Takeaways from our Entrepreneurship Course




What is entrepreneurship? Is it for me? How do you assess the potential of an idea? How to develop your idea into a $1M opportunity? How do you develop a business plan? How can you be an entrepreneur in a corporate environment? Should passion be the main factor motivating you, or is there a point to stop? How do you run a business with a small budget?
These are a few of the questions which the course on Entrepreneurship by Prof. Jan Lepoutre helped us to answer.

The course started with everyone talking about their previous entrepreneurial experiences. Entrepreneurship is not just about establishing a new business; it’s about exploring an opportunity, learning in the process of doing and managing risks simultaneously. Running a successful business is not just based on chance or luck. Failures or hurdles are the part of the process and one should know how to tackle and implement appropriate contingency plans.

Developing an entrepreneurial mindset - Keeping the ultimate goal in mind
We learned that entrepreneurial thinking is effectual as one needs to imagine possible new ends using a given set of means. If there is an unexpected situation, then turning that into an opportunity serves well. The goal is to maximize profit for the whole value chain (all the people involved), not for an individual to whom the idea belongs or who stated it.

Always trying to put things to action is the best way to ascertain your ideas and helps you understand the feasibility and viability of the plan. Therefore, start with whatever resources are available in terms
of knowledge, competencies, budget, and network. When it comes to business, risk is a huge part of pursuing anything new. One should know how to manage that risk over time. Uncertainty could be managed by talking about ideas.

Importance of your network
Another observation from the course was that your network plays an important role as through these connections one could leverage the knowledge they could offer, expand collaborations, and grow further.

Anything is possible!
From the ideation stage of trying to find a need of an expat in France, we learned that it doesn’t take many resources to start with something. There were various needs like finding a hairdresser familiar with your taste, finding people with similar cultural backgrounds to connect with, getting things from your home country which are difficult to find here, etc. I am inspired by the abundance of opportunities out there.

We also had an opportunity to interview some successful entrepreneurs. The common learning was that all of them started with the minimum resources available and were able to successfully grow
because they pursued regardless of the hurdles by figuring out ways to make things work.

From learning about how to gather resources for running a business to how a powerful pitch should clearly state the concept and consequence, the course covered everything. It’s important to emphasize how the idea creates value.

To conclude, I would say that the course has been a surprising and inspirational journey. It has pushed me to pursue something cause close to my heart in the future.

We would like to thank Professor Jan Lepoutre for making the course interactive and insightful.
#ESSECGMBAExperience #MBACareers

Interview Practice Sessions in the ESSEC Global MBA


By Terrence Huang Yu, ESSEC Global MBA Strategy & Management major 2019-2020

Interviews are one of the most important aspects of the job search. The key to success in interviews is mainly about how to present yourself and your strengths, knowing the company well, and demonstrating how you can bring value to the role.

As part of the Global MBA at ESSEC, there is significant training and coaching on the career aspect offered by the school. One of them is a training on interview skills. There are several rounds of interview trainings, where we practice the general interview, the fit interview, the case interview, and salary negotiation.

Marie-Laure Dahan, our Career Services Consultant, manages the Career Services activities and initiatives for Global MBA participants, and also gives several workshops on various topics. During her seminar on interview skills, she went through the skills and tips for various forms of interviews including online interviews, group interviews, assessment centers and so on.

To prepare for an interview, there are several steps:

  • Know yourself and your values
  • Research the company
  • Practice the interview with your peers and professionals
  • Prepare your attire and know what to bring on that day

After the interview, it is always good to send a follow-up note thanking the interviewers for their time.

In terms of fit questions, one of the best strategies to answer them is the STAR approach, meaning situation, task, action and result.

  • Situation: Describe the situation you were in or the task you needed to accomplish
  • Task: Describe the challenges and expectations.
  • Action: Elaborate on the specific action you took.
  • You then conclude with Results.

Many candidates often forget to mention the results. However, the results are very important. The interviewer wants to see what you've achieved, in order to assess the value you can bring to the company. A solid record of past achievements is a huge competitive advantage.

Besides the interview skills training sessions, there are also mock interview sessions with recruiters from the industry. After the session, the recruiter gives us feedback on our performance with regard to five criteria:

  • Business attire/Grooming
  • Posture/Body Language/Eye Contact/Smile
  • Enthusiasm/Energy
  • Clarity/Conciseness/Structure
  • Concrete/Specific Arguments & Facts

The interviewer will also give feedback on the strengths and weaknesses of the interviewee. These comments are very valuable for my future interviews. I enjoy such activities and my career plan has become clearer after all these exercises.

Ireland : An Island with an Ocean of Opportunities

 

By Bhawna Periwal, ESSEC Global MBA Strategy & Management major 2019-2020

Many MBA participants pursuing an MBA in Europe are often looking to make a career switch to Europe. Have you ever considered pursuing a Career in Ireland? In our recent private talk with Auriane Thomasset, we uncovered the ocean of opportunities that Ireland can offer. 

