HBS MBA Alumna Profile: Nina Pogossova

HBS MBA alumna, Nina Pogossova, is the founder of Smed.ru’s cosmetics division, having previously worked as e-commerce director for the Russian pharmaceutical retailer. She has an entrepreneurial background, having founded Travelmenu (as the name suggests, a travel company, which focuses on B2B and commercial as well as B2C operations) and cofounded Millennium Rise, which operated in the computing space, while still a teenager.  

She graduated from the Harvard Business School MBA program in 2005, having previously studied an undergraduate degree in economics and philosophy at City University London. TopMBA.com caught up with Pogossova to ask her about her experiences studying at the world’s best-known school and starting her own businesses.

What was the highlight of studying at HBS?

Harvard Business School is almost like an Atlas Shrugged perfect world – the campus itself is a living and breathing example of business perfection.  Being surrounded by likeminded people, having highly engaging case discussions, meeting businesspeople, getting exposed to different industries and all of this happening at once allows people to quickly decide what their passions are and how best to pursue them. 

What was the most challenging thing about studying there?

There are so many things happening on campus and all of them are world-class events; staying focused on your own priorities is very tough at the beginning because there is huge temptation to do everything at once.  While I was there, there were conferences with the likes of Warren Buffet, Bill Gates, and Bill Clinton. You could go on treks, including an investment banking trek, a consulting trek, a venture capital trek, technology trek, and a Hollywood trek. There were trips to Japan, China, and South Africa; I went to Japan to visit Toyota, 7-Eleven, Sony and other companies. And then there is the world class faculty; the likes of Michael Porter, Jan Rivkin and Clay Christensen. There is a huge temptation to do everything – all the treks, all the conferences, all the classes. Unfortunately, there are only 24 hours a day.

What did you learn on your HBS MBA that helped you develop as an entrepreneur?

I was an entrepreneur before I joined the Harvard Business School MBA. But HBS taught me to analyze opportunities on a much wider global scale, to understand and be able to manage all business functions to a much higher level, to stay focused on a business model and to sell ideas to employees, clients, and investors alike. 

From where did you get the idea for Travelmenu?

I was doing a project for Expedia head office as part of my Harvard Business School course and that is where the idea for Travelmenu came from. Actually, about 80% of all startup ideas come from previous work. In my case it was looking at a successful global company and taking the idea to the less developed online market, which I understood.  

Was there any part of starting a business which your MBA didn’t prepare you for?

Execution. You learn a lot at business school, and get an understanding of how to do things, but 90% of success is execution. That is something you can’t do in business school.

Did you join Smed with the intention of starting the beauty part of the business or was that an idea that came to you later?

Globally, the pharmaceutical and beauty businesses are closely linked. I knew before I joined where I want to take Smed in terms of new product lines. Before I joined Smed I looked at similar companies globally, like DRUGStore, CVS, and Boots, and there was a clear pattern of pharmaceutical companies with a very strong presence in the beauty and baby markets. In fact, these sections were generating most of those companies’ profits. So, that is what I wanted to do, and have done, with Smed.

How does starting a division within a company differ from starting a company from scratch?

Starting a division in an existing company means that the execution speed is several times faster. There is minimal additional recruiting and fundraising; the main focus is on pulling existing resources together and executing. Having said that, you need to be very high up the organizational structure to be able to do that. Otherwise, the bureaucratic ladder becomes a burden and then starting up a business, like Travelmenu, from scratch would be a much better option.

What advice would give to other prospective students trying to get into Harvard?

Be very clear on two things: how an HBS MBA can help you achieve your goals and what your competitive advantages are in comparison to other students.

What about those looking to start their own business?

Firstly, make sure the business model works. Make sure you have the right team in place, both on a business and personal level, as you will be spending most of your waking life with them. And finally, always remember: execution is king!