Entrepreneurship: Academics and Reality

by Juvena Tan

Entrepreneurship is in these present times a very hot topic, actively initiated in both developed and emerging markets, and in large corporations and small start-ups. The idea of identifying opportunities, launching and running businesses and making profits have thrilled, awed or daunted many individuals and organizations alike.

Personally, entrepreneurship had entered my life when I was in my mid-twenties. At the time, fresh from a 9 to 5 job, I wanted to do something exciting with my life, I did freelance designing, multi-level marketing, lecturing in a private art school, all which enabled me to know my own desires and strengths, until my family had a chance to take over a creative design services business in 2004 and I decided to join in. It was to me the turning point that led me to the path of being an entrepreneur. Especially at that time, we had little knowledge of or experience in running a business, and we had to learn as went go along. That gave me an understanding that sometimes opportunities come and we should grab them and move forward and that we do not have to wait for things to be perfect in order to take the leap.

Over the years, I have come across stories and ideas of entrepreneurship on the micro and macro level. Working with small business owners in my day-to-day operations, I witnessed the creativity, determination and most importantly, the drive in each of them, and that had inspired and cultivated in me the spirit of perseverance. In my opinion, this is something very necessary in starting a business from scratch. I also came across business units in large corporations that work like entrepreneurial teams and later in the Global MBA Entrepreneurship course I learned that this is described with the term ‘intrapreneur’. I read an article published by Forbes about the traits of being an intrapreneur and idea of not being afraid of failure really resonated with me (you can find the link here). This concept of intrapreneurship also links to my post-MBA goal to work in France. As a foreigner, it takes considerable time to understand the market and to build a strong personal network, so it would make sense for me to join a large organization that places high values on these entrepreneurial traits, where I can make use of my background add value to the company.

As part of the course, we completed an entrepreneurship project, in which groups wrote full business plans for their collective entrepreneurial ventures. I joined the luxury bag rent and borrow team because I wanted to move into the fashion and luxury industry, so I took it as a chance to learn, research and delve more into this industry. I knew that along the way, I would discover new insights about luxury brands, which could be useful for my career and my portfolio. As a way forward, I am considering to propose this project to my future company as part of an extension of their services, just like what the owner of Papyrus Trading, Robert Keane did, when he moved to Microsoft and then went on to found Vistaprint. I am motivated by his story of turning a failed venture into an advantage inspired that that he could capitalize on this later in his career.

In this project, I learned to look at the creation of an idea and how to bring it forth, at least to the stage of formulating the business plan. It is an interesting contrast to what I had done in the past, because now I am exposed to the formal process, in an academic teaching, of researching the market, critically analyzing the idea, setting objectives, financial forecasting etc. Even though finance is not a strong skill set for me, I take it as a learning experience, much like having to pitch for funding in front of a jury panel. This compelled me to think of how the business can generate value to investors, and since I was working on the marketing strategy with in the project, I could exercise my knowledge in this area to generate value for our end consumers. This was something which I find very interesting and that I really enjoy. I also had the opportunity to experiment with branding, and came up with the enterprise name, Borrow My Luxe, and the design concepts.

There are other learning experiences that I gained from this project, such as team building and time management. All 5 of us have different personalities, working styles, expectations and time schedule, so coming together to work on this project was not easy at all. But despite our busy schedules, we managed to accomplish what was needed in the end and everyone agreed to some extent that it had been fun in the end. I also observed from this experience the importance of motivating the team throughout the entire process, as it took us close to 6 months to complete from the initial team formation to the final presentation. Without vision and shared goals, it is hard to get the team to perform at the optimal level.

Outside of the class, I look forward to taking the lessons learned and applying them to my capstone project, which will take place in Rwanda. The capstone project is a 2 month consulting project that is like the final thesis for the Global MBA. In Rwanda I will work with local entrepreneurs to improve their business or to help them to set up their ventures. It will be a test of my academic training and previous experiences, which I am sure will help prepare me for the challenges ahead.

All in all, the lessons learned in class, the case studies, and the management of the project had been enriching for me. It also brings to mind a saying has always stuck with me, “nothing is a wasted effort, it is always a learning experience.”

APPLY ONLINE

Singapore Term 2016

The ESSEC campus in Singapore is strategically located in what is referred to as the “Silicon Valley” of Singapore. The Buona Vista neighborhood is home to a dense concentration of Singapore’s 1,000 plus start-ups that innovate in a range of spaces including fintech, adtech, big data, social marketing, enterprise solutions, and biotech. ESSEC is nestled near a few major landmarks including Fusionopolis, Biopolis, Mediapolis, which are part of the ecosystem that house many start-up incubators and shared workspaces.

