Tag Archives: US News Strictly Business
September 7, 2016
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News. If you’re planning on launching your own company, you don’t need to go to business school, right? Many would-be entrepreneurs think that a …
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.
If you’re planning on launching your own company, you don’t need to go to business school, right? Many would-be entrepreneurs think that a brilliant idea alone will take them to the top, just as it did for the MBA-less Mark Zuckerberg, Bill Gates and Steve Jobs.
The reality, though, is that for every super successful entrepreneur who eschewed the MBA, there are scores more entrepreneurs with MBA degrees who have changed the world, such as Nike co-founder Phil Knight, former eBay CEO Meg Whitman or Warren Buffett, who grew Berkshire Hathaway from a textile manufacturing business into the world’s fourth-largest public company.
An MBA program can’t teach you to feel more comfortable with taking risks or to be more passionate about your idea, and it won’t give you a constant thirst for new projects – those are some of the innate qualities a successful entrepreneur has.
However, an MBA program can teach you how to turn a good idea into a good business. If you have startup fever, here are three reasons you should go to business school first and one time you may not need that MBA.
B-school is the best incubator for budding entrepreneurs. MBA programs have always prepared students to launch and manage their own businesses. But over the last decade, the number of courses, centers and contests dedicated exclusively to entrepreneurship has mushroomed.
Business school has become the safe place to test out your most creative, outrageous and ambitious ideas without the pressure and fear of failure if that company or those ideas don’t work. In fact, failure is just as valuable a learning tool as success, because it offers students the chance to find out what went wrong and refine their business models to nail it next time out in the real world, when the stakes are much higher.
You’ll have teachers and mentors guiding you along the way as you search for that big idea that will change lives. You’ll also see all sides of the entrepreneurial experience, find out what it’s like to collaborate to execute your vision and ultimately have a better understanding of whether entrepreneurship really is your calling.
B-school offers the best environment to build your team. Entrepreneurial success requires teamwork, strong business relationships and a network of classmates who can provide introductions or advise on various areas, as well as seasoned professors who can weigh in on business dilemmas as you build a plan. In fact, good relationships with your professors can translate into a lifelong pipeline of talent connecting graduates with current MBA students.
Even if – like the majority of applicants – you don’t plan on pursuing a joint MBA degree, you can still take advantage of interdisciplinary studies in other areas that interest you. As a part of the greater university community, top-tier business schools often offer MBA students the chance to take courses alongside students from other graduate programs.
For example, the Johnson Center for Entrepreneurship and Innovation at Indiana University’s Kelley School of Business provides students with real-world entrepreneurial experiences through cross-campus initiatives and involvement with the business community. You might find someone outside of the MBA program who could become a valuable asset to your team down the line.
B-school will teach you how to run and grow a company – not just launch it. So many entrepreneurs have failed at getting their business idea off the ground precisely because they didn’t have some of the necessary tools in their arsenal that they would have learned at business school.
You have to be able to transition your idea into an actual business. It might be a startup, but you want it to grow – and last. More than many other business roles, an entrepreneur needs to know a little bit of everything. Even if you start a tech company, someone has to do the accounting, know how to market your product or service and act as a leader for the team.
If you choose a business school that relies heavily on the case method, you’ll likely learn from others’ successes and mistakes about growing too quickly. Also, those classes in human resource management, business law or venture capital financing could help you head off some thorny workplace issues later on.
Skip b-school altogether if you are in a rush to launch a company right now. Competition moves fast, especially in the tech industry. So if you already have your product or service fully developed, a crystal clear business plan, sufficient funding to sustain you and an awesome team in place and ready to execute—and if you think spending two years in a classroom might be an undesirable distraction—then it’s time to hit the ground running.
Image credit: inertia NC (CC BY-NC-SA 2.0)
August 24, 2016
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News. After the Great Recession hit in 2008, business schools started ramping up their menu of specializations to meet the demand of students eager …
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.
After the Great Recession hit in 2008, business schools started ramping up their menu of specializations to meet the demand of students eager to differentiate themselves as experts in a given area.
This expansion into concentrations has become a way for schools to innovate while they educate the next generation of business leaders. It has also become a way for them to distinguish their own MBA programs from other top business schools.
Unlike a master’s degree in finance or accounting or other specialty, an MBA is by definition a generalist program, which exposes students to many different disciplines – both hard disciplines like finance and soft like organizational behavior.
If you’re contemplating business school, think about whether you’d prefer a general management approach or one that offers majors or concentrations. Choosing to be a generalist or specialist at business school depends heavily on your end goals.
