News and Events
Business student project elevates entrepreneurial thinking through local engagement
April 13, 2021
Fourth year business students from Medicine Hat College (MHC) are experiencing entrepreneurship as part of the ENTR 4433- business plan development course.
This project challenges learners to create a product with market value while outlining key components ranging from a full marketing plan and financials to consumer research and human resources.
As part of the course, students gain access to mentorship from local community professionals including lawyers, financial advisors, marketing and graphic experts as well as local industry representatives. Ideas are then presented to a panel of judges for a chance to receive cash incentives ranging from $250 to $1000.
“This project integrates all of the key components that students learn throughout their education. They are developing super complicated business plans from scratch and are being asked to consider everything from how to create a corporation to what job descriptions they need,” says Miranda Davies, coordinator and instructor in the School of Business and Continuing Studies. “They are even identifying where they’ll operate their business out of and how much revenue will be required to create a sustainable business.”
Twelve teams participated and ideas ranged from COVID-safe buffet utensils and sanitizing towel racks to remote-controlled snow cleaners and ice fishing shacks.
For Jordan Brooks, this course was an exceptional and unique learning experience that challenged him to build a prototype to help his team overcome the hurdle of construction and feasibility.
“Our company – TinyDesk – is focused on providing everything from foldable desks and chairs to shelving with over 1700 cubic inches of storage to offer Canadians the tools they need to be productive with limited space. We focused on local partnership for the acquisition of our building materials, and even went as far as to construct a prototype so that we could not only have a concept but test its practicality.”
Emily Wouters, along with her team, created a business plan that revolves around purchasing the Ogilvie Flour Mill in Medicine Hat, a historical building dating back to the early 1900s.
“Medicine Hat wouldn’t be where it is today without the Ogilvie Flour Mill and we wanted to create a business that honoured its heritage while empowering its future through innovation,” says Wouters. “That’s where we discovered the exciting world, and nutritional benefits, of pulse crops. For our business, we will be milling pulse crops, like lentils, dry peas, dry beans and chickpeas into a wheat flour substitute to support those with gluten intolerance or provide an extra source of protein.”
The students will be pre-recording their presentations on Apr. 12, 2021 and a live Q&A will be hosted on Apr. 14, 2021 in-front of judges.
MHC would like to thank the various professionals who provided mentorship to the students including RBC and their continued contributions towards entrepreneurship.
For more information on the business program or student projects, visit www.mhc.ab.ca.