DOWNLOAD OUR TIPS FOR A SUCCESSFUL MBA APPLICATION

With a population of under 6 million people, Singapore may seem to be an unlikely location for start-ups aiming for worldwide market share, however, Singapore has positioned its self as a hub of innovation and a point of access into Asia, particularly in growing markets like Indonesia, Thailand, and Malaysia. Singapore has been used as a launch pad for American and European enterprises for years, and the roster of companies with major Singapore offices include top names like IBM, Apple, Google, Cisco, Microsoft, SAP, Amazon, Facebook, and many others.

Of course all this did not happen by accident, the Singaporean government has engineered some of the world’s most proactive polices, which have led to Singapore being the easiest place to do business on Earth, according to the World Bank’s Doing Business rankings. Impressive, especially when compared to ESSEC’s home country, France, which rates 27th in the world. 

The ESSEC Global MBA had the opportunity to learn firsthand about the policies and strategies that have enabled Singapore to emerge as one of the world’s most competitive economies.

The Economic Development Board (EDB) is the main government agency tasked with making Singapore an international “home of business” and conduit through which business is conducted throughout Asia. The EDB, is the first connection a company has with Singapore when looking to set up offices, they offer all the informational resources to enable the process.

Mr. Goh Chee Kiong, Executive Director of Cleantech and Cities, Infrastructure & Industrial Solutions in at the EDB, presented on the policies, incentives, and methods that Singapore uses that make it the most business-friendly in the world. He sees Singapore as a “living laboratory” and described the innovations that have been made toward achieving water independence, increasing the use of renewable energies, and implementing “smart-city” infrastructure.

We had the pleasure of learning about “10 principles for liveable high density cities” from Director, Dr. Hee Limin, of the Centre for Liveable Cities (CLC). The motto of the CLC is “to distil, create and share knowledge on liveable and sustainable cities.” Given Singapore’s small geography, population, and lack of natural resources, the Singaporean government has focused on sustainability and innovation since its inception. This philosophy has guided their urban planners to build a green city that countries around the world look to as a model. Focusing on water, housing, planning, transport, foresight and pragmatism, industrial infrastructure, and sustainable environment, the CLC works to document and innovate the science of urban systems.

A*STAR, Singapore’s Agency for Science, Technology, and Research works to “bridge the gap between science and technology.” They develop talent and infrastructure to drive new technology and scientific discovery. They focus on 6 main domains including: computing science, electronics and photonics, fluid dynamics, engineering mechanics, materials science and engineering, and social and cognitive computing. A*STAR has some 1,500 industry projects, 290 patents, and has published 2,770 papers.

We heard from several researchers working on a range of projects associated with A*STAR’s Institute of High Performance Computing. Dr. IIya Farber from the Psychometrics and Decision Science Group (PDS), gave us of “tour” of MoCHA (Monitoring Cognitive Health for Alzheimer’s), a game designed to monitor the cognitive health of the elderly through a series of memory games. Dr. Yang Yinping of the Social Intelligence Group presented on insights that she and her team have derived from advanced analytics and social media intelligence. She noted parallels between social media migration and geographic migration patterns and discussed the social media contribution to global disease surveillance.

Of course our learning would not be complete without actually visiting some start-ups and shared workspaces. Crayon Data particularly stands out in my mind. As one of the fastest growing big data companies in Asia, it is a pioneer in pattern recognition and helping companies and individuals enable decision making through the use of data. We had the chance to have a long discussion with the founder, Suresh Shankar, as well as tour the Singapore office. We also “toured” Maya, Crayon Data’s recommendations app, which is based on a choice and taste algorithm that aims to simplify the process of making choices surrounding leisure and dining.

In all, our trip to Singapore was nothing short of inspiring and I felt that the city was buzzing with energy and new ideas. I was impressed and motivated by all the ESSEC alums we met doing amazing work across a gamut of industries. We’re all sad to leave but for many of us, this won’t be our last trip to Singapore.

Now we’re in Shanghai for a week of company visits!

APPLY NOW ONLINE

Lessons on Leadership from the Women of the Global MBA

By Ingrid Cazalis, Global MBA 2013-2014, France, and the other women of the Global MBA

Boot camp, military camp, leadership camp… So many names for this new MBA trend to do something exotic. The goal of this training is to learn how to lead a team effectively; assess challenges, find alternatives and – most importantly - gather enough information to make the right decision. The key is awareness. For the ESSEC Global MBA, it was also a way to develop cohesion among the new MBA batch; to create a positive dynamic in an unconventional way, outside the classroom in a natural space.

When thinking about starting an MBA, very few of us probably pictured conducting a helicopter rescue of a wounded person in the woods or trying to reach a snake bite victim across a lake.

We spent three days at the Saint-Cyr Coëtquidan Military Academy. I chose to write an article to share the female students’ perspective of the experience. After our first introduction week at ESSEC, we were informed that next week we would be going to the camp to develop our leadership skills. It was impossible to find out concrete information about the trip, except that it would be a once-in-a-lifetime experience. We were warned that it would be tough, but no details! Pressure on!

