“The panel is awesome – I love that as students, we have the chance to present real ideas to real business owners, entrepreneurs, investors, and bankers. Few other classes offer the practical feedback and hands-on work that I have experienced in Management 465A. It is one of the best Entrepreneurship classes, and I highly recommend it to other students.”
Those are some of the thoughts from Jonny May, the creator of Piano with Jonny and one of our CSUF Entrepreneurship students who had the opportunity to give a fifteen minute presentation to a panel of experts on the progress they have made in launching their businesses followed by fifteen minutes of hard hitting questions from those same experts. As you can guess, this is a pressure packed experience but it is also a unique opportunity to get feedback from a diverse group of experts.
But let me take a step back since these panels are the culmination of a semester’s worth of work on the part of CSUF Entrepreneurship students.
At the beginning of every semester, students in Management 465A and 465B coalesce into teams with the mission of either creating a business plan for a concept (465A) or work on launching a business (465B). In Jonny’s case, he is a student in Management 465A and he led his team in the creation of a business plan for his concept: Piano with Jonny. (And, to be perfectly honest, Jonny’s team had a bit of a head start since Jonny has been working on this business for a couple of years now and is already in revenue. But, as you will see, Jonny has leveraged his experience in this class to crystallize his business’ strategy and develop a plan to make his business stronger and well positioned for growth.)
If I could show you a montage right now, I would, because in between the formation of the teams at the beginning of the semester and the panels at the end there is a lot of hard work that largely goes uncelebrated. It is during the semester that the teams work on developing their marketing strategy, interviewing customers to unearth key insights into their thinking, put together an operations plan with a budget, and do all of the other work that is necessary to craft a meaningful business plan that can be used to launch or grow a business and maybe even using the plan when in discussions with potential investors.
And it is this hard work that helps students get to the heart of the matter for their businesses. From Jonny: “The class has forced me to think more deeply about why our customers buy and where to put more of our efforts. Through customer interviews and competitive analysis, it is now much more clear where we are not being effective and where we can add huge value for our customers.”
The panels that we have already talked about a little are the culmination of all this hard work. Over the course of the three months that make up a semester, many students, including Jonny, dedicate 100+ hours to the completion of their project whether that is the creation of a business plan or work on launching a business. In Jonny’s case, it was a little of both.
The panels are no small matter. As Jonny said at the beginning of this article, we make sure to pick some heavy hitters to be judges. At the most basic level, these panels represent a crucial academic event for our students; having the opportunity to present such a complex and important project is nerve racking for the students but they pretty much always rise to the occasion.
Jack Mixner, one of our professors teaching this class, puts it this way: “Preparing to present to real investors is challenging, daunting – and exciting. The preparation pays off. Presentations evolve quickly into unexpectedly high level conversations between ‘entrepreneurs’ and ‘investors.’ Students share. They learn. And the investors? They share, too, with sometimes very unexpected and useful points of view that the students, their mentors – and their professors – had not expected. Everybody wins.”
But for students like Jonny who are leveraging this unique academic experience to create something real and hopefully long lasting the panels can represent a crucial turning point in the success of their ventures.
“[The panel] was very helpful – I had to learn how to sell my business and ‘take the heat’ from experts. I knew they would ask hard questions, so I really had to become familiar with my business in a way I never have. I learned that we have a highly scaleable business and that we should be charging more for our products,” said Jonny.
We are obviously very proud of the work that Jonny and his team, which includes fellow CSUF Entrepreneurship students Sylvia Dang, Johnny Pen, and Reuben Ponce De Leon and mentor Craig Martyn have done. And the same is true for all of our other teams in these classes. Most will not end in successfully launched business but the experience of trying is invaluable and will certainly help them in all their future endeavors.
And in Jonny’s case, we are looking forward to not only working with him as a student but also as a Resident at the CSUF Startup Incubator. Jonny was accepted into the Incubator just a few days ago because we see a great deal of potential in his business and we believe he’s the kind of entrepreneur that has the capability and drive to make his startup into a sustainable business. We will be working closely with him in the classroom and at the Incubator over the next six months and by the end of that time we believe Jonny will be well on his way towards taking Piano with Jonny to the next level.