entrepreneurship

The Apprentice Winners Ranked: Who Had the Best Business Idea?

Tue, 18 Dec 2018 14:49:00 +0000

The Apprentice Winners Ranked: Who Had the Best Business Idea?

[email protected] Tue, 12/18/2018 - 14:49

Tue, 12/18/2018 - 17:04

Lord Sugar and Dr Leah Tatton: Wikimedia Commons, Joeeddy8

On Sunday night, Sian Gabbidon became the latest entrepreneur to be crowned champion of The Apprentice by Lord Sugar.

Sian’s Sian Marie Fashion brand is just the latest in a string of business ideas to receive investment from the show. Since a major overhaul of the show’s format in 2011, the winner has been awarded with a £250,000 business investment, meaning nine start-ups have now received some of Lord Sugar’s cash (last year he chose two winners, a decision which still doesn’t make any sense if we’re being honest).

However, it’s fair to say not every winner has had a great business idea. Would you have invested your time and money into some of these ideas?

9. Joseph Valente (2015)

Why, WHY Joseph Valente did you think the nation needs more boilers and heaters? We’ll give him some credit, his plumbing company ImpraGas does cover quite a few areas (mainly in the east – sorry northerners!), but how did he think this would be the big business deal of the century?

All the oldies already have their boilers, and I’m telling you no one under the age of 30 has ever bought one.

He’s at the bottom of our investment list for two reasons:

1) His self-assurance. After reading Lord Sugar’s autobiography at 22, Joseph said he “always knew I was going to work with Lord Sugar”. I mean, come on.

2) It’s only been three years and Lord Sugar has already parted ways with Joseph and his plumbers. Although it was an amicable split, we’re guessing the business can’t have been that great if Lord Sugar has cut his losses already.

Valente has since said he feels he can take the company further under his own instruction now he’s learned what he can from Lord Sugar. Can someone say cocky?

8. James White (2017)

Why have one winner when you can have two? Said no major competition ever. However, the ‘hiring’ of both Sarah Lynn and James White in 2017 was a major plot twist – the first (and hopefully the last) time it’s ever happened on the show.

White added his investment share to his recruitment agency Right Time Recruitment. This investment frustrates me as there are SO many recruitment agencies out there. We don’t need any more!

Under a year after winning a spot as Lord Sugar’s business partner, James has already got himself into hot water with the main man himself. Earlier this year, video emerged of a female stripper in the Right Time Office – not a smart move on company property.

The company has also reportedly showed a £30,000 loss in the first six months after James joined forces with Lord Sugar. For these reasons, we think the dream could soon be over for James.

7. Sarah Lynn (2017)

The second winner of the double hiring is Sarah Lynn, whose winning business plan was to develop her company, ‘Sweets in the City.’

I love sweets as much as the next person; there’s something really fun and delicious about having sweets as an adult – but is anyone else getting a sense of déjà vu? I feel as though the idea of sweets in a jar or a box has been done many times before.

But Lord Sugar described her as a ‘fantastic expert in her field,’ so perhaps he knows something we don’t.

6. Alana Spencer (2016)

Cake, cake, cake, and more cake is the aim of the game at “Ridiculously Rich by Alana”. Which we need to speak about – would you know right away the business was all about baked goods? At first glance it feels a little pretentious, but what would I know.

She may have won over the boardroom with her sweet plan for her business, but even a spoonful of sugar can’t fix everything (Mary Poppins Returns is out soon, if you’ll pardon the reference). In 2017 some of her cakes we recalled due to a labelling mishap – which Alana said left her mortified.

However, things seem to be on the up now as she recently launched new venture “Cakepreneurs” with Lord Sugar. Bakers pay a £150 membership fee and get to sell baked goods to wholesalers across the country.

5. Mark Wright (2014)

No, the TOWIE reality TV star hasn’t decided to pursue a career in digital marketing (although we’re sure Australian-born Mark Wright wouldn’t be disappointed with the comparison), so we should probably give him more credit than that.

Wright used his winning investment money to start his own digital marketing agency, Climb Online. In all honesty, maybe this is a personal gripe, but I think we’ve probably already got enough digital marketing agencies too. Between this and recruitment agencies, Apprentice winners don’t seem to be full of unique ideas.

However – despite my own aggro – Mark is said to be the most successful of all Lord Sugar’s The Apprentice business partners. But I do find this hard to believe when we have an inventor and doctor on the list. The plot thickens…

4. Sian Gabbidon (2018)

This year’s champ earned her spot as Lord Sugar’s new apprentice for her fashion line ‘Sian Marie Fashion,’ despite experts in the field saying the swimwear market was ‘saturated’. But anyway, Lord Sugar MUST know what he’s doing.

Sian is a young, fashionable businesswoman who before entering The Apprentice already had a successful business model which included Instagram influencers promoting her range. She also promotes her range on her personal Instagram.

But in all honesty, can you picture Lord Sugar parading around in a skimpy bikini showing off the reversible designs? That’s definitely NSFW.

3. Ricky Martin (2012)

We know what you’re thinking – no, the singer isn’t ‘livin’ la vida loca’ at Lord Sugar’s side. The Apprentice’s Ricky Martin apparently chose the ‘stage name’ to emulate the singer.

Since being crowned the winner of The Apprentice in June 2012, it’s safe to say the now multi-millionaire put his £250,000 prize money to good use, successfully setting up his own global science and technology recruitment agency: Hyper Recruitment Solutions (HRS).

