Winter 2005 BGSIE

EXCHANGE

Winter 2005

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0.6 Men

0.5

Women

what’s inside

0.4

2

A Message from the BGS President

3

Letters to the Editor

4

Entrepreneurship

6

Entrepreneurial Training

7

Entrepreneurship Key Terms

0.3

0.2

0.1

0.0

Total

1996

1997

1998

1999

2000

8

Entrepreneurship in Action

11

Entrepreneurial Failure

12

2005 Medallions for Entrepreneurship

15

Alumni Network

16

Gifts from Friends

2001

2002

2003

2004

BGS INTERNATIONAL EXCHANGE Beta Gamma Sigma 125 Weldon Parkway Maryland Heights, MO 63043-3101

Winter 2005 Volume 4, No. 4 Circulation: 382,472

email: bgshonors@betagammasigma.org phone (US): 800-337-4677 outside US: 314-432-5650 website: www.betagammasigma.org If you have any questions or comments about this issue of the BGS International Exchange, please forward them to exchange@betagammasigma.org.

Beta Gamma Sigma is a not-for-profit, 501(c)(3) organization.

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A Message from the BGS President

Sara M. Freedman President of Beta Gamma Sigma Mississippi State University

With all the recent troubles in the world – natural commitment to improving the lives disasters, wars, famine, ethnic cleansing, terrorism, etc. – it’s of those around him or her. That’s important for all of us to find ways to be socially responsible where the Society’s Medallion for Entrepreneurship comes world citizens. For members of Beta Gamma Sigma who have in, and this year’s recipients are certainly worthy of our been blessed with talent and opportunity, the chance to make recognition and thanks. a difference in the lives of others around us is vital. When we Gerald Buccino, Chairman and CEO of Buccino & each make a difference in a small way, the cumulative effect Associates, Inc., is considered one of the deans of the can be great. This is especially true when businesses join turnaround management profession. But his commitment to together to tackle issues that governments may not have the Seton Hall University – through the annual funding of the power or will to deal with themselves.

Buccino Scholarship and his mentorship of those chosen as You may have noticed from the last few issues that each Buccino Scholars, sets him apart.

BGS International Exchange has focused on a central topic. Once Florine Mark, President and CEO of The Weight Watchers it was the shortage of business Ph.D. candidates. Another Group, has become the face of her company after building it time we presented “A BGS to include more than 4,000 Look at Business Ethics.” employees at its peak. But Beta Gamma Sigma salutes all the business Finally, in the last issue, professionals who accept the challenge to make her service – she serves on Beta Gamma Sigma looked The Women’s Leadership a difference in the lives of others. at the current state of MBA Board at Harvard’s John and EMBA programs and F. Kennedy School of how these programs can be valuable for our members. We’ve Government, for instance – and her generosity to groups received a substantial amount of positive feedback on our like the American Heart Association, the Governor’s Council topics, with members responding that they like our focus on on Fitness, and the Hunger Action Coalition of Michigan issues. make her an example of the good that can be done through This time, we’ve focused on another business topic that entrepreneurial success. a recent BGS poll indicated was important to our lifetime This year’s third recipient – Dr. Donald Schoendorfer, members – entrepreneurship. Entrepreneurs fill a vital role President and CEO of Free Wheelchair Mission – highlights in business and in the advancement of society as well. Their the amazing potential of those who see their business success unique talents in innovation and determination – which serve as an avenue to positively affect the life experiences of their to make them successful businesspersons – are often just as fellow humans. In business, he is an inventor and discoverer important when they work within their communities. who crafted a very successful career in the field of biomedical In an on-line poll of BGS members conducted in summer engineering. In his role as caring neighbor to the world’s less 2005, 93 percent of members responding said they had fortunate, he hopes to better the lives of 20 million people considered starting their own businesses sometime in their by the year 2010. The idea is simple, yet genius: invent a careers. Almost half (46 percent) indicated they followed wheelchair that costs less than $30 to build (as opposed to through on those plans. Of those, 79 percent described the normal $500), and make it available for free to those in their experiences as “very positive” or “more positive than the world’s poorest and most needy places. More than 75,000 negative.” wheelchairs have already been distributed in more than 45 While this poll was a very small sampling of BGS countries through Dr. Schoendorfer’s program. members (approximately 200 responses), it certainly indicates Beta Gamma Sigma salutes all the business professionals that the entrepreneurial spirit is alive and well with the who accept the challenge to make a difference in the lives of Society’s lifetime members. And Beta Gamma Sigma has others. We all have a role to play in making our world a better honored that spirit since 1986 by awarding the Society’s place. Dr. Schoendorfer, Mr. Buccino and Ms. Mark are great Medallion for Entrepreneurship, which recognizes individuals examples of the good we can do. As we approach the new who combine innovative business achievement with service to year, the Society encourages all its members to look for ways humanity. to share their talents and gifts with others.

That “service to humanity” is what I’d like to highlight a bit. It’s simple to pick out and recognize the entrepreneur who has developed his or her successful business from a profit-and-loss perspective alone. It takes a bit more to examine the bottom line while also factoring in an individual’s

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Dear Editor: The story about Harvard related by James H. Blanchard, and quoted at length in Beta Gamma Sigma’s International Exchange (summer 2005) is complete fiction. For confirmation of its falsehood, I refer you to a 1998 Stanford Magazine denial of this canard.

It is embarrassing to Beta Gamma Sigma that Mr. Blanchard, the 2005 International Honoree, should use this false story in his address to 1,200 business school representatives, saying that it “has more impact on me…than any single document other than, say, the Bible.”

Since BGS is an “honor” society, I believe this smear on Harvard University should be retracted.

Dr. Vincent M. Jolivet

(Editor’s Note: Mr. Blanchard indicated when he told the story that it had been embellished many, many times over the years. However, he was trying to show that, even for powerful leaders, “how people are treated is a key element of any successful company’s strategy and culture.” Beta Gamma Sigma does not believe Mr. Blanchard was trying to smear Harvard University in any way.)

I was in Beta Gamma Sigma at Ball State University as an M.B.A. candidate and am just now finishing a Master’s in Public Administration in Information Systems at Indiana University. The added self confidence (of) being a Beta Gamma Sigma inductee carried with me and gave me the confidence to work full time in the auto industry…and also work on my second Master’s part time, commuting, until I could take a leave and finish it this semester.

I am very appreciative of what you do for students.

Stephen M. Mock, MBA

Dear Editor, In the Fall 2004 issue of Beta Gamma Sigma Exchange, I noted with some amusement your “A BGS look at business ethics after Enron, Tyco, Martha Stewart, et al” in which you mused delicately about business ethics. It seems that the big question in all our MBA hearts is whether “ethics” pay or not.