Advantages of being a generalist: Business schools want to fill their classes with students who will not only get hired after graduation but eventually run the firm.
Most applicants see business school as a way to grow as a leader and advance their career. The degree imparts a strong foundation of general business knowledge, allowing students to gain a greater understanding of how various departments operate.
Although students typically come to b-school with a clear career goal in mind for after graduation, an MBA program is actually an excellent time to explore a variety of subjects and experiences that may ultimately redirect your path. For long-term flexibility in the global marketplace, career-switchers need a breadth of courses to prepare them for the myriad management responsibilities they will encounter in whichever sector they end up.
The only potential drawback to a general MBA is that you may not acquire the depth of knowledge required for a particular position. However, that broader know-how and wider range of career opportunities that come from earning an MBA at a top program is almost always worth it.
Advantages of being a specialist: MBA specialization is a good move for individuals who know exactly what they want to do with their career and who want to build a stronger skill base in that area.
If you already know that you’re interested in an area like digital marketing, real estate, business analytics, social innovation, health care and so forth, then earning an MBA with a concentration can make you even more marketable. Recruiters like to see a strong focus on a particular field or functional area.
In today’s competitive job market, having that specialization on your resume, bolstered by a supporting internship or extracurricular activities, will help you stand out from the crowd. Students who specialize can also grow their niche network during the MBA program and then be ready to hit the ground running on day one.
Drawbacks of being a specialist: While specializing in a certain area of business is fine, know that it can be limiting.
One could even argue that you should just earn a degree in that specialty instead. Depending on the career path you have chosen after graduation, by specializing you could inadvertently pigeonhole yourself and narrow your job prospects, especially if you’re a career-changer.
A recent Harvard Business Review article detailed how Tulane Assistant Professor Jennifer Merluzzi and Columbia Business School Professor Damon Phillips studied the records of almost 400 students, who in 2008 and 2009 graduated from top U.S. MBA programs and then entered the investment banking field.
Among their findings, the researchers discovered that, “specialists were definitely penalized by the market. Not only were they less likely to receive multiple offers, but they were offered smaller signing bonuses. In some cases the specialists earned up to $48,000 less than their generalist peers.”
The classroom experience may also differ notably for specialists. Instead of classes with individuals who have multiple, diverse perspectives that enrich a traditional MBA experience, participants in the same specialization will likely have similar backgrounds and professional experiences from which to call on.
Ultimately, when you’re running a company, chances are you won’t be pulling together the financial models or balancing the books. Understanding those aspects is important, but you don’t need to be a master – ideally you will hire others to do the deep dive.
My friend and executive at a Fortune 100 company, who has thousands of employees reporting to him, once explained his role to me. He said, “I know what needs to be done and I get people to do it for me.”
Whether you choose to pursue a general or specialty MBA, pay close attention in all of your classes – even the areas you would plan to outsource when you have the budget.
Image credit: EIO on Flickr (CC BY-NC-ND 2.0)
August 17, 2016
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News. Throughout the business school application process, MBA candidates spend ample time filling out applications, writing essays and even honing interview skills to successfully …
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.
Throughout the business school application process, MBA candidates spend ample time filling out applications, writing essays and even honing interview skills to successfully gain admittance to their institution of choice. But it is equally important to prepare for the first year of coursework, which will have a long-reaching impact on your job prospects.
Whether you’re just starting to complete applications or you are about to embark on your first days as an MBA student, here are five ways to successfully prepare for your first year of business school.
• Attend all orientations and meet-and-greets: I can’t overemphasize the importance of choosing a school that instantly gives you a sense of community. One of the best ways to make the program feel like a perfect fit is to attend as many social mixers and orientation events that are planned for incoming students.
Welcome Weekend and other preterm social events are prime opportunities to begin connecting with your future cohorts. If you’ve participated in the MBA forums or followed other MBA applicants’ blogs, then you may already have a head start on building relationships with your class.
By spending time on campus weeks before the semester begins, you’ll also have time to familiarize yourself with the many resources available to students. This will give you an additional comfort level and allow you to adapt more quickly and focus your attention on other exciting opportunities that come your way.
If you live halfway around the world and aren’t able to come to campus early, find out if your program hosts a Facebook group for your class so you can start connecting with fellow students. If it doesn’t, offer to help set one up.
In the highly competitive MBA world, it’s common for first semester students to go through periods of self doubt. But in reality, the introvert has a natural advantage in making allies at b-schools. Extroverts who need to be heard will naturally seek out good, thoughtful listeners.
