Harvard Undergraduate Women In Business's Make It Happen magazine 4th edition by Harvard Undergraduate Women in Business

Make It Happen 4th Edition, Fall 2009

Gilt Trip

The CW

A conversation with founders Alexis & Alexandra

A behind the scenes look with the VP of Current Programs

Master the Case Study An exclusive sneak peek at case study expert Marc Cosentino’s new book

Business School Guide

Facebook’s

Q&A with the nation’s top b-schools

Sheryl Sandberg Interview with the COO A Publication of Harvard Undergraduate Women in Business

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CO-EDITORS IN CHIEF: Elizabeth Ahern and Emily Biberger

MANAGING EDITOR: Winnie Liu

DESIGN EDITORS: Elizabeth Ahern Kimberly Herrmann Winnie Liu Elizabeth Tang

STAFF WRITERS: Elizabeth Ahern Emily Biberger Joanita G. Britto Caitlin Cygan Gosia Dymerska Kimberly Herrmann Carol Iskander Marykate Jasper Nimi Katragadda Danielle Kolin Tina Liu Yingna Liu Tessa Lyons-Laing Kate Ma Oishani Mitra Alison Ryu Anne Slivka Elizabeth Tang Maeve Wang Jane Wooder

CONTRIBUTORS: Marc Cosentino, Author of Case In Point Nancy Mueller, International Communications Specialist Anita Panchmatia, Professional in Finance Anika Davis Pratt, New York University Stern School of Business Bruce DelMonico, Yale School of Management Linda Meehan, Columbia Business School Jett Pihakis, Georgetown University McDonough School of Business Chris Privett, Duke Universty Fuqua School of Business Mae Jennifer Shores, UCLA Anderson School of Management

2009 HUWIB EXECUTIVE BOARD CO-PRESIDENTS

Nimi Katragadda and Alison Ryu SECRETARY/TREASURER

Neagheen Homaifar BUSINESS EDUCATION CHAIR

Kelly Peeler CORPORATE DEVELOPMENT CHAIR

Tina Liu EXTERNAL COMMUNICATIONS CHAIR

Winnie Liu FUNDRAISING CHAIR

Amy Chen INTERCOLLEGIATE BUSINESS CONVENTION CHAIR

Tessa Lyons-Laing INTERNAL EVENTS/RECRUITMENT CHAIR

Amy Rosenthal OUTREACH CHAIR

Tiffany Fereydouni E-mail Make It Happen at info@HUWIB.org Visit HUWIB at www.huwib.org Photo Credits:

p.1: Larry Yu; p. 3: Winnie Liu; p. 7: www.sxc.hu; p. 11: Jessica Good, Allison Floam; p.13: www.sxc.hu; p. 15: Kimberly Herrmann; p. 16: www.sxc.hu; p. 17: Nancy Mueller; p. 18: Yingna Liu; p. 19: www.sxc. hu; p. 20: Bonnie Wongtrakool, Jola Marvel; p. 21: Jodi R.R. Smith; p. 22-23: Bill Durgin; p. 24-25: Stylesight; p. 26: Larry Yu; p. 27: brandsoftheworld.com; p. 30: Gilt Groupe; p. 32: Traci Blackwell; p. 34: Paula Daniluc; p. 36-37: Stephanie Boccuzza; p. 41: Sara Moulton; p. 44: Sara Risher; p. 48: Tony Rinaldo; p. 49-50: Georgetown University McDonough School of Business; p. 51: NYU Stern School of Business; p. 56: www.sxc.hu; p. 57-58: Alan Barnett; p. 59 www.sxc.hu; p. 61: Winnie Liu; p. 63: www.sxc.hu; p. 66-67: Sonam Velani; p. 68-69: Sweetriot

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Harvard name and/or VERITAS shield are trademarks of the president and Fellows of Harvard College and are used by permission of Harvard University.

Make It Happen

4th Edition, 2009

Letters from the Editors & the Presidents of HUWIB As undergraduates, we worry a great deal about knowing the right answer to any question with which we might be confronted. We dutifully study for final exams and rigorously prepare for interviews in the hope that we should never be caught off-guard for questions concerning anything from economics equations to life goals. However, as worthy as this quest for knowledge is, we must never lose sight of the fact that learning how to ask the right questions is, in many cases, as or even more important than knowing how to supply all the answers. With this in mind, the team behind the fourth edition of Make It Happen has sought to ask the best questions from a diverse array of fascinating and erudite individuals, including entrepreneurs, corporate executives, business school admissions representatives, and etiquette experts. What we found is that it is frequently advantageous to not have all the answers. Interviews with women like Sheryl Sandberg, COO of Facebook, Traci Blackwell, VP of Current Programs at The CW, Alexis Maybank and Alexandra Wilkis Wilson, founders of Gilt Groupe, and many other inspirational women prove that there is no one required path to business success. And, an exclusive first look at case study expert Marc Cosentino’s “Anatomy of a Profit and Loss Case” convincingly demonstrates the critical role that asking the right questions plays not only in interviews but also in careers. Whether you are a senior going through the rigors of recruitment or a freshman just finding her way, we encourage you to never stop asking questions and exploring your options. With your talents, drive, and creativity, you are a unique and valuable asset to the business community and the world. We are rooting for you—now go Make It Happen!

Dear Readers, In the age of the first African American president, an unprecedented financial crisis, and sweeping health care reform, more and more women have continued to take charge in corporate boardrooms, C-level suites, and government posts than ever before. Traditional ways of conducting business have been fundamentally challenged in the wake of increasing globalization, rapid telecommunication, and social networking. Amidst this unprecedented change, women have navigated us through this time as government leaders - like Sheila Bair, Chairman of the Federal Deposit Insurance Corporation - and as world-class businesswomen - like Indra Nooyi, CEO of PepsiCo. While we have certainly seen remarkable progress for women in the past few years, from the confirmation of Supreme Court Justice Sotomayor to the revolutionary efforts of Aung San Suu Kyi in Top Row from Left to Right: Kelly Peeler, Winnie Liu, Amy Chen, Amy Tiffany Fereydouni, Tina Liu, Tessa Lyons-Laing Burma, we can expect more future achievements, specifically in business. This Rosenthal, Bottom Row: Alison Ryu, Nimi Katragadda, Neagheen Homaifar magazine both marks the opportunity to celebrate those accomplishments while also continuing to inspire women to forge ahead in business, with the confidence that we will have stories to fill these pages for years to come.    This year’s theme of “Be Bold” is especially fitting given the dynamic times, which have forced leaders to redefine how they conduct business. Women like Ms. Sandberg, our feature story, typify what it means to “Be Bold,” especially in the technology industry where business is not only male-dominated, but also constantly changing.   More than any year before, the theme of “Be Bold” has resonated within our own organization as we have made continuous efforts to challenge what has been done in the past and take on new, riskier initiatives. This year we introduced the inaugural National Women in Business (NWIB) Summit, which brings together female leaders of business organizations from across the nation to share best practices and leverage collective resources. We also launched Business Now, an entrepreneurship conference open to both men and women on Harvard’s campus that equips participants with the skills they need to set up their own ventures. Suffice it to say, our organization has progressed significantly this past year, primarily in response to the changing needs and interests of our membership. We look forward to the time when the need for gender specific organizations is wholly eliminated; but until then, we hope our programs, conferences, and publications continue to empower women to pursue their long-term goals and to one day be amongst the very women that we honor on our pages today. As the Co-Presidents of Harvard Undergraduate Women in Business, we are excited to present our 4th annual issue of Make It Happen. On behalf of HUWIB, we hope you enjoy reading this publication as much as we enjoyed creating it.    Best,  Nimi Katragadda and Alison Ryu   Harvard Undergraduate Women in Business 2009 Co-Presidents

Harvard Undergraduate Women in Business

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MAKE IT HAPPEN Fourth Edition Tools For Success 6

Better Business Books

By Kimberly Herrmann, Harvard College

Anatomy of a Profit and Loss Case

All That GMAT Jazz

Face Value: A Conversation with Sheryl Sandberg

By Nimi Katragadda and Alison Ryu, Harvard College

By Kate Ma, Harvard College By Kate Ma, Harvard College

Gilt Trip

Sold!

By Anne Slivka, Harvard College

By Emily Biberger, Harvard College

Writing Her Own Script

Building a Corporate Image

By Elizabeth Ahern, Harvard College

Riding the BlackBerry Wave Financial Collapses in Comparison How to Succeed Working Globally

By Nancy Mueller

Speaking with Confidence

China Through a Professional Lens

By Caitlin Cygan, Pennsylvania State

By Yingna Liu, Harvard College

Working 9 to 5. Or not? Financing Over Frittatas, Consulting Over Couscous

By Caitlin Cygan, Pennsylvania State

Into the Fire

Building a Working Wardrobe

By Elizabeth Ahern, Harvard College

Yale School of Management Georgetown’s McDonough School of Business Columbia Business School UCLA Anderson School of Management

NYU’s Stern School of Business

Duke’s Fuqua School of Business

Be Bold 56

Tracing Their Triumphs

Microfinance Breaking Barriers & Defying Stereotypes in India

By Kimberly Herrmann, Harvard College

Balancing the Books

Food for Thought

By Emily Biberger, Harvard College

A Stroll Down Madison Avenue

By Oishani Mitra and Joanita G. Britto, St. Xaviers’ College, Mumbai

By Marykate Jasper, Harvard College

By Elizabeth Tang, Harvard College

By Gosia Dymerska, Harvard College

48 49

By Tiffany Fereydouni, Harvard College

By Tina Liu, Harvard College

The Business School Guide

The Business Side of the Industries We 51 Love 52

By Marc Cosentino

Carpe Diem

Feature

The Producer’s Credits: Q&A with Sara Risher

By Tessa Lyons-Laing, Harvard College

Asking the Right Questions

By Danielle Kolin, Harvard College

By Nimi Katragadda, Harvard College

The Shifting Mechanics of Asset Management

By Maeve Wang, Harvard College

Green Shoots and Grass Roots

The Evolution of Dubai

Sarah’s Magic Beans

By Anita Panchmatia

By Carol Iskander, The American University in Dubai

By Jane Wooder, Harvard College

By Elizabeth Ahern, Harvard College

Make It Happen

By Emily Biberger, Harvard College

4th Edition, 2009

MAKE IT HAPPEN presents

Tools For Success

Fresh insight on how to find your path, stay on your toes, and make great strides toward achieving your business goals.

Let us be your guide... Harvard Undergraduate Women in Business

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{ Tools For Success }

Better Business Books How to claim career success, one page at a time By Kimberly Herrmann

erusing the course catalog of a liberal arts institution, one stumbles upon a variety of tempting selections. You can indulge in everything from folk arts to oriental medicine, filling your college years with subjects that are as fascinating as they are esoteric. Though many liberal arts students hope to pursue a career in business after graduation, it is clearly easy to achieve an undergraduate degree without once encountering the basics of Wall Street terminology. Sure, top consulting firms and financial companies recruit students from all backgrounds—not just those from business programs or with economics degrees. The Goldman Sachs website stresses that “a financial background is not necessary” for aspiring analysts and McKinsey & Co. reveals that “nearly half [of entering employees] have a background in a field other than business.” Still, any student facing the competitive job hunt will want to be as prepared as possible, aware of hiring processes and industry technicalities long before that e-recruiting interview. Even if liberal arts graduates are celebrated for “knowing how to think,” any applicant could benefit from polishing his or her résumé with a working knowledge of business practices. Those looking to supplement their liberal arts studies have numerous options. Internships allow undergraduates to gage their interest in a particular field, while also providing helpful on-the-job training. Summer programs and cross-registration provide opportunities to engage in pre-business coursework. These options, however, may be difficult to come by. Claiming a coveted internship is often challenging; additional schooling may be time consuming, inconvenient, and costly. Students with hectic schedules and limited financial resources need a flexible, affordable way to synch business with the liberal arts curriculum—to fit learning between classes, to claim mentoring without additional time commitments or spending. Fortunately, there is a way, and the path need only take you as far as your local library or bookstore. A plethora of reading material exists that can enhance your business savvy. Successful executives have published inspiring memoirs, experts offer how-to guides, and authors have compiled terminology almanacs—even interactive workbooks. Bookstores and libraries have shelves of enticing choices, allowing you to select a read befitting your needs, interests, and knowledgelevel. Given the breadth of options, the hunt for the perfect read may seem daunting. Make It Happen has composed a list of recommendations to jumpstart your search. With the help of these books, you can acquire a working knowledge of business basics, a motivation to explore various industries, and tools to map out those post-grad plans.

PLAN YOUR PATH:

Get inspired and find your course of success

Make It Happen

Discovering Your Career in Business Authors: Timothy Butler and James Waldroop Though numerous undergraduates view business as an enticing field, many have difficulty understanding and navigating the varied paths of the profession. Butler and Waldroop simplify the search, offering personality assessment tools, student and executive profiles, and a comprehensive review of occupational options. With an emphasis on personal fit and introspection, this read grants an insightful approach to career exploration.

Power Mentoring: How Successful Mentors and Protégés Get the Most Out of Their Relationships Author: Ellen A. Ensher There are many components to the college experience that contribute to personal development—a particularly stimulating course, an influential book, or even a special interest club can help one recognize his or her interest and forge a plan for the future. One of the most important aspects, however, is finding a personal mentor—someone who can support the student seeking inspiration and guidance. Ensher’s book underscores the significance of a meaningful relationship, highlighting tips on how to make the most of mentoring. Interview material is coupled with an enjoyable writing style, making for a manageable handbook lauded by business leaders.

The Tipping Point: How Little Things Can Make a Big Difference Author: Malcolm Gladwell Are you a connector, a maven, or a salesman? Are you part of that 20% that gets the job done, or are you part of the majority, relying on the movers and shakers to make change? The Tipping Point offers a unique take on history, questioning what—and who—catalyzes major events and social trends. Chock full of theory and brimming with practical cases, Gladwell’s book became a best seller by revealing why some ideas become popular and others remain unrecognized. Though not directly associated with business, this read is widely recommended for those hoping to succeed in any profession.

GO BEYOND THE THRESHOLD:

Claim your mini-MBA at the bookstore The First 90 Days: Critical Success Strategies for New Leaders at All Levels Author: Michael Watkins Anyone who has prepped for a job, internship, or admissions interview recognizes the significance of first impressions. But what happens after one snags that coveted position? Watkins invites readers to capitalize on the first three months of a new job, using this period of transition to present one’s personal talents, originality, and drive to

4th Edition, 2009

succeed. He presents a strategic approach to fostering leadership and easing into a new environment, providing a guide of steps and skills that will benefit readers in business and beyond.

Understanding Wall Street Author: Jeffrey Little A stream of Gothic architecture, peppered with bustling executives rushing off the subway, stock market bells booming in the background—despite the excitement of Wall Street, the financial district can be quite intimidating, especially to those fresh from quaint college campuses. Of course, knowing how the market works can reduce any anxiety, allowing undergrads to approach the world of investments with confidence and poise. Little’s book is noted for its clear explanation and comprehensible approach, granting both students and veterans a refresher on stocks and portfolio management.

KNOW THE CLIMATE:

Understand globalization and shifting social structures Kiss, Bow, or Shake Hands (The Bestselling Guide to Doing Business in More than 60 Countries) Authors: Terri Morrison and Wayne A. Conaway Noted as the premier reference for professionals in politics, media, and business, this book also serves as an intriguing read for undergraduates. The authors impart a comprehensive review of global communications, divulging fundamental etiquette as well as regional curiosities. The popular selection is useful for students studying abroad, graduates considering international careers, and readers eager to enhance cross-cultural awareness.

Womenomics: Write Your Own Rules for Success

Author: Nora Peterson Though The Wall Street Journal is an essential read for business hopefuls, the paper may seem like it is written in a foreign language to those unfamiliar with industry jargon. Peterson’s guide acts as a tool for decipherment. Stocked with every day terms, common acronyms, and even obscure market phraseology, Wall Street Lingo is a trendy take-along for those in search of vital vocabulary.