There are many kinds of “ethics.” They are always based on what value is held to be of the highest importance to the person(s) following them. In some foreign cultures, this highest value may be “Personal Honor or Integrity.” In others, it might be “Imperial Power.” Jesus suggested that our highest value could be to “Love God completely and your neighbor like yourself.”

It took Nobel laureate Milton Friedman to deliver us from our earthly limitations. Quickly, his light spread throughout the USA and was embraced by all who came from afar to find out what made us so wonderfully different. His revered words still reverberate through all the Business Schools like a mantra that will lead us to our perfect manifest destiny: “THE purpose of a (ANY and ALL) business is to MAXIMIZE THE WEALTH OF THE STOCKHOLDERS”…

I love all MBAs. They are a bunch of bright, energetic, and interesting people. I only wish there was another voice, stronger than that of Mr. Friedman, to teach them that money like other paper products is just a utility and that the greatest purpose for all our activities, inside and outside of business, is to provide the benefit of our talents to all those who come into contact with us, be they our friends, our family, our employees, our customers, our clients, the investors who share our vision, or all the people who could use or need our help.

I would LOVE to get a Ph.D. and teach at the university level. I finished my MBA this past spring and was inspired by several of my professors. However the system for creating Ph.D.s makes it impossible.

I am a 38-year-old mid-career professional making good money.

My husband is a librarian, which is not a career in which one gets rich. I can’t afford to quit my job and spend the next few years making $18k to get a PhD. I already have substantial student loans from my education, and to not lose my house, my car and everything else (in) my life I would have to take out quite a bit more. And that still wouldn’t bridge the gap.

If this is a true crisis then the universities need to find a way to allow people like me who are smart, motivated, but have families to take care of, to make the transition. It is one thing for a 21-year-old to choose to live for several years on $18k but it just doesn’t work for an adult.

Rebecca Barber, MBA As an old member of Beta Gamma Chapter, I usually read the articles published in the various periodicals published by the society.

I was curious to read the article about the shortage of Ph.D.s and the efforts to expand the pool of Ph.D.s. However the sidebar on page 3 has a rather curious and somewhat disturbing comment that the shortage of Ph.D.s will mean that “All business faculty – research and teaching – will be increasingly burdened by teaching and service requirements…”

This is a very curious comment to be made by a committee of an organization that recognizes scholastic achievement by undergraduates. Teaching is now a burden? My own experience, more than 40 years ago, was that undergraduates had very little classroom contact with senior faculty. To suggest that teaching, especially undergraduate teaching, is burdensome, seems to be contrary to the purpose of Beta Gamma Sigma.

William K. Bissey

Raoul Desjardins, M.D., Ph.D., F.C.P., MBA BGS INTERNATIONAL EXCHANGE

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“It is not the critic who counts, not the man who points out how the strong man stumbled, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena; whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions, and spends himself in a worthy cause; who, at the best, knows in the end the triumph of high achievement; and who, at the worst, if he fails at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat.”

– Theodore Roosevelt, 1910

ENTREPRENEURSHIP

Entrepreneur: An individual engaged in the process of starting and growing one’s own business or idea.

month, representing approximately 550,000 new businesses per month.

• The average rate of entrepreneurship was 0.36 Entrepreneurship has been, and will continue to be in percent in 1996 and 0.40 percent in 2004. the future, one of the most important catalysts for growth • Entrepreneurial activity is substantially higher in the world’s economy. While big business gets most of the among men than women. The average rate of attention in the media, small operations continue to be the entrepreneurship during the entire period for men largest generators of new jobs and tremendous opportunities was 0.46 percent, while it was only 0.28 percent for for profit and potential. Those who take the risks do a great women. service to society by creating jobs and advancing innovation • Immigrants to the U.S. have much higher rates of and technology. entrepreneurship than U.S.-born individuals. The According to the National Dialogue on Entrepreneurship average rate for all immigrants throughout the time (NDE), a Public Forum Institute program funded by the period was 0.46 percent, compared to 0.35 for those Ewing Marion Kauffman Foundation, entrepreneurs take born in the U.S. risks to start businesses, work tirelessly to fulfill their The numbers are compelling, but what do they really visions, foresee changes and develop new products to take mean? How important is entrepreneurship to future growth? advantages of those changes, use innovations in technology On its website, the NDE says entrepreneurship “drives” or processes or marketing to take them in new directions, and are committed to grow as fast as the marketplace allows. the economy. In addition to entrepreneurship’s vital role in creating jobs, they state, “new dynamic theories of the In the Kauffman Index of Entrepreneurial Activity economy suggest that the prevalence of small firms provide (2005), entrepreneurial trends in the United States during a constant tide of new ideas and experimentation vital to the the period 1996-2004 are studied. Produced by Robert health of the economy as a whole.”

W. Fairlie, Associate Professor of Economics at the Randy Swangard, Director of the Lundquist Center for University of California, Santa Cruz, the study breaks Entrepreneurship at the down entrepreneurship Self-Employment Demographics (U.S.) University of Oregon, said in America in several the collective vision of different ways.

Number (Thousands) Percent of Labor Force the world’s entrepreneurs Some of its most 1979 2000 2003 1979 2000 2003 is the heart of business important findings Asian NA NA 466 10.4 success.

590 9.4 include: African-American 297 697 3.8 5.2 710 4.9 “(Entrepreneurship) • Over the period Latino 241 732 6.1 7.0 1,032 5.9 is the strategy of the 21st from 1996-2004, White 7,066 9,510 9,658 10.1 11.1 10.7 century,” said Swangard, an average of 0.36 whose Center resides percent of the Men 5,982 7,868 8,336 12.1 12.4 11.9 within the Charles H. adult population 1,741 3,592 3,839 5.1 6.8 Women 6.5 Lundquist College of created new Business. “But then I businesses each Total 7,724 11,460 12,176 9.3 9.8 9.4 Source: Small Business Administraion 4

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believe it’s always been the strategy of American business.

Most jobs, most GNP, most creative ideas come from small business, which by definition is entrepreneurial.

“It drives the economy and drives job creation and economic development. Nike, Intel, HP, Dell – they were all small companies that grew up, and there are thousands in line striving to achieve success.”

High-Expectation Entrepreneurship

An October 2005 study by the Global Entrepreneurship Monitor (GEM), a program sponsored by Babson College and the London Business School, stresses the importance of “high-expectation entrepreneurship” as a leading source of future job growth. The GEM is a major initiative aimed at describing and analyzing entrepreneurial processes within a wide range of countries around the world.