The fact the former pro-wrestler referred to himself as the ‘reflection of perfection’ proves he’s definitely enough of an egotistical character to make his business go all the way. No matter what.

But, in September this year, HRS announced it’s looking at an expansion into Europe as the group reached £1m in profits. I can feel the bitter energy coursing through my veins.

2. Leah Totton (2013)

She’s blonde, she takes pride in her appearance, and she’s raking in the big bucks through aesthetically enhancing others with low self-confidence. Doctor Barbie has arrived.

Five years on from winning The Apprentice, Irish doctor Leah Totton has enjoyed quite a bit of success with Dr Leah Cosmetic Skin Clinics, but with the market and the clients she caters for I’m not surprised.

Leah is said to be the celebrity cosmetic doctor of choice to the UK’s elite. Because why should ordinary people with low self-esteem be your clients when you can hang out with the rich and famous instead?

She’s also the anti-ageing skin columnist for the London Evening Standard and a leading spokesperson for safety in the non-surgical cosmetic industry. Looks like Dr Totton had a game plan, and she’s executed it perfectly.

1. Tom Pellereau 2011

Former engineering student Tom was the first ever winner of the £250,000 investment prize – quite the accolade in itself.

But how, tell me HOW, did self-confessed ‘geek’ Tom win with a curved nail file called the Stylfile? Lord Sugar must have spotted something in him though, as ‘Inventor Tom’ now runs a successful beauty accessories company, AVENTom, with Lord Sugar.

Tom has since offered the beauty world several other inventions, including a make-up brush cleaner, a collapsible baby bottle, and more.

Although a savvy businessman, Tom also knows what the people want, saying: “I love inventing products to make people’s lives better”. A nice guy AND someone who knows his way around the boardroom – I wonder if he needs a new assistant?!

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The Apprentice offers entrepreneurs the opportunity to receive a £250,000 investment from Lord Sugar should they win the competition. But which were triumphs, and which were flops? Find out more here.

Where will your business idea take you?

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Calling All Future Technopreneurs: Apply Now for an NTU Scholarship

Eleni Bolou-Schlesinger — Mon, 10 Apr 2017 10:58:19 +0000

Calling All Future Technopreneurs: Apply Now for an NTU Scholarship

Eleni Bolou-Sc… Mon, 04/10/2017 - 11:58

Mon, 04/10/2017 - 12:58

An NTU scholarship for its MSc Technopreneurship & Innovation Programme (TIP) is up for grabs

Successful engineering graduates are often keen on developing an innovative, and technological, idea into a profitable business. However, many will be concerned about the challenges facing any young entrepreneur – the time and effort they must sacrifice and the high risks attached to developing their idea.

The MSc Technopreneurship & Innovation Programme (TIP) available at Nanyang Technological University (NTU) is a perfect match for any technopreneur looking to learn from real-life startup stories – both the successes and the failures – and become equipped with the skills needed to transform their venture into a sustainable business.

A top-ranking institution: Nanyang Technological University

NTU’s campus is the biggest in Singapore and has been named among the world’s 16 most beautiful universities by Travel + Leisure. A cosmopolitan hub, the NTU community comprises approximately 33,000 students representing around 100 nationalities, and can call on the expertise of more than 4,000 faculty members and researchers.

Nanyang Technological University places 13th globally in the QS World University Rankings 2016/17. It also places 4th in the world in the QS World University Rankings by Subject 2017 for its strength in the field of engineering and technology.

Last but not least, NTU was named the world leader among the best universities under the age of 50, in the QS Top 50 Under 50 2016/17.

NTU scholarship and program details

NTU, through its partnership with QS, is offering an exclusive scholarship for its MSc TIP that will cover more than 50% of the program’s tuition fees, and that is worth close to SGD 30,000.

The NTU scholarship will be awarded to one applicant who is seeking to accomplish the Master of Science Technopreneurship & Innovation Programme at Nanyang Technological University in the 2017 intake.

Program information

Format: Full time
Length: One year
Program tuition fee: SGD 52,000
For more program-related information, visit NTU’s website

Admissions criteria

A good bachelor's degree (or equivalent) in any discipline of study from a recognized university or tertiary institution
Proficiency in English
Non-native, English-speaking graduates from countries where English is not an official language are required to take the Test of English as a Foreign Language (TOEFL) or the academic International English Language Testing System (IELTS). An overall band score of 6.0 and above on the academic IELTS is required for consideration for admission
A strong passion in entrepreneurship
Work experience is preferred
For the application, candidates must submit all supporting documents & an application fee of SGD 53.50 must be received by April 15 2017.

To apply for the NTU scholarship, candidates must have attended a QS World MBA Tour/QS World Executive MBA Tour/QS Connect 121 event and have completed the QS Applicant Survey. Click here for further details.

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Looking to study at Singapore’s Nanyang Technological University? News of an exclusive scholarship for its MSc aimed at budding technopreneurs.

See QS's range of MBA scholarships

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To MBA or Not to MBA: A Crunchbase-Inspired Guide to Business School

QS Blogger — Tue, 07 Feb 2017 15:49:00 +0000

To MBA or Not to MBA: A Crunchbase-Inspired Guide to Business School

QS Blogger Tue, 02/07/2017 - 15:49

Tue, 06/16/2020 - 12:11

A look at the advantages of an MBA to those dreaming of startup success and an analysis of the best schools at which to fuel entrepreneurial ambitions

Have you ever wished for an insider’s guide to applying to business school? The very first step in the application process – deciding where to apply – can be particularly challenging if your career ambitions lie in entrepreneurship.

