So the blogging assignment was cool. I had never used a blog before this class, and it proved to be useful in a couple of ways. First of all, the blog made me start reading (or at least skimming) BusinessWeek and newspaper articles for the latest business news. I'm sure that will be an essential part of everyone's career as they advance; staying up to date on the latest happenings is critical in most professions, but especially in one as volatile as business. One of the characteristics that I admired about my manager at my internship was that she took measures to stay current on the local business climate, but especially on employment law (I worked in the HR office).
So this will be my last blog post, but I appreciated the experience. Now we are all moving onto the final project, and it seems like a tough one. I believe my group is going to be doing our's on the Corvette Museum, which again is cool in some aspects. I'll appreciate the opportunity to dust off my interviewing skills, which I haven't really used since I finished taking journalism classes. It was one of the things I enjoyed least about the news/editorial program, but the business world provides a much different experience than most journalistic interviews. Business interviews (of any sort) seem to be quite a bit more structured and straight forward, with A TON more cooperation on the part of the interviewee. Interviewing anyone for an article was tantamount to pulling teeth; almost without exception people will become defensive and "closed off" when they think that they might be quoted. It could have been the most benign and innocent article ever, and people would still give me the cold shoulder (which could have been entirely attributed to my skills as a reporter, but I'll not go into that).
Either way, the project will be a challange. I hope I get through it alright (as well as the rest of the class)!
Sunday, November 15, 2009
Thursday, November 12, 2009
"Coke can't teach the world (of buskers) to sing"
http://www.businessweek.com/globalbiz/blog/europeinsight/archives/2009/11/cokes_sponsorsh.html
I just thought this article was a funny reminder of how far corporations will go to get their message out. Of course we know that Coke would do just about anything to spread the word about their soda, but you probably wouldn't think about the traveling guitar player asking for money in the subway as a pitchman.
Even at that, the "buskers" are scoffing at the idea of singing Coke tunes. How little is Coke paying them that they have decided it would be more profitable to essentially beg for money from strangers than sing Coke songs? Of course, they mention that this time of year is the most profitable for the buskers, and singing corporate-funded melodies might inhibit metro-patrons sense of charity. Still though, you would think a corporation like Coke would be able to pay them enough to make them forget about their musical standards.
Either way, I think this is a pretty funny indicator of the progression of corporate advertising and sponsorship.
I just thought this article was a funny reminder of how far corporations will go to get their message out. Of course we know that Coke would do just about anything to spread the word about their soda, but you probably wouldn't think about the traveling guitar player asking for money in the subway as a pitchman.
Even at that, the "buskers" are scoffing at the idea of singing Coke tunes. How little is Coke paying them that they have decided it would be more profitable to essentially beg for money from strangers than sing Coke songs? Of course, they mention that this time of year is the most profitable for the buskers, and singing corporate-funded melodies might inhibit metro-patrons sense of charity. Still though, you would think a corporation like Coke would be able to pay them enough to make them forget about their musical standards.
Either way, I think this is a pretty funny indicator of the progression of corporate advertising and sponsorship.
Wednesday, November 11, 2009
Case Analysis.....
So, we have a one page case analysis due tonight in Organizational Behavior. I'm having just a little bit of trouble with it. I can't seem to figure out how to fit everything that I think Dr. Rahim wants into one page of analysis. In the syllabus, it says that we need to provide the problems presented by the case, detailed analysis of those problems, and then recommendations for solving those problems.
REALLY?
In one double-spaced page, it's kind of hard to include everything that you need to. No matter what combination of problems and solutions I use, it always comes out reading like something an elementary school student would have written. I guess that could have a lot to do with my abilities as a writer or as an analyst of managerial cases, but I'm guessing it also has a lot to do with the one page limitation.
I'm finding the other paper equally as difficult. That is to say I'm not really having trouble writing it, just with what I should and should not include. I'm being told that it should be just a summary of the article and that it might also have to include analysis of the strengths and weaknesses. The former would make more sense; after all, we are trying to condense an 80+ page article into 1 page of review. If it were to have some sort of analysis, it would take away from the space allotted to summary (now condensing an 80+ page article into half of a double spaced page). Either way, I'm finding it a difficult task. I don't know if anyone else is--good luck if you're like me, though!