The report, titled “High-Expectation Entrepreneurship 2005,” defines high-expectation entrepreneurial activity as “all startups and newly formed businesses, which expect to employ at least 20 employees within five years’ time.” The report says that firms of this size will typically have a developed internal specialization; an identifiable management function; and some separation of ownership and employees, in the sense that not all employees are also owners of the company.

The study clearly points out the importance of these high-expectation firms. On average (around the world), only 9.8 percent of all start-ups and newly formed businesses expect to employ 20 or more employees within five years.

In addition, only 4.9 percent expect to employ 50 or more employees within five years.

However, even though these organizations make up less than 10 percent of the total new businesses, the report says these companies will generate almost 75 percent of the total expected new jobs by all entrepreneurial activity.

When the report answered the question, “Who are the

high-expectation entrepreneurs?” some of the conclusions were expected. In its key findings, the report said, “High household income, high education level, and opportunity motivation are most strongly associated with highgrowth expectations.” In addition, it concluded that adult entrepreneurs between the ages of 25 and 34 tended to expect the highest level of growth.

So, for this age group, when individuals are both highly educated and have a high level of income, “nearly one in 20 individuals…is actively engaged with high-expectation entrepreneurial start-ups.”

What Makes a Successful Entrepreneur?

Identifying characteristics that make a successful entrepreneur can be difficult. Depending on who you ask, several different factors can make the difference.

“It’s a good question…and there are many arguments about whether entrepreneurs are born or made,” said Swangard of the Lundquist Center for Entrepreneurship. “I believe it’s a bit of both.”

Environmental factors like family and upbringing are cited by some research as the leading indicators of success, but Swangard said that a sound foundation in business fundamentals is critical.

“We all hear the anecdotal stories about entrepreneurial success by individuals who perhaps didn’t have good business training. But the odds of success are probably one in 20.” So he believes the budding entrepreneur should gain as much business knowledge as possible.

Those who have done it themselves say potential entrepreneurs should do their homework before starting a new business.

Denise Devine (see page 8), President and CEO of Nutripharm, Inc. and Devine Foods, Inc., said the key is to take an honest assessment of one’s personal qualities.

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Average Monthly Estimate of New Entrepreneurial Activity (U.S.)

Percent of Population 0.6

Men

Women

Total

0.5

0.4

0.3

0.2

0.1

0.0

1996

1997

1998

1999

2000

2001

2002

2003

2004

Source: Kauffman Index of Entrepreneurial Activity BGS INTERNATIONAL EXCHANGE

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Entrepreneurial Training Innovation has always been a positive byproduct of the collection of intelligence and talent found on college campuses.

Society would not have advanced as far as it has over the last century without the contributions of research institutions.

A fairly new phenomenon, one that has taken hold and changed the way innovation is handled on campus, is the growth of centers for entrepreneurship.

While most are housed within schools of business, there are many that are not.

However, even in these instances, business faculty members are a key to the center’s success.

Allen Dines, assistant director of the Office of Corporate Relations, which houses the Entrepreneur’s Center at the University of Wisconsin-Madison, said they work very closely with the business school.

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Centers for Entrepreneurship

“All of the groups within the business school, we see them as being key to helping to bring the kinds of resources that faculty entrepreneurs need to help them get started,” he said. “Obviously a good part of what drives the interest here is the importance of commercializing the research that we do.”

The transfer of new technology from university laboratories to the private sector has a long history and has taken many different forms. The current emphasis on this activity, however, can be dated to the 1980 enactment of The Patent and Trademark Law Amendments Act, more commonly known as the Bayh-Dole Act. In 1980, U.S. legislators and the administration concluded that the public would benefit from a policy that permitted universities and small businesses to elect ownership of inventions made under federal funding

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and to become directly involved in the commercialization process. This new policy would also permit exclusive licensing when combined with diligent development and transfer of an invention to the marketplace for the public good. Ultimately, this would result in the stimulation of the U.S. economy through the licensing of new inventions and an increase in manufacturing when these new products were taken to market.

Dines said that since the early 1980s, large corporations do not tend to focus on early-stage research. They depend on entrepreneurial centers like his to create the new inventions and technological innovations, which in turn they benefit from down the road.

“I think increasingly universities are realizing that startups are a very important piece of that technology commercialization puzzle,” he said.

Entrepreneurship Key Terms From the National Dialogue on Entrepreneurship website 7(a) Loan Program - Provides loans to small businesses unable to secure financing through normal lending channels. The program operates through private lenders who provide loans guaranteed by the SBA. 8(a) Loan Program - Assists in obtaining federal agency contracts through a certification process carried out by the SBA. The federal agencies, with SBA guidance, then negotiate subcontracts with certified 8(a) program participants.

Angel Investor - An individual who provides capital to a startup. Unlike a partner, the angel investor is rarely involved in management.

Randy Swangard, (far left) Director of the Lundquist Center for Entrepreneurship at the University of Oregon, meets with faculty, entrepreneur-mentors and students in the center’s conference room.

Because of this, more and more universities have created centers over the past two decades. Randy Swangard, Director of the Lundquist Center for Entrepreneurship, which is housed within the Lundquist College of Business at the University of Oregon, said the numbers have increased dramatically.

“Centers have been around since the 1970s but have exploded in the last five-to-seven years,” he said. “The LCE was founded in 1989 – perhaps one of 25 centers nationally.” He said there are now more than 700 such facilities within universities, colleges and community colleges across the country.

To access a list of more than 120 centers for entrepreneurship, go to www.entreworld.org/Channel/ SE.cfm?Topic=SchsEntr.

Sarah Sykora, Director of Marketing at The Arthur M. Blank Center for Entrepreneurship at Babson College, used many words to describe entrepreneurs: creative, tenacious, adaptable, self-starters, committed, passionate, goal oriented, team builders, determined and competitive.

“Entrepreneurs are opportunity obsessed, they think about opportunities holistically, and they are dedicated to value creation,” Sykora said.

So what do the centers do for budding entrepreneurs?

“We view ourselves as an accelerator of knowledge and learning,” said Swangard. “Following upon great insidethe-classroom training, the LCE channels our students into experiential learning opportunities, such as business plan competitions, internships, E-Venture Road Trips, Entrepreneurs on Campus, and our nationally recognized Technology & Entrepreneurship Program (TEP). We also have an extensive group of outside individuals who provide mentoring and coaching to our students and their ventures.”

Swangard said the entrepreneurial spirit is in great demand throughout the business world.

“Being entrepreneurial isn’t limited to a startup,” he said.

“More than ever before, businesses at all economic stages are crying out for people who understand where to find and capitalize on the next growth opportunity.”

Increasingly, those people are found at centers for entrepreneurship.