To ease your pain, I prepared this simple guide for you and in which I will tell you where the brightest entrepreneurs listed on Crunchbase [a database of the startup ecosystem and successful startup founders] – got their degrees and which business schools can help you achieve startup success. Information in the below is primarily based on research concerning the educational backgrounds of Crunchbase entrepreneurs, conducted at SchoolApply.com.

1. Do you need an MBA degree for startup success?

The ultimate question that you are doomed to face is: Do you need an MBA for startup success? Of course, opinions on this matter are as thought-provoking and varied as the individuals who hold them. The MBA degree has become one of the most popular postgraduate qualifications in the US, but the debate over its value continues.

In some startup circles, for instance, business schools have a bad reputation. They cost a lot, lack innovation and are slow in adapting to demand. Many believe that would-be entrepreneurs can learn everything they need through practice – by jumping right in and trying things out. Yet, according to the results of a study coauthored by researchers from UC Berkeley and Stanford, 92% of startups fail [from a sample of 3,200 startups analyzed over a period of three years]. One of the report’s key findings is that founders who learn are more likely to achieve startup success. In light of this, it would be only logical to assume that the trial-and-error method doesn’t apply here and, to succeed, one would need extensive business training.

However, while it is commonly perceived that MBAs show more interest in founding companies, rather than working for them, it appears that in real life, the proportion is reversed. In particular, Harvard Business School reported that although 91% of 2016 graduates accepted job offers within three months after graduation, only 7% of graduates went on to start their own businesses.

As you can tell by these numbers, most Harvard MBA students decided to curb their startup ambitions, at least initially. Indeed, the recent trend is that business schools have started encouraging fledgling founders to focus on coursework, not companies. For instance, Stanford GSB tells its students to wait on startups and focus on classes and campus life instead. But what is it that they teach you in business school that is so valuable that they want you to focus on getting your degree, rather than getting your hands dirty in a startup environment?

If you are an MBA student, especially if you are enrolled in a lesser-known program, networking is going to be a key component of breaking into entrepreneurship. No matter where you go to school, an alumni network will be a huge asset for your future career because a well-consolidated business network gives you a better chance of seizing the best opportunities. You might be surprised, but often it’s less about a school’s brand and reputation here, and more about the strong community that can give you a leg-up in business. Business schools offer an advantage over accelerators or incubators, since they forever hold your networks.

Now that we’ve looked at the benefits of getting an MBA, it’s time to decide which school you are going to commit to.

2. What are the best MBA programs for entrepreneurship?

There is a widespread buzzword in today's media – ‘hustler’. I’m sure you’ve come across it more than once before, since everyone wants to hire hustlers now. In a nutshell, hustlers are people that prioritize the values of innovation and autonomy, i.e. they are able to apply an entrepreneurship mentality to their everyday tasks. This rise of entrepreneurialism has initiated a new trend in business education that has made MBAs in entrepreneurship extremely popular. In an era of highly competitive, unstable markets, rapidly changing economies and shifting business allegiances, the ability to take risks can be your best asset.

MBA programs for entrepreneurship not only provide you with valuable tools to help you increase your chances of startup success, but they also influence your attitude towards risk and teach you how to mitigate risk in order to help you become a true entrepreneur. The following are the top 10 international business schools that headed QS’s Entrepreneurship MBA Rankings 2014.

However, many successful entrepreneurs haven’t earned an MBA and share the perspective that it is simply yet another résumé-builder. Although, it’s always better to support such claims with numbers, so let’s take a look at the findings from our research into the educational backgrounds of Crunchbase entrepreneurs.

3. Where would a Crunchbase entrepreneur have gone?

First of all, I need to draw your attention to a surprising result we found: Our study of Crunchbase entrepreneurs showed that 43.6% of Crunchbase founders from our sample received an MBA degree.

However, let’s not forget that Crunchbase data reflects only successful cases, while companies that are featured in Crunchbase could be the second or fifth attempt of a particular founder to create a startup. Hence, many Crunchbase entrepreneurs are likely to have found startup success after a series of failures from which they were able to learn.

Below, you will find a list of the top 10 universities that are leading in churning out successful Crunchbase entrepreneurs (this list was assembled by counting the number of graduates):

Outside of this top 10, we also discovered quite an interesting pattern – there were many Crunchbase entrepreneurs from our sample who graduated from business schools in China, Brazil, Ireland, India and Israel. My guess as to why these schools appeared in the list is the following: These five countries have succeeded in creating technological hubs and the entrepreneurial expertise that has been accumulating in these regions helps local business schools to train entrepreneurs.

Taking up the challenge of an MBA can be not only be financially rewarding in the future, but personally rewarding as well. If you are passionate, curious, willing to take risks and have the ability to communicate ideas, then you should start looking for your perfect MBA program right now.

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Which business schools can help you achieve startup success? Alex Tachalova delves into Crunchbase’s database of entrepreneurs for the answer.

See how many North American MBA graduates become entrepreneurs

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How an MBA Helped Fuel Startup Success

QS Blogger — Thu, 08 Dec 2016 10:32:00 +0000

How an MBA Helped Fuel Startup Success

QS Blogger Thu, 12/08/2016 - 10:32

Tue, 06/16/2020 - 11:42

MIP alumnus and startup founder, Nikita Lukianets says, “the reach of the lessons I have learned from my MBA is always growing.”

Starting a company is a difficult task for anyone, and when I started my own at 19 years old, I had no idea that I’d re-enter formal education – much less commit to an MBA while maintaining control of my business.