Authors: Claire Shipman and Katty Kay This summer, former General Electric CEO Jack Welch made headlines with his controversial comment: “There’s no such thing as a work-life balance. There are work-life choices, and you make them, and they have consequences.” In Womenomics, Claire Shipman and Katty Kay reject Welch’s statement. Rather than choose between their professional and personal lives, many executives are now working with employers to establish a middle ground. The book presents an interesting perspective on the changing corporate climate, lauding the rise of flexible work schedules, and dispelling Welch’s assumptions.

What the CEO Wants You to Know: How Your Company Really Works

The World Is Flat: A Brief History of the Twenty-first Century

Author: Ram Charan While Economics 101 may teach one how to plot a demand curve, a liberal arts education may lack specifics on how to climb the corporate ladder. With amusing anecdotes and creative perspective, this quick read synthesizes crucial concepts into manageable chapters. Charan links high-profile company operations to his experience as a child street vendor in India, making for an engaging book that is part reference, part memoir.

Author: Thomas Friedman The company is not an isolated entity—it functions in the scope of a global landscape, influenced by current events, international culture, and dynamic social standards. In order to succeed in business, one must have a strong grasp on this broader understanding—a grasp easily obtained with Friedman’s bestselling book. With amusing metaphors and compelling prose, columnist Thomas Friedman reveals the impact of globalization and its effects on the business community.

Wall Street Lingo: Thousands of Investment Terms Explained Simply

Harvard Undergraduate Women in Business

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{ Tools For Success }

Anatomy of a Profit and Loss Case

By Marc Cosentino, Author of Case in Point: Complete Case Interview Preparation

hy do consulting firms put so much weight on the case question? According to Marc Cosentino, author of Case in Point: Complete Case Interview Preparation (Burgee Press), it’s because “consulting firms are in the business of renting brains” and this type of role-playing exercise “allows them to judge how logically and persuasively a potential consultant (i.e. you) can present a case.” Makes sense, right? As one who has designed cases for private sector firms, government agencies and nonprofits, and coached thousands of students at Harvard and other top schools, Cosentino is also well acquainted with the challenges case questions pose—and the intense anxiety they arouse. However, Cosentino encourages students to see this “interactive interviewing tool,” not as an obstacle to success, but rather as an opportunity to determine if and ultimately the perfect medium through which to make your case why a career in consulting is the right fit for you. In the following “Anatomy of a Profit and Loss Case,” which Cosentino has newly written for the 10th Anniversary Edition of his much-acclaimed text to be released in January 2010, the case question expert takes you step-by-step through a multifaceted business problem, showing you how these cases “can and should be fun.” Slip into the shoes of the student in the mock interview below and experience a sampling of techniques to adopt, pitfalls to avoid, and moments to seize and showcase your analytical and creative talents with style. -Introduction by Emily Biberger [As with all case questions, we assume facts not in evidence, as well as generous assumptions. Familiar companies are used for examples because of the power of their brand and their familiarity to the general public. Information concerning Harley-Davidson® below may not be accurate and should not be used as reliable up-to-date data.] Interviewer: Our client is Harley-Davidson. Their stock fell from $54 a share to $49 a share on news of declining profits. What’s going on and how can we turn this around? Student: Our client is Harley-Davidson.

Their stock fell from $54 to $49 a share on news of declining profits. We need to figure out what’s going on and how to fix it. Are there any other objectives I should be aware of ? Interviewer: Yes, maintaining marketshare. Analysis: The student was right to summarize the case; however, she would have made a better impression if she had tried to quantify the case. Instead of saying the stock price dropped from $54 to $49 a share; she should have said that the stock dropped about 10%. Remember, so much of this is how you think - what goes through your mind when you hear some numbers. She was also right to verify the objective and to ask if there were any other objectives she should be concerned with. Without asking, she would have never known that maintaining market-share was an issue. Student: I just want to take a moment to jot down some notes. Interviewer: That’s fine. The student writes on her paper E(P=R-C)M Analysis: This is the framework you want to use for a P&L case. Inside the parentheses is the classic ‘profits equal revenues minus costs.’ That tells us what’s going on inside the company. But you want to look at external factors first. Is this a Harley problem or an industry-wide problem? She starts with the E. Student: I’d like to start with external factors first. Can you tell me what’s going on with the economy? Analysis: The student would have made a much greater impression if she had told the interviewer about the economy. If you are applying for a job in business, you should know what’s going on outside the classroom, particularly with the economy. The other reason to tell the interviewer what’s happening with the economy is because it gives you more control over the interview. It allows you to frame the economic environment in which this case takes place. So many of these cases take place in a vacuum and

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you don’t know what the economy is like. When you frame it yourself, there are fewer surprises. When you talk about the economy, pick out the main factors that will affect Harley’s business. Let’s try it again… Student: I’d like to start with some external factors first. I’d like to start with the economy. I know that the US is in a recession; it is in the middle of a mortgage crisis and unemployment is rising, so people have less disposable income. Gas prices had topped $4 a gallon and then quickly dropped down below $2 a gallon, but are slowly rising again. I know that the US dollar has been gaining strength against the euro and pound, but is still fairly weak against Asian currencies, particularly the yen. And I know that interest rates have fallen dramatically and are now close to a 30-year low. Analysis: Much better. Do you need to go into this much detail? Yes. You’ll see how everything she brought up will tie into her answer later on. Make sure that you write everything down; it will give you some place to go if you get stuck. Interviewer: Good. What’s next? Student: I’d like to know about the motorcycle industry. Can you tell me what’s been going on? Analysis: No one expects you to know what is going on in the motorcycle industry. The interviewer has a lot of information that he wants to give the student. Sometimes it takes a series of questions from the student to extract the information. Sometimes it only takes one and the interviewer does a data dump. It is then up to the student to sort through what’s relevant now, what’s smoke and what might become relevant later. In this case the interviewer is going to do a data dump. Interviewer: I have some industry information. Last year, the industry grew by 5%, Harley grew by 2%, the small less expensive motorcycles and scooters grew by 8%. Female riders were up 12% and now make up 10% of all motorcycle riders, but they only make up 2% of Harley riders.

4th Edition, 2009

I have some market-share for you, but I want you to assume that each of these companies only make one model. For Harley it is the big Harley Hog. Student: Okay. Interviewer: The market leader is Honda with 27%, Harley with 24%, Yamaha 17%, Suzuki 10%, Kawasaki 8%, BMW 6%. The remaining 9% is made up of two other bikes, Scout and Indian and two scooter companies, Vespa and Scooter Do. What else do you want to know about the industry? Student: It looks as though Harley is not growing as fast as the industry overall. That might be because it has few female riders. The trend seems to be headed towards smaller, lighter, more gas efficient bikes. If Harley … Interviewer: I know where you are headed. We’ll talk about strategies in a minute. Do you have any other industry questions? Student: No. Interviewer: Do you think that this is a Harley problem or an industry problem? Student: At this point I think it is a Harley problem. Analysis: Whenever they give you a number like the industry grew by 5%, don’t be happy with it. It doesn’t tell you nearly enough. You always want to ask for trends. If the industry grew by 10% the year before and 5% this year then the 5% looks very different to me than if the industry went from 2% to 5%. Very few students ever ask for trends. Ask for them and you’ll stand out from your peers. Again, they are trying to learn how you think, and if you don’t ask for trends, you’re not thinking like the interviewer. Interviewer: What’s next? Student: I’d like to look inside the parentheses to see what’s going on inside the company. I’d like to start with the revenues first. What are the major revenue streams and how have they changed over time? Interviewer: Okay. I’m going to give the four major revenue streams for Y1 and Y2. The four major revenue streams are domestic motorcycles sales, international motorcycle sales, replacement parts and garb. Student: Garb being merchandise? Analysis: If you ever get a phrase, industry jargon or a string of initials that you don’t understand, ask for clarification. You don’t lose any points for clarification questions up front. Interviewer: Yes, garb is merchandise. For Y1, domestic motorcycles made up 45%, international 40%, replacement parts 10% and garb 5%. For Y2, domestic motorcycles

made up 35%, international 40%, replacement parts 15% and garb 10%. I’d like you to look at those numbers and how they changed over the last year, and in four sentences or less tell me what’s going on with Harley customers. While the interviewer was stating those numbers the student was making a chart. The student wrote down the following chart: Revenue Streams

Domestic

45%

35%

International

40%

Replacement Parts

10%

15%

Garb

10%

Student: It looks as if Harley customers are buying fewer new bikes, fixing up their old bikes and buying some garb to make themselves feel good and look bad. Interviewer: (smiles) Analysis: She did a great job. She kept it to one sentence and added a little humor to the interview as well. Interviewer: Okay, good. Let’s talk about costs. Student: Before we do, can I ask about volume? Do we have any numbers on volume of bikes sold? Interviewer: I do. In Y1 Harley sold 350,000 bikes and in Y2 they sold 330,000 bikes. Students: Thanks. Analysis: Good move on the student’s part. Volume is part of revenue so asking for that number was appropriate and she scored some points. Student: What are the major costs, both fixed and variable, and how have they changed over time? Interviewer: The only cost you need to worry about is the cost of steel. We are in the middle of a steel contract that expires in 24 months. We currently have a good deal, but we are concerned about getting slammed with high steel costs in 24 months as the economy improves. I just want you to keep that in the back of your mind. What I’d like you to do now is to come up with some short-term strategies that will help turn Harley around. By short term I mean 18 months or less. Student: Okay. The first thing they should do is market to women. Interviewer: What would they market? Student: They could design a new bike… Interviewer: It is going to take more than

Harvard Undergraduate Women in Business

18 months to design, manufacture and distribute a new bike. Leave that for the longterm. Student: They could market the Hog to women. Interviewer: They’d have to be pretty big women. The Hog is a hard bike to handle. That’s why only 2% of Harley owners are women. Student: Then they could market the garb. Women like to look… Interviewer: What else? Student: They could raise the price of garb and the price of replacement parts. We know that people are going to continue to buy those items. Interviewer: What else? Student: I’m not sure. They could layoff people? Interviewer: Are you asking me or telling me? Analysis: Whenever you are answering a P&L case and they ask you for strategies you want to do two things; (i) write revenuebased strategies and cost-base strategies on your paper, and (ii) ask for a moment to jot down some ideas. By writing revenue-based strategies on your paper you are showing the interviewer that you are well-organized and thinking two steps ahead. It is easier to think of some ideas if you are looking at a heading on a piece of paper instead of a blank page. It also keeps you from ping-ponging back and forth between revenue-based and costbased ideas. You want to present all the revenue-based ideas first, then the cost-based ideas. The reason to ask for a moment to jot down some ideas is that it allows you to think of ideas in any order, but present them in the right order. It also gives you some place to go. Keep in mind that the interviewer has probably given this case ten times. He knows every answer that you can think of and he’s heard them all before. There is a good chance that he will cut you off as soon as he knows where your answer is headed. It is very difficult for a person to drop their secondary thought and then come up with a new thought right away. When cut off in mid-thought, people tend to panic, scramble and then shut down. They can’t think of another idea to save their lives. If you take the time to jot down some ideas and he cuts you off, then you can just look at your notes and give him another idea. It takes a lot of stress out of the process - and these

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{ Tools For Success } interviews can be stressful enough. Also, if you hit a wall and can’t think of anything, try looking at your first page of notes. Remember she told us a couple of great things about the economy: interest rates are way down, and the dollar is still down against the yen. Let’s take it from the top. Interviewer: Come up with some shortterm strategies. Student: Can I take a moment to jot down some ideas? Interviewer: Absolutely. The student writes revenue-based and cost-based strategies on her paper then jots down some ideas. Student: Okay. I’d like to break them down by revenue-based and cost-based. I’ll start with revenue-based. Harley can raise the prices of their garb and replacement parts because we know people will buy them anyway. We can increase international distribution channels. Interviewer: Where? Student: In Asia where the dollar is still weak. Interviewer: Okay, what else? Student: Because interest rates are so low, we can offer low financing packages and give high trade-in values to encourage customers to buy a new bike. Interviewer: What else? Student: On the cost side, because interest rates are so low we can refinance our corporate debt. Interview: Okay good. Student: And we can look at laying people off. You said the volume dropped from 350,000 bikes to 330,000. That’s about a 5% drop. Interviewer: We are thinking about changing the price. I have some data. I want you to run the numbers and then tell me what you want to do and more importantly why you want to do it. If we leave the price the same, Harley will sell 330,000 motorcycles and make a net profit of $10,000 each. If we discount the price Harley will sell 440,000 motorcycles and net $7,000 each. And if they raise the price they will sell only 275,000 motorcycles and will net $12,000 each. Analysis: The student takes some time to run the numbers. You are better off taking a little extra time and getting the right answer than rushing through and getting the wrong answer. Before you give your answer ask yourself if the number makes sense. If it doesn’t, go back and figure it out. You can’t

un-ring the bell. I’d hate to see you lose a great opportunity over a silly math mistake. Remember silence is okay as long as you are doing calculations, writing notes or drawing a chart. Student: If we keep the price the same, then our net profit will be $3.3 billion. If we lower the price, our net profits will be $3.08 billion, and if we raise the price, our net profit will also be $3.3 billion. Interviewer: So if we raise the price or leave it alone, we’ll make the same net profit. What do you want to do and why? Student: I’d like to keep the price the same. You said market-share was a key objective, and if we raise the price, we are going to sell 55,000 fewer bikes. That’s about a 5% drop which will probably lower our market share. If we sell more bikes, we’ll sell more garb and evidentially more replacement parts. And even if we cut production, we will still probably have a lot of Y2 inventory left over. What do we do with it when the Y3 models come out? If we sell it at a discount, we’ll probably cannibalize our Y3 sales. Interviewer: That’s all very interesting, but let me tell you why you’re wrong. If we raise the price we’ll have lower labor costs because we’ll be able to lay more people off. In addition, the higher price will enhance the brand. As far as your other concerns go, you told me that you plan to increase international distribution channels where the dollar is still weak. If we do that, any extra inventory can be shipped overseas and sold at the new higher price. Garb sales tend to be higher when you enter a new territory. So market share shouldn’t be an issue. Besides how do you measure market share? Is it number of units sold or total revenues? Analysis: Ouch. The interviewer got right in her face even though she gave a well thought out answer. Luckily she knows that this “let me tell you why you’re wrong” business is just a test. She keeps her emotions in check and does what the interviewer wants her to do, stick with and defend her answer. Student: You make an interesting argument; however, I don’t find it compelling enough. I can’t believe that you can do all that within an 18 month period. Therefore, I think the best option in this economy would be to keep the price the same. Interviewer: Okay good. Give me two long-term revenue-based ideas and two long-term cost-based ideas. Student: Can I take a moment to jot some ideas down?

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Interviewer: Certainly. Student: Okay. On the revenue-based side the first thing I’d do is come up with a new bike that is geared not only towards women but to younger men as well. This will give us something to market to women besides garb. I’d also look to see if we can acquire a scooter company. We couldn’t put the Harley name on it, but we can take advantage of the fastest growing segments of the market, women and scooters. Besides, there will be a number of synergies we would be able to take advantage of. On the cost side we were concerned about the price of steel. We can buy some steel futures to hedge against a steel increase; we could stockpile some steel at the current price, and because we are developing a new bike, we can make more parts out of composites instead of steel. We could modernize the plant with new technologies and maybe have some parts made overseas. Interviewer: Good. Why don’t you take a moment and summarize the case for me. Student: Our client is Harley-Davidson. Their stock dropped around 10% on news of declining profits. We looked at external factors first and determined that it was more of a Harley problem than an industry problem. They are out of step with the two fast growing segments of the industry, women and scooters. So we came up with some short-term and long-term strategies both on the revenue and cost side. An example of a short-term revenue-based strategy is offering low financing to customers. On the cost side we could refinance our debt. In the long-term, we would produce a new bike geared towards women and younger men and acquire a scooter maker. On the cost side, we could hedge steel prices and have certain new parts made out of composite instead of steel. If Harley followed these strategies as well as some of the others we talked about, they should be on their way to higher profits in 24 to 36 months. Analysis: She came on very strong at the end. The turning point was when she defended her decision to keep the price the same. That gave her additional confidence and it showed through the rest of the interview. Think consulting may be right for you? Looking for more realistic case examples and useful tips? Visit www.casequestions.com.

