Thursday, May 30, 2013

Investment Bankers Can Be Non-Financial Entrepreneurs!

I read an article in Inc. magazine that I really enjoyed. It was brief and to the point. (Isn't that what "brief" means, Tiffany?) Anyway, a bunch of analysts  -- recent college graduates with great math and analysis skills who build models or do a lot of xeroxing putting together pitch books -- at various investment banks started companies. None of these analysts work with the other. The article's author tracked them all down.
Most grads define success as getting a great job but a few define it as building a business.

Let me be clear. I am NOT the one that says that MBAs, especially those from high ranking schools, do not make good entrepreneurs. While many of us are groomed for careers in investment banking and consulting and once you start climbing the ladder and pulling down $200K, $300K to well over $1 million, which is what a fairly decent number of my classmates make, it becomes extremely difficult to give that up to be an entrepreneur. In addition, many business owners never make that kind of money, even after selling. However, for those businesses that grow to revenues over $20 million or even more with strong profitability, then the comparison pales.

 I have an MBA and am an entrepreneur and have found it invaluable. However, my primary focus is on buying businesses and in identifying issues and solving problems. I also took an entrepreneurial track which required me to create a number of pretend companies while in school.

Regardless, I'll return to the MBA discussion another day. This article is about undergrads not MBAs. So I guess I digressed! Want to know more about the grads? Read the Inc. article.
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Monday, May 13, 2013

Infographic: Business Myths That Harm Your Company

The following infographic is self-explanatory...and a bit simplistic. But isn't that what infographics are? The myth is the title on the left. So DO NOT do what the title says, at least for the first two. Read the comments on the right. (I'm telling you upfront because it took me a moment to catch on!) This infographic is courtesy of American Express Open.

I'm in disagreement with items #3 and #5 as blanket myths. For #3, you reward performance with promotions. Who do you promote? The low performers? Although it is true that some great engineers or sales people should stay that way and not be managers, you must decide this on a case by case basis.  

And if you do what it says in #5, you'd never hire experienced people so you would end up being sued for age discrimination!! It's a balance. But I do agree, no matter the experience, the person you hire must fit well with the organization. If they like new challenges, they can learn to do well in your organization (even with tons of experience!!).


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