B2B - Business to Business; a strategy in which one company sells products or services directly to another company rather than to consumers B2C - Business to Consumer; when a retailer sells a product to a customer, such as in a grocery store or hardware store.

Bankruptcy - Legal relief from the payment of all debts after the surrender of all assets to a court-appointed trustee.

Debt Financing - The use of borrowed money to finance a business; must be paid back with interest.

Equity Financing - When stock (common or preferred) is sold and, in return for the money paid, the individuals or institutions receive ownership interest in the corporation.

Gazelles - Firms with revenue of at least $100,000 (initial year) that sustained at least 20 percent growth in revenue over four consecutive years; contribute approximately 1 out of every 7 gross new jobs added to the economy each year.

Innovation - Introduction of a new idea into the marketplace in the form of a new product or service, or an improvement in organization or process.

Intellectual Property - The group of legal rights to things people create or invent. Intellectual property rights typically include patent, copyright, trademark and trade secret rights.

Microenterprise/Microfinance - The supply of loans, savings, and other basic financial services to those in need to establish or expand a small, self-sustaining business.

Microloan Program - Developed by the SBA to increase the availability of very small loans to small-business borrowers, these funds are available from private, nonprofit intermediaries.

SBA - Small Business Administration; A federal government agency that makes, guarantees and purchases loans to small wholesale, retail, service and manufacturing businesses.

SBDC - Small Business Development Centers; provides management assistance to current and potential small business owners.

SBIC - Small business investment companies; lending and investment firms that are licensed and regulated by the Small Business Administration.

The licensing enables them to borrow from the federal government to supplement the private funds of their investors.

Seed Funding - The money used to purchase equity-based interest in a new or existing company. This funding is usually quite small since the venture is still in the idea or conceptual stage.

Startup - A new business venture in its earliest stage of development.

Technology Transfer - The process for moving discoveries and inventions from university labs into the private sector; enhanced by the Bayh-Dole Act of 1980 that allowed for the transfer of exclusive control over government funded inventions to universities and businesses operating with federal contracts for the purpose of further development and commercialization.

Venture Capital - The money and resources made available and invested in startup firms and small businesses; also called risk capital.

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Entrepreneurship in Action There are many reasons individuals decide it’s time to start their own business. Similar to many life decisions, it should involve careful consideration before actually making the move. Is it the right time to take the risk? Every entrepreneur must answer that for him or herself.

F

or Denise L. Devine, a Beta Gamma Sigma member from her undergraduate days at Villanova University, the entrepreneurial path was paved by what she considered a glaring need – a flaw – in the nutritional fare available for children. After many years as a successful businesswoman in corporate America, Devine, the president and CEO of Nutripharm, Inc. and Devine Foods, Inc. (www.devinefoods.com), said that motherhood was the spark that made her decide to take the chance on entrepreneurship. She was working as director of finance and investment strategy for Campbell Soup Company, but was dismayed by the lack of nutritious, convenient food for children.

“At the time, my children were very young,” Devine said. “That was at the time the first food pyramid was released by the USDA and I was feeling quite frustrated working for a large food company. I was a frustrated consumer myself because I couldn’t find nutritious food for my children. Being a busy working parent, it was even more difficult to find healthy, convenient food that you can pack in lunches for daycare or preschool.

“I began to do a lot of research and I began to get angry. I’m very passionate about this issue, and the only way I can describe it was that it was something I felt compelled to do.”

Her initial idea was a healthy alternative to juice called Fruice. Packed with more vitamins and minerals, but without the excess sugar, Devine said it was the catalyst for her company. While she admits she “didn’t have a clue” at first about how to execute her ideas, she sought out others who could help. She consulted with a group of chemists and others at Cornell University who worked with her ideas and began developing them into products. At the same time, she received financial support from the Ben Franklin Technology Partners, which describes itself on its website as “a statewide network that fosters innovation to stimulate Pennsylvania’s economic growth and prosperity.”

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Devine said she initially discussed with the people at Cornell how best to develop and market her one product, but they encouraged her to think bigger.

“I kind of put my MBA hat on and said, ‘Well, this is much broader than just this initial product. There are many product applications that we can do.’ I just got energized around it and decided that I really wanted to try this.”

Devine said her company’s strategy has changed over the last couple

Denise Devine President and CEO, Nutripharm, Inc. and Devine Foods years. Recently they have worked with the USDA to develop healthier products for school lunch programs. They have entered into some other new development agreements with large companies. And their children’s beverage line, formerly called Fruice, is being re-launched at the end of the year under the umbrella brand “Froose.”

“That was a branding issue, because we want to develop an umbrella brand for young children,” she said. “The other spelling really indicated a beverage more than anything, with a play on ‘juice.’

Although we will have a beverage, we hope to kind of expand the line and say, ‘This brand means quality, nutritious products for young children ages one to six.”

Devine said there are many different avenues and goals for the budding entrepreneur, but she is most proud of the fact that her company is doing something positive for others. She said her entrepreneurial “itch” may be different than others.

“I had an itch to arrange my life differently,” she said. “ I have always felt the need to be part of something that makes a difference. That’s very gratifying to me.”

Although she was very successful,

Devine came to the conclusion that the corporate world was not for her.

“I was getting to the point in my career where there was this endless waste of time – meetings and talking about things that never got done – but that’s how big corporations operate.

“There was a lot of politics involved, and if you don’t particularly like to play politics, it’s not a pleasant place to be. I know how to play the game but it just seemed like an incredible waste of energy.”

Devine said that for her, making a difference is the key. She recently chaired a panel on social entrepreneurship as part of a conference sponsored by the Center for Leadership and Corporate Governance at Villanova. Even if her company doesn’t become a huge capital success, she’s pleased that her entrepreneurship has opened up avenues for her voice to be heard. She said she is able to share her message at national conferences where she is often invited to speak.

“I shake trees,” she said. “Hopefully I plant seeds. We cannot ignore these health issues, especially with children. We just can’t.”

That kind of passion is the No. 1 thing a successful entrepreneur must have, according to Devine. She also

mentioned stamina, multi-tasking, the ability to get by on little sleep, and a willingness to “roll up your sleeves and do what needs to be done” as vital ingredients in a successful venture.

Devine said that persistence is important because the outside world would not always make it easy for the budding entrepreneur to succeed.

“I think it’s important to see this clear path and not be discouraged when people throw stones at it, because they will,” she said. “You have to be willing to see the path, believe in it, and have the stamina and persistence to stick with it.

“You have to stand your ground and have confidence.”

Christian Erickson Founder, Biz4Kids

S

MBA, Erickson is the founder of Biz4Kids (www.biz4kids.com). In a twist that reinforces his belief in entrepreneurship, his company makes and sells kits that teach children how to plan, create and grow their own businesses.

