Sunil Acharya: What makes an Entrepreneur?

My most recent experience pre-Ivey was a website which I launched as an online business. This experience was my first venture; it carried risk in the sense that I abandoned the security of paychecks, but little commitment in terms of life savings and assets. A quote I heard the other day, “An entrepreneur is someone who has mortgaged his house…at least twice” – was probably meant to pass off as a joke, but from listening to the accounts of those bearing the lifestyle, it does seem to carry a weight of truth. In that respect, I find it hard to claim myself as an entrepreneur, but the concept surely excites me. And while this aspiration lay dormant for the last six months, the last two weeks have given new breath to this age-old idea. I owe this shift in focus to the following conferences: the 2nd Annual Ivey Venture Forum held in Toronto and Cyberposium 15 organized by Harvard University.

The Ivey Venture Forum was a day-long event for entrepreneurs seeking stage-A and stage-B funding. The crowd consisted of mainly Ivey alumni who were there to represent their new business as well as the counter-party of personal investors and VC firms. Eight companies were selected to present their product/service along with the funding requirements and the available equity ownership. The presenters had 15 minutes to showcase their product and convince the audience of the market potential, management capabilities, consumer foresight, and due diligence. Most were successful; some lacked research. For me, it was an eye-opener just to be in the environment where such exchanges were taking place. Perhaps this will enlighten me to avoid the same pitfalls by stressing the significance of preparation. That 15-minute spotlight was a window of opportunity. Many entrepreneurs will get no more than a minute. And if that moment fails to earn respect and credibility, then the novelty of the product itself simply does not matter.

Cyberposium 15 is the largest business technology conference of North America. The program was organized with two guest speakers, Jim Balsillie, CEO of RIM, and Chad Hurley, the CEO/co-founder of YouTube. Mr Balsillie provided insight into why hardware is en route to being commoditized while application services would continue to dominate the value-add chain. Chad Hurley talked about the problems in monetizing YouTube and how video over the internet or mobile phones would grow to shape our future and social activities. Beyond the speakers, the program held 16 panels that covered a wide range of technological issues including the following: cloud computing, commoditization of search, cleantech/greentech, and future trends in online advertising. The caliber of the panels was truly exceptional with most being Harvard alumni, but ranging in age and experience from the recent graduates with insight into startups to those having held public offices at the federal level. The panelists were selected to capture different viewpoints so controversial issues would be well represented, and thus it was as much a discussion amongst themselves as it was with us. We coordinated efforts to tackle the definition of an entrepreneur, but we were quick to see that this fight would not end.

Experienced veterans claim that you are not an entrepreneur until you have failed, which sounds rather bleak. Some say it depends on how you were raised and your outlook on life; others claim the skills are trained and thus treat it more like a sport. The more you hang around this issue, the more you realize that everyone carries their own definition. But maybe that in itself is the sign of an entrepreneur: the need to define him/herself as a unique individual, with unique skills, talents, and capabilities – to prove that they alone are in control of their appearance to the rest of the world.

Sunil has an entrepreneurial background through establishing http://www.mynexth.com/, a service that provides unique recommendations based on prior experiences. Prior to this, Sunil worked in the Silicon Valley as a chip design engineer for Marvell Semiconductors within the Bluetooth division. He assumed this role after earning his Bachelors in Computer Engineering from the University of Waterloo. Time to time, Sunil is a sports enthusiast involved in basketball, soccer and marathon runs; he exhibits a passion for writing and carries the dream of publishing a novel.

Shanti Suppiah - Finance, Strategy and Accounting...Oh my!

Anyone that has visited Spencer lately has probably noticed that the September class is looking a tad stressed and a bit sleep deprived. We are in the heart of Module 2a and waist deep in complex finance, accounting, and strategy cases. The learning curve in this module has definitely been very steep, especially for those of us who don’t have a background in Accounting and Finance like myself. While this module has been rather intense, we have learnt a lot of valuable information in the past six weeks. I now know how to value a company, calculate the cost of capital, and figure out the best strategy for launching a new line of romance novels (you will have to come here to figure that last one out :)), amongst other things.

Although the workload and pace of this module has seemed rather daunting at times, I feel like this module has really helped me develop valuable skills. I used to be the ultimate procrastinator, but I find myself organizing my time better, and using the time I have more effectively; and suddenly what seemed daunting at first, doesn’t seem so daunting anymore. One of the great things about this program is what you learn outside of the classroom!

