Spring break!

I just want to say that I'm absolutely loving my "spring break". I got exactly one free weekend between the 2nd and 3rd quarter. So I did workouts, beach brunches, dinners, girls' day, shopping, reading, movies, and even a bachelorette party - all in one weekend! Just a year ago, every weekend was like this...and now it happens once in 3 months. Oh well, just makes me cherish it more.

Topped off the weekend by receiving surprisingly good grades on the accounting finals. Apparently, the professor graded on effort. Which seems fair to me (ahem), because I really agonized over the cash flow statement even if I did end up thousands of $s off the mark!

Third quarter begins this coming weekend. Marketing Management and International Business Negotiations. A lot of us will sorely miss our economics class (for obvious-to-us reasons) but I'm actually looking forward to the next quarter - the classes as well as the extra-curricular events being planned. 

The importance of being a horse's arse

Last week I attended a business leadership talk by Jason Jennings. He spoke about the 5 secrets of successful businesses and gave examples of Koch, Walmart, Nike, IKEA, and Smuckers among others. He has met with all these CEOs and researched their strategies, styles, and chronicled their success stories. I really envy his job.

Jennings is a very engaging speaker and I took plenty of notes during the talk, expecting to write them down here. But, before I spent all that time typing, I did a quick Google search, and as can be expected, The VAR Guy already wrote an excellent summary of this exact same talk which Jennings gave at the Cisco Partnership Summit last year. The VAR guy's summary covers all but one of the takeaways I noted down. Perhaps Jennings didn't tell that story last year, or perhaps the VAR guy didn't think it was worth writing about, but I think it's worth repeating.

The story came up when Jennings was talking about successful businesses giving up old conventions.
Do you know the width of the US railroad gauges? It's 4 ft, 8.5 inches. Odd number isn't it? Well, here's how it came to be. (And once again, I looked at Google to provide me the typed out anecdote.)


The US standard railroad gauge is 4 feet, 8.5 inches wide because that's the way they built them in England, and English expatriates built the US Railroads.


Why did the English build them like that?
Because the first rail lines were built by the same people who built the pre-railroad tramways, and that's the gauge they used.


Why did "they" use that gauge then?
Because the people who built the tramways used the same jigs and tools that they used for building wagons, which used that wheel spacing.


Okay! Why did the wagons have that particular odd wheel spacing?
Well, if they tried to use any other spacing, the wagon wheels would break on some of the old, long distance roads in England, because that's the spacing of the wheel ruts.


So who built those old rutted roads?
Imperial Rome built the first long distance roads in Europe (and England) for their legions. The roads have been used ever since.


And the ruts in the roads?
Roman war chariots formed the initial ruts, which everyone else had to match for fear of destroying their wagon wheels. Since the chariots were made for Imperial Rome, they were all alike in the matter of wheel spacing.


The United States standard railroad gauge of 4 feet, 8.5 inches is derived from the original specifications for an Imperial Roman war chariot. And bureaucracies live forever. So the next time you are handed a specification and wonder what horse's ass came up with it, you may be exactly right, because the Imperial Roman war chariots were made just wide enough to accommodate the back ends of two war horses!


Now the twist to the story...
When you see a Space Shuttle sitting on its launch pad, there are two big booster rockets attached to the sides of the main fuel tank. These are solid rocket boosters, or SRBs. The SRBs are made by Thiokol at their factory at Utah. The engineers who designed the SRBs would have preferred to make them a bit fatter, but the SRBs had to
be shipped by train from the factory to the launch site. The railroad line from the factory happens to run through a tunnel in the mountains. The SRBs had to fit through that tunnel. The tunnel is slightly wider than the railroad track, and the railroad track, as you now know, is about as wide as two horses' behinds.


So, a major Space Shuttle design feature of what is arguably the world's most advanced transportation system was determined over two thousand years ago by the width of a horse's ass!!


If this is not a good enough anecdote to get us to start thinking unconventionally, then I don't know what is. :)

The secret FEMBA

I can't imagine what it must be like to do this program in secret. There are quite a few people who don't want their superiors to know about their MBA pursuit . The need for secrecy is understandable since most people go for the MBA only if they are looking to change their careers. But how anyone could maintain the secret is beyond me. How can you attend weekly classes , do daily homework, study for exams, attend events, and not breathe a word about any of it at the workplace for THREE years?!

I'm very fortunate that my team supports my education (since it ties in to my day job). Of course, I'm very careful about not letting the MBA workload get in the way of my productivity and hours put in at work. Regardless, it's nice to be able to ask my colleagues to explain financial concepts, or occasionally whine about missing my free weekends, or getting permission to leave a couple hours early the day before an exam.