“The idea for my business started while I was getting my MBA,” Erickson said. “I realized that there was so much I could have learned about business when I was much younger. So I thought I would write a book about it and teach young people how they could start and run their own small businesses.

“What it morphed into was a business kit with worksheets and business tools. I never really thought of it as a business at first – it started as a hobby and turned into a business. When it got bigger and drew more interest, that’s when I decided to go at it full time.”

Erickson’s philosophy is that children can build character through entrepreneurship by having a plan, setting goals, and seeing those goals become reality. A child may choose to operate a lawn-mowing business, babysitting enterprise, dog grooming (or sitting) service, or any number of other small businesses.

ome people can be described as serial entrepreneurs.

Their drive to create, build and grow allows them to look beyond former failures and pursue yet another idea. Christian Erickson is that type of person.

FAD1015_BetaGamma_Dam.qxd A Beta Gamma Sigma member from Baylor University, where he earned his

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9

CONTINUED FROM PAGE 9 He’s now working to get investors interested. He’s done a great deal of market research and earlier this year decided to jump in, quit his regular job and devote full-time energy to Biz4Kids.

“In April 2005…a journalist from the Wall Street Journal had talked to me and told me he was going to write a story on Biz4Kids,” Erickson recalled. “At the same time, from my market research I knew that I had a very good opportunity to go to home-school shows and to have conversations with customers face-to-face throughout the summer. So, I weighed where I was at the marketing agency (his employer at the time) and where I wanted to be in a year. I knew that my best alternative was to pursue Biz4Kids full time.

“If I didn’t take that chance, I felt like I would have always looked back and said, ‘Why didn’t I do it?’”

Erickson recently internationalized his business, agreeing to make an individual a “licensee” of Biz4Kids in Singapore. He said it can be tough for an entrepreneur to maintain focus on his or

her core business while also growing the enterprise.

“I think you need to look at, ‘Where will this take your focus?’ For me, I was approached by a gentleman in Singapore

who was interested in using the Biz4Kids brand and sharing resources to help with his business.

“I knew from doing some research that this was something that would not occupy a tremendous amount of my time. At the same time, I have an interest in learning about the entrepreneurship education of other cultures.”

As with most serial entrepreneurs, Biz4Kids isn’t Erickson’s first attempt.

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In the late 1990s, he started a business during the dot-com explosion.

“We made all the mistakes,” he said.

“We had too much overhead. We had too many people involved at the wrong time.

But I tried to take some of those lessons and apply them to Biz4Kids as it became more of a business.”

Erickson said you must be willing to fight for your idea to achieve success as an entrepreneur. You must have passion, even if others don’t agree with you along the way.

“If you look at the great entrepreneurs like Fred Smith, he created FedEx,” he said. “What a crazy idea, to think you can create a mail service.

“But I think Fred Smith had something that no one at the Postal Service had and that was a passion for making his idea a reality.”

You can probably guess the answer to the question, but if he had it to do all over again, would Erickson choose the entrepreneurial path?

“Oh, yeah, it’s something that I love doing. I wish I had gained some of the skills that I’m trying to teach these kids through Biz4Kids at a younger age.”

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Beyond Expectations

10

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Entrepreneurial Failure Failure is not an option! That’s the ba�le cry of the entrepreneur.

succeed no ma�er how many failures it takes, given a willingness to learn from each failure.

I’ve o�en suspected the slogan, “failure is not an option,” reveals a rigidity that is incompatible with the continual growth and adaptation that is essential to a successful entrepreneur. For the restaurateur in lower Manha�an who finds that 9/11 has destroyed the dining traffic, why not run inexpensive lunches to the rescue workers and onlookers at Ground Zero? For the Baghdad statue maker, surely there’s some reconstruction work coming up.

But if “failure is not an option,” what happens if you fail?

The Small Business Administration (SBA) keeps the stats on business failures and claims that more than half of new There are a gazillion stories of failed entrepreneurs who came businesses will disappear in the first five years. I believe back from a disastrous failure only to dust off the battered suit and that’s a conservative estimate, since there are surely countless try another business launch, then finding stunning success. numbers of small companies started in spare bedrooms that launch and fail without ever reaching the radar of the SBA. The U.S. bankruptcy laws were wisely devised with I’ve done a couple of those myself. the understanding that our society is served when failed Yet I still hear that common assertion from the new wideentrepreneurs are given another chance. Failure, even serial eyed entrepreneur: “Failure is not an option!” So what do failure, can be the first stage of a very successful journey. Those you do if you’ve decided that failure is not an option? Do you who place power in the idea of failure is not an option, may see commit suicide when you end up among the majority of starttheir business collapse without allowing themselves the deep ups that crash? A small percentage of entrepreneurs actually lessons that come from a business disaster. Success o�en comes take this grim avenue. I wouldn’t recommend it. I think a wise to those willing to keep coming back, albeit a li�le bit smarter entrepreneur needs to have plenty of options, including failure. each time.

There are a gazillion stories of failed entrepreneurs who Rob Spiegel is the author of Net Strategy (Dearborn) and The came back from a disastrous failure only to dust off the ba�ered Shoestring Entrepreneur’s Guide to Internet Start-ups (St. suit and try another business launch, then finding stunning Martin’s Press). success. The most-o�en repeated story of failure followed by more persistence is Thomas Edison’s tale of 2,000 failed a�empts at creating an effective light bulb that preceded his success. I’m sure his family was convinced he suffered from an obsessive-compulsive disorder. In our contemporary world, his loved ones would certainly push him into therapy.

A successful business is o�en preceded by failure, sometimes serial failure. So when I hear the phrase, “failure is not an option,” I wonder what will happen if the business collapses, especially since many of the reasons a business crumbles are out of the hands of the entrepreneur. Let’s get Taoist for a moment. You do everything you can think of to make your business succeed. You open a small restaurant in lower Manha�an in August, 2001. Then, 9/11 comes along.

You’re gone. Or suppose you launched a bronze statue business in Baghdad last fall? What can you say about failure under those circumstances? That failure’s not an option?

The “failure is not an option” crowd insists that if you allow failure into your consciousness you doom yourself to it. I think this is the same bunch who visits you in the hospital a�er you break your leg and ask, “What is it that you needed from this experience?” Some new entrepreneurs seem to believe that reality is li�le more than the projection of will. Thus, if they commit to the belief that “failure is not an option,” they will not fail. That’s like standing in the middle of Baghdad chanting “I am safe, I am safe” instead of ducking behind a strong bunker.

