[Code=16] 3.5[Code=17] 3.6[Code=18] 3.7[Code=19] 3.8[Code=20] 3.9[Code=21] 4.0[Code=22] Requiredanswers:1Allowedanswers:1

Q67Whateducationaldegreeshaveyouattained?(Checkallthatapply) Bachelorsdegree(B.A.,B.S.,B.Eng.,etc.)[Code=1] Mastersdegree(M.A.,M.S.,MBA,etc.)[Code=2] Doctoratedegree(Ph.D.,Ed.D.,etc.)[Code=3] Medicaldegree(M.D.,R.N.,etc.)[Code=4] Lawdegree[Code=5] Other(pleasespecify)[Code=6][TextBox] Requiredanswers:1Allowedanswers:6

QHowwouldyoucharacterizeyourpoliticalviews? Farright[Code=1]

41

Conservative[Code=2] Middleoftheroad[Code=3] Liberal[Code=4] Farleft[Code=5] Requiredanswers:1Allowedanswers:1 NextPage:Sequential Page8

Q62SelectthecodefromtheListofCollegeMajorsandOccupationalChoicesthatindicatesyour occupationalfield: Accounting[Code=1] Advertising/PR/Marketing/Communications[Code=2] Banking/InvestmentBanking[Code=3] Computer/Software/InformationSystems[Code=4] Consulting[Code=5] Education[Code=6] Entertaining/Publishing[Code=7] Environment[Code=8] FinancialServices[Code=9] Government[Code=10] HealthCare/Pharmaceuticals[Code=11] Hospitality[Code=12] Insurance[Code=13] Internet/Ecommerce[Code=14] LegalServices[Code=15] Nonprofit[Code=16] Realestate/Building/Construction[Code=17] Retail/Wholesale[Code=18] Other[Code=19] Requiredanswers:1Allowedanswers:1

Q63Howcommittedareyoutothecareeryouarecurrentlyin? Stronglycommitted[Code=5] Committed[Code=4] Moderatelycommitted[Code=3] Minimallycommitted[Code=2] Notatallcommitted[Code=1]

42

Requiredanswers:1Allowedanswers:1

Q64Whatisthesizeofthefirmatwhichyoucurrentlywork? 10orfeweremployees[Code=1] 1150employees[Code=2] 51100employees[Code=3] 101250employees[Code=4] 251500employees[Code=5] Morethan500employees[Code=6] Notapplicable[Code=7] Requiredanswers:1Allowedanswers:1

Q66Howdidyoupayforyourgraduateeducation?(Checkallthatapply) Parentalsupport[Code=1] Spouse/Significantothersupport[Code=2] Otherfamilysupport[Code=3] WorkStudy[Code=4] Grant(s)[Code=5] Loan(s)[Code=6] Scholarship(s)fromtheuniversity[Code=7] Outsidescholarship(s)[Code=8] Employment[Code=9] Other[Code=10] Requiredanswers:1Allowedanswers:10

Q68Howdoyouidentifyyourself?(Checkallthatapply) AfricanAmerican/Black[Code=1] Asian/AsianAmerican[Code=2] Hispanic/Latino[Code=3] NativeAmerican/AmericanIndian[Code=4] White/Caucasian[Code=5] Multiracial/biracial[Code=6] Other(pleasespecify)[Code=7][TextBox] Requiredanswers:1Allowedanswers:7 NextPage:Sequential Page9

43

Q69Whatisyourgender? Male[Code=1] Female[Code=2] Transgendered[Code=3] Requiredanswers:1Allowedanswers:1

Q70Whatisyourage? Under18yearsold[Code=1] 18yearsold[Code=2] 19yearsold[Code=3] 20yearsold[Code=4] 21yearsold[Code=5] 2225yearsold[Code=6] 2630yearsold[Code=7] 3140yearsold[Code=8] Over40yearsold[Code=9] Requiredanswers:1Allowedanswers:1

Q71Whatisthehighestlevelofeducationcompletedbyyourfatherormaleguardian? Lessthanhighschoolgraduate[Code=1] Highschoolgraduate[Code=2] Somecollege[Code=3] Bachelor'sdegree[Code=4] Master'sdegree[Code=5] Doctoral[Code=6] Idon'tknow[Code=7] Requiredanswers:1Allowedanswers:1

Q72Whatisthehighestlevelofeducationcompletedbyyourmotherorfemaleguardian? Lessthanhighschoolgraduate[Code=1] Highschoolgraduate[Code=2] Somecollege[Code=3] Bachelor'sdegree[Code=4] Master'sdegree[Code=5] Doctoral[Code=6] Idon'tknow[Code=7] Requiredanswers:1Allowedanswers:1

44

Q73Haveeitherofyourparentseverstartedtheirownbusiness? Yes[Code=1] No[Code=2] Requiredanswers:1Allowedanswers:1

Q74Whenyouweregrowingup,wereanyofthefollowingindividualsyourentrepreneurialrole model(s)?(Checkallthatapply) Father[Code=1] Mother[Code=2] Sibling[Code=3] Otherfamilymember[Code=4] Friend[Code=5] Other(pleasespecify)[Code=6][TextBox] Noneoftheabove[Code=7] Requiredanswers:1Allowedanswers:6 NextPage:Sequential

45