4th Edition, 2009

Carpe Diem

ervous about doing well at that first job or summer internship? Like most things in life, the secret to success in the workplace lies in preparing well and preparing early. So what can you do as an undergraduate to start honing vital business skills? In order to find out, Make It Happen asked two women at the beginning of their careers to reflect on how their recent college years prepared them for the world of business. Allison Floam is a graduate of Harvard Business School, where she was Co-President of the Entrepreneurship Club. She is starting a digital media venture called TouchableAds. In 2004, Floam founded a company, SunSak LLC, in which she invented, designed and brought to market an innovative consumer product, the SunSak. Jessica Good opened her own store, Passport, in August 2008 in the heart of Harvard Square. Passport was recently named by the Boston Globe to its “Best of the New 2009” list and has been featured in many respected press outlets. -Kate Ma Make It Happen: What were the most valuable real-world skills you acquired during college that helped you either find a job or perform well in a job? Floam: Oral and written communication skills. During college I was trained to become a public speaking advisor to other students and developed strong oral communication skills that were helpful both in job interviews and on-the-job presentations. After writing tons of papers in college, I also substantially improved my writing skills—writing skills are of paramount importance in almost any job I can think of. Your work can be great, but if you can’t present it well, you won’t realize its full value. MIH: How did you acquire your skill set during college? Good: Communication skills are easily honed in the classroom through things like writing assignments, oral projects and in class debates. Spending time with professors during office hours discussing areas of interest can be helpful in understanding how an expert in a field communicates in a situation more casual than a class setting. Attending lectures by outside speakers also will help you with your own communication. Extracurricular activities were helpful to me in developing team skills, as well as problem-solving and critical and creative thinking skills. Spending a semester abroad was also greatly beneficial for my personal development. Floam: I think it’s the combination of experiences that translate into a well-rounded skill set. For example, I learned the art of networking and being resourceful by starting a business in undergrad. I reached out to many alums and industry experts and really learned the importance of following up with people. I learned financial modeling and accounting skills in class...and then really learned them in my summer internship at an investment bank. MIH: Looking back, what are some skills that you wish you had acquired during college that are necessary for the business world? Floam: I think sales skills are unbelievably important in most jobs. I also think better understanding how to navigate corporate politics would have been really useful. Good: Though it may seem obvious, really focus on the area that you need the most help with. For me, that was mathematics. When I went to business school I struggled in my finance classes because I never

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Seize skills today, succeed in business tomorrow had a strong background in mathematics. It’s easy to want to focus solely in areas where you excel, but it is critical to strengthen your background in all fields. In the work force you cannot always pick and chose what skills you will need to use so a broad set of skills is helpful. MIH: Since we are living in an increasingly digital world, what computer or technical Allison Floam skills are relevant / necessary for business? Floam: I think basic familiarity with Excel and PowerPoint are a must in almost any position. Knowing the basics so you can speak the language and communicate with the experts could definitely add value and will likely continue to become increasingly important over time. Good: In business it is very important to have strong technical skills and to be computer Jessica Good savvy. I don’t think you need to have a background in IT but you must develop a working knowledge of the basic and most used business programs (such as Word, Excel and PowerPoint) and you must learn to be comfortable with learning new software. Excel skills in particular are incredibly useful in the business world with the number of analytic applications and PowerPoint is a must for all the presentations that are done constantly in business. You’d be amazed how many people don’t have an understanding of these basic programs. Even in a small retail business, all of our systems are computerized. MIH: How can we as college students be proactive in learning these necessary real-world skills? Good: I would urge you to take an internship for a summer or a semester while you are still in school. It will offer you the opportunity to experience a real-life work environment. You will build an understanding of what is important and what skills you need to work on. Plus, you can make some great work contacts that you can call upon after you graduate. Floam: Ask to be mentored! If there’s a skill you want to learn, find someone who can teach you, take that class outside of your comfort zone, potentially get started with a book, and ask questions! When there’s a will, there’s a way...

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All That GMAT Jazz By Kate Ma

hether you are just beginning to think about business school or are already brushing up on your interview skills, the one thing you should definitely be looking into is the Graduate Management Admission Test, or GMAT for short. The GMAT is a standardized test that business schools use as a measure of how likely an applicant will succeed academically in an MBA or other graduate management program. The GMAT is a computerized test that is administered six days a week, 52 weeks a year. You are allowed to take the GMAT once every month and up to five times a year. Thinking about working for a few years before business school? No worries. GMAT scores are valid for five years. The cost to take the test will set you back $250. For some advice on acing the test, Make It Happen turned to a representative from the test prep service ManhattanGMAT and Nimi Katragadda, HUWIB’s own Co-President who took the GMAT last spring.

PREPARING FOR THE GMAT

Studying for the GMAT takes an average of 2-4 months, so the earlier you start preparing, the better. According to Nimi, “Studying for the GMAT during the school year definitely requires you to prioritize your time. Although I wish I could be more consistent with my study patterns, I try to set out blocks of time each week to sit down and review the material.” Due to their busy schedules, many students choose to enroll in a GMAT prep course because of the guidance and structure that it provides. “Personally,” says Nimi, “I’ve felt that being enrolled in the course provides a much needed regimen to my study habits. Because you are given weekly homework assignments and ample online resources, you have a clear study schedule. Additionally, I think there are certain tricks and shortcuts that you can gain from a prep program, that perhaps you would not be able to gain from studying independently.” Prep courses are offered across the country by Kaplan, ManhattanGMAT, and various other companies. Alternatives to enrolling in a prep course include doing practice tests on your own, starting with those offered for free to registered users of mba.com, and reviewing questions with a study group.

GMAT FORMAT

One of the first steps to success is knowing what will be asked on the test. The GMAT does not include any questions that test your knowledge of business. Rather, the test is composed of three sections: the Analytical Writing Assessment (AWA), the Quantitative section, and the Verbal Ability section. For the AWA, you will be asked to write two 30-minute essays, the first of which will ask you to analyze an argument, while the second will ask you to analyze an issue. During the Quantitative section, you will be allotted 75 minutes to answer 37 multiple-choice questions. There are two types of questions: (1) Problem Solving questions that test your quantitative reasoning ability by asking arithmetic, algebraic, and geometric math problems and (2) Data Sufficiency questions that

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ask you to decide if you are given enough information to solve a given problem. Because Data Sufficiency questions are unique to the GMAT and sometimes difficult to understand, we’ve asked Nimi to walk us through them: “Basically you are given a problem followed by two statements. You are then asked to determine whether statement 1 alone is sufficient, statement 2 alone, both statements together, either or neither. The key with these types of problems is that you are not expected to actually solve the problem itself, but rather to determine whether the statements provide you with sufficient information to solve the problem if you wanted to. In these types of problems it’s really important to pick up on the subtleties because often very challenging problems which you think have no possible solution can actually be solved in a relatively simple way.” Finally, the last section is the Verbal, for which you will be given 75 minutes to answer 41 multiple-choice questions. There are three types of questions: (1) Sentence Correction questions that require you to select the most grammatically accurate version of a sentence, (2) Critical Reasoning questions that test your ability to analyze arguments, and (3) Reading Comprehension questions that are based on information presented in short passages.

NAVIGATING A COMPUTERIZED TEST

We’ve all taken standardized tests before, but the GMAT is unique in that it is only offered in a CAT (Computer Adaptive Test) format, which means that you must take it on a computer. Because only one question is presented at a time, you cannot skip around or go back to questions you’ve already answered. Unlike what you may have encountered on past tests, GMAT questions are not preset in advance. Instead, as you take the test, you are given questions based on how well you have answered previous questions. For example, the test will begin with a question of average difficulty, and if you get the answer right, your second question will be slightly harder, but if you get the question wrong, your second question will be slightly easier. Your third question will again be based on your answer to the second question, and so on. Thus, because the test adapts to your personal ability level, scores are not determined by the number of correct answers alone. According to Nimi, “It is very common for people to miss 40-50% of the questions and still score extremely well.” So don’t be discouraged if you miss a lot of hard problems, just remember that it’s not about the number of questions you get right, it’s about the difficulty of the questions you get right.

UNDERSTANDING YOUR SCORE

Upon completing the test, you will immediately be given the option of either viewing or canceling your scores. According to ManhattanGMAT, your final score will reflect the difficulty of the problem that you ended up on. This score is a combination of your Quantitative and Verbal sub-scores, along with a separate score, ranging from 0 to 6, for the AWA essay writing portion of the exam. Your scores will be accompanied by a percentile ranking that tells you how you did in relation to other test-takers. Scores

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range from 200 to 800, with a median score of 530. However, top business schools, including Wharton and Harvard Business School, report average scores of 670 to 715. But no need to be intimidated: now that you are equipped with information from those who have taught and taken the GMAT, you are already well on your way to getting that top score. Good luck!

For complete official details and to register for the GMAT, visit www.mba.com. *GMAT is a registered trademark of Graduate Management Admission Council, which does not endorse, nor is affiliated in any way with this publication or the content contained herein.

Riding the BlackBerry Wave Is bringing the boardroom to the beach a blessing or a curse?

By Anne Slivka

onderful, I can use my BlackBerry on the plane, in the taxi, during down times…As for weekends and time off, I can casually check in on things and get in touch with the office if I need to...These are the words of a business professional, just one of the millions of BlackBerry and other personal digital assistant (PDA) users worldwide. Indeed, her sentiment is echoed by the many other businessmen and women who revel in the flexibility these devices support in our ever more mobile world. At last, no need for an all-important conference call to conflict with a day at the beach. BlackBerry users also cite that this innovative technology affords them newfound peace of mind. As one female professional articulated, “[my BlackBerry] helps me be a lot calmer and less worried about what I might not know. I stay in touch with my staff better, especially since I have people in two different locations. I also stay in touch with my sister, brother, and husband, and if I had kids, that would be great too!” Given this multitude of benefits, such sleek, seemingly miraculous devices encourage excessive use and seem to eliminate any excuses for not staying in touch with the office at all times. A 2006 study on BlackBerry use, conducted by researchers at MIT Sloan, documented the harmful effects of the peer pressure that individuals experience to be constantly responsive to incoming email messages when their colleagues have access to BlackBerry devices and exercise this behavior. An overwhelming 90% of the individuals studied reported “some degree of compulsion when describing their own behavior with the device.” Moreover, according to a 2008 report by the Pew Internet and American Life Project, 69% of BlackBerry and PDA users queried “feel that new communications technologies have made it harder for them to disconnect from

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work at home and on the weekends.” Indeed, if one’s colleagues from the office are going to be checking their devices in the middle of the night and on the beach, one must also keep current with business activities—or risk allowing one’s job to float away with the outgoing tide. This tantalizing cocktail of pure delight in the device and peer pressure to stay connected eventually leads to an unhealthy addiction and withdrawal symptoms should the device be lost. Evidencing what a hot-button issue this is today, another study on PDA use was produced by a partnership between researchers at Rutgers University-Camden and the University of Northampton in England. It discusses the addiction and compulsion that develops from PDA use as well as the actual withdrawal symptoms felt when a BlackBerry is accidentally lost. Newspaper stories and anecdotes have cited the use and overuse of PDAs as the source of irreparable marital strife, devastating car accidents, and child neglect. What is to be done? Clearly, PDAs are not going anywhere as technology becomes an ever more integral part of our lives. As undergraduates, we constantly check our email and Facebook and proceed under the expectation that others do the same. We pride ourselves on our mobility and ability to connect wirelessly with our friends both near and far. However, we must remember the value of connecting with people in person, and abstaining from checking email while doing so. Don’t worry: your email will be there when you yet again stare at your BlackBerry screen. A response can still be considered prompt even if it takes longer than thirty seconds from the time it popped into your inbox. At least take time to admire the actual surf on the ocean’s edge before surfing the ‘net to fashion your reply.

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Financial Collapses In Comparison By Tina Liu

ince the beginning of the bank failures and market plunges in 2008, the media has been churning out comparisons between the current economic debacle and numerous historical crises. A CNNMoney.com report on September 29, 2008 announced an 8.8% drop in the S&P 500 as the biggest one-day percentage drop since the Crash of ’87. An article published in the Financial Times on June 16, 2009, warned that “this recession fully matches the early part of the Great Depression.” Even at the time of writing in mid-July, when news of slowing unemployment claims and market rallies seemed to be swimming daily on the radio waves, commentators still questioned the possibility of our economy repeating Japan’s Lost Decade. But what exactly happened during the Great Depression and the Crash of ’87? Is the “Lost Decade” a Japanese television show? (The answer is no.) This article provides an overview of the major market events from the past eighty years that are often invoked as historical references to today’s financial conditions.

THE GREAT DEPRESSION The Stock Market Crash of 1929 began on October 24 with a 2% drop in the Dow Jones Industrial Average, earning this day the name “Black Thursday.” Although an exact reason for the slide is hard to identify, it was clear in retrospect that the stock market had become extremely overvalued due to mass speculation and insider manipulation. Panic spread as the plunges continued. October 28, later called “Black Monday,” saw a 13% drop while October 29, now famously known as “Black Tuesday,” saw another 12% drop. By the time the market hit bottom in July 1932, it had fallen a sickening 89%. Meanwhile, the administration under President Herbert Hoover continued to pursue a policy of balancing the federal government budget and thus did little to counteract the credit contraction. Instead, it encouraged state and local governments to address the issue more directly. As economists Milton Friedman and Anna Schwartz would later argue, this decision turned the Crash of 1929 into the Great Depression. GDP contracted by over a third and unemployment skyrocketed above the now often-cited level of 25%; even the suicide rate increased by over 20% between 1929 and 1932. Stories of one thousand-person soup lines and the sad spectacle of migrant families looking for work were afterwards turned into documentaries and came to represent a vital part of American history. Similar economic tragedies could be found throughout the rest of the world. When Franklin D. Roosevelt became president in 1933, his New Deal put into place an alphabet soup of relief programs and financial reform. However, it was not until the arrival of World War II and its demand for war supply production that the U.S. would be pulled out of the Great Depression.

THE CRASH OF 1987 Over forty years passed after the end of the Great Depression before Americans would again have cause to fear an economic downturn of such magnitude, but when the market crashed on October 19, 1987, it certainly crashed in a big way. Interestingly, if you pull up a graph

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charting the historical prices of any stock index, the Crash of 1987 looks like a tiny blip in comparison to the crescendos and decrescendos of the past decade. Yet when I remarked on its miniscule size to a 38year-old coworker at an investment management firm, he immediately retorted, “That was not a blip. I still remember when my father [who was a broker] came home that night. It was the worst day of his life.” Indeed, with an incredible drop in the Dow of 22.6%, October 19, 1987, still holds the record for the largest one-day percentage decline in the stock market. The reasons for this most famous “Black Monday” are disputed, with blame being attributed to various possibilities, including the cascading effect of automatic computerized selling of stocks, the lack of “circuit breakers” to prevent colossal sell-offs in the futures and options markets, and anxiety about the insider trading scandals that the SEC had investigated that year. Newspaper headlines at the time screamed danger about a second Great Depression. (This habit would reappear for later financial crises as well.) Fortunately, the new Fed chairman, Alan Greenspan, reacted by immediately injecting liquidity into the system. Recovery was swift; market prices climbed back to their original levels within a year and no long-term economic damage resulted.