Businesses are launched and they fail or succeed in a world that truly seems impervious to the projection of willfulness no ma�er how intensely focused that determination may be. Yet this same world is not impervious to repeated a�empts to get it right. The world is especially pliable for those determined to

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2005 Medallions for Entrepreneurship Throughout this edition of the International Exchange, the idea of entrepreneurship has been at the forefront. Articles have examined various aspects of entrepreneurship, demonstrating the many shapes and forms that entrepreneurialism can take.

At this point it should be clear that entrepreneurship is by no means a simple cookie-cutter concept. Nor for that matter is there a one-size-fits-all plan for entrepreneurial success.

Rather, entrepreneurship is a dynamic concept that varies as greatly as the individuals who pursue it.

For a clear illustration of the diversity that exists within the entrepreneurial realm, one can look to the 2005 Beta Gamma Sigma Medallion for Entrepreneurship recipients – Gerald P. Buccino, Florine Mark and Donald Schoendorfer.

While all of these individuals have proven themselves to be highly successful business professionals, their paths to entrepreneurial success have gone in three very different directions.

Florine Mark

As President and Chairperson of the largest franchise of Weight Watchers International, Florine Mark has built a successful entrepreneurial career from selfimprovement.

Mark, seeing a market opportunity, borrowed $25,000 to buy the first Weight Watchers franchise in Detroit, Mich. in 1966. Starting off as a “one-person shop,” Mark taught classes in rented auditoriums.

Gradually, she expanded her operations by hiring Weight Watchers graduates to work as instructors.

By 1968, Mark’s company, The WW Group, Inc., had established new Weight Watchers franchises in Ohio and Canada. In 1972, the WW Group expanded even further, heading south of the border to establish a franchise in Mexico.

Over the next three decades, Mark would establish and acquire franchises from throughout the Midwestern United States, becoming the largest single franchise holder of Weight Watchers International. At the WW Group’s height, more than 3,500 employees worked for Mark, teaching more than 4,000 Weight Watchers classes per week.

In 2003, Mark took her hard work to the bank, selling 70% of her franchises to Weight Watchers International 12

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for a reported $181.5 million.

“Her story is a classical business story of someone observing a market opportunity, seizing that opportunity, and building upon it,” said Harvey Kahalas, Dean of the Wayne State University School of Business Administration.

In addition to her work with Weight Watchers, Mark hosts a syndicated radio show called “Remarkable Woman,” which features extraordinary women who positively impact society. Mark also hosts “Ask Florine,” a weekly television news segment.

In 2004, Mark published her first book, a self-help guide titled “Talk to the Mirror: Feel Great About Yourself Each and Every Day.” Mark’s additional professional and charitable work has included a three-year term as chairperson of the Federal Reserve Bank of Chicago Board of Directors, and serving as a board member for the American Heart Association.

Mark has also worked extensively to raise funds for ALS, or Lou Gehrig’s Disease, research. Mark and her husband, who passed away from rapid onset ALS in 2004, set up the Dr. Bill and Florine Mark-Ross Fund for ALS Research in 2003. Following her husband’s death, Mark served as honorary chairperson of the 2004 Ultimate Charity Auction and Gala, a fundraiser for ALS of Michigan.

Mark also dedicates her time to higher education, serving on the Boards for Wayne State University’s School of Business Administration, College of Education, and School of Medicine.

Gerald P. Buccino

For more than 30 years, Gerald P. Buccino has been known for his ability to help companies make more money.

Considered one of the deans of the turnaround management profession, Buccino has made a career of improving cash flows and enterprise values.

Working with CEOs, boards of directors, lenders, creditors, and other economic stakeholders, Buccino and his company, Buccino & Associates, Inc., have developed an array of successful business turnarounds and reorganizations.

Founded in 1981, Buccino & Associates was one of the first turnaround/crisis management firms in the United States providing debtors, creditors, investors

and other stakeholders with cost-effective services to position companies for long term profitability.

Among the services provided

by Buccino & Associates are turnaround consulting, crisis and interim managements, insolvency and reorganization services in judicial and non-judicial settings.

Buccino was one of seven executives who founded the Turnaround Management Association in 1987.

Buccino is a former chairman of the TMA, and currently serves on several councils within the organization.

In addition to the time Buccino spends in the boardroom, he makes regular appearances in front of audiences. As a public speaker, Buccino lectures on a variety of restructuring topics including corporate governance, the warning signs and causes of business failures, and related crisis management techniques. Buccino has authored more than 25 published articles on these and other turnaround related subjects.

In 1996, Buccino provided for the endowment, in perpetuity, of a scholarship at Seton Hall University’s Stillman School of Business’ Center for Leadership Studies. Students receiving the four-year scholarship keep in touch with Buccino, meeting with him several times during their collegiate career.

“Working with students and guiding them in their educational and career pursuits provides me with a great deal of satisfaction,” said Buccino. “I am grateful that my business success has enabled me to give back to the community in meaningful ways.”

Buccino’s additional philanthropic activities include the establishment of the Buccino Foundation in 1990.

The foundation provides significant financial assistance for a variety of causes including medical research, the handicapped, battered women and the homeless.

Donald Schoendorfer

As an inventor holding more than 50 patents in the medical field, Donald Schoendorfer has established himself as both a talented biomedical engineer and a successful entrepreneur.

Schoendorfer, founder and President of the Free Wheelchair Mission, is the creator of one of the most rugged and cost-effective wheelchairs ever made. Using

common and easily attainable materials, the wheelchairs can be assembled for about $28.

The wheelchairs are then sent to developing nations and given, free of charge, to poor and disabled individuals.

It was during a trip to Morocco that Schoendorfer became compelled to help the 130 million plus disabled people in the world living without wheelchairs.

“I saw a woman dragging her body across a dirt road. She had the use of only one arm. Even the beggars sneered at her. She was so humiliated she couldn’t even beg,” Schoendorfer said.

In order to pursue his goal of creating a durable and inexpensive wheelchair, Schoendorfer left his already successful career as a biomedical engineer and started the Free Wheelchair Mission.

In 1999 his work came to fruition. Using a $3 patio chair, a pair of mountain bike tires, a home made metal frame and other simple components, Schoendorfer invented a wheelchair that could be assembled and shipped to anywhere in the world for $41.17.

Since that time more than 75,000 wheelchairs have been distributed to those in need in 46 developing nations.

Schoendorfer was nominated for the Medallion of Entrepreneurship by the BGS chapter at Loyola Marymount University.

Fred Kiesner, Hilton Chair of Entrepreneurship at Loyola Marymount, considers Schoendorfer a true social entrepreneur.

