The Eagle's Nest
A quarterly newsletter of the Juniata College Department of Accounting, Business, and Economics (ABE), Juniata College Center for Entrepreneurial Leadership (JCEL), and The Sill Business Incubator (SBI).
Welcome to our first newsletter!
Welcome all to our first joint newsletter covering the happenings you need to know about Juniata's Accounting, Business & Economics Dept., JCEL, and the Sill Business Incuabator.
This year has been a year of change for both JCEL and the ABE department, beginning with new faces. I was hired as the new director of JCEL and assistant professor of entrepreneurship and in February we hired Kristie Putt as the Assistant Director to manage the Sill Business Incubator. The ABE department hired Dr. Ann Echols as an assistant professor of management to replace long time professor Dr. Jim Donaldson who is in phased retirement.
Another change this year is JCEL's transition from administrative oversight to the ABE Department. And the final change is the amount of activity going on at the Center with three new businesses locating in the Incubator and the planned start of three new student run business to begin operating from our Richard Ott Innovation Zone at the beginning of the new school year. So, read on! And, if you are interested in what you read and want to become involved with helping to shape the direction of our ABE and entrepreneurial students, contact JCEL at (814) 641-3735 or email@example.com.
All my best,
A Welcome from Professor Dominick F. Peruso, Chair of Accounting, Business, and Economics
The Accounting, Business, and Economics Department recently completed an eventful 2012-2013 academic year. There were several highlights of our work this year.
· Changes in the organizational structure of JCEL and SBI
have already and will continue to strengthen the link
between these programs and the educational mission of
ABE and Juniata.
· The Master of Accounting (MAcc) program, the first
graduate program at Juniata College, graduated its first
class in May 2014. The MAcc was designed to meet the
150-hour requirement for CPA licensure in Pennsylvania
and nearly all other states.
· The Carl and Nancy Glaeser Executive-in-Residence
program featured in the fall semester Lisa Giles,
founder and CEO of Giles and Associate Consultancy,
providing strategy expertise for pharmaceutical, biotech, diagnostic, device, consumer health, healthcare
providers, and government organizations. During the
spring, Mike Appleby, Senior Vice President Quality and
Supply Chain at QVC visited campus.
· The Business in China course continues to grow in
popularity and importance. Our students routinely
report life-changing experiences from their
· Experiential learning continues to be a hallmark of
business education at Juniata. ABE students continue
work with real clients – business, nonprofit, and
government organizations – in a number of different
courses. The use of case study method and emphasis on
communication skills continue to produce results. In
addition to our students’ success at the Tau Pi Phi case
competition (discussed elsewhere), our students have
also earned first place in the finance case competition
hosted by McDaniel College in each of the past two
years. Student-faculty research gives students a
personalized learning experience at a very high level.
In the coming year, ABE plans to become a candidate for accreditation with the International Assembly for Collegiate Business Education (IACBE). Although a challenging process, we are confident in the outcome. With the support and encouragement of alumnus Carl Glaeser, the Department is planning a longitudinal study of ABE alumni. The Glaeser Alumni Study will allow us to connect and engage with ABE alumni, identify areas for program and curricular improvement, and offer research and experiential opportunities for our faculty and students. The Entrepreneurship curriculum will see changes with the addition of social entrepreneurship and innovation courses. ABE faculty are also developing coursework in leadership and several department members are involved in the recently approved Master’s in Nonprofit Leadership program. ABE looks forward to working with our new president, James Troha, and the hiring of both our new provost and vice president of enrollment.
If you have questions or would like to know more about the ABE Department’s activities, please email (firstname.lastname@example.org) or call me (814-641-3661). I’m happy to speak with you.
Dominick F. Peruso Jr. Ph.D., CPA, CMA
Professor and Chair
Accounting, Business, and Economics
ABE Students Raise Thousands for Not-For-Profit Organizations
by Professor Jim Donaldson
Raising funds for two worthy not-for-profit organizations was the goal, and the students in the Marketing Strategies course were successful, raising $2,080. The two organizations benefitting from the students’ efforts were Operation Troop Appreciation and the Orphaned Kitten Program.
Operation Troop Appreciation (OTA) was founded in 2004 by Juniata alumna Kristen Holloway, class of 1997. OTA’s purpose is “to build and sustain the morale of deployed troops, enabling them to complete the missions with the assurance that the American public supports and appreciates their selfless service and daily sacrifices.” They are 100% volunteer and have minimal overhead expenses. Many of their volunteers are current and former members of the military who have received support from OTA while they were deployed.