JAPAN’S LOST DECADE Severe economic problems did come to plague a country across the Pacific. Japan’s Lost Decade is an interesting economic phenomenon to study not only as a lesson to fiscal and monetary policymakers, but also as a warning of the ease with which a nation of great economic prosperity could slide into disastrous stagnation and deflation. In the 1980s, Japan’s economy was the envy of the world. Books like Ezra Vogel’s Japan as Number One: Lessons for America attracted popular attention as Japan’s stock market soared and its GDP growth outpaced that of the United States. However, by the late 1980s, an asset-price bubble had formed. Recognizing the bubble, the Bank of Japan consciously burst it in 1989 with a sharp increase in the discount rate, leading to a massive sell-off in the equity market that caused it to lose 60% of its value in just three years. The central bank’s incremental slashing of interest rates to 0%, which it held until early 2007, came too late and had negligible effects. Japan’s poorly executed stimulus packages and continued policy mistakes—including a premature consumption tax hike in 1997—either did little to alleviate the situation or made things worse. Land prices plummeted by 70% over the decade while looming deflation led to a liquidity trap and a virtual collapse in the Japanese economy. Only in 2001 did the Bank of Japan finally switch to a policy of quantitative easing that was actually effective, thus ending the era that became known as the “Lost Decade.” Land prices stabilized, deflation moderated, and modest growth returned—until 2007, when the slowdown in global economic activity raised the specter of another period of economic pain.

THE DOT-COM BUBBLE While the Japanese economy had been suffering on the other side

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of the world, the United States economy had recovered from a 1990 recession and was taking off again. The stock market had been rapidly gaining steam, with the Dow rising from a mere 800 points in 1979 to over 3,000 points by the early 1990s—as Roger Lowenstein says in his book, Origins of the Crash, “it was commonly held that everyone could become, ought to become, rich—rich!—merely by investing in, and remaining in, common stocks.” A mania of “irrational exuberance,” to use Alan Greenspan’s term, gripped investors as fascination grew with the seemingly limitless opportunities offered by the Internet and new stock offerings began to triple, even quadruple, on their first day of trading. It didn’t seem to matter that many of the companies that were rapidly undergoing IPOs had little-to-no prospect of actually being profitable; a “new economy” had arrived. Then, in mid-March of 2000, Internet stocks crashed. The fantasy of wealth from web-based companies was revealed as a dream and evaporated. Within a year, the Nasdaq plunged from 5,000 to under 2,000; stocks like Yahoo became a fraction of their original price and Amazon lost more than 90% of its value. Then, the 9/11 terrorist attacks hit, striking fear into the hearts of Americans; this terrible disaster was followed closely by the shocking revelation of enormous fraud in the giant telecom sector. One after another, the worthlessness of companies like Enron, Global Crossing, WorldCom, and Qwest came into the light. Many investors and retirees saw their assets and savings go up in smoke. Since then, accounting standards have been much tightened. However, it wasn’t until May of 2007 that investors who had entered the S&P 500 in the peak of 2000 regained their losses. Just three months later, however, another financial crisis hit.

THE SUBPRIME MORTGAGE CRISIS Most readers are probably already familiar with the financial crisis that began in 2007 with the United States and spread to the rest of the world. The credit crunch that threatened the entire financial system, high-profile bank collapses, subsequent massive (and much criticized) fiscal stimulus packages, and ongoing debate about the future of the economy have gained center spotlight in media and even the 2008 Presidential Election. It is startling to realize that all of this chaos resulted from the then seemingly innocuous subprime mortgage. Subprime mortgage loans gave individuals with lower-than-average credit ratings the ability to have a slice of the American Dream and buy a home, as long as they paid a higher interest rate to compensate the lender for the extra risk of default. However, with the invention of mortgage securitization, lenders no longer had to hold onto this default risk; instead, they could just sell their loans to Wall Street banks, which would bundle them into high-yielding, complicated-sounding products like residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs) that were sold to investors. Up until 2007, the United States witnessed a real estate boom as low interest rates and easy credit fueled mortgage lending and housing prices—and subprime mortgages worked beautifully, as long as housing prices kept going up, people kept their jobs, and interest rates stayed low. However, in the summer of 2007, the bubble burst. As housing prices peaked and turned downward, people lost their jobs and became incapable of paying back their loans, especially when the low-interestrate teaser periods of subprime loans expired. As default rates mounted, securities collateralized by subprime mortgages were revealed to have been grossly over-priced because of incorrect estimates of the subprime default rate; their value plummeted, triggering massive losses and eventually freezing up credit lines. Mortgage companies went bankrupt,

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hedge funds blew up, and Wall Street banks that had been thought to be firm establishments in the financial world collapsed. The market fell off a cliff; in the course of roughly ten days in late September and early October, the S&P 500 fell by over 25%, then continued its downward trajectory until March of the next year. Congress rushed through stimulus plans of gigantic proportions, but the financial world continued to grow bleaker as investment scandals like Bernie Madoff ’s $50 billion Ponzi scheme were uncovered, the U.S. was officially (though belatedly) deemed in the midst of an economic recession, and joblessness continued its upward rise. Other areas of the world were hit hard, with Europe’s economy contracting severely and developing nations that had relied on the demand from developed countries suffering as well. At the time of this article’s writing, a tentative sort of optimism seems to have spread as the market demonstrated a remarkable rally in almost all asset classes after hitting a gloomy bottom at the beginning of March. Despite the opinions and forecasts flying left, right, and center, it is still difficult to tell whether the United States will enter another period of wavering non-prosperity like Japan during the 1990s; however, it can be said for sure that policymakers seem determined to prevent another repeat of the Great Depression. In the meantime, it is undoubtedly beneficial for us to enlighten ourselves of the historical context in which this financial crisis exists. Years or decades down the line, this point in time may become a reference as well. Want to learn more? Take advantage of the wonderful plethora of financial history literature available today. Tina recommends The Ascent of Money: A Financial History of the World by Harvard Professor Niall Ferguson.

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How to Succeed Working Globally By Nancy Mueller, International Communication Specialist

ongratulations! You’ve filled out all the paperwork, your bags are packed and you’re headed off on your international adventure. You’re excited and maybe just a tad nervous as you think about the working world beyond your own geographical and cultural borders. Much of the enjoyment and success of your international assignment will depend on setting realistic goals and expectations. By anticipating what lies ahead, you’ll be better prepared to adapt to differences and avoid potential cultural collisions. While Anna is interning abroad this summer, two main challenges emerge from her experiences—language and women/different cultural norms. Let’s address her questions and concerns:

: Many businessmen and women abroad are much more conscious of the global economy and have made a serious effort to learn multiple languages. Often, in a multilingual work environment, your coworkers would like to speak English with you out of courtesy. As an English speaker working abroad and trying to learn the native language, what advice do you have for letting your employer know that you would like to speak in their language instead of English? How do you practice the native language without becoming a burden to your coworkers?

: It’s okay to let your international co-workers know that your goal is to communicate in the local language as much as possible. Your employer may still speak to you in English out of courtesy, but you can smile and answer in the host language. Seek a balance between your desire to speak in your second language and the need to get the work done. To minimize the impact on work productivity, look for low-risk situations to practice your second language fluency until you feel more comfortable and confident expressing yourself and your co-workers become accustomed to hearing you speak their language.

: What advice do you have for giving presentations in a different language? Speaking in front of your cowork-

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ers and boss is nerve wracking enough without having to worry about any embarrassing language mishaps!

: The good news is that you will have many opportunities to practice giving presentations at work, whether speaking up at a staff meeting, participating in a small group around a conference table, or pitching your idea on how to streamline operations to your boss. Of course, you also run the risk of not understanding or being misunderstood. Here are 10 ways to improve your presentations to global audiences: 1. Think before you speak. Know what you want to say and why. Prepare as much as possible ahead of time. 2. When you are asked a question, pause first. Be sure you understand the question and organize your thoughts before responding. Keep it simple by focusing on one to three key points that you want to communicate. 3. Speak at a relaxed pace and enunciate clearly. Often second language learners try to speak too quickly to sound more fluent which impedes, rather than facilitates, understanding. 4. Speak simply (but not simplistically) and directly. Use fewer words and shorter sentences. 5. Give your listener time to adjust to your voice and accent before providing important information. 6. Check for understanding often by observing your listener’s body language and asking open-ended questions. 7. Restate the information using different words if the listener

4th Edition, 2009

doesn’t understand you. 8. Use visuals and appropriate body language to enhance your message. 9. Avoid speaking more loudly to get your point across. Remember that the challenge is language, not deafness. 10. Be cautious in your use of humor. On those occasions when you do speak in English, remember to use formal, business English to foster a professional image. Avoid peppering your speech with these colloquialisms: “like,” “whatever” or “you know” which undermine your credibility.

: In some countries, women are more limited in their educational and career opportunities. As a woman interning in this environment, what advice would you give about adapting to an overwhelming male oriented workplace? How do you suggest women cope with any gender biases they might encounter?

: According to the “Global Relocation Trends—2006 Survey Report,” published by GMAC Relocation Services, women now hold 20 percent (or one in five) expatriate postings compared to an historical average of only 15 percent. Yet while the trend is definitely towards more women working globally, the cultural challenges remain for women working in predominantly male environments overseas. Unwanted sexual attention and gender stereotypes of the role of women in the workplace are but two of the biases women may face. From my own experience and in speaking with women colleagues around the globe, here are 3 tips that will help ease your adjustment: * Find a local mentor who can help you navigate the different cul-

tural norms and expectations. Ideally, look for a mentor at work who can give you insider tips and advice for overcoming obstacles. A good mentor will let you know when others perceive your tone or behavior as too aggressive, for example, with suggestions on how to work around that perception while still holding onto your personal values and achieving your goals. * Show respect for your male co-workers by being assertive, but more subtle in your interactions than you would be at home. Avoid causing embarrassment or loss of face to your male co-workers. * Enlist and strategize with a male ally for handling specific situations at work. For example, a North American businesswoman working in Asia shared how she handled negotiations. Although she was the American team leader, her Asian counterparts spoke directly to her male colleagues during the transactions. Her male ally listened respectfully, but then turned to her for her response to the Asian negotiating team. By learning to adapt to differences in customs, courtesies and communication styles, you will be better prepared to succeed in your international assignment. Enjoy your journey! Please feel free to contact me with your questions or to share your overseas experience. Send me an e-mail at nancy@nancymueller.com. Visit my website at www.nancymueller.com. Connect with me on www. LinkedIn.com. Find me on www.Facebook.com. I’d love to hear from you!

Nancy Mueller

Speaking with Confidence A Gallup poll conducted several years ago continues to shock in its findings: more people acknowledged a fear of public speaking than the suggested possibilities of great heights, large crowds, and even creepy-crawly insects. Fortunately, the act of giving a speech need not bear any resemblance to an encounter with a snake, the fear most people cited. Public speaking skills are necessary tools for success—no one will support your message unless you are able to effectively communicate it. Familiarize yourself with the audience beforehand and fix in your mind the cross section of people attending. Your audience is not likely to be dominated by public-speaking pros. Mary Cheyne, the 2008 winner of Toasters International’s “Humorous Speech Contest” stressed in an interview with The Boston Globe that the audience is not your enemy. If any entity is your adversary, it is your own mind when “what ifs” flood your consciousness, obscuring your concentration and, hence, your message.

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To challenge these fears, view public speaking as a means rather than an obstacle to your career success. Business leaders must practice effective communication, not only from the podium at large events, but also and indeed more frequently, in intimate settings through the delegating of tasks, sealing of deals, and relaying of opinions. It is therefore vital to seize every opportunity to hone this skill. Avail yourself of the prolific advice offered on this subject. [Check out the great tips above on giving presentations in a foreign language—the horror!—from international communication specialist Nancy Mueller.] Aside from the proper etiquette, however, perhaps the best suggestion experts and colleagues can give is to acquire the confidence to take the risk. Confidence is the key ingredient to communicating successfully and propelling your career to a level so lofty it might inspire another common type of fear: heights! - Caitlin Cygan

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China Through a Professional Lens first-person account of business culture

Chinese

By Yingna Liu

stared out the window of a public bus as apartments colored in a lucky light-red whipped by my gaze. While I watched, I clenched a holding rail with one hand as I used the other to press my purse in front of my view; losing a wallet to a petty thief was not news in the bustling city of Guangzhou. But as I took a look around the thankfully airconditioned and crowded vehicle, I peeked into the mixture of people that comprised the Chinese business system. Every person was either taking a quick nap before work started, texting or talking on a cell phone, or just trying to keep balanced while the bus swayed from side-to-side as it moved along down the road, stopping frequently as heavy traffic congested in front of a red light. I was on my way to the company that I had been interning with for over a month, the Nan Fang Television Station. During my internship at this eight-year-old TV station, besides learning about the Chinese media system, I also gained insight into the Chinese business culture: naming, dress, community bonding, and the general dynamic setting inside the office. All these experiences allowed me to understand how China functioned from the inside not only in just Chinese media, but in Chinese business as a whole. On the first day that I entered through the doors of the Nan Fang TV station, I met the manager of the TV programs I would be working with, Huaguo Zhong. When I presented myself as “Liu Ying-Na,” placing my last name in front of my first as Chinese tradition dictates and taking caution to only extend my hand as a greeting when he extended his, he asked if he could call me “Xiao Liu.” I agreed, and from then on, I was introduced by the manager as “Xiao Liu.” I met others with similar names as mine; there was Xiao Xiao, Xiao Zhou, Xiao Yu, and more. Others I met would have an “A” as the prefix to one part of their name, while even more others would just repeat a syllable of their name. Even administrators, who do not conform to these naming methods, would mostly only be referred to by their last name, while their position in the company would be tacked onto the end of their last name. Omission of the rank title when addressing a superior would be regarded as an insult. Thus, more often than not, I only learned a person’s actual name through the acceptance of a business card. Even as I accepted business cards, I had to take caution to receive them the Chinese way—I placed both hands on the empty corners of the business card and bowed my head as I took the card.

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By 11:30 a.m. of that day, lunch started. Lunchtime would usually last for at least two hours to allow time for a meal as well as an afternoon nap. The tradition of afternoon napping stemmed from the belief that resting the mind in the middle of the day would allow a person to be more alert, and therefore many Chinese learned of and practiced this tradition from a young age. For those people who lived too far away to travel to and from home for napping in the two-hour time span, there were even foldable cots in a few of the larger offices for napping purposes. Others just slept at their desks. However, the

4th Edition, 2009

reporters at the TV company hardly ever slept in the middle of their day or had a set lunch period due to their hectic schedules, which were determined by the convenience of their filming agendas. Instead, they would steal a few quick minutes to finish a boxed lunch or treat one another to lunch at a restaurant. I was often invited to dine out with my co-workers and realized that these restaurant meals were usually great community bonding opportunities. While sitting in a circle around a table with six or seven other people and eating the Chinese way, which means ordering a number of different dishes and sharing each dish, it was a great opportunity to listen to the reporters chat freely with one another. They all seemed like great friends and were always eager to extend a meal invitation to new co-workers. By the end of the meal, once everyone has had their fill tasting each dish, one person usually pays for the entire meal. This person was the inviter of the meal and would be determined at the beginning of the meal. This meal system thus guarantees that the reporters would be able to dine out every once in a while and the bill would be rotated around from person to person to ensure that not the same one person would be stuck with the bill at every meal. Besides inviting one another to meals, co-workers would invite one another to a game of basketball or for a midnight drink. Going to the movies with co-workers was also not out of the ordinary. While not with one another, co-workers would also frequently keep in touch through the frequent use of programs such as the ubiquitous QQ instant messaging service as well as cell phone text messaging. These services are much more used than the use of email. In fact, transferring documents and attachments are usually completed through QQ due to the efficiency of the program. They are also used freely as forms of communication from a boss to a subordinate about different

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orders; even for simple things such as entering the office since they are quick and efficient methods of keeping in touch. As days passed during my internship, I also took notice of the different styles of dress that surrounded me. The TV company had no dress code and so workers would often come to the office in casual clothing. The definition of casual clothing differed for everyone in China; I noticed a variety of styles ranging from business to hip-hop followers with baggy jeans and tilted caps. Instead of thinking it strange for one person to be wearing very formal attire while someone else looked like they came from a concert, everyone was very receptive and interested in the different ideas of fashion. The style of dress was truly something that could define the reporters and editors in the TV station. People admired one another for their unique taste and accepted that each person had a life outside of work. However, all people preserved a conservationist attitude towards clothing in an office setting; it was better to wear more than less. Even on the streets, most people would be wearing high-collared rather than low-collared shirts and tanks. By the end of my internship, I had learned quite a lot about the culture in China. Even though I come from a Chinese background, I learned an undoubtedly new amount of information about the traditions and cultures of China from a professional point of view. However, one thing is for sure: China is a fast-paced growing country and she is always looking towards other countries for guidance. She sees other countries as great examples of methods that have been tried and have worked. Therefore, when you go to China, you will not only be learning, but the Chinese will also be learning from you. In that way, any exchange between our two countries is mutually beneficial.

