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STEVEN ROGERSProf. of Finance, Northwestern University
Clearly, part of the class's appeal is that it serves the creative drive of young businesspeople in emerging economies. But then there's Rogers himself, a product of a Chicago welfare family. Using a combination of scholarships and loans, he went to Williams, where he played football, and then Harvard Graduate School of Business. After getting his MBA, he bought three companies before taking a full-time teaching job at Kellogg, where last year he was voted Teacher of the Year. Rogers, 40, mixes traditional B-school theory with ''been there, done that'' advice. ''He has been on the front lines, with loans and having responsibility for employees,'' says William A. Sahlman, who taught Rogers at Harvard. ''Anyone like that is more realistic.'' Rogers' first lesson: ''Define what kind of entrepreneur you are.'' In his case, Rogers is a dealmaker. His first quest for a deal led him to question textbook truisms about valuing companies: Interested in buying a McDonald's franchise, he determined that the asking price was $300,000 too high--and walked away. He went on to buy and sell three lamp-shade companies and formulated more practical advice. ''Find out why the seller wants out,'' says Rogers. ''Then, you must understand that valuing a company is more art than science, filled with ambiguity.'' Rogers hasn't lost touch with his inner-city roots. He's a co-founder of the Runners' Club, which is nurturing African-American entrepreneurs with special courses and consulting. Studies show that black-owned businesses are far more inclined to hire African Americans, and so developing those entrepreneurs is key to bringing jobs to economically depressed areas. It's a message that resonates from Chicago to Warsaw.
By Richard A. Melcher in Evanston, Ill.
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How brightly does the entrepreneurial spirit burn? Look at Steven Rogers' classes at J.L. Kellogg Graduate School of Management at Northwestern University. His course in entrepreneurial finance is always oversubscribed, and it's especially in demand by students from Asia, Eastern Europe, and South America.
Updated Oct. 16, 1997 by bwwebmaster
Copyright 1997, by The McGraw-Hill Companies Inc. All rights reserved.
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