OTA has provided over 120,000 troops with “wish list” items such as, Under Armor t-shirts and socks, flashlights, weights, workout equipment, DVDs, snacks, and sporting equipment.
Students working for OTA this semester were Abby Matalavage, Jennifer Biggs, Justin Clapper, and Katie Ferguson.
The Orphaned Kitten Program (OKP) was founded in 2010 by Anne Marie Rodgers in State College. OKP accepts abandoned and orphaned, unweaned infant kittens less than 4 weeks of age by referral from area vets and other rescues. Foster families bottle-feed, wean and socialize the kittens. Before entering adoptive "forever homes," OKP kittens are dewormed; tested for viruses, are well-socialized and may have received early vaccines. It is operated with 100 % volunteer effort.
Students working for OKP this semester were Tara Black, Michel'Le Bennett, Ryan Edley and Rachel Smith.
In the Marketing Strategies course, Professor Jim Donaldson requires that the students prepare a thorough marketing plan that must be approved by the client. Reviews during the semester help the students sharpen their focus, being sure to adapt marketing strategies to their situations. Final reports summarize the group’s activities and results, with commentary on what could have been done better. It’s experiential learning at its best.
Tau Pi Phi Case Competition
by Dr. Randy Rosenberger
Students from the Juniata ABE Dept., and members of the Tau Pi Phi national honor society, competed in a business case competition, in Pittsburgh, on March 22 and 23. The event is hosted by the honor society and it included teams from Capital University, Marietta College, Wittenberg University, and the University of Mount Union. Students compete on either two-person teams and three-person teams. The Juniata team of Vinny Smith and Reinaldo Leim won first place in the two-person team category. The team of Jess Matlack, Lola Lesi, and Stephen Estright won first place in the three-person team category. A third Juniata team of Thanh Nguyen, Shan Zhao, and Maverick Force finished a mere 3.5 points (out of 300) out of third place. The first three places got trophies.
Damn Lies, Statistics and Predictions: Nobody Knows Anything
By Randy Rosenberger
Few things in life are more difficult than foretelling the future. I predict by the end of this article that, well, people will go right on making off-target projections, because in the end, using sophisticated stats to guess the outcome of an election or a pennant race means nothing -- even if Brad Pitt plays you in the movie.
Nate Silver’s spot-on prognostication of the 2012 presidential election notwithstanding, making accurate predictions remains crushingly difficult – as witnessed by the fact that Silver, a former baseball stathead, is getting fawning press coverage usually reserved for British loyalty, or at least Henry Kissinger, for accurately calling the results in November.
At the risk of shocking your senses, I’m going to say that inaccurate predictions are good, even necessary, which might seem at odds with the human craving to know exactly how much, how high, and how it will all end. Author Daniel Kahneman, in his book “Thinking, Fast and Slow,” recounts how grotesquely bad forecasts affect everything from the cost of public infrastructure projects to kitchen remodeling. And he points out that humans are consistently overconfident about the quality of their own prognostication skills – they always feel good about bad predictions, right up until they’re proven wrong.
When a Nate Silver arises, therefore, we lionize him. Even the Chronicle of Higher Education, in a post-election article, crowed about “statistics jockeys” – professors who made remarkably accurate predictions about the 2012 presidential election, in stark contrast to assessments made by what we consider mainstream media outlets.
So what? Is it helpful in any way to predict an election? We are going to vote and, if we stay up late enough, we can see who won the election; or we can just go to bed and see the next day. If you want to help, predict what will happen in the Middle East under the current state of affairs. Tell us if the planet’s temperatures will warm to dangerous levels. Alas, these predictions are not so easy.
Everybody cites Michael Lewis’s book “Moneyball” as an example of predictions moving in the right direction. While it’s a fine example of identifying a better way to predict which players will help a Major League Baseball team win, let’s put this in perspective. The old method utilized player scouts who made decisions by observation and measuring a couple of simple things. It wasn’t hard to improve on that.
“Moneyball” has inspired a false sense of accuracy about prediction in general. Making predictions of consequence is just as difficult today as it was before “Moneyball” and Nate Silver.
Besides, we need some wonder and magic. Life will always have intangibles, things that are hard to measure. Prediction will never be able to shuttle these things to the side and for that, I’m glad. It’s just that we shouldn’t count on being right.