On another note, in mid-November I had the opportunity, along with 14 other Ivey MBA Students, to attend Net Impact, the premier conference on Corporate Social Responsibility in North America. The conference was held at Cornell University over two days, and was truly an eye-opening experience. Some of the highlights included listening to a keynote speech by Jeff Immelt, and meeting Alex Counts, the president of the US branch of the Grameen Bank. Net Impact was a great way to learn about the different ways businesses can be socially responsible and give back the communities in which they operate. If you ever find yourself with the opportunity to attend this event, seize it!

Happy Holidays!

Shanti Suppiah graduated from the University of Guelph, with a Bachelor of Honors in economics. Prior to pursuing her MBA at Ivey, Shanti worked as an Investigator at the Ombudsman for Banking Services and Investments. In her spare time, Shanti enjoys reading, travelling and dabbling in the culinary arts.

Vikram Felix Rosario - Making the Leap

One of main questions that I was asked quite frequently by friends and family was why choose Ivey and Canada?

My reasons included:

1. 1 Year Program – I was looking to return to the workplace as quickly as possible.

2. Top MBA in Canada, with highly regarded professors, quality course structure, unique student experiences, reputed career management department and extensive reach of its alumni.

3. Case based learning method –a more interactive and engaging learning method made stronger due to Ivey’s smaller class size.

4. Canada was attractive because of its open culture, moderate weather (I’m rethinking this one!), high standard of workforce and considerable demand for quality MBA graduates.

Since I was based in India, information supporting these reasons was built pouring over articles, MBA rankings, MBA websites and student blogs. Due to personal reasons, I couldn’t visit the school and get a firsthand impression of the program through a class visit. It was also a difficult choice to leave my job behind and start afresh. The difficulty was made infinitely harder by having to leave my family behind; my 5 year old son was in the middle of his school year and it didn’t make sense for my wife to quit her job as well in the current economic downturn. Despite these challenges, I knew that it was now or never and decided to make the leap and join Ivey.

PKP

The first four weeks of Pre Ivey Preparatory course (Optional but highly recommended!) in August to the start of September were an indicator of things to come. We had 8 hour days - Monday through Friday, covering finance and accounting, Quantitative and Excel skills and Economic theory. It was a chance to meet some of my new talented classmates, get an initial exposure to the teaching style and of course learn about Canada.

Module 1

Sept 8th 2009 was the start of the class and what a start it was! We had an introduction to the module by the Director of the MBA Program – Fraser Johnson. Several accomplished Ivey Alumni were guest speakers, and we began Module 1 with four subjects – Decision making with Analytics (DMA), Leading People and Organizations, Managing your Career and Communicating Effectively. Each of the professors drew us vastly out of our comfort zone. And whether it was to face any fear of public speaking head on, to begin a path of self discovery to discover your career preferences, or to take on the extremely difficult task of being an effective leader in today’s competitive world, each subject and its many deliverables stretched us to our limits physically and mentally.Although I was relatively comfortable with math, DMA was not only about numbers but primarily analytical decision making. We had to showcase business optimization with sequential and simultaneous decisions, predictive modeling and revenue management, and yet do so by making managerial recommendations and justifying them during class. My inner nerd found a true calling with this subject!

Case based learning

The case based method of learning was initially quite challenging as you’re trying to both learn the new subject and participate in the class discussion at the same time. You can maximize contribution by thoroughly studying the case, following the class discussion closely and giving your opinion without fear of failure. There were days when I fell flat on my face (some legendary stories – ask my classmates!) and others when I felt really good about my contribution. I know that higher contribution marks are weighted positively to when you try and fail and then try harder, so use the class discussions as a sandbox for thinking on your feet. With class contribution being a significant part of your grade for each of the subjects, doing this early can be crucial.

End of Module 1

We capped off the module mid October with a four hour DMA case based exam, a 24 hour report and several presentations all in the space of 1 week. Testament to the prowess of the professors, there were standing ovations in all the final classes of each subject.

I also realized that I finished 1/4th of my MBA course in just 5 weeks. I learnt more in 5 weeks than in the last 1 year at work, and I had new found respect for the capacity of the human mind to absorb so much information. The experience was exhilarating, humbling, and challenging all rolled into one.

And so for those of you, who are thinking about doing an MBA, know that the steps to get there can be quite daunting, but the rewards, experiences and learning will be hugely satisfying. If you can but make the leap from thinking about it to just doing it, it will change your life.