I had always been passionate about design and technology; how they both operate independently, but together can drastically change and improve our lives. The idea and drive for starting my own digital branding consultancy, LimeJam, came from this passion, backed up by some experience of working in the technology industry. Yet, as time went on, I began to feel as though my own development had slowed and that my team needed more from me. I concluded that this growth would have to come from undertaking further studies and some different experiences, and I was particularly drawn to Italy because of its vast design community. It was at this moment that I decided to begin researching MBAs.

Diving into the MIP Politecnico di Milano MBA

I decided to attend the QS World MBA Tour to find out as much information as I could about what was on offer and was attracted to MIP Politecnico di Milano’s environment, culture and focus on engineering and design, as well as its people-oriented management – everything I had been looking for. I applied and was delighted when I made the cut.

I’m originally a scientist and transitioning from a physics qualification to an MBA was a challenging prospect, but I was hungry for the experience and eager to learn. I tried to apply everything that I was exposed to at Politecninco di Milano to my small startup team. I tried new HR practices, experimented with lessons from our strategic design modules and reframed LimeJam’s own strategy using my new insights into how global economic markets work. As well as this, I implemented new team processes internally, such as reforming our method of approaching clients, by taking inspiration from MIP’s organizational design practices.

New horizons: Helping startups

Soon after graduating, I took up a role in the developer experience division at Microsoft Ukraine where I worked closely on their growing technology ecosystem. Not long into this job, I was approached to lead BizSpark, a Microsoft startup support program, which would involve mentoring startups to enhance their technology and business processes. This was a unique coaching role, and required knowledge of both specialized tech and a broader understanding of the business world. I drew on the knowledge I had gained from my MBA and, keeping in mind that every startup and team is unique and must be mentored differently, I got to work in my new role.

During my time at Microsoft, I came into contact with roughly five to 10 new teams each month. Their fields and projects ranged from gaming analytics and digital gloves that speak sign language out loud, to interactive pet cameras. Despite this huge diversity, in the startup world, risk runs so high that only roughly 0.5% of ventures survive and achieve success within five years – many others just disappear. It is always a huge fight to make it, but the rewards and joy you get from growing a company that you find meaningful are exponential. My knowledge of tech and a heavy reliance on the management lessons of my MBA helped me to guide each of these small businesses. Although many of the teams I collaborated with were successful, I don’t count myself as being part of the triumphs of others. However, I'm always keen to hear about individual companies’ news, and happy to provide feedback as they continue to grow.

“The reach of the lessons I have learned from my MBA is always growing”

Currently, I am involved with an ongoing artificial intelligence project, PocketConfidant AI, a chatbot designed to learn from individual users and coach them through personal, professional and academic transitions – I like to think this is a further extension of my background in bridging management and tech, and that the reach of the lessons I have learned from my MBA is always growing.

For those who find themselves in the same position as me – with a growing business and a thirst for new challenges – I would suggest asking yourself two questions before deciding to do an MBA. Firstly, ‘why do I need this knowledge?’ and secondly, ‘if I had graduated today, what would be next?’ These insights are crucial to understanding and evaluating your motivations. However, this is not where the journey to an MBA ends. Choosing a business school is like choosing your future, at least for the next five to 10 years. If you are ready for changes in your life – and have the courage and tenacity to strive to make them happen – universities such as Politecnico di Milano will provide the supportive and interactive environment you need to succeed. For me, MIP Politecnico di Milano was the right place to grow and internalize new approaches in creating and driving innovative businesses, as well as creating and driving my own self.

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How can an MBA help your startup achieve success? MIP alumnus, Nikita Lukianets, shares the story of his MBA and subsequent career path.

What are the benefits of joining a startup immediately after an MBA?

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Top 4 Benefits of Joining a Startup Immediately After an MBA

QS Blogger — Thu, 01 Dec 2016 11:05:00 +0000

Top 4 Benefits of Joining a Startup Immediately After an MBA

QS Blogger Thu, 12/01/2016 - 11:05

Wed, 03/31/2021 - 17:29

Worried about whether or not to you’d want to jump straight from an MBA into a career with a startup? Jaren Nichols takes us through some benefits

While the first year of a two-year MBA at business school is often about acquainting yourself with the program, getting to know your classmates, forging new relationships, and exploring new industries and opportunities, the second year is usually seen as the time to get down to business. When my class reunited in Boston after our internships, it was go-time – people weren’t there, after all, just for two years of education and networking. They wanted jobs! And recruiters from all the big consulting, tech, and finance firms were there as well, hungry to fill out their incoming class with MBA graduates.

While many of my classmates had expressed a desire to start or work at a startup post-graduation, once interviews and internships were complete and offers started rolling in, the salaries and benefits of large corporations often proved too much to turn down. Although many of those classmates are happy with their decisions, I’ve also seen a very high percentage of those that did ignore the large-company siren song find high levels of fulfillment and enjoyment in their work. Salary and benefits aren’t all you should gauge when choosing a company – there are several benefits small companies and startups can offer that are unique to their size.

1) More autonomy

One thing that a lot of highly ambitious MBA graduates love about small companies is that they get to set their own parameters for success and choose how to execute on them. At smaller companies, there’s often very little process established, and that means go-getters can operate without a ceiling and make as much of an impact as they are able. That said, you’ll want to be sure that the person you report to at a small company appreciates that kind of mindset – the last thing you want is to have no process but to be simultaneously micromanaged.