Nobody seemed to give the San Francisco Giants any chance to win the 2012 World Series. The Detroit Tigers were widely predicted to make easy work of the Giants. They had just swept the multitalented, high-earning New York Yankees. Miguel Cabrera was in their line-up, the first player to win a league’s Triple Crown since 1967. The Tigers were loaded.
The Giants had to claw their way back from the dead in their previous two playoff series just to get to the World Series. The Giants had the fewest home runs in the National League over the 2012 season. Their team is made up mostly of role players. The Giants’ best hitter for average was suspended for 50 games and was let go by the team when his suspension ended. The Giants were just lucky to be in the World Series. Against these odds, the Giants swept the Tigers 4-0. So much for prediction.
It was clear the Giants had something special working for them. Player after player lauded their sense of team and their willingness to step in for a teammate whenever one faltered. The Giants had wonder, magic, intangibles, and surprises -- defying prediction.
Life will always be this way. And that’s just fine with me.
Randy Rosenberger is professor of accounting, business, and economics at Juniata College in Huntingdon, Pa.
Business in China
by Dr. Wei-Chung Wang
The 2013 ABE Business China Trip left for China on Sunday, May 19. The annual trip to China, led by Dr. Wei-Chung Wang, took 14 students to visit Shanghai, Beijing, and Chengdu during their two-week stay in China this year.
The Trip has gained popularity among the students since its inception five years ago when former ABE Professor, Dr. Song Gao, took the initiative of organizing the journey. The purpose of the trip is to introduce China and its rapid economic growth to JC students. In the past the students were not only able to visit renowned cultural sites such as the Great Wall, Palace Museum, and Tianmen Square, but also large multinational enterprises including Coca Cola, Shanghai GM, AGY Shanghai, Tricorona.
This year Prof. Wang took one step further and added the world-class pharmaceutical giant Glaxo Smith Kline and the major Apple OEM manufacturer Foxconn Chengdu to the list of their business visits.
"A significant number of our Chinese students came to us from Chengdu area, so Chengdu is a natural choice of site to visit," said Dr. Wang. " We don't only want our students to learn the economic growth of China. With more Chinese students on campus, we want American students to understand their cohorts better after they visit the hometown of our Chinese kids. They really seem to bond better on campus after the immersion of the trip," remarked Dr. Wang.
Past participants have praised the Trip, claiming the experience has helped them prepare for their future positively. Matt Tundel, a 2011 Business graduate of JC and a past Trip participant, is currently pursuing his masters degree in University of Electronic Science and Technology of China, a JC sister school in Chengdu. John Almquist, who graduated with a Business POE in 2013, has been studying Chinese since he heard the amazing stories shared by the Trip participants. John is working for a multinational company in PA and has been constantly looking for opportunities to station in China.
The 2013 Trip concluded on June 1.
Business Plan Competition
by Nate Fischer
On April 17th Stephanie Scavone won the 2nd annual Business Plan Competition.
Stephanie won both the competition and the “Text to Vote” viewer’s choice award, a $100 gift card, with her business idea of For Goodness Cakes. For Goodness Cakes is a gluten free cupcake business that will eventually grow with a food truck and a physical store location. Scavone plans to continue with the venture and will be using the $2,500 winnings towards the business.
The two other finalists, Thu Zar Myint and Justin Bookhammer, will be receiving $1,000 each. Myint's plan, Good Day, is an open air market to be located in California. Bookhammer's plan, Bookhammer's at Home Computer Repair, is a Huntingdon based computer repair service.
The event was hosted by Juniata Center for Entrepreneurial Leadership, the Accounting, Business, & Economics Department, and Young Entrepreneurs’ Society and sponsored by Z-Band, Inc., HDTV video distribution systems, and Bonney Forge, forged and cast steel valves, fittings, etc.
JCEL Business: Colonial Fire Apparatus Opens Office
Colonial Fire Apparatus, Sales Manager Dave Grace (second from left) explains features of the Smeal Fire Apparatus Custom Rescue
Pumper to several members of Huntingdon Regional Fire
Rescue who stopped by for a visit to Colonial Fire's new
offices located in the Sill Business Center located at 419
14th Street in Huntingdon.
HUNTINGDON, Pa. -- Colonial Fire Apparatus, a western
Pennsylvania distributor for Smeal Fire Apparatus, of
Snyder, Neb., has opened a regional office servicing 33
counties in western Pennsylvania in the Juniata College Sill Business Incubator in Huntingdon, Pa.
