The tabloid coverage of the tech billionaires, the explosion in the ranks of digital influencers, and the influence of “Shark Tank” are reminders that this celebration of the enterprise extension of human initiative has captured the popular imagination and been a significant driver in the American economy. Beyond pop culture, epoch events like the 2008 crash, COVID-19, and the resulting contraction in classic corporate careers have all contributed to the idea that striking out on your own to make a viable living could also be the only way up. And business schools have heard the message, shifting rapidly from traditional corporate training to the encouragement of entrepreneurship. According to the Association to Advance Collegiate Schools of Business (AACSB), over 85% of MBAs are now considering entrepreneurial careers.
Lawrence Technological University was already there, with the Innovation and Entrepreneurship Center at the College of Business and Information Technology (CoBIT), founded by Ross Sanders and directed since 2024 by alumnus, business leader, and adjunct faculty member John Sammut (BS ’88).
Sammut is the natural proponent for the opportunities offered by entrepreneurship, first managing and then ultimately owning a succession of electronic product suppliers, dramatically increasing sales and growing the businesses along the way. His amazing professional progression had its start at LTU, first as a high school student at the Summer Science Institute and then as an undergraduate with a dual major in electrical engineering and business.
Sammut is currently a board member and strategic advisor to electronic equipment manufacturing businesses, focusing on sales, business and supplier development. He is working with small companies who want to expand their footprint globally, a necessary step, Sammut maintains, to grow a domestic business.
Over the past year, Sammut has assembled a compelling Introduction to Entrepreneurship course for LTU undergraduates, which builds on business and economic fundamentals by bringing the real-world experience of starting a company into the classroom. It all starts with Sammut’s crackling, infectious enthusiasm, informed by his inclusive belief that any student can play and be an active participant. He then adds the priceless component of guest speakers in entrepreneurial and/or innovator roles, usually LTU alumni, to talk about their own experiences of starting a business.
The guest speakers are the heart of Sammut’s LTU course. They get into what the students want to know, such as the first steps in launching their company and how they financed its start. The students, in turn, interact with the speakers and showcase their own abilities.
Sammut especially wants students to see that these successful entrepreneurs “are not rocket scientists with high GPAs.” The difference is grit — the tenacity to pass classes and get a degree while simultaneously working or raising a family — or starting a business.
With more than a year of momentum driving his course at CoBIT, Sammut is now developing an additional track, parallel to the business start-up approach, within the program called “Entrepreneurship Through Acquisition” (ETA).
The premise of ETA is simple and inviting. Successful entrepreneurship is not always built on “big ideas;” instead it is possible to follow a lower-risk approach by acquiring a well-established business that has already achieved profitability. This is the way many entrepreneurs have started, not by founding a business, but by edging into it because they needed employment to make a living.
Sammut’s students start with a personal profile about their abilities, experiences, and interests. They then look for an underserved market, look at a small business, and consider the characteristics of a business that could be a good fit. Does it make sense to start as an employee (get paid while you are learning), or can you go directly to ownership? Another option is to narrow the field and go straight to businesses for sale.
Sammut then lists the diverse ways ETA could be a good path for the beginning entrepreneur. A stable business with a 10-year track record would be a good start; it has an experienced workforce, near-term predictable sales, and low debt. There may be an aging owner, part of the “silver tsunami” of Baby Boomers wanting to sell businesses their children do not want. They may also want to bring on a younger partner with current technical expertise and innovative ideas and offer buy-in financing, while remaining with the firm in a consulting role. The new buyer would have a salary and owner equity. An established firm could also qualify for favorable Small Business Administration loan terms.
The course covers all aspects of the small business acquisition process, including real case studies for the students to consider. One case study came into the classroom with a guest speaker. Renting tents for parties and events was at first a side-hustle for the presenter, but then the opportunity was offered to purchase the entire business for only $21,000. Now the new owner had the ability to add enhancements, including the additional service of power-washing. Sammut also adds assignments for the students to evaluate such acquisitions as good fits for themselves based on their personal profiles.
Introduction to Entrepreneurship is not just a semester of classroom exercises. Sammut and his students take their show on the road, with successful participation in regional entrepreneurship competitions. Three of the business plans developed by the students recently advanced to finals:
These wins show students are not only learning entrepreneurial concepts but are demonstrating strong proficiency by successfully applying them in direct competition with business students at other universities.
With the course in the CoBIT catalog for over a year, Sammut is just getting started. His goal is to go from one course to several courses and offer a minor in entrepreneurship.
The impact of the entrepreneurship course already “is huge,” says CoBIT Dean Matthew Cole, PhD. “For the 98% of businesses which are small, this course shows a proven path for acquiring wealth, achieving the American Dream, and growing prosperity. At its core is the encouragement, development, and fostering of innovation.”
Sammut tells his students they have the grit to build a business into something bigger than originally intended. “You have what it takes. It’s up to you to embrace the opportunity,” he reminds them.
“None of the entrepreneurs who were guest speakers were straight A students. But they believed in themselves and developed the grit that was needed to succeed!”
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