2) Bigger upside

While large companies often offer stock compensation as well as salary and bonus, it’s important to recognize that those options really bear very little resemblance to startup stock. For one thing, large company stock (if public) is so liquid that you might as well factor it into your cash comp. On the other hand, small company stock is highly illiquid (you may or may not ever get to exit), but it’s also very likely to be subject to high growth. So, while the monetary values of compensation through options may be similar regardless of a company’s stage, small companies, if they do well (which you can directly affect!), can turn those options into big returns much more easily.

3) Broad and fast learning

There’s no better way to learn, as an MBA graduate, than experience. In a small company, you’ll have a huge variety of experiences that can’t be replicated in the specialized environment of a large company. At any small, fast-growing company you’ll almost certainly play the role, at some point or another, of product manager, salesperson, growth hacker, manager, consultant, and more. You’ll be able to see the inner workings of a company across departments, giving you greater empathy and understanding when the company grows or if you then work in management at a larger company. And, you’ll learn incredibly quickly – in a startup, there’s often no other way!

4) Navigating uncharted territory

Don’t underestimate the excitement of working on something totally new each and every day. While in a large company, the path you’re taking is probably well-worn (on both the individual and company levels) at a startup or small company, the opposite is true. Every day you’re facing new challenges as an individual and as a company, which can be incredibly exhilarating. While some people may crave stability and consistency day after day, my classmates who have chosen to work at startups have, by-and-large, found a huge sense of fulfillment and accomplishment by working on something that literally no one and no company has ever done before.

An MBA graduate from a great school has a fantastic ‘floor’ for a career. If working at early-stage companies interests you, remember that you will most likely still be able to find gainful employment should all else fail. Establishing that floor means you can have incredible opportunity because the risk you take working at a small company has limited downside, but potentially unlimited upside.

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MBA graduates have difficult choices between large companies and startups, and small companies. Here are four benefits of joining a startup.

See how many North American MBA graduates become entrepreneurs

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What Does Trump Mean for US Banking and Fintech?

QS Blogger — Wed, 30 Nov 2016 16:31:00 +0000

What Does Trump Mean for US Banking and Fintech?

QS Blogger Wed, 11/30/2016 - 16:31

Tue, 06/16/2020 - 12:12

What Does Trump Mean for US Banking and Fintech? main image

The emerging fintech industry could steal US$4.7 trillion in revenue and US$470 billion in profit from traditional financial services firms, according to forecasts by Goldman Sachs in 2015. This trend and the current political atmosphere could be increasing the appeal of fintech jobs among MBA graduates.

There are mixed feelings around the world about Donald Trump’s upcoming presidency, particularly in the international banking and fintech world, and it’s easy to get swept away by a hyperbolic view of what Trump means as a US president. However, I am here to look logically at what might happen with Trump’s proposed policies and initiatives (with no proof to go by yet) and how it can potentially impact the fintech industry and future MBA careers in the space.

Regulatory models

One of the biggest areas of change related to banking is expected to be around regulatory models. Trump has long been vocal about his desire to reform or demolish traditional regulatory models, like Dodd-Frank and Glass-Steagall, which have imposed controls on large banks for decades. This has been at the core of Trump’s campaign and pleased large banks – among which, according to a survey by American Banker, 52% supported Trump for the presidency.

Any change in the traditional regulatory model structure is good news for fintech jobs and firms alike – they are here to disrupt and to create drastically different business models for which there is a massive opportunity being created by abolishing a traditional model of working. What fintechs need is the opportunity to be part of a conversation around changing the status quo. That simple step can give immense power to new challenger banks, existing community banks and fintech startups to potentially create a regulatory framework that can work in their favor. It is unlikely there will be specific regulation created to handle fintechs, especially in alternative lending; however, there will be opportunities to make their challenges known and more visible than it is today.

The alternative lending market

The alternative lending market is one of the fastest growing markets within fintech, and is expected to become a trillion-dollar market in the next five years. Lower corporate taxes, increased inflation and higher interest rates are being talked about as potential results of policy impact. All these changes will have a direct impact on fintech jobs and firms, especially in the alternative lending space. SME (small and medium-sized enterprises) lending is largely an untapped market today and it is likely that this area will see a lot of interest from investors and entrepreneurs. Trump has been vocal about his desire to increase private investments in the student lending market and this is another area where a lot of startups can come up to tackle an underserved and fragmented market. For those considering a post-MBA career in this space, there is tremendous opportunity with startups, and is important to understand the impact of future fiscal policies to ensure firms or startups with the right business models are targeted during a job hunt.

Community banks could be the winners

If there is a chance of international isolationism and reduction of international investments (like after Brexit), large US banks with international exposure and large international banks with US exposure could struggle. However, this will likely give an opportunity for highly regional banks (like community banks) and fintechs (like challenger banks) to establish a strong customer base in their immediate region. This will also have a larger impact on other countries with large US exposure (UK, France, Germany, China, etc.), where regional banks and challenger banks could have a much better opportunity to launch, innovate and compete with large traditional banks.

Considering this change, those interested in MBA careers in this space should therefore note that opportunities for innovation-related job openings could very likely be with smaller, regional banks looking to innovate faster and launch new products and services rather than with large banks.

Support for entrepreneurial growth

Trump, as a person, has been one of the most successful entrepreneurs in the US. His knowledge and experience as an entrepreneur and businessman is vastly different to that of a career politician, and this could be one of the biggest changes to the way in which the country is run today. The lack of governmental leadership experience versus experience with real entrepreneurial struggles will be an interesting dynamic to watch and what might emerge is tremendous support for startups through new agencies and governmental bodies, new regulations and new customer markets. The opportunity is there, but it remains to be seen how this will be implemented.

