After a year's worth of hard work in the classroom and the community, some University of Memphis students get to show this week how they brought the two together.
Students in Free Enterprise will compete against more than 500 university SIFE clubs from around the world Thursday in Downtown Memphis at one of 17 SIFE regional competitions held across the country.
By assisting businesses in the local community with financial development and marketing strategies, SIFE enables students to gain real life experience not available in classrooms, according to Albert Okundae, economics professor and SIFE faculty advisor.
"SIFE is a student organization devoted to the economic development and empowerment within local businesses," he said.
Over the past year, The U of M SIFE club has worked on four projects, including market expansion for Top Cat Construction, an anti-piracy public service announcement sponsored by Paramount and even a financial literacy class for U of M freshman, Okundae said.
SIFE, a global, non-profit organization, challenges students to take what they learn about free market economics, entrepreneurship, financial success and business ethics out of the classroom and into the community, according to the SIFE Web site. They are judged on how well they have taught a working knowledge of the free enterprise system to others.
"They will present their projects to judges that come from corporate America. Some are from Fortune 500 companies," Okundae said. "They'll be looking at the impacts (the students) made with their projects."
The SIFE consists of more than 50 students over two semesters and includes both undergraduate and graduate students, he said. Although all graduate student participants have been business students, some of the undergraduate students in SIFE came from majors such as political science, journalism, art and English.
SIFE at The U of M is a unique situation, according to Jose Varela, business administration graduate student and SIFE member.
"Usually, SIFE is extra curricular," he said. "But Dr. Okundae makes it part of his curriculum. So each semester one person from class is in charge of passing the torch to the next class."
Students in Okundae's class had to finish two projects started by students last semester and begin two others, Varela said.
Because SIFE clubs at other schools are not based on classes, they can have years to work on projects, he said.
"I think we've done some pretty good projects, but we've only had one semester to work on them," Varela said.
The students will have a chance to practice their presentations Tuesday before a business advisory board made up of associates of local businesses. A trial run will be held at the Fogleman College of Business and Economics and is open to the public.
"We are here for the community and this is our own way to help," Okundae said. "We don't charge for anything. It is free help for businesses and a great learning experience for students."