Mamma taught me to be grateful for such small mercies. So I definitely shouldn't complain about the economics and accounting exams that I'm going to be taking back to back tomorrow. Right? Right.

Split or Steal?

We studied game theory in our microeconomics class today. Game theory relates to decision making in the face of uncertain action of your competitor. As part of the lesson, we were shown the following clip from a game show.
Here's the gist - there is a total payoff of around 100 grand. If both players choose the "split" option, they each walk away with 50 grand. If one chooses "split" but the other chooses "steal" then the latter walks away with all the money. If both choose "steal", neither gets anything.

Before we watched the last bit of the clip (which shows the outcome), our professor asked us what we would have done if we had been in either player's shoes. Over 70% of the class voted that they would "steal". 

What would you have chosen?

More than the outcome of the show (which was shocking, even though game theory teaches us to expect it), I was surprised at the class votes. From what they told me, most of them chose to "steal" not out of greed, but because they mistrusted the other party.

I voted to split. Because I believe that if I ever pull a "steal" over anyone in such a situation, I will not only lose credibility, but also my own ability to trust other people. And both of those are equally and deeply important to me, in business as well as personal matters.

A leap of faith

I recently blogged about my wish to set out on adventure trips with fellow Fembas. Today, thanks to an enterprising classmate, I got the ball rolling on fulfilling that wish. A handful of us went tandem skydiving and it was simply fantastic!
I guess the universe really does conspire to help you get something that you really desire. :) (The Alchemist) .


Recap of my experience and tips for potential first-time skydivers:

- You are harnessed to an experienced instructor so it's very safe . I kept worrying that I would hang on to the plane and refuse to jump, but really I had no choice. I was literally thrown out of the plane.

- It helps that you're not given time to think about it. You get inside the tiny plane, don't get to look out much, and you're kicked out within seconds of taking position at the door. I'm pretty sure if I was given time to take a deep breath before jumping, I'd have just stayed there taking deep breaths.

- Even when it's 75 degrees on the ground, it's collld at 12500 ft. so dress accordingly.

- Falling freely from that height clears your head like nothing else. Believe me.

- After around 45 seconds of free-fall, the instructor (or you) pulls open the parachute. This is the slightly painful part - you get uncomfortably pinched in the privates, but just for a bit. You then float around for 5 minutes or so admiring the views, contemplating life, mentally congratulating yourself, or simply wondering where to get lunch.

- Speaking of food...we were afraid to eat anything before going up in case we, uh, projectile vomit on the way down. It was a good call, because some people got nauseous after a few twists. The rest of us were simply ravenous by the time we were done.

- Skydiving is an excellent team event. I just wish we had all fit in one aircraft, although we did get to spend a ton of time together before and after the dive itself.

- Do get the pictures and video of your first jump. Worth the extra money. :) It is especially cool when you have a dedicated photographer filming you as all three of you (you, instructor, photographer) are plunging down at 120mph.

My instructor and I, as we exited the aircraft from 12,500 ft above ground.
That exact instant was the scariest part of the entire fall.

It's funny how until a few days back, skydiving wasn't even on my bucket list. Since I've always been slightly afraid of heights, I was pretty sure nothing would induce me to jump from an airplane. But something changed last week when after a very hectic work+school week, I suddenly felt an overwhelming need for an adrenaline fix. The rest, as they say, is history. ;)

Go jump out of a plane soon! It is thrilling, frightening, calming, humbling, and ridiculously fun - all at once. :)

Inspiration

I'd love to participate in and report something like this in the next few years. The adventure, the whole strangers- turning- into- friends thing, the unique way to ring in the new year, and the feat itself....just my cup of tea :). Gotta start rounding up like-minded FEMBAs. 

Mid-terms done, can I please sleep now?

Last week was ridiculous. Economics group assignment, a very confusing accounting group assignment and the econ mid-term to prepare for. Between work and all of that, none of us got much sleep. Hence, I decided to treat myself and planned on staying in bed all Sunday.
But naah, I couldn't stay indoors. The weather was simply perfect, and I was in a terrific mood so I took out my long-neglected bike for a beach ride at sunset.

Best. decision. ever.

Here's the proof.

Asleep in Accounting

This quarter, my section has Economics on Saturday mornings and Accounting in the afternoon. Unsurprisingly, half the class is either yawning or Facebook-ing during the afternoon class. Two weeks ago, one of my hapless classmates actually dozed off on the very front row. Fortunately, someone noticed and took a picture of him for Facebook archives. The comments on that pic are absolutely hilarious with the likes of ‎"Come to Anderson. Where dreams are realized" and "Don't worry, I'm sure the professor didn't notice" and "It's obvious you're visualizing a sophisticated accounting maneuver -- I do the exact same thing. It's called talent."


