MBA student-led consulting business earns more than $200,000

default-hero-image

BY Julia Thomson

December 17, 2008

[img_inline align=”right” src=”http://padnws01.mcmaster.ca/images/FOCUSteam08.jpg” caption=”The 2008 Focus Business Consulting team: Timothy Fung, Haajra Khan, Suhail Sangwan, Sonia Nason (pictured left to right).”]In just four years, the MBA student-run consulting business at the DeGroote School of Business has crossed the six-figure mark in annual revenue. In fact, crossed is an understatement. Focus Business Consulting (FBC) earned a grand total of more than $201,000 in 2008.

Timothy Fung, director of business development, credits the relationships FBC has built with clients over the years for the success. FBC expanded its services last year to include human resources and focused on its target market of small to medium-sized enterprises. As well, by contracting with other MBA students and DeGroote professors, the team was able to take on larger projects.

“To succeed we had to be smart, we had to be proactive, and we had to be willing to go the extra mile,” says Fung. “The support that we received from DeGroote faculty, from Dean Bates and from our industry advisors helped us to be more successful in our business.”

Rather than applying for a co-op term with an external organization, MBA Co-op students who are accepted into FBC run their own business for a year. This year, along with Fung, students Haajra Khan, Suhail Sangwan and Sonia Nason signed on for the innovative entrepreneurial experience. The amount of business that they generate determines how much money they make over the course of their co-op term.

The FBC team has also received support from the Burlington Economic Development Corporation (BEDC). Each year, the BEDC gives the team a grant of $5,000. The money can be put towards the team's greatest priority, which this year the students decided was marketing. With the $5,000 the team was able to invest in information packages to distribute to clients.

“When we walk into any potential customer and hand them our package, they understand that we are serious, that we're a professional consulting organization, so this shows out the value that we bring to the table,” explains Fung.

Fung's, Khan's, Sangwan's and Neson's tenure with Focus ends this month. The new team-which has expanded to five students-is on board and has already been working with the current team on projects.

Says Dean Paul Bates, “Focus' diverse array of services and ability to offer innovative solutions are extremely valuable for businesses. I encourage companies who are looking for consultants to take advantage of the enthusiasm and experience offered by Focus Business Consulting.”