SBCD and IES Adding A New Staf Member
The Institute for Entrepreneurial Studies and the Small Business Development Center will soon have more opportunities to serve an expanded client base. A new position has been created to support both units, funded almost entirely through grants. The new staff member will spend half-time assisting Elizabeth Binning in counseling SBDC clients and developing educational programs. The other fifty percent will be focused on programs and outreach activities of the IES. Mark Hoelscher (MQM) will continue as Faculty Director of the IES. The new staff member will have responsibility for continuing successful programs such as the Business Plan Competition, while also building new relationships with the entrepreneurial community.
Applications for the position are currently being reviewed. It is anticipated the new staff member will begin work by mid April.
Joaquin on @RISK
Finance students at Illinois State University’s College of Business r
ely on Palisade’s @RISK for top marks. Domingo Joaquin (FIL) teaches corporate finance to undergraduate seniors at the university, as well as to managers from Caterpillar, Archer Daniels Midland, and other area companies. Both groups of students use @RISK to learn advanced financial analysis techniques using the Monte Carlo simulation.
“Since the future is unknown, it would be implausible to use point estimates to represent future values,” explained Joaquin. “Range estimates are an improvement, but @RISK is even better because it is able to reflect the important fact that some values within the plausible range may be more likely than others.”
In his experience, Joaquin has found both undergraduates and seasoned managers ask similar
questions. “How do know I have the right distribution?” and “What happens if somebody else gets a different answer?” Joaquin responds by explaining that variation in results is normal. “What is important is to come up with credible distributions and conclusions. Arriving at this requires a mixture of objective analyses, subjective projections based on experience, and informed judgment from the experts.”
In addition to using Palisade’s @RISK locally, the company calls on Joaquin when there are more requests for on-site corporate training on the Monte Carlo Simulation than they can handle. “The groups I have trained include analysts at The Blackstone Group, a Wall Street investment bank, Caterpillar, and the United Kingdom Atomic Energy Authority in Scotland,” explained Joaquin.
Palisade has been generous in allowing ISU to use their software free of charge for two years. To show appreciation, Joaquin assisted them in writing a case study on how @Risk is used at ISU. “We are in good company in this regard. Other featured case studies include Cornell University, The London Business School, and Her Majesty's Prison Service,” added Joaquin.
Financial Planning Program Discussed
In late January, leaders of the Financial Planning Association of Illinois (www.fpaillinois.org) met with College of Business leaders and faculty to discuss the potential for a financial planning program at Illinois State University. Visitors included:
- Donald Duncan ‘80, president of FPA-Illinois and principal of D3 Financial Counselors, Downers Grove
- Ed Gjertsen ‘89, president-elect of FPA-Illinois and principal of Mack Investment Securities, Glenview
- Frank Moore, director of government relations for FPA-Illinois from State Farm in Bloomington
- Benjamin Franklin, president of the Central Illinois Council of Financial Planners and owner of Franklin Financial in Urbana.
Dean Mills, Katie Director, Jim Jones, FIL Chair Bill Scott and faculty members Kevin Ahlgrim, Darryl Brown, Carolyn Craig, George Flanigan, Karen Hosack, Tom Howe, Linda Miles, Edgar Norton, Joe Trefzger, and Carson Varner represented the College of Business in the discussion.
Duncan and Gjertsen were joined later that evening by John Gerken and Meredith Tabbone ’01, MBA ‘04 of Ameriprise Financial, as part of a panel of financial planners who discussed the profession and answered questions in Edgar Norton's (FIL) Thursday evening FIL 353 Financial Planning class.
COB Graduates Send Thanks
As I look back on my first full year in my sales career, I can’t help but think about where I would be without your training and guidance. I can confidently say that I have come a long way since I started at CDW 18 months ago, but it was the foundation that you all help me to build that paved the way. I just wanted to take a moment to say thank you for all of your assistance and coaching while I was completing my degree and working with the Professional Sales Institute. This is a career path I would have never chosen without you, and a decision that I am very thankful for. Thank you from the bottom of my heart!
Chris Colclasure ‘04
Account Manager
CDW
I would like you to know that being at Illinois State University College of Business and participating in the Organizational Leadership program has been one of the greatest and most insightful experiences of my life. For all that I have learned, I cannot even begin to explain how grateful I am. It is priceless. Thank you so much for the opportunities my education has allowed me to have. Without the wonderful staff and professors, I could not have made it this far.
Sincerely,
Kaushal Patel '05
Enterprise Rent-A-Car
Employment Survey Results
In May of 2005 the COB partnered with the Dean of Students Office and utilized PDA’s to administer a short employment survey prior to graduation. We received 199 completed surveys out of a possible 557 graduates, which corresponds to a 35.7% response rate.
The May 2005 survey showed that:
- 43% of graduates were professionally employed, 15.5% were employed part-time or not seeking employment, and 5.5% were attending graduate school.
- 76.5% had salaries between $30,000 and $50,000; 27% were between $40,000 and $50,000; 9.4% were over $50,000 and the avg. of the midpoints was $37,000.
- 83.5% of those professionally employed will be working in Illinois.
- 94% of those professionally employed will be working in an area related to their academic major.
- Of those attending graduate school – 36.4% are pursuing an MBA, 9% Accounting, 18.2% Law and 36.4% pursuing something else.
Figures from a survey of December 2005 graduates had comparable findings.
Success Stories
In Step with Brock Eastman
Some students earn a business degree before taking the plunge as an entrepreneur, but not Brock Eastman of Eureka. A junior business administration major, Brock has already been there, done that and come out wiser and wealthier!