REALLY?
In one double-spaced page, it's kind of hard to include everything that you need to. No matter what combination of problems and solutions I use, it always comes out reading like something an elementary school student would have written. I guess that could have a lot to do with my abilities as a writer or as an analyst of managerial cases, but I'm guessing it also has a lot to do with the one page limitation.
I'm finding the other paper equally as difficult. That is to say I'm not really having trouble writing it, just with what I should and should not include. I'm being told that it should be just a summary of the article and that it might also have to include analysis of the strengths and weaknesses. The former would make more sense; after all, we are trying to condense an 80+ page article into 1 page of review. If it were to have some sort of analysis, it would take away from the space allotted to summary (now condensing an 80+ page article into half of a double spaced page). Either way, I'm finding it a difficult task. I don't know if anyone else is--good luck if you're like me, though!
Sunday, November 1, 2009
"Beating the Odds"
I just read an article in BusinessWeek that I thought was pretty interesting; it just had interviews from three entrepreneurs at the two, five, and ten year markers. According to the article, most small business ventures (two-thirds) survive the first two years, but only 44 percent survive to their fifth anniversary. Anyway, the entrepreneurs had some tips for those looking into starting their own business that I found interesting, so I thought I would share.
BYD Ranch & Kennel opened in 2007 when Miriam Reick used $100,000 of her own money to start a dog and horse boarding farm in Bryan, Tex. Reick said that one of the biggest factors in her business' survival was the use of profit to improve her operation. She constantly reinvested her income into the business, which made her ranch more profitable in the long run (if you can consider being open for two years a "long run"). She also said that setting realistic, attainable goals and striving to meet those goals were very important.
Tom Neimeier opened Space Architectural Design Firm in 2005, aspiring to have a small business of no more than 20 architects. Neimeier said that what helped his business, which had 16 architects in its fourth year of operation, was bringing in architects with diversified experience. He hired employees that had expertise in areas he (or anyone else at the firm) had experience with. The clientele base followed the architects, which allowed his business to grow.
Matt Carlin opened Resource Options, a staffing business, in 1999 after being a hockey coach for most of his professional career. Carlin said that entering a market that was similar to what he was experienced in (hockey coaching and staffing--who knew?) helped him get off to a running start. He also advised to not "put all your eggs in one basket." One of his first clients represented a large portion of his income (10-15 percent, he estimated), and when they filed for Chapter 11 bankruptcy, his business took a large hit. Carlin kept at it, however, and his business survived the loss.
Anyway, I just thought it was interesting to see what successful entrepreneurs have to say about what got them to where they're at. Here's the link if your interested in reading the article:
http://www.businessweek.com/smallbiz/content/oct2009/sb20091030_273887_page_2.htm
BYD Ranch & Kennel opened in 2007 when Miriam Reick used $100,000 of her own money to start a dog and horse boarding farm in Bryan, Tex. Reick said that one of the biggest factors in her business' survival was the use of profit to improve her operation. She constantly reinvested her income into the business, which made her ranch more profitable in the long run (if you can consider being open for two years a "long run"). She also said that setting realistic, attainable goals and striving to meet those goals were very important.
Tom Neimeier opened Space Architectural Design Firm in 2005, aspiring to have a small business of no more than 20 architects. Neimeier said that what helped his business, which had 16 architects in its fourth year of operation, was bringing in architects with diversified experience. He hired employees that had expertise in areas he (or anyone else at the firm) had experience with. The clientele base followed the architects, which allowed his business to grow.
Matt Carlin opened Resource Options, a staffing business, in 1999 after being a hockey coach for most of his professional career. Carlin said that entering a market that was similar to what he was experienced in (hockey coaching and staffing--who knew?) helped him get off to a running start. He also advised to not "put all your eggs in one basket." One of his first clients represented a large portion of his income (10-15 percent, he estimated), and when they filed for Chapter 11 bankruptcy, his business took a large hit. Carlin kept at it, however, and his business survived the loss.