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Working 9 to 5. Or not? By Gosia Dymerska

he minds of college-aged females are full of questions about their near and far futures. “Must my career be my top priority?” “How will I balance the demands of work and family?” To get some fresh perspective on these tough questions, Make It Happen spoke to two women who have embraced the challenges and advantages of working unconventional hours— and are reaping the benefits as professionals, wives and mothers.

THE EARLY RISER

According to data issued by the U.S. Bureau of Labor Statistics, 71.4% of all mothers with children under 18 were working or looking for work in 2008, a statistic which has held stable since the 71% figure reported in 2007. As a part of the 64% of women with children under 6 years old, but still participating in the labor force, Bonnie Wongtrakool, Harvard College ’94 and Harvard Law ’00, proves to us all that combining multiple roles in life is definitely achievable. A research analyst at Western Asset Management Company specializing in mortgage-backed securities and portfolio management, Wongtrakool works at the Pasadena, CA branch of the company. Her average workday starts approximately three hours earlier than that of a typical Californian to account for the time difference between this Pacific state and New York City where all the stock market action takes place. This results in a very early start at 5-5:30 a.m., Monday through Friday. On the other end of the spectrum, this also means leaving work around 3 p.m., which allows her time to spend with her two-yearold daughter before the end of the day. Every day Wongtrakool achieves something career-minded women dream about—she balances her demanding professional position with being a mother and a wife in a two-parent-working family. She stresses that her success is largely made possible due to her outstanding support network, especially her parents who live in the area and are available to look after her daughter while she attends to her professional responsibilities. Wongtrakool realizes that in order to achieve balance in her life sacrifices have to be made. One must learn to prioritize and be efficient in everyday activities. After her daughter was born, Wongtrakool made arrangements with her company so that she would no longer need to travel for busi-

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ness purposes, which she had done frequently in the past. She did not give up her career and has managed to stay close to her loved ones.

AFTER-HOURS EDUCATION

Jola Marvel serves as another example of a woman whose workweek is untraditional. While working as the marketing director for a company specializing in the training of financial professionals, Marvel is earning her MBA at the University of San Diego. The USD business program for working adults allows her to stay at her job, and thus afford her studies. As a result, she usually attends classes two evenings a week, each about 3-4 hours long, and works full-time during the day. Occasionally, she enrolls in intensive weekend classes, which take up Friday evenings and run all day on Saturdays and Sundays. According to a survey conducted by BusinessWeek, part-time MBA programs are growing in popularity. Such business schools as University of California at Los Angeles, University of Chicago, New York University, and countless more enable working professionals to earn their MBAs while remaining able to support themselves and their families financially. This is exactly what Marvel has pursued, and, being almost at the conclusion of the program, she calls it “two of the most challenging and yet pleasantly memoBonnie Wongtrakool rable years of my life.” She remembers her short internship in China last January with special fondness, as it combined her passions for business and travel. Marvel agrees that combining her job with attending class and preparing for exams is often challenging, but the constant support of her husband and family keeps her motivated to excel at both. Today’s technology also allows her to fulfill the responsibilities of her job from home, thereby saving her precious time she would otherwise spend commuting. Marvel notes that her tight schedule makes her appreciate any down-time a lot more than she did before she enrolled in business school. The two women featured are only a small representation of the global Jola Marvel population of females who strive to weave together their personal and career goals. Technology, flexibility and strong family support systems, which Wongtrakool and Marvel are so fortunate to have, make achievable what might formerly have seemed impossible.

4th Edition, 2009

Financing Over Frittatas, Consulting Over Couscous How to Dine When Business is the Main Course this is your chance to spend face-time with the interviewer. Eat something in advance so you are not starving. Order foods that are easy to consume with a fork and knife (it is impossible to look professional with a sandwich!). If you can, take a gracious dining course while in college to understand the dos and don’ts for business dining.

Jodi R. R. Smith

ever pass the salt without the pepper. Spoon your soup away from you. Many of us have had the good fortune to learn these valuable rules of proper dining etiquette. But what do you do when the menu gets tricky or your glass takes a tumble—and an interviewer, boss, or client is your dinner companion? For some advice, Make It Happen posed several dining dilemmas to Jodi R. R. Smith, founder of the Mannersmith etiquette consulting firm that creates and delivers seminars to clients ranging from children to CEOs. Learn why manners are not a garnish, but rather a key ingredient for success in your business endeavors.

- Introduction by Emily Biberger - Questions by Caitlin Cygan

Make It Happen: In your experience, what is the #1 “problem” it seems young women encounter when they are being interviewed or striving to network over a meal? What steps can they take to improve? Jodi R. R. Smith: Remember the goal of a lunch interview is to have the interview. If you have a few bites, that is great, but

MIH: Let’s say that something goes terribly wrong—you spill your drink, for example. How do you recover from this mistake? JS: Mistakes happen; it is how you handle the mistake which separates the stellar candidates from the average. Right the glass, take your napkin to cover the spill and make eye contact to draw the waitstaff to your table. Acknowledge the oops and then move on to a more productive topic. “So glad that was seltzer and not red wine! As I was saying, I serve on the board of my college’s Women In Business organization.”

or food item with which you are unfamiliar? JS: Confess early. “I have never had sweetbreads before, what should I know to eat them properly?” Use the food as a conversation topic. Ask when they first had the item, if they have traveled to have the food in its native setting. MIH: Finally, what words of wisdom you would like to share with young women beginning their business careers? JS: So much comes to mind. To select three: 1. Find mentors early. Ask women you admire and respect to provide feedback. Sometimes a mentor is a mentor for one lunch. Sometimes a mentor is a mentor for one year or two. And sometimes a mentor is a mentor for life. Understand what each mentor is willing and able to share and listen carefully. 2. Dress up. Watch what the successful women in your industry wear. Mirror

“Mistakes happen; it is how you handle the mistake which separates the stellar candidates from the average .” MIH: How do you manage to keep the conversation going while still attempting to chew and avoid any social faux pas? JS: Eat before the interaction so you are not starving. Take super small bites so that if you are asked a question as the food is going into your mouth, you can chew three or four times, swallow and then answer without too much time passing. It is better for the person to wait while you chew than for you to try to talk with your mouth full.

them. Search for sales. Purchase the best quality possible. Take everything you buy directly to the tailor. Your clothes should look as if they were made for you. Pay attention to your accessories and your grooming too. 3. Foster gratitude. Be sure to thank those who help you along the way. From quickly penned, handwritten thank you notes to thank you gifts for grander gestures, let those who rush to your assistance know they are appreciated.

MIH: On a related note, what should you do if you are confronted with a cuisine

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Into the Fire

Q&A with Alex Guarnaschelli, Executive Chef at Butter Restaurant

EO and Executive Chef are positions occupied by too few women even today, and popular exposés suggest that the environment of restaurant kitchens is as inhospitable to the success of women as the atmosphere of many boardrooms. Proving them wrong is Alex Guarnaschelli, executive chef at New York’s Butter Restaurant. With her distinctive blend of tenacity and creativity, Guarnaschelli is leaving her mark on the culinary world, serving up innovative dishes at the popular restaurant Butter and incisive commentary on the Food Network. She spoke to Make It Happen about the need for confidence, flexibility, sacrifice, passion, and more than a few Band-Aids to succeed in a business where the job descriptions are lengthy and the hours are anything but 9 to 5.

- Interview by Jane Wooder - Introduction by Emily Biberger

Make It Happen: How did you develop an interest in cooking? Alex Guarnaschelli: I grew up in a house where my parents divided the world cuisines in half and they attempted to make everything! My mother covered French and Indian cuisine. My father made

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mostly Italian and American food but also shared a passion for Chinese cooking with some amazing Chinese meals. As an only child, I was the sole potential recruit for the grunt work. One day, as I was peeling apples, potatoes and kneading bread, I realized these tasks didn’t feel like chores. MIH: Who are the women that inspire you? AG: I am inspired by Sophie Pic, the only woman in recent French history to receive 3 Michelin stars for her cooking. I love when women have goals without limits! I admire Suzanne Goin, the chef at Lucques and A.O.C in Los Angeles because her food has such bold flavor and remains so true to the good ingredients she buys. I admire Rebecca Charles from Pearl Oyster Bar here in Manhattan. She opened a little fish joint on Cornelia Street and it is still going strong! MIH: What are your favorite ingredients to cook with? AG: I love ramps (wild spring onions). They make anything from a soup base to a main course sing with the flavor of spring. I love

4th Edition, 2009

herbs—particularly sage and tarragon. They are both grassy in flavor to me and bring certain other ingredients to life. Tarragon with shrimp, lobster, or tomatoes takes me right to my years cooking in France. Sage leaves (lightly fried in a little hot oil) are amazing with any cut of pork or fish. I love fresh lima beans. They burst with a sweet juice that bears no resemblance to the frozen version I tasted as a child. I love Braeburn apples. They are crisp and lemony. They do well raw as part of a salad or baked in a tart or pie. This list could go on forever... MIH: What is your most memorable experience in the Butter kitchen? AG: The first day I walked in, I saw a cook holding the handle of a pan of scallops that he was cooking. He was smiling; it was clear to me that the sensation of the scallops cooking was traveling up his arm to his brain and making him happy. His name is Antonio. That was six years ago and we still work together to this day. MIH: Have you faced any obstacles specific to your being a female in the culinary industry? AG: Any obstacles I have faced in the industry are mostly about what I have not or cannot find the confidence to try. I can’t say that gender has been the root of the problem. When I worked at Guy Savoy [the eponymous three Michelin-starred restaurant in France], I was the only woman out of eighteen cooks. That was an instance where being a woman immediately distinguished me from everyone else!

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MIH: How do you manage to balance motherhood with your highly successful career? AG: Not well! It is a struggle to want to be home with my daughter more than cooking at the restaurant. Since I began cooking, I have always gotten to work early, tried to hone my skills. Now there is this adorable little person that I would rather spend my time with! The restaurant doesn’t serve lunch so I have the good fortune of being able to spend most of every day with her. I bring her with me to the market too. I love to watch her get covered in strawberries and blueberries and raspberries as we walk from stand to stand. She makes it her own roving buffet. MIH: Other than an intense passion for food, what characteristics are needed to become a professional chef? AG: To become a professional chef, I think you need to be a little of each of the following depending on what kind of day you’re having: a nurse, a shrink, an electrician, a plumber, and a dishwasher. All of these professions come into play when negotiating with a group of people and equipment to get through a dinner service intact. You also need patience (because there is a lot of repetition night after night) and Band-Aids... MIH: What is your favorite meal? AG: This is an ever-changing thing for me. This month, I would have to say my father’s Lemon Chicken dish followed by a Dobosch Torte (a multi-layered chocolate cake topped with a caramelized sugar shell). Pure indulgence.

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Building a Working Wardrobe By Elizabeth Ahern

avigating the world of fashion in the workplace is often a tricky business. Unless you work in an office with a very lax dress code, it can be difficult to balance a yearning to express yourself with the need to dress appropriately for the work environment. Luckily, Make It Happen is here to help. We sought advice from Sharon Graubard, Senior Vice President of Trend Analysis at Stylesight, an online trend analysis and forecasting service.

What seems to be the biggest difference between women’s office attire now versus ten years ago?

Ten years ago things were much more formal compared to now. While 90’s “casual Fridays” had loosened things up a bit, certain elements were still taboo. For instance, bare legs, even in summer, were not fully accepted for conservative offices, and, along with that, overly bare sandals or flip-flop styles were not considered professional. Strappy looks, like sundresses that expose bra-straps, were not accepted a decade ago, but now many women can get away with a bare-shouldered look, particularly in creative industries like fashion or media. Nevertheless, it’s always a good idea to have some sort of cardigan or little jacket that works as part of the ensemble, to keep the look appropriate for the office.

What types of clothing are never appropriate for the office?

So much comes down to the particular culture of a given office. Some companies prohibit the wearing of jeans; others have no policy about clothing at all. When wearing casual pieces like jeans, a consciously put-together outfit is better than a “whatever is next to the bed” approach. Neatness and cleanliness are a must. Also, fit is key: overly tight tops, bottoms or dresses are never appropriate. In general, avoid anything that is too provocative. For tops or dresses, while a deep V-neck or scoop may be flattering or even elegant, it is never correct to show too much cleavage or expose too much on top. Body type, as well as fit of clothing, plays a big part here. Now that layering is so prevalent in fashion, it looks right and makes sense to layer a tank top or a camisole under low-cut or sheer tops. And in fashion, as in life, “know thyself ” is a good rule: if you can’t walk gracefully in sky-high heels, don’t wear them.

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4th Edition, 2009

What trends will be big in office-wear this winter?

We are in a tailored cycle, which is great for office-appropriate looks. Full or pleated pants, often with a tapered or rolled “carrot” leg look new; these can be worn with a silky blouse, a fluid knit top, or sweater. Simple woven shirts look great with slim pencil skirts or fuller, high-waisted skirts. The blazer comes back into fashion: small, shrunken looks or oversized, “boyfriend” silhouettes are gaining momentum, and give a business-like polish to pants, above-knee length skirts, or easy dresses. These can be accessorized with a belt to control volume. Dresses continue for daytime, whether wrap styles, shirtdresses, sweater dresses, straight shifts, or printed, vintage-inspired looks. These can be layered over or under knits, and worn with opaque knit tights or newly chic sheer black hosiery.

3.1 Phillip Lim

In your opinion, what types of outfits constitute business casual and how casual can you be?

Business casual has become business attire. Suits are rarely worn, except for interviews or in the most conservative industries, like law or finance. For casual days or for creative environments, we will be seeing very tight pants: “treggings,” which are trouser-legging hybrids, or “jeggings” which are secondskin jeans. To keep these looks office-appropriate, they should be worn with new, oversized sweaters or drape-y knit tops, or tunic-length shirts and blouses. Jumpsuits are gaining momentum, and can look appropriate in loose, easy styles or tailored silhouettes. Timelessly classic casual items like khakis, mantailored shirts, refined tees and cardigans are always right.

What role do you think fashion will play in the workplace in the future?

Fashion will always play a role in the workplace, but as we get more virtual in our contact with other professionals, clients etc., we will continue to get more casual in our business attire. At the same time, many women feel more professional and seem to get energy from dressing up for work. There is an old adage: “Dress for the job you want.” It’s never a mistake to project a polished, professional image while still expressing an individual self — and that is what fashion today is all about.