A lot of the above is mere speculation based on what is expected and predicted and this is something to watch and analyze as the new US president starts implementing his policies. I am choosing to begin with a lot of positivity and faith in the US as well as its new leader. The growth of fintech jobs and digital banking opportunities has been tremendous in the past five years, and this is expected to continue regardless of short-term policy changes. Fintech, therefore, looks set to remain one of the hottest MBA career destinations in the US.

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Trumps’ presidency potentially has a ton of positive ramifications for the fintech industry and MBA careers.

Find out more about fintech in the MBA curriculum

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MBA Career Risks and Startups

Thu, 10 Nov 2016 12:54:00 +0000

MBA Career Risks and Startups

[email protected]" class="username">qscontentwrite… Thu, 11/10/2016 - 12:54

Thu, 02/01/2024 - 08:44

Working for a startup has its own career risks but HBS graduate, Jaren Nichols, says that, "the balance of those risks shift from being primarily outside your control to inside your control"

Potential hazards are going to come up wherever you are at in your post-MBA career. If you are currently thinking about getting an MBA, you’re probably already evaluating the upsides of accelerated growth and a steeper career trajectory against the costs of time, money, and forgone opportunities of other advancement tracks available to you.

However, make sure you also carve out some time to evaluate the career risks you’ll be exposed to once you graduate.

Employment opportunities that await an MBA graduate on the other side of business school can seem like a golden city just around the proverbial river bend, but don’t be blind to risks that are known to MBA graduates who have been seasoned by what post-MBA life has to offer.

Prior to selecting my golden city after Harvard Business School (HBS), I was very fortunate to have the opportunity to work with some great companies in the [San Francisco] Bay Area (Google, Nest and Dropcam, to ‘namedrop’ a few), so I have been able to see what it’s like to work at large companies and it can be really great, but it isn’t completely void of career risk. At bigger companies, your boss and your team play an oversized role in whether you get company-wide visibility and on a fast-tracked promotion schedule.

Working for a small company certainly has its own set of risks, but the balance of those risks shift from being primarily outside your control to inside your control. Rick Ruback, an exceptional (and very candid) HBS professor, spoke with me after one lecture and highlighted this point: MBA students overestimate the risk of building a successful small company and underestimate the risk of getting stuck in middle management. I couldn’t agree more.

Small companies, by definition, have a lower headcount so you can have a bigger impact as an individual contributor. Speaking specifically to startup life, I can tell you that I wear a lot of hats. At InsideSales.com [a tech-orientated platform for sales acceleration], I focused on one goal; now, I’m a team of one with lots of goals, like increasing revenue, modeling underwriting standards, and guiding a maturing product through a minefield of accounting compliance issues.

You are not just getting a ton more experience in the same period of time. You also have a lot more upside because the company you work for is a big factor in the trajectory of your success. At a small company, all revenue growth can be attributed to specific people and changes. Companies with significant market share don’t have room for that kind of growth - vested options have almost a 0% chance to become life-changing. Mediocrity at scale is a much grimmer fate than failing fast and taking all your education and experience to the next opportunity. In short, if you are confident that you have the skills to deliver at the highest level, the real MBA career risk is not working at a growing startup.

Assuming that you’re sold on the potential upsides of working at a startup, you are still going to need to go into the interview process with eyes wide open. Here are some points to consider as an MBA who’s trying to land a job at a promising new startup:

1. Research the team: Pay special attention to who is already on the team. What are their backgrounds and how did they end up working together? Does anyone have an MBA or understand what that education can bring to a company that is looking to become more established?

2. Don’t take yourself too seriously: Startups are going to be a little less formal than your corporate interview process so you should be ready to go with the flow. If you did your homework on the team, your small-talk game should be on point.

3. Signal an ability to get stuff done: Great startups are full of really talented people who are looking to add strong contributors in areas that no one else on the team has the time or ability to execute well. By the time you leave that first interview, it should be clear that the ‘M’ in MBA stands for ‘master’, not ‘manage'.

As someone who now interviews potential candidates at ZipBooks, a venture-backed accounting software startup, I can tell you that MBAs have a lot to offer startups. ZipBooks is about as true a startup as you get and, because of its size, each employee has an outsized impact on the success of the company. Having worked at many different large companies, I can tell you from personal experience that fixing problems early and often before capital investment and headcount start throwing up institutional barriers is pretty satisfying work. At ZipBooks, our career success is tied tight to the company’s success; we like being in control of where we’re going and knowing that each team member plays a critical role in getting us there.

So make your list, do your SWOT analysis [a method by which strengths, weaknesses, opportunities and threats can be evaluated], and pull apart the business model of your prospective target. Hunt for the obvious red flags that would put you in a situation in which your MBA career would be out of your control and then put success in your own hands. Choose a company that will highlight what you do best and where doing your best will make your company a success.

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Sure, working at a startup can be mortifying, but taking some post-MBA career risks can be hugely rewarding, says Harvard MBA Jaren Nichols.

What is an MBA from a top North American business school worth?

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How an MBA Benefits Careers in Entrepreneurship: One Year after HBS

QS Blogger — Thu, 26 May 2016 12:10:00 +0000

How an MBA Benefits Careers in Entrepreneurship: One Year after HBS

QS Blogger Thu, 05/26/2016 - 13:10

Tue, 06/16/2020 - 11:45

An HBS alumnus tells us how his MBA gave him the confidence to turn down Google and pursue his own startup

I was nervous as I held the phone up to my ear and heard it start ringing on the other end. I hoped, just a little, that he wouldn’t answer so I could put off the decision a few hours longer. No such luck.

