University Marketing and Entrepreneurship Club

What better activity for entrepreneurship (entrepreneurial marketing) students than launching a business?!

Does anyone currently run or know of a student run marketing and entrepreneurship club?
 
Marlene Jensen of Lock Haven University is looking for project ideas:
What are interesting projects for such a club (e.g. a website to sell art created by art students, where profits, if any (after payment to the artists), would go back into the club or into other student run projects)?
“But our school is telling us that launching a business is not an appropriate activity for a student club(!) Does anyone know of schools that do allow it - so I can try to change our university's opinion? Any details you could provide would be most appreciated!”
 
Please share your experiences and ideas!