“When I met this guy (Schoendorfer), he was so humble, deep and strong. I mean here’s this guy who holds 50 some medical patents, who was already a successful entrepreneur by any means, and look what he has done. He gave it up to help others in need,” said Kiesner.

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CONTINUED FROM PAGE 7

“Forget your skills,” she said. “Forget being intelligent, bright, articulate and all that stuff. It’s more, ‘Do you have the stamina, are you persistent, are you willing to take criticism, are you willing to enter a lot of David and Goliath scenarios?’”

The path to entrepreneurial success is littered with 16-hour days, seven-day workweeks, financial and human resource headaches, unexpected disappointments, and negative circumstances often beyond the entrepreneur’s control.

Failure – Friend or Foe?

Swangard said that his organization considers failure to be a learning opportunity. He says their mantra is, “What doesn’t kill you makes you stronger.”

“Henry Ford was six ventures in before the Model T came along,” he pointed out.

Christian Erickson, a Beta Gamma Sigma member who founded a company called Biz4Kids (see page 9), said his earlier entrepreneurial failure helped him avoid many pitfalls in his next venture.

“You definitely see things a lot differently,” he said. His first business, which was started during the dot-com period of the late 1990s, had him approaching investors before the company had developed any revenue streams. When that business failed, like so many others at the time, it caused Erickson to survey the overall landscape, establish his business as a viable one, and then go after investors.

learned a lot that I wouldn’t if I had stayed on the corporate path,” she said. “I would try to use the skills I’ve acquired to have an impact in a bigger arena. Maybe not a large corporation, but I definitely know how to be an intrepreneur.

“There are companies that allow little groups within their organization to move forward without being hampered with all the large corporate stuff. That’s the sort of thing that would interest me if I wasn’t doing this anymore.”

It Ain’t Easy…But For Many, It’s Worth It

Devine said the major media tend to do a disservice to budding entrepreneurs. By highlighting and celebrating only those who have made it big as entrepreneurs, they sometimes distort reality. She said it’s important for students and young entrepreneurs to understand the truth.

“Sometimes companies that are highlighted in the press, they make it look too easy, like there are all these overnight successes,” Devine said. “And that is so, so, so rare. So rare.

Early Stage Entrepreneurial Activity by “I travel in a lot of different World Region and Growth Expectations entrepreneur and business circles, % of Adult Population and it’s very rare.”

1.75 The path to entrepreneurial Expect More than 20 Employees Within Five Years 1.5 success is littered with 16-hour Expect More than 50 Employees Within Five Years days, seven-day workweeks, 1.25 financial and human resource headaches, unexpected 1.0 disappointments, and negative .75 circumstances often beyond the entrepreneur’s control. A sound .5 business plan, a great idea, sufficient capital and the stamina .25 to see it through does not provide 0 a guarantee of success.

Developing Highly Europe Nordic Africa Oceania North Latin Asia America & Israel Countries Developed Still, thankfully, the stream America Asia of entrepreneurs continues to Source: Global Entrepreneurship Monitor grow – believing their ideas will be the next big things. Faced with “I’ve just begun talking to some angel investors,” he statistics that say more than half of all new enterprises fail said. “I’ve run the business full-time for seven months, and within the first five years, they move forward believing their I’ve had the product and idea for more than two years. I ideas can beat the odds. The spirit of independence is alive wanted to get a product and get some revenue – really build and well. some value – before I went to investors this time. I wanted “For me it became kind of a mission,” said Erickson of to have more of a business to share with an investor as starting his new company. “I wanted to create something opposed to the old, ‘Do it on a napkin.’” myself – I wanted to do it – and I wouldn’t be satisfied until Devine said in the event her business “didn’t continue I had.” for whatever reason,” she knows the lessons she’s learned Spoken like a true entrepreneur. through the process would still be valuable.

“It’s been an incredible learning experience, and I’ve

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Beta Gamma Sigma Regardless of demography or geography, members of the Beta Gamma Sigma Alumni Network are united by the common thread of academic excellence. As such, Alumni Chapters strive to build ties with the college campuses in and around their respective metropolitan areas.

These ties benefit Beta Gamma Sigma’s collegiate membership in many ways. New members are able to use the alumni chapters as a resource for job information, career advice, and networking contacts.

In addition, some of Beta Gamma Sigma’s alumni chapters qualify to award a BGS Scholarship to a deserving student member in their area. The Society provides $500 toward a chapter’s scholarship, which must be matched by the chapter so that a $1,000 scholarship is awarded. Some chapters fund additional scholarships on their own.

Scholarship recipients are chosen based on the merits of their academic achievement and societal contributions, and represent the core values of Beta Gamma Sigma.

Eliot S. Metzger Majoring in Business Administration and Environmental Sciences, Eliot Metzger proved his academic worth in both fields while attending the University of San Francisco.

While an undergraduate, Metzger compiled a 3.95 cumulative grade point average. Using his academic prowess, Metzger served as both a tutor in the Business Department and a research assistant in the Department of Environmental Science.

Metzger, selected as a scholarship recipient by the San Francisco Area Alumni Chapter, completed his undergraduate degree in Spring 2005. Metzger plans to combine his undergraduate interests at the graduate level, pursuing a master’s degree in Environmental Management.

Kevin P. Schohl Inducted into Beta Gamma Sigma as a junior attending Boston College, Kevin Schohl was chosen as the 2005 Boston Area Alumni Chapter scholarship recipient.

Schohl holds a 3.9 GPA and ranks sixth in his class.

He is expected to complete his undergraduate studies in May 2006.

His work experience has included interning with JP Morgan Chase and serving as general manager of “The Heights,” Boston College’s independent newspaper.

Casey D. Tucker As a senior studying Banking and Financial Institutions at Sam Houston State University, Casey Tucker has maintained a perfect 4.0 G.P.A. in her undergraduate studies.

Awarded the scholarship by the Houston Area Alumni Chapter, Tucker was inducted into Beta Gamma Sigma as a junior in Spring 2005. She is expected to graduate in Spring 2006.

In addition to her academic studies, Tucker has worked as an interviewer with Promark Research Corporation.

Tucker has also interned with Klein Bank and Trust and has volunteered with the Montgomery County Republican Headquarters.

Amanda J. Krayniak Selected for the scholarship by the St. Louis Area Alumni Chapter, Amanda Krayniak is in the final semester of her undergraduate studies.

Specializing in the area of Economics and Finance, Krayniak has compiled a 3.95 GPA while attending Southern Illinois University Edwardsville. Following her graduation in December 2005, Krayniak plans on continuing her studies at the graduate level.