Vikram Felix Rozario graduated from the University of Calicut in India with a Bachelors degree in Technology majoring in Electronics and Telecommunication. Prior to Ivey, he worked at the Dell India R&D centre for 7 years, managing global software products as Engineering Manager in Dell’s cloud computing division. Prior to Dell, he worked for 4 years at a leading Indian IT Consulting firm MphasiS developing Storage Software Products for various clients. At Ivey, Vikram is a active member of the Business Technology and Consulting Clubs and his career preferences include Product Management and Management Consulting. He has travelled extensively and has lived in various countries including Holland, Brazil and the UAE. In his spare time Vikram enjoys reading the New York Times, playing squash at the University centre and is an ardent music fan and musician. He is currently also growing a moustache to raise funds for Prostate cancer awareness as part of the Movember initiative.

Elizabeth Suske: Mastering the Art of the Business Table

The Career Management Class Reps and the Culinary Club joined forces recently by hosting our first Dining Etiquette Dinner. As some of our recruiting events and business meeting often take place over lunch or dinner , we came up with this concept in order to brush up on some basic dos and don’ts of dining etiquette in an open-forum setting over dinner at a nearby Milestone’s restaurant.

The event turned out to be a great success. Though we were armed with an arsenal of dining etiquette research to get us started, my co-host Andrea and I were rarely want for topics of conversation as our attendees earnestly contributed questions and etiquette tips from their own experiences. In the span of a couple of hours, we covered everything from sitting down to handling the bill, even throwing in some pet peeves and faux pas along the way.

The good news is that good business dining etiquette needn’t be cumbersome and stressful. Rather with a few simple rules and general common sense, navigating your way across a business lunch or dinner is relatively simple. Here is a list, albeit condensed, of some of the topics we covered:

• Enter and exit your seat from the right side. This may seem surprising, however if you try to enter a seat from the left hand side, as I tried for comparison purposes at home, you will see it feels a little off because we already naturally enter our seats from the right

• Utensils are used from the outside in, and dessert utensils above your plate; when you are finished your meal, knife and forks (prongs down) are placed together at the five o’clock position on your plate

• Collect soup on your spoon by scooping it away from you not towards you. If you need to maneuver the bowl as you come closer to finishing your soup, tilt the soup bowl away from you

• If you excuse yourself from the table, leave your napkin on your chair. When you are finished your meal, loosely fold your napkin and put it to the left side of your plate

• Confused which glass and bread plate is yours? Make an “OK” sign with your thumb and index finger on both hands – the hand that forms a small ‘b’ (left side) is your bread plate, the opposite hand that forms a small ‘d’ (right side) are your drink glasses

• Sending food back – this was a moment of debate during dinner. We eventually came to a consensus that as a guest, especially over a business meeting, in order to not offend your host or call too much attention to yourself, you are best to turn a blind eye to any errors in your food. However, if it is an issue of serious hygiene, then use your discretion as to whether to politely call it to the waiter’s attention (on that note – NEVER be rude to wait staff at a business dinner)

• Similarly, if you are especially particular about a way a certain food is prepared, i.e. steak, then avoid ordering it at a business dinner

• Not sure what to order? Take cues from your host. Whatever the host orders, or generally suggests to you is usually a good indication of the menu items that are acceptable to order. In addition, do not order alcohol unless your host offers, or orders alcohol for his or herself

• In a business setting, it is the host’s responsibility to take care of the bill. If you are the host, then pre-arranging the handling of the bill with the restaurant or excusing yourself from the table to pay the bill will all the more ensure that the transaction will go smoothly. If you handle the bill at the table, avoid poring over it with a fine tooth comb – a quick perusal should be sufficient to ensure it is correct

This list is by no means exhaustive. If you are interested in learning more about dining etiquette, pick up Tiffany’s Table Manners for Teenagers, a quick 15-minute read of basic dining etiquette. This came recommended to us by the Career Management Department, who graciously donated three copies to give away at our event.

If I may quote from this publication, you are 'invited to dine with others for your company, not because you are in dire need of food'. Thus, taking care to consider dining etiquette is one of the most sincere ways to show that you are gracious for the hospitality being shown to you. While manners may seem like mundane details that most likely will go unnoticed, I would argue that is often the simplest of details that can speak volumes on how you carry yourself. A solid foundation in the basics of dining etiquette is one of the smallest gestures that can have the largest impact on your personal brand.

Bon Appétit!

After earning her Bachelor of Science at McMaster University, Elizabeth began her career working in marketing for a seniors housing Real Estate Investment Trust. An employee of the REIT since its IPO, Elizabeth was involved with building brand awareness, resource management and leading cross-functional teams in launching national marketing initiatives. A former fitness instructor, Elizabeth keeps active at Ivey through her involvement with the Ivey Running/Triathlon Club, where she is co-president, as well as the Softball and Rugby teams. Elizabeth is also co-president of the Ivey Culinary Club and is currently serving as an Ivey Ambassador Program Senator. Outside of the Ivey program, Elizabeth enjoys food and wine, reading and traveling.