Anyway, I just thought it was interesting to see what successful entrepreneurs have to say about what got them to where they're at. Here's the link if your interested in reading the article:
http://www.businessweek.com/smallbiz/content/oct2009/sb20091030_273887_page_2.htm
Sunday, October 18, 2009
Start saving NOW!
I just read an interesting article in the October 19th issue of Time about 401(k) retirement plans, and it had some points in it that are relevant to people just entering the workforce. Basically, the article focused on the problems that were presented to American workers when most big companies switched from defined pension plans to 401(k) type plans a little less than 20 years ago.
Basically, if you aren't familiar with what a 401(k) type retirement plan is, participating employees defer money into an account; money deferred into this account isn't taxed until withdrawal (upon retirement, if the employee doesn't want penalties for early withdrawal). Lots of companies choose to match employees' contributions as a benefit. Pensions, on the other hand, pay a defined amount upon the employee's retirement, sometimes based on the employee's years of service, position, etc. Forgive me if I'm off on anything; it's been awhile since we covered this stuff (at least a few months :P).
The problem with this, as the article points out, is that it takes around 30 years of continuous contributions to the account to provide enough, in combination with social security, for retirement. Since the plans have only been around for about 20 years or less, many of the people who were forced into retirement by the recent recession are finding that they don't have enough money to support themselves for any substantial amount of time. In the case of one unfortunate 68-year-old featured in the article, the retiree was forced to get a job at a golf course (a job which regularly starts at 5 a.m. or earlier).
The moral to this story is that if your retirement plan, whenever you get a job, is a 401(k) type plan, START SAVING. According to the article, the balance on the average 401(k) account is just over $45,000. Imagine the prospect of trying to live out 30 of your "golden" years knowing that you have enough to provide for only one, well...call it a "bronze" year. If you start saving now, you have your whole career to accrue money--contribute the most that you can! The 67-year-old version of you will thank you for it (although the retirement age will probably be a little bit older when we retire, but that's a different issue).
Basically, if you aren't familiar with what a 401(k) type retirement plan is, participating employees defer money into an account; money deferred into this account isn't taxed until withdrawal (upon retirement, if the employee doesn't want penalties for early withdrawal). Lots of companies choose to match employees' contributions as a benefit. Pensions, on the other hand, pay a defined amount upon the employee's retirement, sometimes based on the employee's years of service, position, etc. Forgive me if I'm off on anything; it's been awhile since we covered this stuff (at least a few months :P).
The problem with this, as the article points out, is that it takes around 30 years of continuous contributions to the account to provide enough, in combination with social security, for retirement. Since the plans have only been around for about 20 years or less, many of the people who were forced into retirement by the recent recession are finding that they don't have enough money to support themselves for any substantial amount of time. In the case of one unfortunate 68-year-old featured in the article, the retiree was forced to get a job at a golf course (a job which regularly starts at 5 a.m. or earlier).
The moral to this story is that if your retirement plan, whenever you get a job, is a 401(k) type plan, START SAVING. According to the article, the balance on the average 401(k) account is just over $45,000. Imagine the prospect of trying to live out 30 of your "golden" years knowing that you have enough to provide for only one, well...call it a "bronze" year. If you start saving now, you have your whole career to accrue money--contribute the most that you can! The 67-year-old version of you will thank you for it (although the retirement age will probably be a little bit older when we retire, but that's a different issue).
Tuesday, October 6, 2009
Research and Excel Case=Hard.....
So the excel case....yeah I'm not so good at that. I've tried about 20 different variations on formulas that should change my data table (each time me hoping in vain that the new formula will make it more correct). I'm struggling my way through it and I hope I can produce something that won't make me automatically fail (as opposed to the slow and painful failure that I seem to be headed towards anyway).
Also, we (me and another graduate assistant) were assigned a research project. We are supposed to look into the effect of the MBA degree on different aspects of post-graduate life for students (job level, industries looking for MBA's, what employers expect out of MBA graduates, etc). While difficult, it's exciting to start working on something that might actually help one the MBA department (or at least expedite the research process for Dr. Hatfield).
However, the biggest concern in my academic life right now is my grade in Accounting. Suffice it to say that after the first exam I found myself hoping that a bigger portion of our grades would be based on WileyPlus homework. I think I'll be studying quite a bit more for the second test.
