Entrepreneurship

Diving into UMBC's Entrepreneurship Program and Competition

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Developing an Entrepreneurial Mindset & Turning Ideas into Action

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2019 UMBC Idea Competition Winners

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Entrepreneurship Activities:

• 2019 UMBC Idea Competition

• ENTR 200 - Introduction to Entrepreneurship, Fall 2019 (3 credits)

• ENTR 201 - Entrepreneurial Mindset, Spring 2020 (3 credits)

• ECON 101 - Principles of Microeconomics, Fall 2020 (3 credits)

 

 

Learning Objectives:

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Perspectivism

I learned how to become more aware of how my ideas may be perceived by others. This included how others may interpret communication and presentation visuals.

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Realistic Vision

Through exploring entrepreneurial mindset topics and applying them to developing ideas, including the prototype I initially created during the Idea Competition, I have learned that it is important to dream and make dreams a reality, however, every idea is not an opportunity. To determine if it is an opportunity, I have learned to think critically about how something could bring value to others’ lives, and how it could fail to fulfill their needs. In doing so, I have envisioned ideas yet, critiqued them on their potential to become concrete.    

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Teamwork

I had great opportunities to work with others in the entrepreneurship classes and meet with wonderful mentors.

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Reflection

 

Learning Takeaways:

Realistic Vision, Teamwork, Communication, & Networking

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Through participating in Entrepreneurial classes at UMBC, I have learned information fundamental in the worlds of entrepreneurship and business. I also have learned that one’s mindset is extremely important when being an entrepreneur. Having a growth mindset is allows one to learn to continually learn from life experiences and leverage lessons to move forward, prepare for success, and seize opportunities when they occur. It is also important to identify opportunities and act. Every idea is not necessarily an opportunity. To determine if it is an opportunity, I have learned to think critically about how something could bring value to others’ lives, as well as how it could fail to fulfill needs. To ascertain if an idea could add value to others’ lives, I learned to conduct market research for entrepreneurship projects.

              

For the main project in Intro to Entrepreneurship, my team and I identified environmental issues related to 3D printing and developed a solution to help reduce the need for new plastic filaments. Through this project, I have learned that it is critical to assess the need for the product through market research investigating economic market trends and people’s perceptions and needs through surveys. Giving internship presentations exposed me to concise communication through stories. Learning to share ideas via stories helps people connect with what the speaker is saying and remember the ideas. Particularly practicing this for a 3-minute pitch helped me fine-tune my verbal communication to concisely share my idea. I plan to continually improve my communication skills. I also plan to continue to network and contribute to the encouraging community of entrepreneurs. Large corporations affect communities, but so do small businesses. I hope to launch a business that makes a positive impact on our global community and environment.

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Additional Learning Objectives:

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Develop strategies for recognizing opportunities & identifying the tools for quality risk assessment

• Practiced market research for Intro to Entrepreneurship filament project and for the Idea Competition

Apply entrepreneurial thinking to social issues and social problems 

• Collaborated with teammates to create a solution to reduce plastic filament

 

Work effectively in teams focused on entrepreneurship-related projects

• Worked in teams for both Intro to Entrepreneurship & Entrepreneurial Mindset classes

Exhibit skills for communicating ideas in a concise and logical way

• Learning to convey information concisely within time limits via pitches and class presentations
   

Demonstrate an understanding of real-world entrepreneurship, including business plans, startups, and other projects.

• Learned to conduct market research, which is important for determining the need in the market

• Began the process of writing a strong business plan, with the help of my mentor

Apply creative and innovative thinking to solve problems

• Envisioned an environmentally conscious way of using 3D filament

• Developed a concept for hair tool and presented it at the 2019 Idea Competition

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