On this episode of The Studentpreneur Show, we talk with Professor Chris Kauzmann from Lehigh University in Bethlehem, Pennsylvania about a better way to define success. Lehigh is a private research university that offers incredible opportunities for growth and transformation. Professor Kauzmann is involved with the Baker Institute for Entrepreneurship, Creativity, and Innovation.
What is Professor Chris Kauzmann’s Lehigh Story?
Professor Kauzmann’s transformational story started at Lehigh when he was an undergraduate student. While feeling discouraged in his mechanical engineering degree, Chris was introduced to the Baker Institute in 2010, and the rest is history. Through his involvement with the Baker Institute, Chris’s life completely transformed. He later went on to earn his Maters degree from Lehigh in Technical Entrepreneurship.
After starting his own consulting company in product development, Professor Kauzmann was invited by the Baker Institute to return to Lehigh in 2014. With Professor’s Kauzmann’s insight and passion, the institute has expanded to include co-curricular programs, entrepreneurship programs, and travel programs, including international travel!
How does Lehigh University Define Success?
Success, shares Professor Kauzmann, is measured differently at Lehigh. Traditionally, entrepreneurship programs look at monetary, engagement, and time metrics to measure the success of their graduates. At Lehigh, it’s different.
Chris’s consulting company no longer exists. He shut it down after he learned he prefers teaching to consulting. Even though the business is no longer in operation, Professor Kauzmann shares that he is a Lehigh Univesrity success story. Why? Because they define success as one’s sense of fulfillment and transformation. Chris was transformed through his studies and work at Lehigh. All of this has lead to him feeling happier and more satisfied with his work than he imagined was possible.
At Lehigh, success is defined on a personalized level. Each student and graduate determines their own measure of success. Their main focus is on educating students on the thinking process–the “Why” behind it all (cue Simon Sinek). They do this in addition to educating students on entrepreneurship standards.
How do they focus on the “why?” One of their methods by asking better questions. Professor Kauzmann states that he shares value by helping students ask the right questions, instead of offering them answers. He shares that the answers are in the market and shareholders. By asking better questions, his students can access the answers. This leads to their thriving businesses.
What are valued traits student entrepreneurs should develop?
Professor Kauzmann shares his insight into what traits he has seen in successful students. These traits include a fearless hunger for feedback. Chris shares that when perceived as helpful, feedback can propel you forward in your work. He also advises that students find the balance of where they seek advice. Professor Kauzmann encourages students to trust the experts and let opinions be opinions.
Taegan asks Professor Kauzmann to expand these traits to the business world. He shares that in his opinion honesty, self motivation, and genuine curiosity are most valuable in an entrepreneur. One of his favorite entrepreneurs who models these well is Yvon Chouinard of Patagonia. He adds, Chouinard’s work “Let My People Go Surfing” is a great source of entrepreneurial wisdom.
Why are more college students interested in starting their own businesses?
There’s no question that the past decade has included an increase in young entrepreneurs. Why is there a growth in interest in college students to start their own businesses? Professor Kauzmann shares his opinion. He believes it is because of three main reasons. First, entrepreneurship has become the “cool” thing. It is cool to start something new, to struggle and to explore possibilities. Another reason is the increased opportunity for young adults to develop their new ideas. Finally, the appeal of being in control of one’s own life is a strong pull for many college students.
How can college students build their businesses with limited funds?
Lehigh University Professor, Chris Kauzmann shares three ways college students can build their businesses with limited funds.
1. Bootstrapping
Bootstrapping is asking yourself what resources do you already have access to that can help build your business or product. These can include tools and systems you already own or have access to, asking for help, or inquiring with business owners further along in your field.
2. Utilize Grants and Competitions
Taking advantage of grants and competitions can provide financial support and mentorship for a young business. When applying to competitions and for grants, be aware that some of these opportunities are predatory. Read the terms and conditions carefully to ensure that you will not lose any rights to your business or products.
3. Investments
While this is a more traditional route to securing funding for your business, partnering with investors can give you the financial push you need to launch. Professor Kauzmann reminds listeners that fewer venture capital investments occur than are promoted by media and the general public.
Professor Kauzmann leaves us feeling inspired with this new way of defining success. This episode is incredibly values-centered and full of great tips on starting your own business and getting an internship. For that final insight, you’ll need to listen to the full episode. To hear all of Professor Kauzmann’s wisdom, CLICK HERE!
To learn more about Lehigh University check out these resources:
Lehigh University website – https://www1.lehigh.edu/home
Baker Institute website – https://www.lehighbakerinstitute.com/
The Studentpreneur Show is proudly hosted by BookScouter.
