Freshman engineering students participate in a contest in Entrepreneurial Thinking course

This article was written by Kaiden Goz and Emma Tong.

At the end of every spring semester, students taking the course Introduction to Entrepreneurial Thinking, MGT-103, participate in a contest. This contest requires groups of students to create a video to market a product within 14 weeks. The videos serve as a final project for the class. Last year, faculty, students, and alumni were presented with the opportunity to choose a winner from the top 6 contenders. 

This contest encourages students to use the skills they learned in class to actively solve potential consumer problems. The winning team received a cash prize of $1,200. $800 was given for second place and $400 for third place.

Led by Professor Peter Koen, Associate Professor at the School of Business, Introduction to Entrepreneurial Thinking is a course required for engineering majors. Over the semester, Koen and his fellow professors teach Stevens students the value of understanding and meeting customers’ needs. 

Koen is also a researcher and consultant on corporate innovation. During an interview with The Stute, Koen referenced that MGT-103 teaches engineering students “how to solve problems,” and the skill of “how to think like an entrepreneur.” Furthermore, the course provides students with valuable experience on how to create solutions that satisfy customers and consumers in the corporate world and beyond.

Entrepreneurial thinking, as introduced in the course syllabus, is defined as “the process for determining a unique solution to a problem which delights the customer.” The following is the process taught in MGT-103 and is involved in entrepreneurial thinking:

1. Defining the problem 
2. Meeting with the customer
3. Outlining the customer’s desires for the solution
4. Creating a product
5. Showing the product to the customer
6. Making iterations to the product

This process ensures that there is clear communication between the customer and the provider. Students who take this course develop the critical thinking and communication skills that allow them to effectively evaluate and cater to consumer needs. Koen said that this “methodology helps create solutions” while avoiding potential misinterpretations. This addresses a common mistake in which the providers solve the perceived problem versus the actual problem. This model of communication with customers increases efficiency and reduces the need for modifications.

Entrepreneurial thinking is not only important for business majors. Koen stated that the lessons from this course are applicable across many industries. They can be used to “solve problems at Stevens” or in more interpersonal situations; the key is to clearly define the parameters of the problem and what is required from the solution. As this course is for engineering majors, it provides students with insight on how to work with customers and employers to create the right product to solve any problem.

The student’s final project is a group video submission marketing for a potential issue consumers may face. These videos include an engaging opening, usually from the customer’s perspective. For example, Battery Boys, the winning submission, (which can be seen here along with other projects) present a problem, the disconnection of a controller due to lack of battery; a solution, their product, a battery that connects onto the controller; and then the customer’s satisfaction.

Six videos were chosen as finalists in the Spring of 2021, and then the top video was voted on by the Stevens Community. This resulted in the winners, in order, being Battery Boys, Plant Mama, and Instafit. 

Overall, this course and competition help students successfully communicate and solve problems for their customers.

For more information on corporate entrepreneurship and Koen’s research, click here to visit Koen’s website.