Developing Entrepreneurial Developing Entrepreneurial Leadership In and Out of theLeadership In and Out of the

ClassroomClassroom

Renae Chesnut, RPh, MBA, EdD

Commitment to Entrepreneurial LeadershipCollaborations

– MBA, MPA, Business minor– Shaping Your Pharmacy Future

CPHS Strategic Plan– Instilling an entrepreneurial spirit– DELTA Rx Institute (www.deltarx.com)

Entrepreneurial Mgmt Major; Minor

DefinitionAn entrepreneurial leader works to advance the

profession of pharmacy by mobilizing others to proactively identify and pursue new opportunities to create value for patients and society.

MissionTo advance the profession by empowering

practitioners, faculty, and students to boldly pursue opportunities for breakthrough achievements. The Institute instills a philosophy of life that embraces innovation and perseveres to affect change.

DELTARx.com– Articles – Profiles– Columns – Services– Programs/Courses–Discussion Board

DELTARx@drake.edu

Drake University and the DELTA Rx InstituteCurricular

– Skills– Course activities– Minor– Rotation experiences

Co-curricular– Competitions– Speakers– Entrepreneurship Day– Internships

Morris MH, Kuratko DF, Schindehutte M, “Towards integration: understanding entrepreneurship through frameworks,” Entrepreneurship and Innovation, February 2001, pp 35-49.

Drake CPHS Proposed SkillsA. Identify an opportunity1

1. Identify needs and solutions to problems 2. Calculated risk-taking

D. Acquire the necessary resources1. Communication of ideas effectively to create buy-in2. Prioritization

E. Implement and manage

1. Teamwork 2. Perseverance

B. Develop the concept1. Innovative and creative problem-solving2. Research and decision-making

C. Determine the required resources

1. Life-long learning2. Economic Analysis

F. Harvest the venture1. Reflection2. Evaluation3. Professional stewardship

Course Activities Examples

Identify an opportunity Identify needs/Risk-taking– Empathy building exercises: What

products/services can be developed?– “What bugs you?”

Develop the ConceptInnovation/Creativity/Problem-Solving– Make a proposal to create buy-in

Curricular Mapping of Course Activities

Determine and Acquire Necessary Resources Lifelong Learning, Communication, Economic

Evaluation, Prioritization– Timed presentations - Elevator Pitches– Experiential activities

Implement/Manage/Harvest Teamwork/Perseverence/Reflection &

Evaluation/Professional Stewardship– Jigsaw Method/Team Based Learning– Ethical Discussions

Entrepreneurial Leadership Minor Tenets

– Flexibility– Consider all aspects of entrepreneurship, including social

entrepreneurship Outcomes

– Understand the role of entrepreneurs as leaders in society– Develop a realistic understanding of what to expect as an

entrepreneur– Accurately assess one’s personal level of entrepreneurial

potential – Develop leadership, team-building, and other management

skills required in the entrepreneurial environment – Recognize the ethical and moral issues involved in leading

entrepreneurial endeavors

Curriculum Rationale

Coursework– Intro to Accounting– Microeconomics– Entrepreneurial

Leadership– New Venture

Feasibility Analysis– Marketing Principles– New Venture

Capstone– Electives - 6 credits

Pharmacy Courses– Management in Pharmacy– Experiential Rotation

Additional Elective Options– Profit Planning and Control– Management Process and

Behavior– Management of Operations– Business/Administrative

Communication

Co-Curriculum

Entrepreneurial Leadership Programs– Entrepreneurs Presentations– Creativity & Innovation Speakers– Student Leadership Development Series

Entrepreneurial Competitions– Drake’s Next Top Entrepreneur Competition– NCPA Business Plan Competition (placed 2nd

nationally in 2010; 6th in 2011)– Drake and Statewide Competitions

Internships

Drake’s Next Top Entrepreneur Competition Rounds

– 1st round: 3 minutes to present a healthcare related idea

– 2nd round:  Given a healthcare problem, have 60 minutes for brainstorming and 3 minutes to present a solution

– 3rd round: Present a mini-business plan Prizes after each round with grand prizes to top 3

following 3rd Round Judges - each round, consist of a panel of 3

judges representing pharmacy, healthcare, and business

Community Pharmacy Entrepreneurial Leadership Summer InternshipsPharmacy Practices

– Compounding– Chain Practice and Administration– Independent Pharmacy

Shaping Your Pharmacy Future Program Modules– Application to the practice setting– Mentoring from practitioner (access to modules)

Entrepreneurial Education Steps

1) Faculty team and development2) Determine goals3) Identify and develop courses and/or

experiences4) Implement5) Measure the outcomes

1. Development of the Team/Faculty

Cross-Disciplinary and Collaborative– Departmental– Entrepreneurship Centers/Programs

Development– USASBE– Experiential Classroom (Ok State Univ.)– DELTA Rx Institute web site– Faculty development sessions

2. GoalsInstill a spirit of change and innovation in pharmacy

Develop entrepreneurial leadership in our students

– Curricular – Co-Curricular

National recognition– DELTA Rx web site

3. Identify and Develop Courses/Experiences Imbedded throughout the curriculum in a variety of

courses through projects, early/advanced practice experiences– Opportunity identification– The Elevator Pitch– E-Field Project– Entrepreneurial Ethics– The E-Rotation

New Courses– Business plan, Finance, Marketing

Concentration, Minor, 2nd Major

4. Implement

Student Awareness– Expand definition– Explain the application

Utilize Entrepreneurial alums/practitioners

Teaching Methods: Cases, SimulationsContinued Development and Assessment

5. Measure the Outcomes

Great opportunity for research and scholarship! PSEO (Pharmacy Student Entrepreneurship

Orientation) Program Outcomes Professional organizations/fraternities activities

(new ventures, business plan/skills competitions) Senior/alumni surveys Employer surveys