And then the following week, we had a substitute professor who changed the status quo.
First, he walked in wearing a t-shirt and shorts. He then proceeded to drop the F-word multiple times while talking taxes and called a lot of other things suckers. Mid-way through the lecture he realized that the class was being recorded, so he attempted to censor his language but barely succeeded. And then he took a call from his wife explaining that the last time he didn't take her call she called the police. None of us were sure whether we found him terrifying or amusing. He was knowledgeable no doubt, but I think I missed a lot of information while laughing at his antics. Suffice to say, nobody slept in that one accounting class!

My first business case competition - Part 3

I completely forgot to complete my thesis on this topic. Life's been incredibly happening! 

So our presentation on Saturday morning went well and we got kudos for our presentation skills. But we didn't exactly defend our proposed strategy as well as we should have, so we didn't win.

Here are my final thoughts and take-aways from the competition.


1. Even though we didn't win, I found it completely worth my time and money to do this.
2. I learnt a lot from listening to the judges' comprehensive feedback to all the teams.
3. I realized that while you cannot do any specific preparations for such a competition, it helps if team members have specific individual strengths. For instance, the winning team comprised of one marketing person, one finance and two with consulting focus.
4. Given the time crunch, our team struggled with the breakdown of tasks. We had carefully allocated time for each activity - brainstorm, research, survey, power point, and practice, but we had a hard time attacking different aspects of the case individually. From talking to the other teams, I found that there's no one right way to do it. The team that won the second prize did everything together, whereas the winning team split tasks according to their strengths.
5. I'd heard from other B-school friends that it's best to go with one or two unique ideas/suggestions when presenting the final analysis. However, we observed that the winning teams all had every single simple and obvious suggestion out there as well. Perhaps it's better to err on the side of caution?
6. Social networks rock. My love-hate affair with Facebook tipped over to the love side when the survey we posted for our analysis got 200+ responses in under 6 hours.
7. Participating in such a competition is a good way to figure out if you're cut out for a consulting career. The flying, the time spent at airports, time-zone hops, talking and relating to strangers, working in an unfamiliar environment....if all that excites you, you know you'd enjoy being a consultant.


Other random notes:
- I anticipated the snow in Indiana but did not realize just how cold it could be. Must remember to pack more smartly in the future.
- I need to carry Starbucks Via packets with me at all times. Yes, I have a caffeine addiction.
- It was great to get coffee at Dunkin Donuts on the way back to the airport. I don't understand why we don't have the chain in California.
- Loved Indianapolis airport. But then I usually like airports. I just wish there was more vegetarian food available.
- People in Indiana seem super friendly. The car rental people, the bartender at the airport restaurant, and even the TSA staff - they all guessed that we were down there for the business school competition and were incredibly warm and cheerful. Quite a contrast to the weather there.


Ironically, that last sentence applies to southern Californians as well! :)

My first business case competition - Part 2

Thursday:
All the teams drove or flew down and checked in around 6pm. We were then taken to a nice reception dinner by Kelley volunteers where we got to interact with all the other teams. It was a delicious meal and a fun time was had by all, with everyone being friendly and forthcoming.
Note to self: Do not dress in a skirt when you have to walk 10 mins between hotel and restaurant in 3 degree weather.

Friday:
At 8am on Friday morning (that's 5am west coast time!) we were given the real-life case that we had to analyze. Here's the crux of it.

Sam owns three not-for-profit fair-trade stores in Indiana. His goods are the creations of artisans from developing countries like Bangladesh, Chile, Zambia, etc. He currently buys 95% of his goods from wholesalers who purchase the items directly from artisan co-ops. The wholesalers charge a 100% markup on the goods because they have to account for shipping, custom duties, inventory storage etc. Sam makes just 3-4% profit when he sells the goods from his store.

Sam is now thinking about getting up to 20% of his product base directly from artisan co-ops, in an effort to reduce his COGS (cost of goods sold) and build better relationships with the artisan community. Some of the questions he has are:
1. Will the savings in COGS cover the shipping and other costs that he would incur?
2. Since artisans have to be paid 50% of the price when the order is placed and 50% after delivery, how will this affect his cash flow?
3. Most of Sam's store sales happen in the holiday season from Oct-Dec. Buying directly from artisans means a lead-time of 6-7 months. Will he be able to place his orders that much in advance, and how will he store the inventory in the meantime?
4. How would his relationship with the wholesalers (who would still be providing 80% of the products) be affected if he went the direct route?

These were just some of the many considerations we had to keep in mind while coming up with a strategy for Sam. We were taken on a quick field-trip to one of the stores to get a feel for the products, and talk to the store manager and volunteers at the store.

