Can entrepreneurship be taught? This question, which has been debated for decades, has recently received renewed attention. The Wall Street Journal, in its August 5, 2003, edition, reports that many successful entrepreneurs believe that entrepreneurship cannot be taught in the classroom. Yet many universities, including Purdue, are paying lots of attention to entrepreneurship these days.

Are we wasting time with a renewed interest in entrepreneurship in universities? Absolutely not. I have many reasons for this intractable position.

First, business students, and universities in general, have a vested interest in helping solve our economic challenges. The United States economy is losing jobs at an alarming rate to other countries. One answer to this challenge is for the United States to enhance its abilities to generate new, innovative businesses. Technical areas that hold promise include nanotechnology and the life sciences. Entire new “markets” may emerge in these areas due to the ever-expanding intellectual property generated in our country, especially in our universities.

Second, successful start-ups require a knowledge of core business functions such as accounting, finance, marketing, human relations and behavior, information technology, operations and manufacturing management, and strategy. A start-up that fails to have solid financial projections and market analysis, for example, will likely face major problems, including difficulties attracting venture capital.

Third, I agree that some people are more prone to be entrepreneurs than others. In the Wall Street Journal article referenced earlier, billionaire entrepreneur Sam Zell describes an entrepreneur as someone who has a high energy level, doesn’t have the word “failure” in his or her vocabulary, thinks constantly in terms of solutions, likes to be a leader, lives “on the edge,” covets recognition, and understands the statement, “If you ever have to take a vote, you’ve lost.” Clearly, a significant number of university students tend to be entrepreneurs. Therefore, it seems like a good idea for the university to help them develop their ideas and take them to market.

Fourth, the university can provide opportunities for students to learn how to commercialize an idea, including receiving guidance in developing business plans, understanding venture capital, identifying and protecting intellectual property, and staffing a start-up with the right people.

Purdue and Krannert are at the cutting edge of fostering entrepreneurship. For 16 years, Krannert has conducted the highly successful Burton D. Morgan Entrepreneurial Competition for Purdue students. With the advent of the Burton D. Morgan Center for Entrepreneurship in Purdue’s Discovery Park, we are offering new and expanding entrepreneurship activities. In this issue of Krannert Magazine, we highlight the new Purdue University Life Sciences Business Plan Competition, sponsored largely by Roche Diagnostics. In its inaugural event, this competition attracted top-quality national entrants competing for nearly $150,000.

Don’t undervalue the potential for creativity and ingenuity in America. Purdue and Krannert are doing their parts to help our students develop their entrepreneurial potential. In particular, the Purdue/Roche Diagnostics Life Sciences Business Plan Competition bodes well for helping students learn while promoting innovation and economic development.

Richard A. Cosier
Dean and Leeds Professor of Management