Engagement Insider
The 2014 Business Management and Entrepreneurial Program is underway at the University of Notre Dame where 26 current and former NFL players are gathered for a crash course on building and sustaining strong business endeavors. Over the course of the 4-day program, participants will hear presentations from Notre Dame faculty, successful business leaders and investors, and fellow NFL players turned entrepreneurs. Additionally, participants will work in teams to develop and pitch a business plans to a panel of investors on the last day of the program.
Paul Slaggert, director of non-degree programs at Notre Dame, kicked off the opening session with an interactive icebreakers in which participants took turns introducing one another. The afternoon started out light with players revealing their non-football sides to share personal interests ranging from playing piano to cooking, but soon after, it was time to get down to business.
A panel of NFL Legends—Charlie Batch, Deke Cooper, Jeff Faine, and JR Tolver—lead a discussion on their personal experiences with investing for social impact, sharing both the high points and challenges they met along the way. One of the points they stressed most was the importance of surrounding yourself with a strong management team to run the business, even if it’s a non-profit.
“If you wouldn’t put them on the board of your for-profit business, don’t put them on the board of your non-profit business,” said Batch, a 15-year NFL veteran and founder of Best of the Batch Foundation.
They also emphasized the need to continuously sharpen business skills even after establishing and growing a business. “I use productive paranoia to keep me going,” said Deke Cooper, a 6-year NFL veteran and founder of Future Leaders Christian Academy. “I never think I know it all or know enough, so I still go to events – like you guys are here – to listen to people speak and to learn.”
After hearing from players with successful ventures, 10 participants took turns pitching their own business ideas to the larger group. The ideas spanned a wide range of industries to include a classic sneaker boutique, a craft beer brewery and taproom, and even a cattle breeding venture. Participants then voted on their favorites to select which five ideas they will workshop and present for the business pitch competition.
Anthony Armstrong, currently a free agent, was selected for his plan to invest in rental properties for temporary residents. “It’s very flattering to have my topic selected,” said Armstrong. “We’re getting a lot of information here—it’s kind of fast and furious—and I’m hoping to gain some momentum to get this out to our target market.”
One of the more unique ideas of the bunch came from Austin Spitler, linebacker for the Miami Dolphins. “It’s called Reyes de la Tierra, which means Kings of the Land,” said Spitler. “We buy cattle and farmland and we’re trying to expand and get more investors.”
Day 2 was all about building the business model and perfecting the pitch. Professor James Davis, Professor of Management at Utah State University and former director of the Gigot Center for Entrepreneurship, coached participants through the key steps to take before approaching investors, warned against common deal killers, and encourage budding entrepreneurs to be open to feedback.
“I have yet to see a business plan that couldn’t use a little scrubbing, a little tightening. It can make all the difference,” said Davis.
And participants are taking the lessons to heart. “The good thing about these kinds of sessions is they allow you to start thinking outside the box a little bit,” said Ryan Mundy, safety for the Chicago Bears. “You get around some creative business minds who have tons of experience and it really forces you to think ‘How can I make a better product? How can I be more competitive?’ And that’s what I’ve really been doing these first few days, just thinking of questions and trying to come up with solutions.”
For the rest of the evening, participants will be working diligently with their teams and mentors to start penning the details of their business plans. Mentors are members of Irish Angel Investment Group, a select group of investors in the Notre Dame community who fund and advise startups.
For BM&E updates from the player’s perspective, follow us at nflpe.sportsblog.com.