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Entrepreneurial Challenge Entry Deadline Extended

Those with a great business idea wishing to enter the Monfort College of Business Entrepreneurial Challenge have a little more breathing room. The deadline for entries has been extended to January 15, 2010 from December 1, with notification of finalists on Feb. 5.

“People who were interested in entering the competition expressed a need for more time to prepare their business plans,” said David Thomas, assistant professor of management at the college. “This extension gives them additional time, and the opportunity to get assistance from the Small Business Development Center, if needed.”

The competition and one-day event will take place at the University Center Ballroom on the campus of the University of Northern Colorado on Thursday, March 25. It consists of a competition, workshops about marketing, financing new ventures, human resources issues, a corporate showcase, and a panel discussion during lunch. There will also be opportunities for networking with top business owners and thinkers in Northern Colorado during the event.

There are two categories of competition: Start Up Ventures and Stage Two Growth, (the latter for companies wishing to take their company to the next level). “This is a great opportunity for people who have an idea for a new business to get some seed money for their project. It’s also a terrific way for existing businesses to get financial help for their next stage of growth,” Thomas said.

There will be three award winners in each category: $5,000 for first place, $3,000 for second and $1,000 for third, for a total of $18,000 in prize money. Guidelines and entry information are available at www.mcb-echallenge.com. 29 finalists will be selected from the entries, and will be notified on February 5, 2010. Finalists will then submit a $100 entry fee, and have until March 25 to prepare their business plan presentation for the competition.

“At the Monfort College of Business, we believe it’s our responsibility to the business community to provide opportunities for growth, education and success,” said Don Gudmundson, dean of the college. “There are many people out there with great ideas, who just need a little incentive to get motivated.”

For those who have a big idea but need a little assistance in preparing their entry or business plan, help is available through the Small Business Development Center. Contact Audrey Nelson at (970) 352-3661 or Audrey.nelson@unco.edu.

Tax Team Recognized at Deloitte National Competition

A team of four University of Northern Colorado Monfort College of Business students have won honorable mention in the Deloitte Tax Challenge national competition. Mick Mrozek, Luke Weimer, Brent Erickson and Alex Bradford will each receive a $200 cash prize, and the University of Northern Colorado will receive $2,000.

Thirty six undergraduate teams from across the country competed simultaneously in regional Deloitte offices. The Monfort team competed in Denver.

“This is the second time in three years that the student team from the University of Northern Colorado has made it to the finals,” said Lorie Milam, instructor with the School of Accounting and Computer Information Systems and faculty sponsor for the tax team. “Students begin intense preparation for the competition in May. They not only have to study and understand the tax codes, but they develop communication skills and learn how to operate as a team,” she continued.

“We are very proud of the accomplishments of these four students,” added Don Gudmundson, dean of the Monfort College of Business. “Their success speaks to the level of education, faculty support and encouragement students receive here, as well as to student performance, dedication and drive.”

The competition tested knowledge, problem-solving skills and the ability to work together as a team. Student teams worked against the clock to complete a complex, hypothetical case study that required them to analyze information and identify data relevant for tax purposes, identify issues and alternative tax treatments, and develop a recommended solution that appropriately cites the Internal Revenue Code and Treasury Regulations. At the end of the competition, each team prepared a written solution to their case and submitted it to a panel of judges from Deloitte Tax LLP for evaluation.

First place in the undergraduate division went to Brigham Young University, second place was awarded to the College of William and Mary and third to the University of Wisconsin/Madison.

The competition is sponsored by the Deloitte Foundation, a non-profit arm of professional services firm Deloitte & Touche USA LLP. The nationwide interscholastic competition for undergraduate and graduate tax students begins with regional competitions every October.

State Farm Continues Generous Support of the Monfort College of Business

Once again, State Farm Insurance Co. in Greeley has made a major donation to the Monfort College of Business at the University of Northern Colorado. The $100,000 donation is earmarked for student scholarships and support programs during the 2009-2010 academic year. The company has donated more than $539,000 to the Monfort College of Business since 1991, and an additional $332,000 to other programs at the University of Northern Colorado.

The donation will fund scholarships for more than 30 students and support a variety of programs including: a student competition for the college’s advertising and promotions class; Avanza, which encourages and promotes bilingual business majors; and the Monfort College of Business component of the First-Year Experience, a UNC class aimed at helping students stay in school. The business component of the class is a self-paced online offering that helps first-year students manage their personal finances.