Kyle D'Silva: Life is What You Make It

September 8th, 2009. The first day of class. 8:00am. In the pit of my stomach, I felt a sense of excitement and hope, but also a dash of trepidation mixed with a subtle hint of fear. As I sat in Amphitheatre A in Spencer Leadership Centre looking out at 61 other faces in the room, I thought to myself "How on earth am I going to compete successfully with so many bright and motivated people?! Why have I taken one year off from my career?! Why have I taken one year off from seeing my family and friends?! Why have I forgone one year of income and cash flow!" In the back of my mind, I thought that I had surely made a mistake.

Fast forward only 60 days, and it is hard for me to describe how truly wrong I was. The Ivey MBA experience is exceptionally unique in the sense that you grow so quickly. As you are forced to step out of your comfort zone daily, you are forced to change how you think and act very quickly. You are exposed to people from different ethnic and work backgrounds. You are exposed to business functions that you may love or hate. You learn by stepping into the shoes of a manager every single day, and you learn to make decisions while your classmates and professors challenge you continuously. You are exposed to new thoughts and ideas, as well as new and better ways of doing things. In short, you develop both personally and professionally. To be honest with you, I feel like a completely different person compared to who I was only two short months ago. I've developed new friendships, gained confidence in public speaking, and learned an incredible amount about how to manage and lead companies.

Most importantly, however, I have learned that life is simply what you make it. By that, I mean that you must learn how to leap on opportunities when they are presented to you. Ivey has afforded me that opportunity on so many levels. For example, I have always wanted to learn about real estate in the past, but have never had the time or resources to do so. At Ivey, I recently joined the Real Estate Club where every two weeks I have the opportunity to gather with like-minded real estate professionals and learn about the business of real estate and REITs.

I have also had the opportunity to join the Ivey Finance Club, and have started contributing to the bi-weekly newsletter by researching and writing about real estate and the REIT sector. Overall, the newsletter is designed to highlight major news in the industry, hone in on that news with analysis, and then follow-up with a few key takeaways and implications. For a sample of the quality of the Finance Club’s research, take a look at our most recent publication

Finally, one of our largest projects during the Ivey MBA program is to develop a “New Venture Project” from concept, to business plan, to tangible business. I have been so fortunate to have the opportunity to join a group of five other bright, young real estate professionals in forming a team. Our firm, entitled “Ivey Green Real Estate Development Corporation”, will be a boutique real estate development firm with a primary focus on mixed-use commercial and residential redevelopment projects. I am extremely excited to develop our firm concept, and to also be involved in the sourcing an actual real estate project. I believe actually being involved in the concept design, development, and execution of an actual real estate development project with experienced and high quality individuals will give me the framework, confidence, resources, and abilities necessary for building a real estate portfolio in the future.

What I have touched on in this blog post is only the tip of the iceberg when it comes to the opportunities available to you at Ivey, and whether not you decide to come to this school, they key message is that life is simply what you make it.

Kyle graduated from Wilfrid Laurier University with an Honours Bachelor of Business Administration degree, majoring in finance. Prior to pursuing his MBA at Ivey, Kyle achieved his CFA designation, worked for five years on Bay Street in quantitative equity research, and most recently worked as an Analyst on the Institutional Equity Sales & Trading desk at a boutique investment dealer. At Ivey, Kyle is a member of both the Investment and Finance clubs, and is a contributing member to the latter's bi-weekly newsletter. In his spare time, Kyle enjoys reading the WSJ, analyzing stocks, playing on the Ivey recreational softball team, and enjoying nights out on the town with fellow classmates in glamorous London, Ontario.

Swetha Dasari: From India to Canada

Recently I was interviewed by the Globe and Mail for its Report on MBA Schools. The journalist wanted to write about foreign students studying at Canadian schools and how the schools are building passages to India.

As a student who has recently arrived from India, I was glad to tell her my story and also share my experiences so far at Ivey. One of the topics that we discussed was my reasons for choosing Ivey. I answered this question when I was writing my Ivey applications, but when I was framing my answer for the journalist, I was able to see how all those reasons have been validated by my experience here at the school.

Ivey’s case study method of teaching was one of the attractions for me and it has proved to be enriching. The beauty of the case study method is that, when I read a case, I not only learn about a new business concept, but also get to know a new company and a new industry. Coming from India, this is like a crash course into North American business. For instance, we studied a couple of strategy cases about the US and Canadian airline industry and I now know the major players, the challenges they face and the future prospects of the industry. I have got all this information, in addition to knowing about the concepts in strategy course.