Q: You and a partner purchased the Dairy Barn in Eureka in 2004 as students. Are you still a co-owner of the business?
A: Actually, I just sold my part of the Dairy Barn for a very nice profit.
Q: What role does ISU play in your life at this point?
A: ISU is my home when it comes to education. The business school here is fantastic and has helped me in the management and financial planning aspects of my business. I have come to realize that ISU is a school that teaches people to take that leap and to be independent - to take ideas and grow them into business opportunities.
Q: What have been the 3 biggest lessons you've learned through operating the business?
A: The absolute number one thing you must do when operating a business is keep the customer happy. Secondly, I learned it is essential to provide great training for employees and give them specific insights into ways to be efficient and polite when serving customers. Third, I learned that business is tough and it takes up a lot of time. My grades suffered slightly from owning a business as a college student, but the first-hand lessons on how to deal with distributors and negotiate prices, how to keep customers happy, and how to manage employees were so valuable. The experience was well worth the time, energy and money.
Q: Any tips or words of wisdom for budding entrepreneurs?
A: Definitely make sure you have the time to devote yourself to the business. Without adequate time it is very difficult to keep things running smoothly. But make sure you have fun and enjoy what you are doing too or it becomes a chore and isn't rewarding anymore.
Craig Rabin Takes a Gamble
The poker craze is big business, especially on college campuses around the country. According to a recent study by the Annenberg Public Policy Center at the University of Pennsylvania, nearly half of all college males gamble at cards at least once a month. So Craig Rabin ’05 and his business partner Jason Beck launched their own business, The Collegiate Poker Tour Events Inc., through which students compete at Texas Hold ‘Em for a chance to win up to $85,000 in scholarship money. Players must be least 18 years old and enrolled in full-time classes at the university where the tournament is held. No fees are charged to players because corporate sponsors foot the bill for the event as a way to reach their target audience.
While at Illinois State, Rabin developed the business plan for Leon Schjoedt’s MQM 226 class. “Our idea was to create a fun, yet competitive social event for students without the participants facing any financial risks,” explained Rabin. It’s worked. Not only did he receive an “A” on the project, the budding entrepreneurs hosted their very first event in 2005 at Illinois State and nearly 400 students participated.
After graduation, longtime friends Beck and Rabin pooled their resources and launched their business full-time. The Collegiate Poker Tour works through the intramural departments of host universities. Rabin and Beck coordinate every aspect of a tournament, from securing corporate sponsors to orchestrating the actual event. Their goal is to host 30 events during the 2006-2007 academic year. Schools who have already committed to dates include the University of South Carolina, Ohio University, Kutztown University of Pennsylvania, Saint Louis University, University of South Dakota and University of North Dakota.
As many as 500 students are allowed to compete in a tournament. Each player is given 300 chips that represent “points” not dollars. Students then compete in heats of 100 players.
“With ten tables in action, each heat takes about 90 minutes,” explained Rabin. The winner from each table advances to the next round of play. "At first we weren’t sure if people would stick around after they were eliminated, but they do. They really like watching the action and seeing who ultimately wins.”
Champions from each campus earn a spot at a national tournament where they can compete for up to $85,000 in scholarship money. Give-aways and promotional items keep things fun for all the participants in the event.
The company has garnered some impressive publicity in its first year, with articles appearing in a number of newspapers, including the New York Times. At the end of February a feature about the company ran in Entrepreneur magazine and an NBC crew filmed their recent event at St. Louis University as part of a 1-hour special on college gambling. "The response we've gotten so far has been tremendous," said Rabin.
"The education I received in the College of Business has made this venture possible," Rabin explained. "I constantly refer to my textbooks and draw from my accounting, marketing, computer, and other business classes more now that I ever imagined!"
For more information, visit CollegiatePokertourEvents.com.
Professional Sales Sequence
According to Marketing Department Chair, Tim Longfellow, the new professional sales sequence has been approved at all levels for addition to the 2006-2007 undergraduate catalog. This official program of study will be recognized on the student’s transcripts and offers an important new road to professional excellence for students in the College of Business.
Mike Williams (MKT) says the program incorporates existing personal selling and sales management courses and offers several new classes including: Key Account and Relationship Management, Professional Sales Planning and Analysis, and Advanced Professional Selling and Negotiation. Williams anticipates 150 juniors and seniors will typically be enrolled in the Professional Sales Sequence, with 55-60 graduating in any given year.
Dan Goebel (MKT) is very excited about the Sales Sequence and its benefits for students, faculty and the College of Business as a whole. “The new sales sequence was designed with the best interests of students in mind. They should take advantage of these unique learning opportunities while they can. In fact, this sequence is so special only a handful of universities across the entire country are equipped to offer a similar program.”
Although top marketing students have typically had excellent job prospects, Goebel believes the new sequence shows the College of Business is committed to retaining its competitive edge. “This sequence indicates that we are willing to change with the times and continue to do what is necessary to satisfy the marketplace demand for well-trained, highly-qualified students who can hit the ground running.” Goebel believes the sequence opens up additional opportunities for partnerships between those who employ ISU graduates and the Professional Sales Institute.
"Such partnerships will keep us grounded in the real world of sales and potentially provide research opportunities on cutting-edge issues. The sequence further enhances the COB’s image for making a positive impact on the greater Illinois business community by providing extremely productive and resourceful graduates for professional positions,” he added.
“The new professional sales sequence reflects what is occurring in the real world and students who enroll it will be better prepared to compete for high-quality jobs upon graduation,” added Longfellow.