“We’re proud to support the Monfort College of Business and the University of Northern Colorado,” said Ken Cook, vice president-operations for State Farm in Greeley, board chair of the UNC Foundation and member of the college’s Dean’s Leadership Council. “State Farm believes in supporting higher education in the region, since an educated workforce is beneficial to everyone living in Northern Colorado. We hope that other area companies will choose to support the college in their preparation of our future workforce.”

“We are grateful for this continued support of the college,” said Don Gudmundson, dean of the Monfort College of Business. “This kind of support provides more resources for student success and is invaluable during difficult economic times. It shows great leadership on the part of State Farm.”

Community Invited To Attend Global Entrepreneurship Week Event at UNC

Three successful entrepreneurs will share their success stories and insights at an interactive forum at the University of Northern Colorado on November 18. Jake Jabs, founder and President of American Furniture Warehouse, Brian Schwartz, author of 50 Interviews: Entrepreneurs, and Troy McWhinney, Executive Vice President and co-founder of McWhinney Enterprises will discuss the entrepreneurial mindset, perseverance in tough times, how to start a business and tips on how to be successful.

The event takes place at Milne Auditorium in Kepner Hall from 5-7 p.m. Admission is free for students and $5 for the general public. It is part of Global Entrepreneurship Week and sponsored by the Monfort College of Business Entrepreneurship Club at the University of Northern Colorado.

“While this is the first year that the Entrepreneurship Club is participating in Global Entrepreneurship Week, it is the third consecutive year we’ve put on an interactive forum,” said Derek Hofmeister, president of the Entrepreneurship Club and student at the Monfort College of Business. “We’re very excited to be a part of a global movement and hope that students, faculty and the community at large will join us for this special event.”

The goal of Global Entrepreneurship Week is to inspire young people to embrace innovation, imagination and creativity. From November 16-22, millions of young people around the world will join a growing movement to generate new ideas and seek better ways of doing things. The Global Entrepreneurship Week is founded by the Ewing Marion Kauffman Foundation and the Make Your Mark campaign based out of Washington D.C.

“Our goal with the Entrepreneurship Club is to foster an inviting atmosphere for entrepreneurship among students and the community,” Hofmeister said. “Our club encourages students to start their own businesses while attending college. We have great resources around here and we just need to capitalize on them.”

Entrepreneurial Challenge Offers Rewards for Big Ideas

Lots of people are talking about the importance of stimulating business growth in Northern Colorado, and the Monfort College of Business is doing something about it.“We’re launching the Monfort College of Business Entrepreneurial Challenge,” said David Thomas, assistant professor of Management. “It’s an exciting competition and one-day event designed to help those with an entrepreneurial spirit—and those who support innovative thinking and business growth— to take it to the next level,” he continued.

There are two categories of competition: Start Up Ventures and Stage Two Growth (the latter for companies wishing to take their company to the next level). “This is a great opportunity for people who have an idea for a new business to get some seed money for their project. It’s also a terrific way for existing businesses to get financial help for their next stage of growth,” Thomas said.

There will be three award winners in each category: $5,000 for first place, $3,000 for second and $1,000 for third, for a total of $18,000 in prize money. Entries are due before January 15, 2010, with guidelines and entry information available at www.mcb-echallenge.com . 29 finalists will be selected from the entries, and will be notified on Feb. 5, 2010. Finalists will then submit a $100 entry fee, and have until March 25 to prepare their business plan presentation for the competition at the Monfort College of Business Entrepreneurial Challenge on March 25 at the University of Northern Colorado.

“The event will consist of workshops, the competition and a luncheon, which is part of the Business Plus Speakers Series,” Thomas said. Workshops will provide guidance and information about writing business plans, financing new ventures and more. There will also be opportunities for networking with top business owners and thinkers in Northern Colorado during the event.

“At the Monfort College of Business, we believe it’s our responsibility to the business community to provide opportunities for growth, education and success,” said Don Gudmundson, dean of the College. “We believe there are many people out there with great ideas, who just need a little incentive to get motivated.”

Best-Selling Author to Discuss Trophy Kids at Business Plus Luncheon

Ask best-selling author Ron Alsop about the Millennial Generation, born between 1980 and 2001, and he’ll describe them in two words: Trophy Kids. They’re 92 million strong, and are preparing to enter the workforce. “And they represent the biggest management challenge to the business world,” Alsop says.