“Hello, this is Ben.” (Fictional name of the non-fictional Google recruiter I was talking to.)

I launched right into my speech: I couldn’t be more grateful, it was a really hard decision, I was going to launch a startup, I’d never dream of working anywhere else unless it was my own thing…and I was declining the offer. The last few words were forced – was I really turning down the company that I considered the best in the world?

After I stopped talking, there was a brief moment of silence – I got the feeling the recruiter didn’t have a talk like this very often. He told me he understood and wished me the best. We exchanged closing pleasantries and I hung up the phone.

Time to get to work.

Almost exactly two years earlier, I’d faced another difficult decision: Whether to pursue my MBA after being admitted to Harvard Business School (HBS), or to stick with my existing life in entrepreneurship and continue growing a software development agency I’d founded, one which had started doing quite well. One of my company’s clients adamantly discouraged me from heading to Boston. “Why do you want to do it?” he’d asked. “You’re doing what you want to do right now. If it’s just to get the name on your résumé, then you’re making a big mistake.”

But what he didn’t know was that I wasn’t doing what I wanted to do – my real goal was to create a company that was scalable, meaningful and impactful. I didn’t believe the service business I’d created had that kind of potential. I also thought that an MBA at a top business school would position me to be much better prepared to build the type of business I wanted to build.

What I didn’t know was that my business school experience would open up other opportunities – a product management offer at Google chief among them – that would make me question whether to dive back into entrepreneurship. Looking back, ironically, it was that same business school experience that gave me the confidence to turn Google down and pursue my startup dream. Three things I gained at business school really stand out:

1. Education

Spend any time in startup social media these days, and you’ll immediately run into some version of the following sentiment: “Don’t even think about getting an MBA and you may not even want to go to/finish college. You’d be way better off just diving straight into a startup, which is the only way you’ll really learn in any case.”

I worry that this is becoming conventional wisdom when we speak of entrepreneurship, because this was not my experience at all. MBAs are unique degrees in that they require, in most cases, a few years of work experience before the program starts. To me, this was an ideal setup. As I sat in class each day at HBS, the things I learned were much more than just theoretical – they allowed me to reflect on mistakes I’d made, apply new knowledge to situations I’d experienced, and form plans for action when I reentered the ‘real world’.

Let’s not downplay the importance of a practical business education to entrepreneurs, either. Can’t do a DCF? Unfamiliar with how private equity works as an ecosystem? Not sure if ‘disruption’ is just a buzzword or a real-life theory you can apply to your business? Wonder why small businesses get valued at four times their EBITDA (earnings before interest, taxes, depreciation and amortization), but SaaS (software as a service) startups at 10 times their revenues? These aren’t easy insights to come by and, trust me; they can and do matter for your business, and business school is a great place to learn them.

2. Credibility

When I was debating whether to go to HBS or not and how the degree might affect my ability to raise money, recruit great team members, or create strong partnerships, a Wharton alum and mentor told me, “the degree can open the door, but you still have to walk through it.” I think that’s right on the money. Having a degree from a top MBA program implies that you’ve gone through a certain amount of vetting and that you are probably worth talking to. In other words, you can ‘get the meeting’.

But, the second part is equally true – while you can get the meeting, that doesn’t mean you get the deal. That’s on you – your presentation, your track record, your positioning, your EQ (emotional quotient/intelligence). However, it’s sure nice to be there in the first place.

3. Network

Top MBA programs have alumni networks that can be really powerful and influential. Even in 2016, ‘business’ is fundamentally a people business. As I mentioned above, the degree can help you get the meeting, but your network can help introduce you to the people you need to have that meeting with and give you a nice recommendation in the process!

I’ve had a couple of friends from business school, in particular, who have been incredibly helpful in introducing me to those I needed to know as I’ve worked on my startup, ZipBooks. Their helpfulness has inspired me, in turn, to do the best I can to help fellow alumni when they get in touch with me. It’s a self-reinforcing cycle and something that can be very powerful when you deeply integrate yourself with it.

So, would I do it again?

Absolutely – I haven’t regretted my time at HBS for a second! Not only did my MBA experience help me gain important skills and friendships that are so important to my work in the entrepreneurship sphere every day, but those things actually had the second-order effect of giving me the confidence I needed to turn down a ‘sure thing’ in Google and forge my own path. The business school experience doesn’t have to be diametrically opposed to founding a startup. It can, in fact, be the perfect complement for entrepreneurs who value the education, credibility and network that a top MBA can provide.

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What are the benefits of an MBA to those set on a life of entrepreneurship? An HBS alumnus who turned down Google, Tim Chaves, highlights three factors.

See how many North American MBA graduates become entrepreneurs

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Military Background + MBA = Entrepreneurship?

QS Blogger — Thu, 19 May 2016 16:08:00 +0000

Military Background + MBA = Entrepreneurship?

QS Blogger Thu, 05/19/2016 - 17:08

Tue, 06/16/2020 - 12:31

Harvard alumnus, Ben Faw, on challenges in his thinking that needed to be considered before he could commit to the entrepreneurship career path

Before I stepped into a classroom for the first time in five years, I already had entrepreneurial ideas. At the same time, I was not sure who I would work with, when it would happen, what we would do, or why I would be excited. Even at this earliest stage of aspiration, the open road of entrepreneurship held more than just the chance of autonomy and broad impact; it also offered the fear of failure.