We then had until midnight to brainstorm, conduct research, analyse the financials and put together our slides.Meals were provided but sadly there was no coffee after 9am! It was stressful and a lot of work for one day, and particularly hard without caffeine, but all the teams pulled through. I personally found the case very interesting so that helped. Slides were submitted by midnight, teams practiced their presentation for a while after that and it was around 2am when we went to sleep, ready to present at 8am the following day.

My first business case competition - Part 1

Earlier this month, I was asked by some 2nd year FEMBAs if I wanted to join their team for the Kelley Women's Business Case Invitational. It was a unique women-only event at Indiana University, aimed at encouraging more women towards business, specifically consulting. I jumped at the opportunity since I figured this would be a good way to find out if this is something that I'd be interested in pursuing in the future. (And also because I'll try anything once.)

What is a business case competition and how is it different from a business plan competition?

A business plan competition is one where teams come up with a proposal for a future business and compete to win funding for the proposed venture. On the other hand, in a case competition, teams are provided with details about an existing business and asked to come up with solutions for problems or strategies for growth, profitability, etc. Business plan winners will likely go on to become entrepreneurs, business case winners have the makings of successful management consultants.

A business case competition is typically a couple of weeks or more long because the case is sent to the teams those many weeks in advance. The teams would then analyse, research, put together a PowerPoint presentation by the due date, and then present their analysis on the final day. As you can imagine, full-time MBA students will have a vast advantage in this regard given the additional time and resources they can get their hands on in that much time.

The Kelley competition was different in that we were asked to check in on Thursday, handed the case on Friday morning, asked to submit our slides by midnight and present the case on Saturday morning. Since each team was equally time-constrained, I figured we were on even ground competing with the other teams who were all full-time MBA students.

In the interest of not boring you, I'll be writing down my experience in installments. How we fared and what I learned will be posted in Parts 2 and 3.

Indiana University

We left the 75 degree weather in SoCal and landed in 3 degree weather. This is how the university looked when we got there. Quite pretty, although this pic makes it look ominous..

Happiness is..

75 degrees in winter

The Hype Cycle

Despite working in the technology arena, I somehow never knew about the technology Hype Cycle until today. Or perhaps I had read about it in passing and never given it a second thought.

According to technology research firm Gartner, which coined the term, the hype cycle is a "graphic representation of the maturity and adoption of technologies and applications, and how they are potentially relevant to solving real business problems and exploiting new opportunities."

Their website explains the cycle in detail. Very interesting from a business perspective. It applies to upcoming wireless technologies like LTE and devices such as the iPad.

Tongue firmly in cheek, I think the chart can be slightly modified to represent other life situations as well. 

For instance,

Or, a more identifiable situation like the following. :P

Advice from a 1/12th ripe FEMBA

I didn't do much research before I applied to the UCLA FEMBA program. It was only after I received the admit that I got in touch with a few seniors. Here are the top bits of advice I received from them and my views one quarter later.

The more you like your day job, the harder FEMBA will be.
Very true. I tried to balance my time between work and studies, but found myself giving work first priority on most occasions. I was told by seniors that I shouldn't expect to get straight As and be a stellar performer at work over the next three years. I'd love to bust that myth but it's going to be daunting.

The 1st quarter is fairly easy for those with a quantitative background.
I have to agree and disagree. I have an engineering degree so I didn't find stats as challenging as other majors did.  However, the sheer amount of homework assigned and the struggle to get settled into the new routine made the first quarter pretty darn hard.

If you don't know which clubs you are interested in, join them all. Measure the membership costs relative to the $$$ you're paying for your degree.
I heeded this advice towards the end of the quarter and signed up for the Entrepreneurs Association and Marketing Association. I don't know yet if I want to pursue either track, but the topics interest me and I'd like to network with people in those fields. There are many other clubs I'm interested in but I don't want to add to my confusion right now.

The Leadership Foundations week is the high point of FEMBA life. Be prepared for a downhill ride from there on.
Not sure I agree. :) So far I'm still riding the fun wave, so fingers crossed!

Other things I observed :
- How much effort you put into a course affects your classmates because you contribute to the discussions and overall quality of learning.
- Most people in the program aren't a 100% sure about what they want to do with their MBA degree and that's OK.
- It's hard to get much networking done if you're only on campus on Saturdays but it's not impossible. There are always happy hours to attend after class and other trips organized fairly often.

and finally,

- There is a fine line between social networking and networking for professional purposes. I think I'll make that a whole new post.

Parkinson's Law

"Work expands so as to fill the time available for its completion."


Especially true for the FEMBA lifestyle. Yep, school's back in swing!

Happy New Year!

First sunrise of 2011. 

Looking forward to many more beautiful moments this year.