Spring 2019

TRUE



NORTH










LABOVITZ SCHOOL
OF BUSINESS
ECONOMICS




Spring 2019





IN THIS ISSUE



REAL-WORLD IN
THE CLASSROOM
Faculty entrepreneur
dishes insight & theory
Page 3


STUDENT
LSBE students Chandra DeBeir and Andrew Weisz benefit from entrepreneur and Duluth Pack
ENTREPRENEURS President Tom Sega’s (center) insight
Student-owned company
that gives back THE ENTREPRENEUR MINDSET
Page 4

“We are recognizing that being entrepreneurial does not just apply to
INDUSTRY start-ups or traditional business majors. Entrepreneurship is about
INTERACTION opportunity creation and exploitation, which cuts across all disciplines
Connecting students & and businesses, whether they are just starting or well established.”
employers on campus
Page 5 Sanjay Goel, associate professor of strategy and entrepreneurship


You have them in your organization. Creative thinkers. Passionate, driven,
risk takers—these employees are similar to entrepreneurs, but they are
actually intrepreneurs. They have the ability to grow companies from
within. Intrepreneurs engage with the internal and external environment,
commit to a vision, challenge the status quo, lead cross-functional teams,
and persevere to salvage options even in times of uncertainty.

Aware of the need for both entrepreneurs and intrepreneurs in the global
marketplace, LSBE is expanding its current entrepreneurship program.


cont. pg. 3

DEAN’S UPD A TE













Welcome to 2019! We are delighted to bring you the third issue of our
LSBE newsletter, True North, in which you’ll hear about LSBE’s focus on
entrepreneurship.

As our commitment to educating students is continually expanding, we share
with you an article about the entrepreneur mindset and what that means;
we also share with you our Entrepreneurship Center vision. With the region’s
commitment to entrepreneurship, forming a center to help cultivate our
students’ dreams is a valuable next step for their education. Please consider
how you might be a part of that dream; see the back page.

As you know, our faculty are extremely knowledgeable in their fields and keep abreast of the changing business
landscape. We have faculty who are both teachers as well as successful entrepreneurs. An interview with LSBE faculty
member Nicole Wilde, who owns and operates her own ice cream business, Love Creamery, is featured in this issue.
In case you haven’t tasted it, her ice cream is amazing! Nicole also is the faculty advisor for LSBE’s student-run fall
Entrepreneurship Conference. We had a busy fall, as it also was the time of our Creativity Conference. Highlights from
both of these conferences can be found on page 5.

This issue features the socially responsible student entrepreneurs who own Soks Co. They have a mission to donate one
pair of socks to the Duluth Damiano Center for every pair sold. We also share with you the story about an international
MBA student working on a project with the Duluth Coffee Company. We hope you enjoy these stories about our very
talented students.

The Labovitz School of Business and Economics continues to flourish and make a significant difference in the lives of
our students, our community, and the region. Support from alumni and organizations is critical to our ongoing success;
we are deeply appreciative of your generosity.

As this issue demonstrates, exemplary programming and
people continue to drive excellence and future initiatives
in our School. With your involvement, commitment, and
ongoing support, we will continue to seek innovative ways
to bring outstanding value to those we serve. We want to
dream with you. Thank you for all that you do.

Yours in gratitude,









Amy B. Hietapelto, Dean
Dean Amy B. Hietapelto (back center) with the fall 2018 BizDog Labovitz School of Business and Economics
students and faculty/staff advisors. Bizdogs is a living learning University of Minnesota Duluth
community for first-year LSBE students who live and take
classes together. Details at lsbe.d.umn.edu/bizdogs.