The other rewarding aspect of Ivey experience is in-class participation. Unlike in many schools in India where the stream of communication flows one way, from the teacher to the student, here at Ivey all the students are expected to contribute to each other’s learning by talking in the class about our insights and experiences which are relevant to the discussion. Class contribution is very important at Ivey and I have learnt a lot from my classmates. Further, because I am expected to contribute to my colleagues’ learning, I have to work hard to prepare myself for each class and brush up my knowledge about the issues that will be discussed. This is challenging, but it has encouraged me to research business issues and enhance my learning in the process. Further, I have developed the confidence to express my views and thoughts in front of a large group, which is going to be very useful as I go forward to assume leadership positions in my work.

Lastly, the learning teams that we have at Ivey are a huge plus to the student experience. The students are assigned to groups which meet regularly to prepare together for the classes. These groups consist of students from diverse functional and industry backgrounds. Thus, when we discuss cases, we are able to draw upon each others’ strengths and experiences to better understand the cases. The softer side of this exercise is the development of interpersonal skills. By no means are these group meetings smooth sailing, but students try to utilize their teamwork capabilities to ensure that the groups are successful. By throwing the students into group situations, Ivey is trying to simulate the real world where we would be expected to work as part of teams and make those teams work. I have learnt a lot from my group members and polished my abilities to interact with diverse people, and more importantly gained valuable insights into Canadian work culture.

By no means are these the only benefits of coming to Ivey but they stand tall in front of my eyes, as I am three months into the programs. I know there are many more coming up, especially when I start participating more vigorously in the club and extracurricular activities and I hope to share those experiences at a later time.

Raised in India, Swetha Dasari earned her degrees in Mathematics and Social Development from Delhi University in 2001 and 2004, respectively. She has three years of experience in sustainable development, Corporate Social Responsibility and two years in strategy and project management. Swetha is interested in helping companies leverage sustainability as a corporate strategy for growth and value creation. She hopes to pursue a career in management consulting with focus on strategy upon graduation from the Richard Ivey School of Business.

Shanti Suppiah - Life at Ivey so far....

It’s hard to believe that we only started the MBA program 2 months ago. We have learnt so much and come so far in such a short time. Two weeks ago we finished our first module, which was comprised of four courses, decision making analytics, leading people and organizations, managing your career and communicating effectively. While I learnt a lot from all four courses, the course that really stood out for me was communicating effectively, taught by Professor Denis Shackel. This course was literally life changing for me. I used to dread speaking in front of audiences, but Denis inspires you to shed your inhibitions and teaches you how to communicate effectively. The safe environment Denis creates in the classroom really encourages you to break out of your shell. With Denis’ encouragement my classmates put on some amazing presentations that I will never forget. Some of the highlights include, an informative session on the leadership abilities of Chuck Norris, and innovative ways to raise your class contribution marks.

Something else that really stood out for me was the day we spent out on the ropes course. We were split into 4 teams of about 15 people and we worked together to complete several team building challenges. There was one challenge that I found particularly difficult; essentially two people at a time had to balance on a teeter totter which was about 30 feet high. We were all securely strapped in so there really was no danger of getting hurt, but I am not particularly fond of heights so once I got to the top I had a lot of difficulty. I contemplated giving up, but down below my classmates were yelling words of encouragement and reassuring me that I could do this. Eventually I completed the task, in retrospect it wasn’t that hard, but if it was not for the encouragement of my classmates I’m not sure I could have done it. This moment to me exemplifies the collaborative nature I have come so accustomed to at Ivey. We’ve learnt to lean on our classmates and groups when we need to, and be there in return for them when they need us. I think all my classmates would agree that you can’t get through this program alone.

The module concluded with a four hour analytics exam followed by a 24 hr report which was on a case involving the YMCA. The 24hr report really forces you to push your limits and redefine them. There are moments during the 24hr report where you feel like you cannot stay awake any longer, but then you realize you are at hour 22, so you grab another cup of coffee, eat more sugar based products and keep going. Overall, the 24hr report was a great learning experience and really helped us build bonds with our learning teams.

We are now a little over a week into module 2 which covers strategy, finance, and accounting... the learning continues!

Shanti Suppiah graduated from the University of Guelph, with a Bachelor of Honors in economics. Prior to pursuing her MBA at Ivey, Shanti worked as an Investigator at the Ombudsman for Banking Services and Investments. In her spare time, Shanti enjoys reading, travelling and dabbling in the culinary arts.