“Trophy Kids Go To Work” is Alsop’s topic as the keynote speaker for the Business Plus Speakers Series luncheon on November 10 from 11:30 a.m.- 1 p.m. The event takes place at the University of Northern Colorado’s University Center Ballroom in Greeley.

Alsop is a former reporter and editor for the Wall Street Journal and author of eight books, including the new The Trophy Kids Grow Up: How the Millennial Generation Is Shaking Up the Workplace.

Alsop describes Trophy Kids as a complex generation with conflicting characteristics. They want the freedom and flexibility of a virtual office, but they also want rules and responsibilities. While hard working and achievement oriented, this generation doesn’t seem to excel at leadership and independent problem solving.

“The Millennials represent a new breed of employee, and Ron Alsop will shed light on how we can maximize their potential as employees at this luncheon,” said Professor Lynn Karowsky, director of the Monfort Executive Professor Program at the University of Northern Colorado’s Monfort College of Business. Monfort College of Business, the University of Northern Colorado Foundation and Northern Colorado Business Report sponsor the luncheon series.

Other Business Plus Speaker Series events include the Monfort College of Business Entrepreneurial Challenge and Luncheon on March 25 and the Women in Business Forum: Money, Management, Marketing & Me on April 14. The cost of the luncheons are $20. For more information visit www.uncalumni.org/events.

NEW EXECUTIVE LEADERSHIP EDUCATION PROGRAM

A unique leadership program targeted at senior executives is being launched by the Monfort Institute (part of the University of Northern Colorado’s Monfort College of Business). Courses in the Sustainable Transformation Program will be taught by role model executives who led transformations at The Ritz-Carlton Hotel Company, Boeing, and Clarke American, along with subject matter experts and principals at the Institute.

“This series of non-credit workshops will help senior leaders design their own leadership systems and transform their organizations or units into sustainable economic, environmental and social enterprises,” said John Latham, director of the Monfort Institute. “Our research on high performing organizations, along with years of experience in leading and advising on transformation initiatives, provides a solid base for a rich experience.”

In the “Architect,” the program’s five-day flagship offering, participants work on their own leadership and organizational challenges, define a real project to work on, and receive follow-up coaching after the course is completed from Monfort Institute facilitators and a personal board of advisors. The Architect course is being offered December 6-11, 2009 at the university’s Centerra facility in Loveland, Colorado, with additional offerings scheduled in 2010.

The second and third courses are offered in a two-day summit meeting format, taken after the flagship course. The “Pioneer” maps out a systematic approach to leading change and the “Steward” tackles the realities of “maintaining the gain” following change initiatives.

For more information visit MonfortInstitute.org or call (970) 351-2632.

MONFORT SENIORS SCORE IN TOP 5 PERCENT NATIONALLY

Graduating seniors at the University of Northern Colorado’s Monfort College of Business have scored in the top 5 percent collectively on a nationally-administered standardized test (2008-09 academic year, including summer). It’s the sixth consecutive year Monfort’s seniors have scored at or above the top 10 percent taking the Educational Testing Service Major Field Test in Business.

The test is the most widely used standardized instrument to assess core business knowledge at undergraduate business programs nationwide. According to the latest measurement approximately 560 business schools administered the exam.

“Collective scores in the top 5 percent in the nation is a great accomplishment and speaks very highly of our students and program,” said Dean Don Gudmundson. “This level of excellence has become a tradition at Monfort, and one we hope to continue.”

Students are tested in areas including accounting, finance, quantitative business analysis, management, marketing, legal/social environment, international business, and economics. The results are used as a driver for curricular improvement at the college. All Monfort students must complete the online exam in their final year of study.

Many of the most highly respected business schools nationwide have administered the exam, including the U.S. Air Force Academy, University of Denver, Belmont University, Georgia State University, University of Missouri, Radford University, Rutgers Business School, University of Nebraska, and Xavier University.

ETS Exam Performance – Major Field Test in Business*

Monfort College of Business Seniors
2003-04           90th percentile
2004-05           90th percentile
2005-06           95th percentile
2006-07           90th percentile
2007-08           95th percentile
2008-09           95th percentile

*National average is 50th percentile

MCB INTERNS RECEIVE TOP HONORS

Two MCB students completed the prestigious Sherwin-Williams Summer Internship program. The end of the internship was highlighted by a three day internship conference in Dallas, Texas. As part of the conference the MCB students submitted an incentive program geared towards part-time employees based on their research, employee input and HR research. Sherwin-Williams is looking at utilizing a portion of the project to efficiently build employee morale through investing in an attainable bonus structure.