Krayniak, who has previously worked as a legal assistant, has also been active in the political realm. In addition to serving as the elected treasurer of the SIUE Conservative Student Organization, Krayniak has volunteered with many political campaigns, including the Illinois senatorial run of Alan Keyes in 2004.

Nicole L. Dinkelmann On its own, the St. Louis Area Alumni Chapter funded a second scholarship in 2005. Nicole Dinkelmann is a graduate student attending Saint Louis University.

Inducted into Beta Gamma Sigma as a junior, Dinkelmann completed her undergraduate studies at SLU in May 2005. She is currently pursuing her Masters of Accounting, and is expected to receive her graduate degree in May 2006.

As an undergraduate, Dinkelmann earned a 3.943 GPA while studying Accounting and Finance.

Her previous work experiences have included an internship with KPMG and a part-time job as a legal assistant.

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Gifts from Friends

GENEROUS DONORS SUPPORTING BETA GAMMA SIGMA May 1, 2005 - October 31, 2005

Beta Gamma Sigma gratefully acknowledges the support of the following individuals, as well as the organizations listed on the back inside cover. Without this assistance, the Society would be unable to continue adding value to the lifetime membership.

Director’s Table $1,000-$1,999

University of California, Berkeley Henry F. Trione University of California, Irvine David H. Blake Loyola Marymount University John T. Wholihan University of Pennsylvania John C. Hanson Western Illinois University Vicki C. Klutts

President’s Cabinet $500-$999 North Carolina A&T State University Bernard J. Milano Northwestern University Ernest C. Styberg

Dean’s Club $250-$499

Seton Hall University Karen Boroff University of South Florida Edward B. Smith

Century Club $100-$249

University of Akron David Leshner Arizona State University Gardiner S. Du�on Arkansas State University Robert A. Tims University of Arkansas Anne H. Larew Baruch College, CUNY Anthony K. Adjei Baylor University Sally M. Delbeccaro David M. Jacobs Boston College James R. Kearnan William D. McInnes, SJ Bowling Green State University Michael W. Hoffman University at Buffalo, State University of New York Jack L. Bentley California State University, Long Beach Rosa N. McDonald University of California, Berkeley Frank V. Giarratana Ira K. Vantress, Jr. University of Colorado Makoto Fletcher Thomas C. Nelson

University of Colorado at Colorado Springs Eileen S. Burnley East Carolina University Hal S. Johnson Emory University Solon P. Pa�erson Florida State University George W. Lovelace University of Florida Yannis N. Karayannis Louis F. Morr George Washington University Carl W. Anderson Georgia Southern University Mary F. Hazeldine Howard University John S. Henry University of Illinois Thomas B. Sleeman Indiana University William D. Fischer Warren O. Hilton University of Iowa W. Robert Berg Marque�e University Keith O. Hanson Richard A. Romano University of Maryland Morton H. Offit Mississippi State University Ronnie G. Michaels New York University Gerald A. Leboff

Beta Gamma Sigma Giving Categories The following categories were established by the Beta Gamma Sigma Board of Governors. Each level reflects the generous commitment of our lifetime members.

Governors’ Council $5,000 annual; $25,000 lifetime Chairman’s Board $2,000 annual; $10,000 lifetime Directors’ Table $1,000 annual; $5,000 lifetime President’s Cabinet $500 annual Deans’ Club $250 annual Century Club $100 annual 16

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New York UniversityGraduate School Dorothy W. Sprague Gunda E. Vesque Nicholls State University Richard Barker III Northeastern University Weili Guan Northwestern University James L. Kaboski The Ohio State University John R. Ervin Charles W. Plum University of Oklahoma Charles T. Doyle University of Pi�sburgh James A. Maochi Roosevelt University Jacqueline J. Goldberg Rutgers, The State University of New Jersey Newark Harold Haddock, Jr. University of South Florida Lois A. Sorensen

Southern Illinois University Carbondale Terrence A. Foster Syracuse University Gustav J. Braun Temple University Frank Podietz University of Tennessee at Knoxville Kenneth W. Pa�on Texas Tech University James M. Blackshear Washington and Lee University Richard H. Turrell Washington University Howard E. Lovely University of WisconsinMadison Donald L. Stehr University of WisconsinMilwaukee Richard E. Thickens University of WisconsinOshkosh Sharon F. Alferi

Matching Gift Contributors

Alliant Energy Foundation Keith Bouterse Altria Kimberly A. Starke AT&T Joanne Lavin ChevronTexaco Robert E. Hafey Coca-Cola Enterprises Gregory G. Strauss Datascope Corp.

William Tamke Emerson Robert M. Cox, Jr. International Data Group Angele Boyd Myers Pfizer Foundation Christina Carr Sun Microsystems Foundation, Inc. Clay G. Foster The UPS Foundation Enrique C. Roig Wachovia Foundation Randy K. Cox

Thank You!

FOR YOUR GENEROUS SUPPORT

Gifts to the

Beta Gamma Sigma 21st Century Appeal The following individuals made a four-year financial commitment to Beta Gamma Sigma through the 21st Century Appeal. You can make a similar pledge at www.betagammasigma.org/appeal.htm.

Arizona State University David M. Nicol Colorado State University Sco� T. Baker Columbia University Patrick Wielemans University of Florida Yannis N. Karayannis Indiana University Kokomo Robin L. Clark

University of Maryland Cheryl L. Querry New York University Graduate School of Business Michael Yakir University of Rochester Engelbertus Pennings Washington State University Lisa R. McMullen Baruch College, CUNY Patrick McCarty

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All these fine Cutter & Buck items feature the Beta Gamma Sigma logo Cutter & Buck Writing Pad Cutter & Buck Executive Organizer

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Beta Gamma Sigma thanks those organizations that generously support the Society’s programs and services Beta Gamma Sigma is always seeking ways to make its lifetime membership more valuable. If your company or organization would like to join those listed by supporting the Society’s programs and services, please contact the Central Office at: partners@betagammasigma.org 800-337-4677 (US) 314-432-5650 (outside US)

AACSB International AACSB Accredited Business Programs Answer Financial AVIS Rent A Car System, Inc. Barnes & Noble.com Business 2.0 magazine BusinessWeek magazine Corporantes, Inc. Enterprise Rent-A-Car Ernst & Young LLP Financial Times GEICO Auto Insurance Graduate Management Admission Council (GMAC) Kaplan and Schweser Test Prep Services KPMG and the KPMG Foundation LIFE, Inc. Marriott International Masters of Design MBNA Princeton Review SIRVA - BGS Home Benefits The Wall Street Journal

Beta Gamma Sigma, Inc. 125 Weldon Parkway Maryland Heights, MO 63043-3101 www.betagammasigma.org bgshonors@betagammasigma.org (314)Â 432-5650