When we received instructions to pack only a fork, a knife and hiking shoes for our trip, we could only imagine the crazy scenarios in store. We participated in 15 tasks over three days. Each challenge was supervised by an army officer, who designated a task leader and facilitated a debriefing afterward.

Tuesday, 7:00 AM. The two groups went into action: strategy exercises with no defined leader. The first exercises were a mess, with lots of talking, arguments, and slow decisions. The second day, we discovered how a leader needs to understand and delegate tasks according to the strengths/weaknesses of the team members. Indeed, since we exercised in the water, in the dark, and underground, calming the fears and apprehensions of our teammates was key. Crossing the lake and crawling through a tunnel challenged many of our fears.

I interviewed some of the women of the Global MBA for their take on the exercises:

1/ Which exercise challenged you the most?

The most challenging exercises were those in difficult physical conditions, such as climbing to a high point and jumping, but all of us gathered our courage and jumped into the void (even after a 5 minute delay). Other exercises that took place underground, in a closed space and in the dark, required us to overcome our fears. The whole team was supportive during both these exercises.

2/ Which exercise did you enjoy the most?

The majority of the ladies of the Global MBA declared the tunnel exercise to be the best thanks to its mysterious atmosphere. The second favorite was trekking waist-deep through mud, which pushed us to the edge of our physical limits, but our willpower proved to be stronger.

3/ Three words to define this special experience…

Challenge, leadership, and teamwork! The training was also described as fun, amazing, intense, hard work, and “respect for others.” Even the military food rations got a mention!

  4/ What did the experience teach you about leadership?

- Keep a little distance from a situation; don’t get so involved you can’t see the whole picture – Ting Ting
- Communication with team members is key – Ting Tin & Dhriti
- Adopting a different management style – Ingy & Claudia
- It’s important to have a project leader, even if they’re not explicitly named – Claudia
- Mountains can be moved with a good guide and team spirit – Dhriti
- Anything is possible if we help each other out – Choni
- Useful ideas like SMAP or Effet Majeur - Kathrin
- Limits in one area can be balanced out in areas where you are stronger – Haeri
- Be ready to justify your decision - Ingrid

In conclusion, this week our two nice army officers taught us to listen and pay attention, to act with confidence (even when you have doubts), to try to see the whole picture, and to consider the human dimension. Some of the activities were very physically challenging, which pushed us up against our limits, but by splitting the tasks we learned how to maximize our resources and put our strengths to the best use.

For my part, I found it very important to pay a little attention to everyone and to get to know your team very well. Otherwise we would not have been able to achieve the level of integration necessary to work together.

Finally, I hope everyone enjoyed some of the other activities like the game of Killer I organized and celebrating Choni’s birthday.

Don’t forget our army officer’s leitmotif: BE BOLD!

Leadership lessons from the great outdoors

By Global MBA Student Aurélie Metcheka, reposted from the Financial Times MBA blog 

As part of our integration week at Essec, we went to Saint-Cyr Coetquidan, the military academy in Brittany, France, for a two-day leadership workshop. Everybody was excited about the trip.

We were told to bring a rucksack, hiking shoes, cutlery etc and to be ready at 1pm. We were all waiting for the bus at 12:45, but at 1pm the driver called to inform us he would be an hour late because he had a flat tire.

“No problem, it happens”, most of us said. But 2pm came and went, so we called at 2.30pm, but there was no response. At 3:00pm we were still waiting and our excitement had evaporated. By 4pm we gave up waiting and decided to take the train.

We arrived at Saint-Cyr at around 9:00pm and by that time everyone had come to terms with the delay. We had a very warm welcome from the army officers and we began the workshop the following day.

During our stay at Saint-Cyr, we used physical situations what leadership means. What does it mean to be a leader and to be followed by individuals who do not think the same way? What does it mean to overcome your fears and be part of a team?

I had an amazing time at Saint-Cyr. In two days I learned through doing what I could never have learned in a classroom.

Based on the exercises we did, here are the qualities that I believe a person needs to be a leader:

• A good leader needs to recognise the need to balance work and personal life. Without this balance, an individual could suffer from stress, a mental breakdown, or physical illness. Working excessive hours or maintaining a relentless pace can make anyone behave bizarrely or eccentrically and will not help to create a leader responsible for vision and directing others.


• Successful leaders should be committed to building relationships. Staying engaged, building trust and reinforcing collaboration demonstrate how leaders can have an impact.


• Successful leaders should also be excellent communicators. They must communicate their ideas in a way that energizes people and incites them toward action. The ability to gain the co-operation and support of others through negotiation, persuasion and influence depend upon communication skills.


• Leaders need to be courageous. Having the determination to explore unfamiliar territory, for instance, is one way leaders shine. Leaders are prepared to step outside a traditional pathway and guide others. This tenacity also becomes clear when leaders go beyond their comfort zone and stay focused despite uncertainty or fear.


• Finally, leaders need to show concern for others. They must have compassion, altruism, generosity and empathy.

We had an unforgettable stay in Saint-Cyr and we want to return.