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Face Value

A Conversation with Sheryl Sandberg, Chief Operating Officer of Facebook By Alison Ryu and Nimi Katragadda

heryl Sandberg is Chief Operating Officer at Facebook, where she manages business operations including sales, marketing, business development, human resources, public policy, privacy, and communications. Prior to Facebook, Sheryl was Vice President of Global Online Sales and Operations at Google. She also served as Chief of Staff for the United States Treasury Department under President Bill Clinton, working closely with her mentor Larry Summers. Earlier, she was a management consultant with McKinsey & Company and an economist with the World Bank. Sheryl holds an MBA with highest distinction from Harvard Business School and a bachelor’s degree summa cum laude in Economics from Harvard University. Sheryl was named as one of the 50 Most Powerful Women in Business by Fortune and one of the 50 Women to Watch by The Wall Street Journal. Make It Happen: What was it like transitioning from working in consulting and at the Treasury to working at Google and Facebook? Do you feel that they are similar? Sheryl Sandberg: At the Treasury I was dealing with economic stability and at Facebook we were trying to make people feel connected, and these are all things I really care about. I think passion is so important because it’s really easy to forget that you spend most of your time at work. Really caring about what you do matters. I think the most important thing for doing a job, which is different from figuring out which job you’re going to get, is that you really roll up your sleeves. I think this is especially important for college students. You want to be someone who does real work and rolls up their sleeves. You want to care about how much you’re getting done. Are you doing things that matter for the institution you’re working for and for the people you’re trying to serve? I’d focus a lot more on the impact you have, rather than on the role you are playing. Make it more about the outcome than about you. MIH: Why did you leave Washington D.C. for Silicon Valley? Sandberg: The short answer was that they elected George Bush and they kick you out of office. This is what the Constitution says—at noon on January 20th you’re out. The thing I’d say is that when you’re planning your career you need a long-term dream and an 18-month plan and all the stuff in between is useless at best and anxiety producing

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at worst. When I graduated from college it was a stated goal of mine that I would never work in the private sector because I only wanted to work on things that matter. And I would have never imagined I would work in [the Internet sector]—there was no Internet when I graduated; certainly not anything close to today’s form. For me, at a point in my career when I was working in the government, I looked around and a lot of what was propelling the economy was happening in Silicon Valley. What was happening there really was changing people’s lives and even though it didn’t fit my original conception of my life, which was only working in the government or nonprofit sector, it was where I found I could have the most impact. That’s why I went to Google. MIH: What was the most valuable lesson that you learned from working for the government at the Treasury? Sandberg: I think the most valuable lesson I learned is that you have to manage people by getting consensus and by getting them to buy into what you are doing, not by ordering them along. When I was at the Treasury, I was Larry Summers’ Chief of Staff of the department, which was then 140,000 people. But those people did not report to me. They reported to the Chief of the Secretary of the Treasury. I couldn’t tell people what to do because they didn’t have to listen to me. So the only way that I could get anything done was by getting them to buy in and explain why. Having my formative experience in my career be one where I had to achieve direct results without direct line management was really important because it taught me to persuade, not order. And that is still how I try to approach my job now. MIH: What advice would you give to young women wanting to pursue something in less traditional career fields? Sandberg: This goes back to the long-run view and 18-month plan. If you want to cure cancer, go get your PhD in biochemistry. If you want to work in organizations, go work in organizations. If you want to work in technology, go work in technology. You need a long-run dream and you want what you are doing in the short-term to be aligned with that. You want a short-term plan, 18 months maybe, a year or two years, but

4th Edition, 2009

it’s not five years. It basically has to center on what I am going to learn in the next few years, what I am going to get done, and what I am going to accomplish. What am I going to learn and what am I going to know that I didn’t know before? I think you can do lots of different things based on that. I think having different experiences is very important. The generation where people jumped into one company or one institution and stayed there their whole lives just doesn’t really happen anymore. Being open to new changes and taking different paths is really important. The big mistake is trying to map everything out too far in advance. I’ll do this for two years, and this for two years, and this for two years. I don’t think that works because I think the world changes too quickly and if you do that you are going to miss really important opportunities.

they could talk back to you. But if you think about what online advertising actually was, it is pretty similar to that broadcast path. If you put your banner page up, you decide your message, and you broadcast it, people can see it. They can click on it and go to your site but they cannot communicate with you, and they cannot communicate directly with their friends about it. I think we are fulfilling the promise the Internet always had for advertising. Because our ads are iterative, they are social, and they engage directly with users. Facebook’s vision is that the world is evolving from what is the information web—where you access information anonymously from websites—to the social web, where you do everything as you are with your own identity. I am Sheryl Sandberg online, you are Alison Ryu and Nimi Katragadda. You are who you are in real life and you are interacting directly through your social connec-

“I really believe in what Facebook does – we take the world and make it more connected. We take people and connect them to each other.”

MIH: Have there been people along the way who have helped you make those transitions or take big risks? Sandberg: Yes. You always have people along the way who are giving you advice or helping you. All along the way I’ve been lucky that I’ve had people who spent time with me and really tried to understand what I was trying to do. Larry Summers has been a very important mentor in my life since my junior year in college when I took Economics 1410: Public Sector Economics. There’s a man named Lant Pritchett, he teaches at the Kennedy School—Economics 1400: Globalization. Lant has been a very important mentor. He was the one who suggested that I go to business school when I was heading to law school.

MIH: What is it like going to the newsstand and seeing yourself in a major magazine like Fortune or Forbes and being honored on some of these “most powerful women” or “most successful women” lists? Sandberg: It is a little bit of an uncomfortable experience. I don’t think that anyone goes into business to see themselves in the press. If you go into business and work hard you don’t really expect those things. I talk with my husband about how one of my goals in life is to get myself off the list. It is a fact that I have been in a top 50 women’s list. But if I were a man with the exact same job I have, I would not be making the top 50 of anything. The point is that there are too few women who stay in the workforce and too few women who continue to achieve professionally at this level. For the next generation, if you have my job you shouldn’t be in the top 50 women because there should be so many women ahead of you. I think that’s really important to understand. MIH: How has Facebook revolutionized the world of online advertising and where does Facebook see online advertising going in the future? Sandberg: Online advertising is what I have done in the private sector. I did it at Google and now I do it at Facebook. When the Internet happened, people said it was going to change our lives. It was going to change our lives because it was going to give marketers a direct communication line to consumers. No longer would you have to broadcast your message across TVs, but you could talk directly to consumers and

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tions, and that includes marketers too. So if you find a great product or see a movie that you want to go see, you can invite someone to do that with you or you share that in the same way you would anything else in your life. MIH: As a free online service, how does Facebook seek out sources of revenue? Sandberg: I am a really big believer in ads because there are basically two ways to have people pay for content. One is through subscriptions where they pay for the content and the other is advertising. I think advertising is the best model for us. Broad-based consumer products on the web don’t charge for content and a lot of them that have charged for content are having a hard time making that work. I think we can provide a useful service for advertisers and marketers. MIH: How do you combine the revenue generating ideas with the technical strategy that Mark Zuckerberg has? How does your team dynamic work? Sandberg: What you find in the work world is what you find in life— your relationships really matter. Mark and I spend a lot of time on ours. We invest in it just like I invest in my friendships or my relationship with my kids. Mark and I just work really closely together. We sit together. We always try to make sure that the other is informed of what we are doing. We meet first thing Monday morning and last thing Friday afternoon—just the two of us. It’s not that we are combining revenuegenerating ideas with technical strategies; it is that as we are doing the things, we do it together. The more you can have alignment on goals and the more you can have really good communication—that allows you to work with anyone. MIH: What resources did you utilize your senior year as a woman in college to figure out what you were most interested in? Sandberg: Some of the best career advice that I ever got was to separate out the people who you want to be from the people who can hire you, and don’t confuse the two. Talk to the people who are close to your age and figure out what they do all day. “Ok, you’re a lawyer, tell

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me what you do.” And really understand what people are doing to understand what you are passionate about. For me, at least, getting to the specifics was really important. “Why do you work here?” is an okay question. “What do you work on?” is a better question. The best question is, “Can you tell me what you did today?”—drilling down to the specifics of what are the actual things you spend your time doing. The other thing is don’t think out ten years. I really think this is fundamentally the biggest mistake people make in careers, which I know is a bit counterintuitive because it’s probably the opposite of what you hear a lot. I think you can plan too far in advance. And if you try to plan out too far in advance, you can really miss opportunities. Working at the Treasury, for example, is a four-year gig at best. When they elect a new government, you’re out. If I had known the stability of working at an institution I could work at forever I never would have gone. When I joined Google, it was one building. They could barely describe for me the job I was taking, much less the job I would have in two years. I never once said to Eric Schmidt, who was hiring me, “Well what will my job look like in two years?” I said, “Eric, we’re not very good at describing what my job will look like the day I show up. ” His message back to me was, “Fast growth creates all opportunity.” You want to go someplace that is growing really quickly. If you are going into the private sector, that fast growth comes with a certain amount of ambiguity. As you think about careers, thinking about what you can learn to do and accomplish in a couple years is the right time frame. Trying to think ten years out really limits your choice because it means you have to go to the types of places that can plan ten years out. There are some of those organizations, but increasingly even those places are changing and having to move much, much faster. MIH: What do you believe was the value of an MBA for you and what does it potentially offer women interested in business? Sandberg: I think an MBA can be important, but I don’t think it’s a necessity anymore. It’s good for some people, but not for others. It’s really good to broaden your perspective and get a chance to look at different industries. Normally, if you go to business school you’ve worked maybe two, maybe four, maybe five years, but you haven’t worked twenty. You’ve probably worked in one industry or maybe two. So if you want broad exposure to a large number of industries, it’s great for that. You meet great people and I think that’s important, just because they’re the friends who make up your life and going to school gives you a lot more time to invest in personal relationships. And I think it can be a great way for people to get into something else. Going to business school gives you a little bit of a reset, which is nice. But we don’t have any jobs that are reserved for MBAs only. For the people who work for me, we don’t check if anyone has an MBA. It’s just not a badge you need at all. It’s the kind of thing that makes sense if you really think you are going to learn from the experience, but I wouldn’t suggest people do it for the credential itself—that’s generally a bad idea. MIH: What is one of the most exciting days you’ve had at Facebook? Sandberg: The day we hit 100 million users was probably the most exciting single day. When I joined we had about 70 million and there was a brief period of time where our growth was slowing. There were people out there saying that we would never get to 80 million users, much less 100 million. The 200 million mark and the 300 million mark were also exciting, but the first big milestone I experienced at Facebook was that 100 million mark and I think that was a very exciting day. MIH: From your perspective now, if you were to talk to someone who

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is an undergrad, what advice would you give in terms of things you wished you had taken advantage of during your four years in college? Sandberg: Knowing how special it all was. I loved Harvard and I loved college. I’m really glad that Harvard is liberal arts-based. If anything, I would have taken more philosophy, more poetry, more literature and less stuff that seemed “relevant.” I’m glad Harvard doesn’t make people take accounting because I think you have your whole life to learn that stuff. This is the one period in your life when your only responsibility is to invest in yourself. That is what is so special about it. When you’re home, you’re growing up, you’re living with your family and you don’t really invest in yourself in the same way. And then when you’re an adult you have all kinds of responsibilities. I have responsibilities to my kids and my husband and this job and the people who work here and our 300 million users. The concept of spending a whole day going to a lecture where I’m going to learn about art or poetry—I would kill for that day. So really understanding that you’re really investing in yourself—in what you know and what you care about and what you love—it’s such a special and unique time to do that. I think it’s something that I hope I appreciated at the time. I’m quite certain that if I went back I would appreciate it even more. MIH: What motivates you on a daily basis? Sandberg: Feeling like you’re making a difference. Like the work you do is going to have an impact, not just on your own life but on other people. I really believe in what Facebook does—we take the world and make it more connected. I just really believe in that, so I’m excited to have an opportunity to work on that. I feel like it matters. MIH: What advice do you have for life after college? Sandberg: I think it’s important for society at large that we think a lot about gender roles and how they impact the workforce. The numbers are pretty stark—it’s like 15 or 16% of board seats in Fortune 500 companies go to women and 15 or 16% of C-level positions go to women. And I think it would be better for society if that changed in two ways. I think we need women to have more opportunities in the workforce and we need men to have more responsibility in the home. This is way beyond where you are thinking about your life, but it is worth thinking about now. One of the most important things you can do if you want to have a career is to marry the right person. There are people out there who are really going to be partners and help you raise kids and do 50%. That’s pretty rare. I have a daughter and a son and I want more choices. I want choices for my son where he can work inside the home and raise kids and where that can be something that society really rejoices in. And I want choices for my daughter to do that as well. And I want choices for them to both stay and be productive in the workforce. And I think as much progress as we’ve made—and we have made a ton—it is great to be a woman educated in the United States. Because in the Congo there are a couple hundred thousand women who have been raped over the last ten years in what is basically the world’s new form of genocide. And so, without taking anything away from the progress we’ve made or how lucky we are, I still think we need to do better. And I think the ways we need to do better boil down to individuals and to relationships. And it’s probably never too early to start thinking about that—start thinking about what kind of career you want to have and what kind of marriage you want to have, if you’re going to have one. It’s not for everyone, but for those people it is, I think, a hugely deterministic thing in careers. And it’s something that people don’t talk about when they think about careers. My advice would be date the right guy, and, if you’re dating the wrong guy, don’t marry him.

4th Edition, 2009

MAKE IT HAPPEN presents

The Business Side of the Industries We Love Discover the rewards of

creating, improving and distributing the things you love.

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Gilt Trip

Q&A with Alexis Maybank & Alexandra Wilkis Wilson, Founders of Gilt Groupe By Elizabeth Ahern

f dogs are man’s best friends, then sample sales are woman’s. They occur periodically in fashion capitals when designers offer their goods at severly discounted prices. Nothing can describe the frenzy that occurs at these sales; it can be worse than holiday shopping. However, Alexis Maybank and Alexandra Wilkis Wilson have created the solution in the form of Gilt.com. Launched in 2007, Gilt Groupe offers its members designer and luxury brands at prices up to 70% off retail. Each sale lasts 36 hours and features hand-selected styles from a single-designer. Gilt Groupe currently features clothing and accesories for women, men and children. This year, they have expanded to include home furnishings and in October, they created a new store entirely for men, Gilt Man. They also launched Gilt FUSE, which has even lower price points and offers fashions for a younger market, and Jetsetter.com, which offers luxury travel accomodations at discounted prices. Access to Gilt is by invitation-only and members who invite their friends get a $25 account credit upon their friend’s first purchase. Alexis and Alexandra met while they were undergraduates at Harvard University. Upon graduation, both began their careers in investment banking, but soon branched out to other ventures. Alexis gained experience in the e-commerce world as a founding member of eBay. Alexandra turned her focus to the fashion industry with tenures at Bulgari and Louis Vuitton. In 2007, the time was right for both to launch Gilt.com and the rest is history. Make It Happen: What was the inspiration behind Gilt.com? Alexandra: Alexis and I used to frequent New York sample sales together. We wanted to recreate this shopping frenzy online and make fabulous merchandise accessible to men and women across the USA. MIH: Why did you decide to make Gilt invitation-only? Alexis: We wanted the site to have an exclusive feel to it, it was important to us that our members felt they were part of an exciting ‘secret’ club. In addition, it was and still is a great way for us to gain knowledge on our members and fully understand their likes and dislikes. MIH: How did you get your start in the fashion/e-commerce industries? Alexandra: During my first and second years at HBS, I did a summer internship working for retail guru Marvin Traub. After graduating from business school, I went on to work for LVMH for the Louis Vuitton brand and subsequently went to run Retail Operations for Bulgari. Alexis: I have always loved fashion, however Gilt was my first experience in the industry! MIH: What are the biggest challenges you’ve faced in creating a start-up? Alexandra: I feel that we have so many great ideas for Gilt Groupe and one of the challenges is that we always need to prioritize. We

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can’t turn every idea into a reality—there simply aren’t enough hours in the day. But the good thing is that it forces us to evaluate what ideas are truly the best for the company. MIH: What has been your favorite experience/ moment so far since you founded Gilt Groupe? Alexandra: I can honestly say that I have had the time of my life during these past two years. I love what I do, I feel challenged and I am learning something new every day. Alexis: My favorite experience was our first fashion shoot…we had no idea what we were doing! Our CTO, Mike Bryzek from MIT, was filing photos, Phong Nguyen, another engineer and founder, was helping line up the model’s looks. Alexandra and I were doing hems. But we got it done, and needless to say we have come a long way! This experience shows how important it was to be flexible, and as a start up you have to roll up your sleeves and lend a hand. MIH: What skills should one hone in order to be a successful entrepreneur? Alexis: It is important to build a solid and diverse network. You never know how it could become helpful, whether it be for hiring purposes, engaging in viral marketing or even for fundraising. MIH: What advice do you have for young women who are interested in the fashion world or the world of e-commerce? Alexandra: Start reading Women’s Wear Daily, techcrunch or other online publications immediately if you are serious about the fashion or Internet worlds. Alexis: And if possible, intern for the Internet or fashion company where you would most want to work! MIH: You’ve just launched Jetsetter.com. What else is in store for the Gilt brand? Alexandra: Hopefully there is much more in store for Gilt Groupe! We continue to examine other product categories. Next week we are rolling out a new site design which will feature more Home décor offerings and the launch of Gilt Man. Alexis: And we are proud of Gilt FUSE, a younger, edgier version of Gilt!