When introverts think about building their friendships and network during b-school, they should take the long view. While extroverts may make the strongest first impressions on their classmates, it’s the introverts who often make meaningful and lasting connections with less effort. Besides, many of the introvert’s skills – among them team building and problem-solving – are key to successful businesses.
• Maintain and build upon your existing network: The process of connecting with your new cohorts is the first step in building your existing network. But don’t forget to tend to your existing network once you’re admitted, though.
If you’ve stayed in touch with your favorite college professor or know anyone in your network who has gone to business school, this is the ideal time to reconnect and inform them of your own MBA plans. Ask for their advice on how to maximize your business school experience, and let them know your professional goals and the companies you’re interested in. You never know when a mutual connection can give you a leg up in recruiting.
• Prepare for recruiting season: The summer before business school is a great time to make a list of interesting companies that recruit at your campus. Research contacts at your target companies to see if you can arrange an informational interview.
If you revised your resume as part of your MBA application, now it’s time to go back and make sure the professional version of your resume is up-to-date. Take a look at your social media accounts, including your LinkedIn profile, to ensure each represents your passions and abilities in a professional way.
Once you have your shortlist in hand, set up a Google alert with each company name so that you’ll automatically receive news updates that will provide great material for your interviews with recruiters.
Try not to get too attached to one company, though. Competition is fierce, and recruiters will interview dozens of equally bright and qualified students for just a few available spots.
• Brush up on quantitative skills: A fair number of soon-to-be first-year students lack some basic quantitative skills. Many top MBA programs offer math camps for accepted students during the summer as a refresher of critical concepts.
Review the course syllabus online and purchase textbooks in advance, if you can. If you have any weak spots in this area, sign up for the math camp early so that you’re ready to hit the ground running once classes starts.
A growing number of students – even those with a finance background – have realized that these additional learning opportunities provide valuable time to network and bond with their future classmates before the rush of classes and recruiting hit in the fall.
• Ramp up your reading habits: First-year business school students read hundreds of pages a week to prepare for class discussions. If you haven’t had time to read anything longer than a Wall Street Journal article in the past couple years, now is the time to ease back into the practice to minimize fatigue.
If you don’t like to read, that’s all the more reason to start exercising those latent muscles now. An added bonus of extra reading is that you’ll likely become a much more interesting MBA student and potential summer hire to recruiters as a result.
Image credit: Flickr user Richard Foster (CC BY-SA 2.0)
August 12, 2016
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News. The essay component is arguably the most important piece of your business school application. After all, a compelling story can help counterbalance weaker aspects …
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.
The essay component is arguably the most important piece of your business school application. After all, a compelling story can help counterbalance weaker aspects of your candidacy.
Before you start working on your MBA applications in earnest, first think through and articulate your career objectives, assess your strengths and weaknesses and make sure you have done as much research as possible on the business schools that seem like the best fit for you. Through our work with applicants, we’ve learned that it’s best to begin the brainstorming phase by sifting through an array of life experiences to see what emerges as a core strength.
But what can you do if you’re seriously stumped on what to write about? When you feel blocked, don’t panic. Inspiration is everywhere in your daily life. Try these unconventional approaches to help spark a great MBA essay.
1. Ask people around you for their insights: Sometimes it’s hard to see what makes each of us special, so ask a coworker, mentor or friend for inspiration. An invigorating or profound conversation with a good friend can really stir up new ideas and get your creative juices flowing.
To jump-start this process, gather friends and family and have them share what they think is most interesting and memorable about you. Ask what values they see you demonstrating in your life and career or in your personal choices.
Dig deeper and ask yourself how you would want your future classmates to see you. What are some of the personal stories you would share with a new friend?
What would your future professors want to know about you? How might you contribute while in school and after graduation?
2. Record your first thoughts: What do you wake up in the middle of the night thinking about? When you look back at your life, what will you admire and regret about your choices?
These are the kind of questions to ask yourself as you approach a variety of common MBA essay topics. Keep a notebook by your bed so you can record your first thoughts or dreams upon waking up – these might help you understand your passions.
Here’s another strategy to try: Set your alarm for an odd hour, wake up and read an essay question. Contemplate the first things that pop into your head.
Often, the act of doing something simple in a new way or just at a different time will get you out of your rut and allow you to see things from a fresh perspective. Take a new route to the office, switch up your workout schedule or skip the nightly Netflix binge and end the day with an intriguing novel instead. See whether these simple changes boost your essay ideas.
3. Keep a journal: In the weeks leading up to writing your application essays, keep a journal and jot down moments that impact you, such as a great meal, an amazing sunset or a funny video. Then when you begin to write, look through your notes and see where inspiration strikes.