With a population at just over 4.88 million, its largest cities Dublin and Cork are home to some of the most sought-after companies. Known as the Silicon Valley of the EU, Dublin is home to tech giants like Google, Facebook, LinkedIn, Microsoft, etc. Even more so, Ireland is likely going to be the next hotspot after Brexit, the fate of which would be decided by the next UK General Elections. It is expected that post Brexit, there would be relocation of banks to Ireland and increase in Foreign Direct Investments in Ireland. Barclays, Wells Fargo and Bank of America have relocated their EMEA headquarters and will pursue their hirings.

So what is in it for the Global MBA Strategy & Management majors?
With the presence of major tech companies like Google, Facebook, Salesforce, Smartbox, and Intel, there is huge opportunity for strategy professionals inside the tech sector. Accenture, Deloitte and PwC also hire for management consulting in areas such as Digital, Data and Analytics, Technology and Corporate Finance.

What about the Visa process?
Professionals possessing critical skills identified by the Government of Ireland can apply for a Critical Skills Employment Permit. Eligible occupations under this type of permit are deemed to be critically important to growing Ireland’s economy, are highly demanded and highly skilled, and in significant shortage of supply in their labour market. Examples of occupations that have been included in the Critical Skills Occupations List include: IT project and program manager, IT Business Analyst, Management consultants and business analysts specializing in big data analytics with skills in IT, data mining, modelling, and advanced maths, and Business and financial project management professionals specializing in finance and investment analytics, risk analytics, credit, fraud analytics or related and relevant specialist skills.

For any other skills not classified as critical, the employers will need to conduct Resident Labour Market tests.

Work Holidays Visa for up to 1 year can be availed by professionals up to the age of 30 for selected nationalities.

Below are the links to other Irish jobs and recruitment agencies:

Technology: Threat or Opportunity?



By João Tapioca, ESSEC Global MBA Strategy & Management major 2019-2020

We had an inspiring session with Céline Marchal Dassonville from Ethiwork on how technology can be used to create a positive social and environmental impact. Our first lesson was that technology is not good nor bad in itself, but it is never neutral. Technology always brings change and the direction of change is highly dependable on human intentionality for its ordering and purpose. This is a pivotal role played by strategy consultancies especially those concerned with economic, social and environmental sustainability such as Ashoka, Ethiwork, BSR and GreenFlex among many others.

Céline stressed the difference between Tech for Good, Tech in Good and Impact Tech. While the first is related with the outcome provided by the technology, the second concerns the use of the technology itself. Tech for Good is developing a Bubble Barrier that prevents plastics disposed in rivers to reach the ocean, while Tech in Good is guaranteeing that this technology does not over oxygenate the rivers interfering negatively with the aquatic life. When both sides are addressed, this is Impact Tech. We were taught about the framework to measure this impact and reminded that we needed a common understanding of what is Tech for Good.

There is a forming consensus that it is any technology that addresses one of the seventeen Sustainable Development Goals set by the United Nations. I believe technology is what we make of it and I came from Brazil to ESSEC to learn how technology can be used to strengthen democracy (SDG 16). From here, I foresee a brighter future. Now, let's beat swords into plowshares.

Interested in finding out more about the #ESSECGMBAExperience?

Understanding the business side of the global luxury economy



As we returned from La Toussaint, our first long weekend in France, I was confident the entire luxury cohort was looking forward to the return of one class in particular that week- Global Economy with Professor Franck Asenkat. Part of a trio of courses with Professor Asenkat, Global Economy accelerates our knowledge of the business side of the luxury economy worldwide.

A look at the supply and demand of the luxury market

Covering all of the seven sectors that luxury encompasses and their respective market trends, the class provides an in depth look into the Supply side of economics by analyzing business best practices and strategies from product segmentation to compelling product development, created to make consumers dream as well as build long lasting margins. In parallel, to better understand the Demand side, we are given a thorough analysis of the typology of clients and targets through different lenses such as age, nationalities and wealth.

Current examples from the industry


Going far beyond applying the theories of economics in the luxury world, we discuss concrete cases from a panorama of companies across the sectors and how the theories have been applied. What sets this class apart from other courses is that Professor Asenkat shares hard data and trends from his discussions with luxury companies and industry experts. Hard data of the luxury economy is difficult to obtain since most companies are either large conglomerates that report only consolidated figures or privately held and do not publish numbers. Therefore, the behind-the-scenes look into company figures, operations and strategies has helped us analyze the ROI structure behind luxury companies as well as their exposure to risks and opportunities.

Though some of our cohort come from a luxury background, a majority of us are career switchers. Regardless, we all agree the class has strengthened our understanding of the business behind luxury as well as provided a context of how the industry has developed since the family owned businesses of the 80s to the global conglomerates of today. Having this context has prepared us well for our company visits and networking events, where we often establish our credibility through our knowledge of the Personal Luxury Goods Industry.

We are only three sessions into the 1st part, but we are already looking forward to the 2nd and 3rd parts of the trilogy- Brand Strategy and Brand Creation! If this course is any indication, the next few months will be just as accelerated to ensure we are well equipped to apply our learnings to our capstones projects come Spring, when we will tackle strategic challenges for partnered companies in the luxury industry.