PG. 2 UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS

FEA TURED S T ORIES






FACULTY PROVIDING THE INSIDE
SCOOP ON ENTREPRENEURSHIP

continued fr om cover
When Nicole Wilde, marketing instructor, is
not teaching, she’s often working on her own
Educating students to think like entrepreneurs has
business—Love Creamery.
been an active and growing focus for LSBE. Since the
inception of the school’s entrepreneurship major and
She also melds the two, using her own business
minor in 2014, 32 students have graduated with the
experiences in her marketing classes. “I am very
entrepreneurship major and nine with the minor.
open about my business—both the good and the
bad. I believe that sharing real-world experiences
The entrepreneurship program combines a cross
helps students grasp concepts more easily. I can
section of core business foundations that are applicable
use my business as a bridge between theory and
in most business careers—management, marketing,
real life application.”
finance, business law, and, of course, entrepreneurship.
Love Creamery—an ice cream company that
Entrepreneurship students have ample opportunity
creates varieties, including vegan and dairy free,
to bring the classroom to life through a vast variety
using local and sustainability sourced ingredients—
of mediums. Students can help plan the UMD
was an idea early on in Wilde’s life.
Entrepreneurship Conference—an entirely student-
run initiative, which brings established entrepreneurs
“I have always wanted my own company—one
to campus to share experience and insight. Another
that could make an impact in some small way
student-run endeavor is a business plan competition
beyond just making money,” Wilde said. “My first
where budding entrepreneurs work with a mentor
job was at a custard store, so I was introduced to
and pitch their business idea or product to the pros.
the ice cream business at an early age. Also, I’m
Additionally, the Student-to-Business initiative connects
passionate about food and farming.
students with local businesses where the students
apply classroom knowledge to help solve real issues
“I researched a lot of business ideas but landed on
affecting businesses. Direct contact and interaction with
ice cream based on these personal aspects, the fact
entrepreneurs is a priority in LSBE.
that ice cream is a beloved American treat, and that
I could make it from local ingredients.”
To further these types of opportunities for both budding
entrepreneurs and intrepreneurs, LSBE is planning the
Four years of extensive planning led Nicole to sell
creation of an Entrepreneurship Center.
her first scoop in 2014 out of a small dipping cart
made by a friend. She now owns a retail store in
“The center would allow us to pull our many successful
Duluth’s Lincoln Park neighborhood, has wholesale
entrepreneurial initiatives together under one roof and
customers, and still sells out of a dipping cart.
implement even more that would enhance our students’
participation in the global entrepreneurial ecosystem,”
said Amy Hietapelto, LSBE dean.
Through LSBE’s commitment to entrepreneurship
with qualified faculty, enhanced experiential
learning opportunities, and contact with established
entrepreneurs—the quantity and quality of
entrepreneurs and intrepreneurs continues to grow.

Please visit the back page of this newsletter
to learn how you can partner with us on the
Nicole Wilde (right) dishing up ice cream in Love Creamery
creation of our Entrepreneurship Center.


PG. 3
UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS PG. 3

SCHOOL HAPPENINGS BUDDING ENTREPRENEUR BREWING UP SOLUTIONS

Persabelle Debela, an international student from Ethiopia, wants
to be a world influencer. She graduated in three years from UMD
with a B.B.A. in entrepreneurship and will attain an MBA this
summer via LSBE’s new Accelerated MBA program.

“I got into entrepreneurship to be my own boss,” said Debela. “I
am also filled with so many ideas and grew up with the mentality
that I will one day change the world. Everything seemingly fit
and made sense when I began my entrepreneurship classes. I
was challenged and expanded my vision to change the world.”

Debela has a vast vision to “start a company, change the
minimum wage by getting into politics, educate the farmers to
require a higher premium for their coffee, explain the commonly
unknown disadvantages of fair trade…and the list goes on.

“I want to expand the idea that coffee is more than a commodity
and that so many people around the world are affected by that.”

Debela is working with UMD alumnus Eric Faust, entrepreneur
and owner of the Duluth Coffee Company, where she continues
to learn first-hand about entrepreneurship and fair trade coffee.

NEW MBA PROGRAM OPTIONS
WARM FEET + BIG
Professionals pursuing careers where an HEARTS
MBA is beneficial are often reluctant to
spend several more years in school. Seeing
LSBE senior accounting
the need for additional MBA formats, LSBE
major Austin Nelson and
now offers the 4+1 Integrated MBA and the
UMD alumnus Patrick
Accelerated 12-month MBA.
Wolf (’18, industrial
engineering major)
4+1: This format allows current LSBE
sat together with Eric
undergraduate students to start their MBA
Smedsrud and Jon
during their senior year. Students take up to
Eastlund on the first day
nine credits that count towards their MBA,
of their entrepreneurship
graduating with both degrees in five years.
class in fall 2017. What
began as a class project
“I wanted to start my career with an MBA
became the business of
at 23 years old,” says 4+1 MBA student
Soks Co. that is still run
and finance major Austin Wolfe. “The
by Nelson and Wolf. Austin Nelson and Patrick Wolf
knowledge gained in the program will help
me in my career and allow me to maintain a
“For our class project we focused on homelessness in Duluth and
competitive edge as well.”
partnered with the Damiano Center,” said Nelson. “The idea of
socks came from learning that socks are one of the least donated
Not only does it take less time than a
items; with harsh winters, socks are vital for those in need.”
traditional MBA, “it significantly reduces the
MBA program cost for LSBE students,” said
The company gives a matching donation of merino wool socks
Al Roline, director of MBA programs.
to the Damiano Center for every pair of socks sold. As of January
2019, Soks Co. has sold/donated over 350 pairs. The company
Accelerated: This fully immersive one-year
has also grown significantly in just over 15 months, expanding the
program is for students with the ability to
product lines from 12 options to nearly 30 and adding apparel.
devote significant time by taking both late
Soks Co. is also partnered with the Minnesota Coalition for the
afternoon and evening classes.
Homeless and donates 25% of net profits from apparel sales to the
organization. Visit the company’s website at www.soks.shop.
PG. 4 UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS

CONFERENCES ON THE ENTREPRENEURIAL SPIRIT SCHOOL HAPPENINGS
AND BUSINESS CREATIVITY


2018 Entrepreneurship Conference The fourth annual
conference, held in November, featured successful
local, regional, and national entrepreneurs from a
variety of backgrounds and industries. Students and the
community heard from diverse leaders, who showed
that the entrepreneurial spirit comes in many forms.

2018 Richard Paul Teske Sieur du Lhut Creativity
Conference Interdisciplinary thinking is looking at two
or more disciplines and seeing the voids as well as the
overlaps. Thus was the intent of the 2018 Conference—
bringing business and creativity together.

The conference was borne out of the generosity of the 2018 Entrepreneurship Conference student planning committee
late UMD alumnus Richard Teske and his wife, Judi.
Teske felt students need to be exposed to opposing viewpoints
to help solve problems. Judi continues that legacy.

The fall event, coordinated by LSBE and the UMD Chancellor’s
Office, brought Amy Whitaker and Sura Al-Naimi, experts in
combining creativity and business, to campus.

“You need to make creativity a priority in any career path,” says
Kevin Adah, senior marketing and communications double
major. He added, “Make sure you are also thinking like a
customer and not just like an employee.”

Read more about these two events at lsbe.d.umn.edu/news.
Creativity Conference participants (from left) Judi Teske, Sura
Al-Naimi, Marketing Instructor John Kratz, Amy Whitaker, and
UMD Chancellor Lendley Black



HELPING STUDENTS BRIDGE THE HIRING GAP


Qualified employees are always a necessity to businesses. LSBE
students have many of the skills and qualities that employers are
looking for. LSBE helps bridge the connection for students and
employers through LSBE Company Days on campus.

Company Days allows employers special access to LSBE
students via class visits, lunches, tabling sessions, and more. This
opportunity not only provides students with specialized insight
on the company and interaction with reps, but it also serves as a
Northwestern Mutual reps networking with students recruiting tool for internships and full-time careers.

Roughly fifteen Company Days are held a year with many companies returning annually. Northwestern Mutual has been
participating for six years, hiring eleven interns in 2018 and eight interns thus far in 2019. “We look for future leaders,”
said Ashly Kelley, director of internship development at Northwestern Mutual. “We have found that LSBE students are
well-prepared for success not only at a local level but nationally as well.”

If you are interested in being part of Company Days, please contact Angie Soderberg, director of internships at
[email protected] or (218)726-6118.




UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS PG. 5

F A CUL T Y/S T AFF NEWS
NEW HIRES

Fall 2018


LSBE WELCOMES Raluca Stan, Ph.D.
NEW DIRECTOR Assistant Professor
Finance (tenure-track)
Pushkar Raj joined Stan joined LSBE from West
LSBE in August as Virginia University where she also
the new marketing
received a Ph.D. in finance. She is
analytics program
teaching Investment Fundamentals
director. He brings
almost ten years and Portfolio Management. “My
of corporate research interests are in empirical asset pricing, market
work experience microstructure, and behavioral finance.”
in customer insights and analytics space. Most
recently, Pushkar worked at Walmart as a senior Shubham Singh
manager in Customer Insights and Analytics. Instructor
Management Studies (term)
“I am excited to have the opportunity to mentor and
Singh joined LSBE from the
teach students, collaborate with industry partners,
University of Toledo Ohio, where he
and shape the future of the program,” said Raj. “It’s
a challenging but important task.” is finishing his Ph.D. in manufacturing
and technology with a minor in
Raj received his MBA in marketing research from management operations. He is
University of Wisconsin Madison's A.C. Nielsen teaching Production and Operations Management.
Center for Marketing Research.
Ormonde R. Cragun, Ph.D.
Assistant Professor
Management Studies (tenure-track)
PROFESSOR'S RESEARCH PROVIDES INSIGHT Cragun joined LSBE as a human
ON WORK BEHAVIOR resource management professor. He
has a Ph.D. in management with an
For over 30 years, Jon L. Pierce, Ph.D., has studied emphasis in organizational behavior
organization-based self-esteem (OBSE). “My and human resources from the
interest in OBSE revolves around identifying work
University of South Carolina. “My research concerns
experiences that result in the emergence of a deep-
how people impact business performance, focusing on
seated belief that ‘I count around here,’ and ‘I am an
the impact of executives, the effects of compensation,
important part of this place.’”
and how human capital is developed and combined
While most people are familiar with the concept of between Individuals.”
self-esteem, OBSE is an intriguing elaboration of
that concept. Pierce has argued that people’s place Valeriya Posylnaya, Ph.D.
of employment is a significant contributor to their Assistant Professor
self-esteem and can be an important predictor of Finance (tenure-track)
their job satisfaction, organizational commitment, Posylnaya joined LSBE from Mississippi State University
and performance.
where she also received a Ph.D. in finance. She is
teaching Managerial Finance and Analysis of Financial
Managers who encourage shared governance and
decision-making among their team members can Statements. “My current research is primarily on insider
enhance their team’s OBSE. trading, focusing on the decision-making process of
insiders in possession of material non-public information
Pierce is a globally recognized thought leader in the and the impact these decisions have on the firms.”
discipline of management and has won numerous
prestigious awards for his research and teaching.

PG. 6 UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS

AL UMNI UPD A TES

Amanda Mikhail MBA, PMP


Administrator - Research, Mayo Clinic



Labovitz MBA graduates have amassed many accolades through their careers. A
unique and prestigious honor is that of being named a Master Inventor. Amanda
Mikhail, a 2004 Labovitz MBA alumna with a mechanical engineering degree
from the University of Iowa, received the Master Inventor title while at IBM for
fifteen years. She attained 26 U.S. patents to help IBM protect and license their
intellectual property. “I was the second female Master Inventor named in the 50+
history of the Rochester operations,” said Mikhail.

However, to advance her career, Mikhail would have had to relocate out of
Minnesota. “Instead I chose to pursue a different path—bringing my engineering,
research and development, and business experience to Mayo Clinic.”

In recent years, Mikhail has been a research administrative partner to clinical
department and research chairs in five specialties and a dedicated research
center. “We work together, with teams of scientists, engineers, and other staff
members advancing the research mission and strategic priorities of Mayo Clinic.”

An MBA was not immediately on
Mikhail’s radar. “Mentors and friends
advised me to wait until I had gained
some core work experience. Much of
the coursework in an MBA involves
real-world situations. I thought, “Wow,
this feels just like today at work.”

With her extensive experience, Mikhail
offers much advice. “Expose yourself
to as many people and types of
work as you can. Broadening your
experiences will help you make better
decisions for daily occurrences and for
future planning.”

A true intrepreneur driven by the
missions of IBM and Mayo Clinic,
Mikhail internally contributed to
the advancement of these industry
leaders. The leadership expertise she
acquired in the MBA program along
with her being a Master Inventor
has made her a visionary leader
passionate about furthering whatever
opportunities come her way.












UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS PG. 7

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The Entrepreneurship Center



Driving the local, national, and global business
community are trailblazers who push boundaries,
take risks, and think beyond what could be.

Armed with a commitment to elevate the
education of new trailblazers, LSBE has identified
the need for an Entrepreneurship Center.

Our Entrepreneurship Center will raise up creative
thinkers who can start their own businesses or
greatly advance companies from within.

Join us as we embark on a journey toward the
creation of our Entrepreneurship Center. It’s
one of our four campaign priorities, which also
include the Sales Center, Student Support, and
Experiential Learning.
WE LOOK FORWARD TO MAKING THIS
JOURNEY WITH YOU





lsbe.d.umn.edu/give



The University of Minnesota is an equal opportunity educator and employer.
This publication/material is available in alternative formats upon request. Direct requests to [email protected] or 218-726-7281.