The challenges for me to take the leap into entrepreneurship were threefold – trust, passion and the idea of a personal roadmap. Originally, there were two more challenges – competence and confidence. My time at UBS, Tesla Motors and at business school helped resolve these first two. Finding a solution on the last three was not as easy. While several interesting opportunities developed during my time in business school, nothing resolved these three challenges in an adequate manner. Fortunately, I found an exciting position at LinkedIn where I was confident (and correct), that I could continue learning and growing – maybe not by starting my own company, but by taking a step in the right direction.

Overcoming these final three challenges was hard for me. Trust can take years to build as I saw both overseas in the Army, as well as in training environments and various business situations. Without the right passion for a product or business, I knew I would lose focus and fail to contribute to my full potential. I also knew some roles and businesses might not align with my own goals and personal roadmap.

Fortunately, an incredibly important aspect of business school, and something which is often undervalued, are the friendships you make there. In my own case, a close friendship with Momchil Filev (cofounder and CEO at BestReviews), began before I even arrived on campus. Both located in the San Francisco Bay Area, we met at an event for admitted students in the spring of 2012. Trust began to develop.

The passion took time to build and grow. Momchil and I met regularly during our time in business school which provided a great platform for testing out entrepreneurial ideas and to develop skills and insights. While we both experimented with different business situations, concepts and tests, we also developed a passion for working together. In addition, we realized we had some important complementary skills and balanced each other in a positive manner. As this passion and trust grew, I felt confident we would work together at some point. It was surely just a matter of time before these entrepreneurial ideas materialized.

Four years after meeting Momchil in Palo Alto, I now work alongside him to help arm consumers with clarity and confidence in their purchasing decisions via in-depth reviews. Taking an often unloved product like an air mattress or paper shredder, testing them, and then sharing what we learn with our users is pretty exciting. In my own role and day-to-day duties, I use an array of the skills I developed at West Point (the United States Military Academy) in the Army, at business school, and from my mentors and friends from each of these chapters of my life.

The military gave me incredible comfort in operating in a risk-filled world. While there are many (sometimes hundreds), of risks in entrepreneurship and related business situations that you can never fully mitigate, there are also many that you can hedge with proper planning, rehearsals and clear thinking. Doing so is hard work and you almost always reflect back and find mistakes. Once risk mitigation is hard-wired into your thinking, it provides huge value in many respects, not least in terms of pursuing entrepreneurial ideas. However, this same mentality can also foster a reduced appetite for the complete unknown. Every startup project is, to some extent or another, a complete unknown. When do you take the plunge?

I wrestled with these dynamic tensions of risk versus a desire for autonomy and impact and eventually used a mixture of advice from wonderful mentors, game theory and, most importantly, a sense of how I wanted to spend my days. Working with amazing people is something I was happy to place greater value in, given its alignment with trust, passion and my own personal roadmap. Leaving a steady paycheck was not easy, yet I never look back.

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Worried about pursuing your own entrepreneurial ideas? HBS alumnus, Ben Faw, discusses how military training helped inform his personal roadmap.

See how many North American MBA graduates become entrepreneurs

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Business News Weekly Roundup: May 1 2015

Mansoor Iqbal — Tue, 03 May 2016 08:56:42 +0000

Business News Weekly Roundup: May 1 2015

Mansoor Iqbal Tue, 05/03/2016 - 09:56

Tue, 05/03/2016 - 10:56

The best places to do business in the US revealed, the most Googled items per country, and record fine for BNP Paribas.

NerdWallet research reveals best places in US to start a business

And in this week’s second piece of online research, personal finance website, NerdWallet, has conducted a study into the best places in the US in which to start a business. The number one place? Boulder Colorado, naturally, followed by Wilmington, North Carolina and Greater Bridgeport, Connecticut. Smaller markets, it seems, fare well, with the Midwest standing out as the place to be, with lower costs and lower competition giving businesses an edge. The site looked at six indicators to get the results, split into those which look into the success of businesses (average revenue of businesses, businesses per 100 people and the percentage of businesses with paid employees – they point out that 23 million of 28 million US businesses are non-employer businesses) and the area’s overall economic strength (median income, median housing cost and the level of unemployment). A total of 183 areas with populations of over 250,000 and 15,000 businesses were considered.

Fixr.com map shows what people want to know the cost of and where

Cost-estimating website Fixr.com has released a world map looking at which items people want to know the prices of, by country. Okay, let’s clarify here – this is hardly an in-depth exercise in analytics. The map has been drawn up by using an autocomplete formula, looking for the most common instances of ‘how much does X cost in X’, which naturally is subject to a number of variables, not least of which is the rest of the world’s perceptions of said country. But it still makes for interesting, often entertaining and occasionally troubling reading. Some examples are ‘how much does a kidney cost in Iran?’, ‘how much does a prostitute cost in Brazil?’, ‘how much does a slave cost in Mauritania?’ and ‘how much does it cost to fly a MiG?’ in Russia.

BNP Paribas ordered to pay US$9 billion settlement

France’s largest bank, BNP Paribas, has been ordered to pay a record fine for violating US sanctions in Sudan, Iran and Cuba between 2004 and 2012, reports Businessweek. The bank pleaded guilty to processing billions of dollars of transactions across the three nations in the time period in question. BNP Paribas will also serve five years of probation as a result of the verdict, which comes in light of pleas for clemency from French President François Hollande. The news comes at a bad time for European banks, as confidence in UK banks approaches an all-time low, with a string of scandals proving an obstacle to attaining renewed confidence.