While I'm appreciative that I'm learning new material (and reinforcing old material that I obviously wasn't that familiar with in the first place), the MBA program is proving to be quite a bit more challenging than my undergraduate degree--at least for right now. Hindsight is always 20/20, and I might change my tune once I'm not actively struggling through Economics and Accounting at the same time.
Also, we (me and another graduate assistant) were assigned a research project. We are supposed to look into the effect of the MBA degree on different aspects of post-graduate life for students (job level, industries looking for MBA's, what employers expect out of MBA graduates, etc). While difficult, it's exciting to start working on something that might actually help one the MBA department (or at least expedite the research process for Dr. Hatfield).
However, the biggest concern in my academic life right now is my grade in Accounting. Suffice it to say that after the first exam I found myself hoping that a bigger portion of our grades would be based on WileyPlus homework. I think I'll be studying quite a bit more for the second test.
While I'm appreciative that I'm learning new material (and reinforcing old material that I obviously wasn't that familiar with in the first place), the MBA program is proving to be quite a bit more challenging than my undergraduate degree--at least for right now. Hindsight is always 20/20, and I might change my tune once I'm not actively struggling through Economics and Accounting at the same time.
Sunday, September 27, 2009
Sooooooo......1 month down, 11 to go
Time flies so quickly. I had to double-take when I saw the calender today, which I honestly didn't expect to be the case. The past summer absolutely sped by me (as my summers usually do, despite the awesome mix of four online and three-hour classes that populated most of it), and I fully expected that once the regular school year started, time would begin to creep by at its usual pace again. College as a whole has come and gone in a flash, but in my experience, the school-work routine slows down time a little (at least in the moment).
I think my change in perception is due in large part to the last six months; I've seen a friends graduate, move, get jobs, and in one case, get married, all of which highlighted my lack of definite direction (at least in my own mind). It was a little depressing; thinking about what was going to occupy my future without being able to simply say "another year of college" (this was before I knew I was going to be in the full-time MBA program) was both challenging and scary, and actually still is. I'm still really not sure what I'll be doing when I finish school. Of course, the proposition of absolutely HAVING to leave school has emphasized the need for a path; I need to come up with a game plan, and that, I think, is making this last year of school pass very quickly.
The relevant point in this post is that now is the perfect time for all of us MBA students to start planning for the future (if you haven't already done so). I've started scanning schools for Ph.D. programs; I've given it a lot of thought and figured out that continuing my education in the form of a doctoral degree would provide the most personal satisfaction and happiness to me. Scanning schools, however, has made me realize that I need to considerably prepare before I even think about applying (first of all, I need to retake my GMAT :P).
Whatever it is you choose to pursue, now really is the time to start preparing (start looking for companies that you would like to work for, scanning job postings in areas where you think you might want to live). This, once again, is only if you haven't already done so. If you're anything like me, however, there is still a considerable amount to be done before I move on in life and only 11 short months to do it in.
I think my change in perception is due in large part to the last six months; I've seen a friends graduate, move, get jobs, and in one case, get married, all of which highlighted my lack of definite direction (at least in my own mind). It was a little depressing; thinking about what was going to occupy my future without being able to simply say "another year of college" (this was before I knew I was going to be in the full-time MBA program) was both challenging and scary, and actually still is. I'm still really not sure what I'll be doing when I finish school. Of course, the proposition of absolutely HAVING to leave school has emphasized the need for a path; I need to come up with a game plan, and that, I think, is making this last year of school pass very quickly.
The relevant point in this post is that now is the perfect time for all of us MBA students to start planning for the future (if you haven't already done so). I've started scanning schools for Ph.D. programs; I've given it a lot of thought and figured out that continuing my education in the form of a doctoral degree would provide the most personal satisfaction and happiness to me. Scanning schools, however, has made me realize that I need to considerably prepare before I even think about applying (first of all, I need to retake my GMAT :P).
Whatever it is you choose to pursue, now really is the time to start preparing (start looking for companies that you would like to work for, scanning job postings in areas where you think you might want to live). This, once again, is only if you haven't already done so. If you're anything like me, however, there is still a considerable amount to be done before I move on in life and only 11 short months to do it in.
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