Members of Gulplahoma giving their donation to Make-A-Wish Foundation"This is the only class were it is ok to fail." This is the disclaimer that professor Michelle Shelly Grunsted tells her Integrated Business Core students at the beginning of every semester.
Friday December 11 the newest group of students to go through the integrated Business Core, (IBC), program gave their final presentations. Their entire semester has revolved round the creation and implementation of a new business.
The IBC program has been a part of the Price School of Business since 1995. The idea of the class is simple, take the lessons that are typically learned in the class room and apply them to the real world by having students create real businesses.
Students that participate in the IBC program take the core business classes of Management, Marketing, and Legal studies, as well as a three hour practicum class. It is in the practicum class where the students create their own business. “The students are in charge of every aspect of the business process. They do everything from conducting market research in order to determine which product to make, to selling the product and filling out expense reports.” Said Grunsted.
To get the business started the companies must apply for a small business loan. First Fidelity Bank has been a sponsor of the program since it began. “First Fidelity has been an integral part of the programs success.” Said Grunsted
DryBC – Which is selling an OU stadium blanket
Gulplahoma – Which is selling an insulated OU mug
Sooner Shades- Which is selling red and white Boomer Sooner sunglasses
The Crimson Cupany – Is selling OU color changing cups.
In order to sell products with the OU logo the companies must acquire the proper licensing from the University. “Learning about how licensing works and getting the license was one of the most beneficial parts of my IBC experience.” Said Chris Gilbert who when through the program and was a member of Chameleon Cups in the fall of 2007.
After the companies have decided on a product and applied for a loan, the success of the company falls solely on their shoulders. To help the companies along their journey each company is given a company consultant. Consultants are older students that have completed the IBC course.
“I have had a lot of fun being a consultant. Sometimes it is hard not to influence them. I have to take a step back and realize what worked for my company may not work for theirs.” Said Erika Kettler, Marketing senior and current consultant for Gulplahoma.
Another critical aspect of the program is giving back to the community. All of the profit that the companies make are donated to the charity of each companies choice. The companies are also required to donate “sweat equity” hours during the semester. Each company chooses which charities they would like to donate their time and money to at the begging of the year. The teams set service hour goals at the begging of the semester.
This year the companies have donated their time and money to
Gulplahoma: Make A Wish Foundation and Norman Public Schools
DryBC: Oklahoma Blood institute, The Roy Williams Safety Net Foundation and Middle Earth.
Sooner Shades: Ally’s House and Camp Cavett Kids Foundation
The Crimson Cupany: Mary Abbott Children’s House and the Wildcare Foundation in Noble.
The class is a classic example of trial by fire and not everything always runs smoothly. "We have run into a few problems." Said Grunsted. In the fall of 2007 Sooner Signatures made a floating pen. When they received their inventory they found out that the product was defective. OU's legal team was consulted and they were able to get all of the money back. Sooner Signatures were able to $6,100 to their chosen charities.
During one of the random inventory audits a box of Gulplahoma's mugs were missing. The mugs were returned anonymously a few days later. "Everything about the class is a learning experience. In class we talk about all of the aspects of running a company even the bad ones. There is always a lesson to be learned." Said Grunsted.
The program has been very successful. Every company has been able to repay the loan and still donate something to charity. After this semester the program will have donated over $850,000 and over 38,000 hours of community service to various charities.
It is clear that the IBC program is a success. The hands on learning style paired with the class room direction has led to a quality experience for all those whom choose to participate. "I learned a lot about my self, my peers and business by going through the IBC program. One of the major lessons that I took away was the importance of communication. And that lesson is helping me today in the real world." Said Chas Gilmore OU alum and member of Pure Source.
If you are interested in the IBC program you can find out more at http://price.ou.edu/ibc/index.aspx.
This video is end of DryBC's final presentation.