4th Edition, 2009

SOLD! T

he hunt for the perfect house and the hunt for the perfect career are perhaps two of the most challenging, but also the most rewarding quests on which you will embark in your life. The Corcoran Group, founded in 1973 by Barbara Corcoran and now the largest residential real estate firm in New York City, recognizes the importance of these pursuits and boasts a team of individuals for whom matching people to places of residence is both a talent and a passion. In speaking with Pamela Liebman, The Corcoran Group’s President and CEO since 2000, and Sharon E. Baum, Senior Vice President and Director of the Exclusive Properties Division, it becomes only too clear that a plethora of reasons exists why looking into residential real estate is a career move you can’t afford to pass up. Search no further than this page for a sampling of this industry’s top advertising features as well as plenty of advice, should the opportunities in real estate already have you sold.

YOU WILL CONSTANTLY BE CHALLENGED When queried as to what she likes best about her career in residential real estate, Pamela Liebman requires no time for reflection. “I love working with different people and love doing deals,” she asserts with conviction. “It keeps me really fresh because every day is different.” The skills she started cultivating at the University of Massachusetts, Amherst and the European Business School in London—learning how to be an effective communicator and being proactive in preparing for all possible scenarios—have proven invaluable, particularly because “trying to play people’s opinion” is an essential part of this deal-making for which one must be mentally primed and nimble. Therefore, it is vital to cultivate a “broad base of knowledge” and to “not be too micro-focused on one thing,” either prior or subsequent to one’s entrance into this business, so as to have the skill set and street smarts Liebman and the Corcoran team depend on in their work every day.

YOU WILL EXERCISE YOUR ANALYTICAL AND CREATIVE MUSCLES The day-to-day activities of the real estate business demand a true “blend of tying the emotional to the quantitative,” according to Liebman. While “gut instinct is really important,” she cautions, “You cannot be less knowledgeable and less skillful than clients, so you have to be well versed in current conditions. They are expecting value added to the transaction and we are their experts.” On the quantitative side, Corcoran is recognized for being a pioneer in making widely accessible reliable sales statistics and timely market data through the quarterly Corcoran Report. On the creative side, Corcoran employs marketing campaigns that adapt to changing markets and yet remain consistent with the firm’s core focus. Corcoran’s slogan, “Live who you are,” embodies just these features. While Corcoran has established its

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A Look Inside the Real Estate Industry By Emily Biberger niche in the luxury market, Liebman emphasizes that luxury is not just about price. “Luxury is personal rather than expensive,” she says, “It is knowing that you got a great deal. ‘Live who you are’ makes luxury relevant.”

YOU WILL INTERACT WITH PEOPLE Upon just starting out in real estate, Liebman notes that it was not uncommon for her to work seven days a week. Sharon Baum’s description of her experiences underscores how vital this degree of dedication proves when endeavoring to develop a strong client base. “You are working in the service business,” she stresses, and every client must have the sense that you are “working 24-hours a day for him or her.” However, work in this field can also be intensely gratifying if you are a “people-person,” a quality Baum cites as obligatory for one to achieve in real estate. When strong relationships are established, she comments, “You get so involved with their lives.” Baum adds that it is vital to employ these skills of communication in forming a circle of contacts, because networking is “what it is all about.”

YOU WILL ENJOY ACCESS TO A VIEW FROM THE TOP Baum draws attention to the fact that residential real estate offers the potential for enormous success, with a caveat: “It’s a weird industry in which 10-20% of the people earn 80% of money. But if you want to be one of the top producers, you have to work really hard.” Baum understands well the need for perseverance: not only was she a member of Harvard Business School’s first co-ed graduating class, but she also entered the real estate industry just three months before the Crash of ’87. However, like Liebman, she cites deal-making as having great appeal, and “found it very exciting to be working in a very difficult market.”

YOU WILL HAVE THE OPPORTUNITY TO FIND SUCCESS “The career is what you make of it,” Liebman summarizes, and she, Baum, and the firm’s founder, Barbara Corcoran, are three women who have seized and followed up on the opportunities within the industry. Liebman’s final piece of advice, using words one could imagine coloring a conversation with a jittery prospective buyer, is: “Choose what you love and go for it full speed ahead.” As a critical consumer, you would never think of signing on the dotted line without first evaluating your options; each move you make in shaping your career is an investment of a different kind than the investment you make in the purchase of a dwelling, but of a magnitude no less substantial. If residential real estate appears to be the right deal for you, welcome home.

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{ The Business Side of the Industries We Love }

Writing Her Own Script A Conversation with Traci Lynn Blackwell, Vice President of Current Programs at The CW As Interviewed By Tiffany Fereydouni

Tiffany Fereydouni: Thank you for taking the time to meet with me today. Traci Blackwell: It is my pleasure. TF: So, let’s jump right into it! Blackwell: Shoot. TF: What is your job description and, beyond that, what does your position as Vice President of Current Programs at The CW actually entail? Blackwell: The Current Programs Executive is responsible for overseeing current series that are on the air on a day-to-day basis. I’m managing every aspect of the show. Sometimes I describe it like this: The Development Department basically gets impregnated with an idea, it carries the idea, provides all the essential elements for it to become fully formed, and then gives birth to the idea. That is the pilot. But after that, the Development Department essentially has to give it up for adoption to Current Programs. That pilot has now become a series. That is where my job comes in. Someone has to nurture that series, someone has to keep that series on track creatively, and someone has to deal with the bumps along the way. That is the job of a Current Programs executive. We are helping that series grow, and if we’re lucky, it becomes a show like One Tree Hill that is currently in season 7. That’s a long time. Current Programs & Development collectively take care of the show for about the first five episodes to make sure it’s on track. Sometimes things need adjusting. But usually after the fifth episode, Development has to go away because they have to begin to develop brand new shows. We go through this process every single year. In the beginning, the show arcs out its season for the year in terms of how it wants the story to go. The executive producers behind the show come in and they pitch to us what that is going to be. Then we have to sign off on the story, outline, and script for each episode. We give notes at every stage of that process. You’re managing and creatively overseeing the day-to-day of everything on that show. Eventually the rough cuts of the show come in. We have to give notes from rough cut to final picture; there are a million things that happen. When you finally see a TV show on the air, there is so much that has happened to get that show to that point.

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TF: What is the difference between the Executive Producer’s responsibilities and your responsibilities as an executive at The CW? Blackwell: Sometimes I feel like some executives are of the impression that there isn’t a lot of difference. I’ve heard executives say “I want a producer credit,” because we do a lot of the same things, especially in terms of the creative part. Executive producers do very important things like overseeing the actual production of the show, being on the set day-to-day, running the writers’ room coming up with the actual stories, and boarding the stories. The Executive Producer (also sometimes called a Showrunner) is usually the head writer on the show. There can also be more than one executive producer. The biggest job executive producers have is the creative work of setting up what the stories are going to be for the series. They are also the big bosses on hair, make-up, and the whole look for production. Most executive producers are usually responsible for one show. My job is managing multiple shows on the network. Both have similarities and differences, and both are extremely important. The network sometimes gives ideas for episode stories that the producers end up using. But, ultimately, when a script is written, it is the work of the executive producers and writer for that episode. As a Current Programs executive, you are assigned certain shows once they go to series, and you become ground zero for information on those shows. The CW picked up four new scripted series this year. Those shows were Melrose Place, The Beautiful Life, Vampire Diaries, and Life Unexpected. I was assigned Vampire Diaries and Life Unexpected. I handle those shows in addition to 90210, Supernatural, and One Tree Hill. The studio has a very similar job to what we have, although they’re responsible for the actual production. They deal with more of the money and the budget; they’re the ones who pay for the show to get made. We pay the studio a license fee, but they basically pay to make the show. The network distributes the show. We work with CBS Television Studios and Warner Bros. Television. Occasionally, we work with other studios. TF: Since The CW reflects a merger between CBS and Warner Bros., but CBS has its own channel, does The CW need to discuss programming with CBS?

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Blackwell: We are sister networks; but we are essentially competing networks and their [targeted] demographic is different. I think that since Les Moonves [the President and CEO of CBS Corporation] is our big boss, he is very aware of everything we do. He has a say in every show we pick up as a series. So there is a synergy there. CBS’s demographic is a little older than ours - we are 18-34 adult - and much more targeted toward women. TF: What made you decide to go into this aspect of entertainment—specifically, television versus film and Current Programming versus Development? Blackwell: When I was in school I didn’t know exactly what I wanted to do. At some point I figured out it was something in the entertainment area. I studied English [as an undergraduate at Spelman College in Atlanta, GA]. But what I did a little bit differently than some of my friends, because I wanted to figure it out and I was always a bit of an ambitious person, was an internship every summer I was in school. While some people were hanging out, relaxing and vacationing during summer break, I was working. Also, my parents felt very strongly that some of the spending money I had for the year, I had to earn on my own. Sometimes it was an internship that didn’t pay and maybe I would also have another job. For me, it helped me figure out what I didn’t want to do just as much as what I wanted to do. I realized that I was comfortable in the corporate environment. I realized I was good with people and managing situations. And so, I felt more of a comfort level. I felt I could have more stability in a corporate environment. After school was over, I still didn’t know what specific area I wanted to work in. I had done some assistant work for a celebrity and production work and stuff like that, but my first real job was when a friend of mine called me and said that Reginald Hudlin (Harvard Alumnus), who is a film director that I was a big fan of because he had directed films such as Boomerang and House Party, was looking for an assistant. I was his assistant for a couple of years and I got to meet everyone. Reggie was a million-dollar director, so all of the people he was friends with, I got to meet, like Samuel Jackson and Chris Rock. When you work for a person like that, your relationship circle becomes very wide. And relationships in this job and in this town are literally everything. Then one day Reggie invited me to go to this seminar/summit with all these panels on television and film in every area you could possibly think of. He and his brother, Warrington Hudlin, were sponsoring the event through their foundation. I am literally sitting at this panel called “Network Television Programming” and one of the panelists was a Director of Current Programming. She described her day-today duties and a light bulb went off—you know what Oprah calls that “aha moment.” And I discovered there was a job where you could marry the creative to the corporate environment, to the business environment, and to the management environment. I could be at a job where I could have an impact—a creative impact on television shows, in stories and scripts, and in working with directors and producers every day—but in a corporate environment. If a show got cancelled, I would still have my job the next day; I would just get assigned a different show. So to me, that was the marriage. I had had no idea there was such a thing and I was so excited that I ran right up to this

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woman, introduced myself, and said “First of all, will you be my mentor? Second of all, I want to have your job some day.” And she laughed and responded “Okay, let’s figure out how to make that happen. I’d like to keep my job, but maybe I can find you one like it one day.” We sort of set out on a mission. She set up a bunch of informational interviews. She wanted to make sure Current Programs was what I wanted so she hooked me up with people in Development, people on the Production side, and Current Programming executives like myself today. She even asked me if I was interested in casting and I said, “No, I definitely want to do what you do.” After I did all of that she said I had to keep my eye out for positions as an assistant, because that is basically where you have to start out to get to my job. You get a job in a company like this as an assistant and you work your way up. Sometimes people bounce around companies. I just happened to be one of those people who stayed in the same place. One day my mentor called me on the phone and said, “There is an assistant job at UPN. You would be working for two executives as their assistant and I can get you the interview, but you have to go in there and get yourself the job.” So I went and I interviewed and I got the job. And honestly, I just worked my way up. I was an assistant in that department which, at that time, was the Current Programming department. Then, not soon after that, the assistant of Tom Nunan, the president of the network, left. I worked for [Nunan] for almost two years and it was one of the best experiences of my life because, when you work for a network president, you have access to everything. You get to hear every conversation, you are able to be a part of meetings and you get to understand completely how a network works, how the scheduling happens, how we buy, how up-fronts work, the real meanings behind ratings, the politics behind how shows get picked up, and why sometimes shows get cancelled. I amassed a lot of new relationships. When you are the assistant to a network president, agents will do anything for you because they need access to your boss. So people are very, very nice. It is a lot of hard work, but it’s a really cool job and a great training ground. [After Nunan left] I worked for the head of Comedy Development, who is now no longer at the network. And eventually, I got promoted to Coordinator, then to a Manager and then to Director, and now I am a VP [of Current Programs at The CW]. TF: Besides fulfilling your job description, being perceptive, and working hard, what can one do, and what did you do to advance your career in this competitive industry? Blackwell: You have to learn the job and, hopefully, you have a good mentoring relationship with your boss. Not everybody is lucky enough to have a boss whom they feel like they can talk to and ask questions and give their input to. Sometimes it’s really just about doing the job every day. Not all bosses are interested in mentoring and nurturing and helping people grow. That’s just the fact of the matter. Probably more are then not, and I definitely try to be one because that is what I had and I think it is an important thing to do. But you have to be interested and it can’t just be about scheduling appointments and answering the phones. You’ve got to be willing to go above and beyond. Jonathan, my assistant, reads every single script. Jonathan some-

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{ The Business Side of the Industries We Love } times reads more scripts than I do. I have to give all the notes, but he has to read all of my stuff and all of my fellow Current Programming colleague’s stuff because he is a coordinator and he is in charge of what we call the Current Report and must know everything. But he also must think critically and understand how to break down a script. There are things you have to learn and skills you have to develop. You have to figure out if you have the instincts for this job because some have the instincts and some don’t. It is sort of hard to articulate what those instincts are, but one must be able to sense a problem in a story, figure out a way to fix it, and explain articulately to producers why it’s not working. I learned how to give notes by listening to the head of Comedy Development, whom I worked for after Tom [Nunan] left. She was a master at giving notes. It’s a skill to give them in an articulate way, in a way that is helpful, in a way that is not too critical. You can’t be a shy person to have this job. If you are an introvert, it is difficult, especially if you are working on comedies. If it is a multi-camera comedy, you have to go on set, stand in front of producers, and give your notes in front of about twenty people. They want to know, “Tell us what’s wrong and then tell us how to fix it.” So, if you are shy, it is hard. Jonathan goes above and beyond and he stays late when he doesn’t have to. He’ll go to a set to watch and learn what is happening, and he’ll form his relationships. TF: What is it like to be a female in a predominately male industry, especially in light of the fact that you work at a network that caters to a female demographic and has a female president? Blackwell: At times that has been an issue and at times it hasn’t. I have to tell you, I think for me, just speaking personally, that it hasn’t been much of an issue because I’ve had the opportunity to work for many strong women. I’ve had more female bosses than I have had male bosses. I had Dawn Ostroff [formerly President of UPN Entertainment and currently President of Entertainment at The CW] to work with. The business is very cyclical, but there was a point when the majority of the network heads were women. Right now, probably, they’re men. There