For convenience, you may prefer to dictate your thoughts into your phone while you are out and about. Often, casual speaking tone translates into a more authentic and personable version once written on paper; this can be a great launching pad for the first drafts of your essays.
Another useful technique is documenting your life as it is now on a storyboard with various categories, such as personal, professional, extracurricular and academic. As a starting point, you may want to think about the choices that have led you to your current career path.
Focus on the inflection points that have inspired you – whether coursework in college, early exposure to running your own business or watching a family member pursue his or her dreams – to help clearly outline the reasons you have made certain life choices thus far.
Once you’ve tried one or more of these unconventional but effective exercises, you should start to develop a few intriguing ideas. Then no single piece of the MBA essay writing process should seem intimidating.
And remember to plan ahead and leave plenty of time for rewriting – truly great essays aren’t crafted overnight.
August 4, 2016
As part of our month-long anniversary celebration, I’m highlighting some of my favorite blog posts from along the way that I think will really resonate with applicants who are gearing up for submission this fall. …
As part of our month-long anniversary celebration, I’m highlighting some of my favorite blog posts from along the way that I think will really resonate with applicants who are gearing up for submission this fall.
You probably already know not to ask the CEO of your company to write your business school letter of recommendation – unless of course he or she is someone you work closely with and who knows you very well.
Below are three more potential pitfalls when it comes to selecting a recommender. Avoid these mistakes or you may find your chances of admission crushed despite having an overall compelling application.
• Don’t select someone who can’t answer the questions: In other words, you may feel tempted to choose someone who knows you inside and out, but not in a professional setting. He or she can speak to your love of soccer, your compassion and your integrity, which are all great attributes. But this person cannot answer the specific career questions recommenders must address.
Business schools typically ask recommenders to evaluate how the candidate’s potential, performance or personal qualities stack up against those of other individuals in a similar role.
We worked with one client, Mike, when he was applying straight out of college. He had done a few short internships during college, but had no full-time work experience to draw from or a supervisor to tap for a traditional recommendation.
Mike had a stellar academic record, but a choosing a professor is rarely a good choice for a business school reference, no matter how cordial the teacher-student relationship. However, once we learned that Mike had worked as a teaching assistant for one of his professors, we knew we’d found someone who could better speak to the types of questions asked. Though unconventional, the recommendation from a professor became the right choice for Mike.
• Don’t select someone who is not an advocate for you going to business school. This may sound strange, but plenty of successful and well-positioned professionals won’t understand why you would want to go to business school. They may even be actively against it. Maybe they don’t want to lose you as an employee for two years, or maybe they aren’t really your biggest fan.
Our client Todd worked in finance in an office that didn’t require the MBA degree for promotion, and many higher-ups scoffed at its value. While his boss agreed to write the recommendation and had plenty of good things to say about Todd, he sort of laughed it off and clearly would not act as a true advocate for him going to business school.
Todd worried about what might happen if one of his target schools called his boss to discuss the reference, and that uncertainty was just too stressful. He decided instead to choose his supervisor from a prior position, someone with whom he had kept in touch and discussed his graduate school plans with quite a bit.
Choose people who like you, who care about your success and who think you’re good at what you do. Choose capable writers who can express their opinions clearly. If a potential reference seems less than enthusiastic in any way, keep looking. That person’s ambivalence will likely come through in the letter.
• Don’t select a person who doesn’t know who you are and where you stand now: If you worked with someone four years ago and have not done a good job of staying in touch, that person really cannot comment on your progress and skills today.
We worked with one client, Guillaume, who was reapplying to business school after receiving a series of setbacks the previous season. Upon reviewing all of the components of his previous application, it quickly became apparent that a feeble recommendation letter had likely weakened his otherwise strong candidacy.
He had gone to a supervisor from a previous position, and while he left on good terms personally and professionally, Guillaume had never felt fully comfortable at the firm, which was why he resigned to find a job he felt more passionate about. Unfortunately, it appeared Guillaume’s supervisor had also perceived his lack of enthusiasm for his job.
Having few years of distance from Guillaume’s work, the former supervisor wrote a recommendation that would appear polite and generally positive upon hurried review, but a closer read revealed some deliberate omissions and even a few veiled criticisms. In this case, the recommender’s letter was actually damning with faint praise.
When considering potential references, ask yourself whether the person has worked closely with you, thinks favorably of you, and will put in the time to write a thoughtful, detailed endorsement of your candidacy. If you can’t answer yes to these three requirements, move on until you find the person who fits the bill perfectly. Your chances of admission to the school of your dreams may well depend on it.
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.com