There was a ribbon-cutting ceremony to open the
business on May 14 at the JCEL site.
"Huntingdon County is centrally located for the area we
cover and JCEL offers services for our business, such as
conference room capability," says David Grace, sales
manager for the business and a resident of Three Springs,
Pa. in Huntingdon County.
Colonial Fire Apparatus provides sales and product support for fully designed and outfitted fire apparatus (fire apparatus is an allencompassing
term describing custom designed fire trucks and other firefighting equipment) manufactured by Smeal Fire Apparatus, a nationally known fire apparatus manufacturer since 1964. Grace, who has been chief of Three Springs Fire Department since 1993, will have a customer base of about 1,300 fire departments or municipalities within the distributorship.
"We are extremely happy to be home to Colonial Fire Apparatus," says Terry Anderson assistant professor of entrepreneurship and director of JCEL. "We recognize the importance of locating in the right space, particularly at startup, and we're looking forward to working with Dave to help him grow the business."
Smeal Fire Apparatus offers a wide variety of customized fire apparatus, from a basic commercial "pumper," that costs approximately $275,000, to a tractor-driven aerial or platform that can exceed $1.1 million.
"Huntingdon County is centrally located for the area we cover and JCEL offers services for our business, such as conference room capability." Dave Grace, sales manager, Colonial Fire Apparatus. Grace will use Colonial Fire Apparatus' SBI office as an administrative center several days per week while traveling for sales and service calls throughout western Pennsylvania. "With Dave's unpredictable schedule, and with his need for dedicated work space, office support, and meeting space, he is an ideal client for the Sill Incubator," explains Kristie Putt, assistant director for JCEL's Sill Business Incubator.
Grace will have a demonstration model for his use to show prospective clients. The fire truck will not be housed at the incubator, but Grace underlines the need to have an actual fire apparatus to show clients when he makes a sales call.
"Selling a fire truck is visual and physical," he explains. "The fire department needs to look at workmanship, quality, features and
functionality. These are all critical aspects of a fire truck and a department needs to see the product in person rather than looking at a sales brochure."
Grace has worked as an apparatus sales consultant since 2003 and has worked as a volunteer fireman or emergency medical technician for most of his working career. Before he became interested in fire apparatus sales, Grace was a retail technology service manager for Fleming Companies from 1975 to 2001 and worked as a grocery technology consultant at Microlab Technologies from 2001 to 2003. He is a past president of the Huntingdon County Fire Chiefs Association.
Smeal Fire Apparatus is a family-owned company built by Donald Smeal after the Snyder, Neb. volunteer fire department asked the then local welder if he could repair a hole in the tank of its fire truck. Instead he offered to design and build a new fire truck with an innovative design that included an enclosed crew area, an aerial ladder and 1,250 gallons of water. The company produces 200 fire apparatus per year and has 26 dealers across the country.
Congratulations Quinn & Associates
16 May 2013, Huntingdon PA – Quinn & Associates Inc, a company focused on productivity analysis and improvement, celebrates two milestones this month. The first is that Quinn & Associates enters its 12th year of operation. The second is that Quinn & Associates has achieved $10,000,000 in Preactor software sales and related services. Gregory Quinn, CEO, comments: “The longevity of Quinn & Associates can be attributed to an instinct for products that provide real value to the user community, and a staff with a unique blend of theoretic and practical understanding in applying sophisticated applications.” Fraser Bonnett, President, adds: “We look forward to the next 10 years working with Preactor to help our current and future customers with their manufacturing Scheduling and Planning processes.”
• ABE Students Raise Thousands for Not-For-Profit Organizations
• Tau Pi Phi Case Competition
• Damn Lies, Statistics and Predictions: Nobody Knows Anything
• Business in China
• Business Plan Competition
• JCEL: Colonial Fire Apparatus Opens Office
• Congratulations Quinn & Associates
JCEL Business Plan Competition
Wednesday, April 17th, student finalists competed in the annual Business Plan Competition for a chance to win $2500!
Welcome Colonial Fire Apparatus!
The Sill Business Incubator is happy to announce a new business to Huntingdon County!
ABE Professor receives promotion
Congratulations to Professor Dr. Bradley Andrews on his promotion to full professor!
Terry Anderson, JCEL Director
Kristie Putt, JCEL Assistant Director