"Their project was so applicable and well done that our Division of Human Resources is looking into using a portion of their project for company-wide improvements," stated Ann Richardson, Sherwin-Williams Area Recruiter in Denver, Colorado. "UNC interns continually amaze us."

The internship conference consisted of 60 hand-selected students from over 200 four-year institutions in the southwestern US. Thousands of resumes were submitted for this opportunity and multiple rounds of interviews were undertaken to reach the select group.

After a panel of 11 corporate directors reviewed all 32 projects, the MCB students were awarded an impressive 5th place.

The Sherwin-Williams company is the largest manufacturer of paint and coatings in the US. The intern position is a paid 8-12 week experience working in a wholesale branch providing sales support and customer service to wholesale customers.

COLLEGE CREATES ALLEN MCCONNELL DISTINGUISHED CHAIR

The Monfort College of Business and the UNC Foundation announce the creation of the Allen McConnell Distinguished Chair with current cumulative gifts of over $300,000 from former students, family, friends and other UNC alumni. A chair is the most prestigious named faculty position at the University of Northern Colorado. The Allen McConnell Distinguished Chair has been created to recognize the countless contributions McConnell, director of accounting & computer information systems and professor of accounting, has made to the College of Business and its students during his 40 years of service.

The goal is to build a $1.5 million endowment to be managed by the UNC Foundation. The first gifts have come from former students Cheryl Wenzinger, retired audit partner, Deloitte & Touche, and Tim Bradley, partner, Bradley, Allen and Associates.

“We created this Distinguished Chair because we wanted to find a way to honor Professor McConnell for the advice, guidance, and inspiration he gave to all individuals to achieve their fullest potential.” Wenzinger said. “Honoring him during his 40 years of service seemed very appropriate.”
“Allen has made and continues to make a positive difference in the lives of so many students,” states Bradley. “He is sincerely interested in the success of every student.”

“We are grateful for the generosity of so many inspired by Allen McConnell,” said Virgil Scott, president of the UNC Foundation. “The support will allow the College of Business to continue transforming the lives of accounting students for years to come.”

The chair will be used to attract and retain an outstanding accounting scholar and teacher, one with a national reputation.

Distinguished Chairs have traditionally honored colleagues, friends, loved ones, and cherished educators, whose names become a permanent part of the institution while at the same time advancing the cause of knowledge and the education of students.

McConnell has been teaching accounting since the college was founded in 1968 after receiving a BS in accounting in 1965 and a MS in accounting in 1966, both from the University of North Dakota. Over the years, he also taught in the areas of auditing, governmental and managerial accounting. He has served as department chair (now school director) for 14 years, served as an advisor of Beta Alpha Psi and the Professional Accounting Association for many years.

Contributions to establish the endowed chair will either supplement state funding assigned to the position or, if the gift is sufficient to sustain adequate prudent spending, create a new faculty position. Income from the endowment is intended to sustain the position and may cover costs of salary, travel and support.

“We appreciate the generosity of those donors who have and will support this important initiative,” said Monfort College of Business Dean Don Gudmundson. “This named chair honors an educator who continues to exemplify character, leadership, service and commitment to this college and its students.”

For additional information or to contribute to the Allen McConnell Distinguished Chair, contact Marjorie Meyer at Marjorie.Meyer@unco.edu or contribute online at http://www.mcb.unco.edu/Alumni/InvestMCB.cfm.

About the Monfort College of Business

The Kenneth W. Monfort College of Business at the University of Northern Colorado focuses exclusively on excellence in undergraduate business education. This unique focus has led to national and international recognition for the college including becoming the first and only business program to receive the Malcolm Baldrige National Quality Award from the Office of the President of the United States, and the only undergraduate-only program worldwide to be accredited by AACSB International in both business and accounting. Over six successive years Monfort’s graduating seniors have scored in the top 5 to 10 percent on nationwide standardized exit exams. Students earn a degree in Business Administration with emphasis options in accounting, computer information systems, finance, general business, management, or marketing. For more information, visit Monfort’s Web site at mcb.unco.edu.

About the University of Northern Colorado Foundation

The UNC Foundation is a private non-profit organization devoted to soliciting and managing private gifts and grants to support the mission and goals of the University of Northern Colorado.