Undergraduate Step One: IBC
The First Fidelity Integrated Business Core provided me with an opportunity to work with and depend on a team for the first time. The program taught me how to market to consumers and control operations in a real world situation that I would not have experienced in the classroom. - Heather Moore BBA '08 |
The First Fidelity Integrated Business Core (IBC) is the first of two companies every entrepreneurship center student will start. It is very unique and highly integrated. It was created to provide a learning environment where students are exposed to a real-world business experience. IBC is a program for beginning undergraduate entrepreneurship majors, generally students in their first semester junior year. The program enables students to create and run an actual business for an entire semester. Additionally, the students organize and carry out a community service project for the entire semester. Simultaneously the students receive theory, concept and terminology. It is the first opportunity for students to actually start a business. IBC introduces many concepts the students will use throughout their journey.
The students enroll in four required business courses. These courses are Principles of Management, Principles of Marketing, Legal Studies and the First Fidelity IBC practicum - a total of 12 hours. These courses address the theories, concepts and terminology of the three core areas. All students are assigned to a learning team of 20-25 students who form a company. Depending on the size of the class, two to three companies are formed each semester. The companies identify a product (generally a licensed product based upon the ou logo and sold to fans), apply for a $5,000 loan from a Norman bank - First Fidelity, manufacture and distribute the product, sell the product, donate profits to charity and close down the company.
Companies formed through this program have donated more than $700,000 in profits to local charities since the program began in 1985.Students also have donated over 30,000 hours of community service.