The Impact of Foundations of Management and Entrepreneurship (FME) at Babson College

The Foundations of Management and Entrepreneurship (FME) course at Babson College represents a rigorous and transformative experience for students embarking on their entrepreneurial journey. The course, which has been a cornerstone of the academic curriculum since 1996, offers students real-world challenges and experiential learning opportunities in starting and running a business.

A recent study by a team of Babson professors, as reported in The Chronicle of Higher Education and published in the Academy of Management Learning & Education journal, has unveiled the profound impact of FME on students. This groundbreaking research is the first evidence-based study focusing on a central curricular initiative at Babson College.

The study illustrates that the trials and tribulations encountered in FME, coupled with the support, mentorship, and reflective practices integrated into the course, foster resilience and an entrepreneurial mindset in students. Even after the conclusion of the course, these benefits continue to resonate as students carry this mindset into their future endeavours.

Intrigued by the transformative nature of the FME course, the research team, comprised of Babson faculty and an assistant professor from USC’s Marshall School of Business, conducted a comprehensive series of interviews with FME students over a 16-month period. Their findings revealed a recurring cycle where students navigate and conquer challenging interpersonal and business-related situations, ultimately cultivating an entrepreneurial mindset through reflection and guidance.

Despite the unprecedented challenges posed by the COVID-19 pandemic, the resilience and entrepreneurial mindset instilled in FME students proved to be steadfast. The study not only underscores the significance of experiential learning at Babson but also carries broader implications for academia by shedding light on the profound impact of experiential entrepreneurship education.

In summary, this study affirms the transformative influence of the Foundations of Management and Entrepreneurship course at Babson College. It underscores the enduring value of experiential learning in nurturing resilience, reflection, and an entrepreneurial mindset in students, and serves as an invaluable source of insight for the academic community. This research reinforces the crucial role of experiential entrepreneurship education in shaping the leaders of tomorrow.