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was a point at UPN when all of the executive producers/show runners on the comedies were women, and they were AfricanAmerican women. It wasn’t anything planned, but in the period I came up in there was more balance. I got lucky in that regard. I’ve also had very good experiences with my male bosses. TF: Do you think there is something about the job that leads women to not make their presence known? Blackwell: People assume that men are better at business and, at the heart, these television networks are businesses. They also assume women are much more suited for creative things, that they are nurturers and are not tough enough to make the hard decisions. Some people think they are not as smart. I think that is where a lot of it comes from and this mentality yields people to feel that if someone is going to run a company, it’s going to be a man. I think a lot of that is changing. I have not been in an experience where I have felt isolated because of my gender. I have gotten lucky in that regard. TF: Do you believe it is possible to balance work and family? Blackwell: I have no idea how so many of my colleagues do this. They all have multiple children. Even if you just have one child or even if you’re just married, you need to go home and you need to be attentive and you need to be present. The question is how do you have a life and have balance and still do the

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best possible job you can do—because we do love these jobs? We work really really hard and it’s so much fun and there are days when it’s totally stressful and it seems like everything in the world is at stake. But, at the end of the day, you try to keep everything in perspective and say, “We’re making TV. How big of a complaint could you actually have when you have a job like that?” TF: What drives you to love to come to work every day? Blackwell: I love television. I was a latchkey kid growing up. My mom worked two jobs and I dabbled in different sports, so I didn’t have a lot of miscellaneous free time. Eventually, I focused on gymnastics, so I was practicing every day of the week except for Sunday. A lot of the time you come home, you get your homework done, and you are exhausted, and television is a babysitter. I have always had a love for television, always. And I love movies too, but I felt like I wanted to focus on television as a career. I could sit for hours and watch The Cosby Show. I still do. I’ll break out my box of Felicity [DVDs]—one of my favorite shows of all time—and I’ll just watch every episode. I’ve seen every episode, but I’ll just watch them over and over and over again. I have a real love for the medium. I absolutely love working closely with writers, directors, producers, and actors on an everyday basis. It is the reason why I love Current Programs, because in Development you have to give the child away; you create this really cool thing and then you have to wave bye-bye to it. For me, being with [the shows] every day is so much fun. Even though there are days it gets stressful, to contribute to something really cool—when someone comes up to you and says, “Oh my god, I loved that episode,” or, “Oh my god I related to that,” or, “Oh my god I had the worst day the other day and I came home and watched an episode of Gossip Girl and I forgot I had a problem for an hour”—is what makes my job so worthwhile. I had someone who came up to me back when I was an assistant and said, “I heard you work at UPN and I love that show The Parkers. My mom just died and I came home the other day and watched an episode of that show. For thirty minutes I laughed and I just wanted to thank you.” That’s what TV does. On 90210 [The CW’s contemporary spin-off of the original Beverly Hills, 90210 series] we did an entire episode about [the character] Silver’s bi-polar disorder. We want to every now and then address issues that matter, and bi-polar disorder was an issue that nobody else was covering. It was wonderful to feature a teenager who is going through a mental disorder like that and hear that afterward we get feedback from all these people who called in, and logged online, and started blogging, “I didn’t even know what was wrong with me. I’m not the only one going through this.” I know it sounds cliché and cheesy, but it happens a lot. And to think that if you can even help one person—I know that sounds cliché too, but it’s true—turn his or her life around in that way, these are the things that keep you going. Mentoring has become a huge passion of mine. I have probably figured this out in the last 2-3 years. I’ve really taken it to another level in the last year and a half. Mentoring people who want to do what you do or something similar to what you do is really important. If I hadn’t been able to walk up to this woman and say, “Will you be my mentor? Will you show me how you do what you do?” I would not be sitting here. For me, this is the

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woman who called me and said that there was a job at UPN. I love working with young people. I love working with women. I’m not that old, but I think it’s important and I love doing it. I spoke to some kids in junior high and I had this girl walk up to me afterwards. She said “I’ve been sort of going back and forth about if I really want to do television or not. I wanted to do broadcast journalism, but there was something about that that wasn’t sitting right with me. Now, I think I know what I want to do!” When you turn on a light bulb for somebody, when someone is thinking the only way they can be in entertainment is to be an actor or director or writer, and when someone like me comes along and tells you about all these other jobs in the entertainment field, whether it is on this side or the Production side, it feels like the world has opened up for them and they just have more options. Empowering young women, making them understand that the world really is their oyster is really important to me. Whether it’s your gender, or sexuality, or color, don’t let anybody ever put you in a box. When someone tells you that you can’t do something or you can’t pull something off, say, “I’m going to give that some thought” and keep moving. You can’t let people get in your way. You can’t let haters get in your way. You have to always realize that you can do whatever it is you want to do. You just have to be willing to work for it, you have to be willing to apply yourself, and you have to be willing to sacrifice. You can’t spend every summer just hanging out with your friends. If you want to be an actor, as soon as you possibly can do it, take an acting class; if you want to be a director, the first opportunity you can be on a set, even if you don’t know what it is you want to do specifically, you get on that set. Sometimes sacrificing a little bit of fun is a good idea. I always tell people it is fine if you don’t know what you want to do, but invest the time trying to figure it out. And once you do, be laser-focused, do everything you possibly can to get to that goal. Meet as many people as you possibly can. Find a mentor, ask somebody to help you, take many informational meetings and interviews so you can learn as much as you are possibly able to about that particular career. You never know what might come of it. I was really lucky I had a lot of people to help me because no one gets to these jobs by themselves. Everybody has had help along the way in some capacity: someone said something, did something, or gave them a break to help them get to the next step in wherever they were going. TF: What is your favorite CW show? Blackwell: Oh, Gossip Girl, easy. TF: Who is your favorite character on Gossip Girl? Blackwell: Blair is my favorite. TF: Favorite guy? Blackwell: Chuck. TF: You are a girl after my own heart. Blackwell: [laughs] TF: Thank you again for your time! Blackwell: It was my pleasure!

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Building A Corporate Image Navigating the World of Public Relations By Elizabeth Ahern

Shop PR’s Paul Mitchell Tea Tree Launch Event

f you were to play free association for a few minutes with the term “public relations,” a few words might come to mind. Celebrities. Spin. Maybe even Entourage. The vast majority of us associate public relations with damage control for celebrities or politicians who need an image makeover. However, this aspect of public relations is just one small part of the industry as a whole. In actuality, public relations involves communication between companies and the public. Most firms have a very specific image that they want to present to the public and they employ a public relations team to carefully manage and maintain this image. Jenny Overdevest, PR Director for John Paul Mitchell Systems, describes PR professionals as the “mouth-piece” for an organization. Companies can either have a public relations staff in-house or contract to an outside public relations agency. Intrigued? Read on for an introduction to the fascinating world of public relations.

THE BASICS

Essential to the success of public relations is the effective dissemination of information. Media outlets such as newspapers, magazines, television programs, and the Internet are key vehicles in communicating a company’s message to the general public. However, recent innovations in technology are changing some of these industry standards. Stephanie Boccuzza, an agent at ShopPR, a boutique beauty/fashion/lifestyle agency in New York City, notes that the recent

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emergence of social networking sites such as Facebook, Twitter, and MySpace, not to mention blogs, has made it essential for PR professionals to change their communication tactics. “With the rapid advancement of social media, consumers want to be talked to and not at, and thus peer-to-peer recommendations are now becoming one of the most effective means we as PR professionals use to market to consumers.” Keeping up with these changes in technology is part of what makes the public relations industry so exciting. Because the practice of public relations is utilized by companies in industries ranging from finance to beauty, it is difficult to formulate a typical job description for those in these positions. Even PR professionals who work for specific companies note that there’s no “average day” on the job. Pamela Morrison, who supervises The CW’s Primetime Publicity and Talent Relations departments, notes that one day her task may be to plan a Television Critics Association presentation; the next, she may be arranging for one of The CW’s actors to appear at a party or screening. The absence of monotony explains why so many PR professionals love their jobs. For Overdevest, a day at the Paul Mitchell office may consist of coordinating a new product launch, securing an interview for the company’s CEO, Jean Paul Dejoria, or arranging press gift bags for Paul Mitchell’s annual Signature Gathering. At ShopPR, Boccuzza’s day sometimes extends past the typical 9 to 5 hours. She often will meet editors for dinner or even go see a movie with them in order to build strong working relationships on behalf of her cli-

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Shop PR’s Paul Mitchell Tools Launch Event

ents. What these three women do have in common is that their days almost always involve media contact. Whether it’s writing press releases, securing interviews, or reaching out to bloggers, PR professionals are always working to foster relationships with the media. So if you’re a media junkie, a career in public relations may just be for you!

HONING YOUR SKILLS

As with any job, passion is a determining factor for your success. For many PR professionals, event planning and budgeting are important parts of their job, so, as Morrison asserts, “attention to detail and follow-through are crucial.” Boccuzza stresses that strong communication and writing skills are needed. Upon first starting out, Boccuzza claims she was a bit timid, but as she became more comfortable in her role and more informed, her confidence grew as well. “Keep your finger on the pulse of what’s going on in this industry,” Overdevest adds. “Keep updates on trends in many different areas as you never know when you will come across a great idea that you can adapt to your PR-pitching needs.” The best way to practice all of these skills is through an internship. You can either intern for a specific company in their PR division or apply for an internship at an agency. Both present unique advantages. Working in-house will allow you to get to know that company and its contacts very well. Working for an agency allows for a lot of variety since you might be working on several projects, for different organizations, every day. Boccuzza recommends starting out with an internship as a means of exploration. Then, once you’ve decided on a particular industry of interest, apply for a position at an agency so that you can learn about a variety of companies within that sector. From there, you can direct your attentions at one particular company should you decide

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you wish to try working in-house.

GETTING YOUR START

There are many ways to land a position in the PR world. Each of the three women interviewed took a different path to arrive at her present position in the field. Morrison began as a freelance writer hired by a small PR company to write press releases for the television shows it represented. Eventually, she was offered an entry-level job and climbed her way through the ranks. Overdevest earned a degree in public relations from the University of Oregon. Fresh out of college, she moved to New York City to work for an advertising agency. From there, she transitioned to working in the PR department at Vanity Fair before moving to Los Angeles to focus on beauty-related public relations. Boccuzza started out studying elementary education, but after interning for the beauty editor at a magazine in Boston, she discovered her love for public relations and changed her major to communications. In the summer after she graduated from college, she interned in the beauty department of Cosmopolitan magazine. These women are evidence that there’s no standard way to enter the industry. If you have a passion for writing and building relationships and you’re a media junkie, then you will find a way to succeed in the world of public relations. Morrison advises not to be afraid of taking an entry-level position. “Take on any project you can,” she urges. “It’s the best way to learn and to show people what you’re capable of accomplishing.” Building relationships is also imperative. In the words of Overdevest, “Network. Network. Network. This will be the ace in your cap for finding the most desired but unadvertised opportunities.” Above all, don’t be afraid to take risks in voicing your ideas. The business of public relations relies on creativity. Who knows? Sometimes the wackiest ideas become the biggest successes.

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Balancing the Books

The Opportunities & Opportunists in Publishing By Marykate Jasper

raditionally painted as the underpaid cultural expedition of literature majors, the publishing industry is no more a tight-knit confederacy of culture warriors than the film industry. It is instead a $40 billion conglomerate of agents, Internet start-ups, and corporations. It is also one of the most fascinating business models in the modern world. The truth is that publishing is due for a serious makeover. Like other masters of the traditional print media, publishing’s Big Ten are grappling with the implications and innovations of a new digital age. After all, the biggest bookseller success story of the past twenty years was not the explosive growth of superchains Barnes & Noble and Borders, or even the chart-topping fantasy phenom Harry Potter. Instead, it was the staggering skyrocket of Amazon.com—the “get big fast” brainchild of a former hedge fund employee with no previous bookselling experience. This same upstart has also released the increasingly popular e-reader “Kindle” (though Amazon still refuses to release data on the device’s sales performance, inviting endless speculation). Initiatives like Googlebooks and Project Gutenberg have brought free content to an industry in which books are almost universally sold for the suggested retail price. Publishers, however, have responded with surprisingly little of the expected backlash; many houses have embraced the Internet as an opportunity rather than a threat. Random House has digitized more than 23,000 of its titles and Simon & Schuster has digitized over 14,000. Penguin launched Kidthing.com, where children can buy digital versions of classic picture books like Green Eggs and Ham and flip through them on the free Kidthing player. However, despite the apparent enthusiasm for electronic editions, the truth remains that e-book producers have yet to find what Margo Baldwin, of Chelsea Green Publishing, describes as “the right digital reader…a kind of iPod-type thing”—in short, the type of digital reader that would cause a revolution. For now, many readers prefer to remain old-fashioned. Indeed, some argue that the physical book is actually part of the reading experience. Music was only so quickly and easily digitized because of the nature of CDs; the disc was never a part of the enjoyment. Music listeners neither held nor saw the CD while they listened; it was locked away in a stereo or Walkman. Cradling a new book, however, is an obvious and omnipresent part of reading. Readers hold and interact with the physical book through the entire story. This may seem like a silly, elementary observation, but it has clear implications for an industry aiming to digitize. Questions of just what constitutes the “reading experience” are also relevant for an industry that is coming into increasing competition, and collaboration, with other entertainment mediums. In 2009, at least 42 films based on books were released, and most kept the same title as the original work. Even the Walt Disney Company now has its own book imprint. Au-

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dio book sales are rising, and there are bands based off book content (à la Harry and the Potters and the Bella Cullen Project). As tie-ins like these become more and more common, publishers have to ask themselves what exactly separates reading from other entertainment mediums—and more importantly, what makes it “better.” They also need to reexamine many of their assumptions about genre and age. For a long time, there existed only two distinct book categories—one for children, one for adults—and even today, industry statistics are compiled based on that distinction. However, in recent years there has been an explosion of growth in the Young Adult category, where content is geared toward teenagers. Here, the themes and plots are more mature than those in the children’s section, but the protagonists are usually teenagers, and the major concerns of the novel are adolescent issues like identity, growing up, and self-esteem. A large number of YA books also employ supernatural or fantasy storylines, which are far more popular in children’s books than in adult fiction. The growth that has been observed in this YA category in recent years, according to the Book Industry Study Group, has also created a stir in adult sales. It follows that growth in an age distinction with lots of fantasy titles would lead to an overall growth in fantasy sales, and publishers are taking notice. Works that would have once been considered strictly “genre”—meaning works of fantasy, science fiction, horror, or mystery that would probably only appeal to fans of that particular genre—are now receiving more and more mainstream marketing. Some attribute this growth to a sort of credibility run-off from Harry Potter; books that a pre-Harry mainstream reader would have instantly dismissed as nerdy are less stigmatized, because today’s average reader is aware that that book could be similar to or as good as Harry Potter. Editors and producers are delving deeper and deeper into “genre” to find new titles. (Ever heard of Scott Lynch’s The Lies of Locke Lamora? Didn’t think so. But Warner Bros. bought the rights to a film version less than a month after it hit the shelves.) You may ask why publishing houses seem to be so quick to jump on the fantasy bandwagon. This has a lot to do with the way that the industry functions. It may seem like a simple process: an author submits a manuscript, a publisher rejects or accepts. But it is no longer so simple. Most publishing companies do not accept what are called “unsolicited manuscripts”—meaning that they only accept manuscripts which are submitted to them by an agent. This has obviously upped the importance of agents, who usually take a percentage of the author’s royalties in exchange for their services. Successful agents can pull in large salaries, and so the popular joke runs that if you want to make money in publishing, don’t be an editor, and don’t be an author. Be an agent. Once a company has acquired a work, they will put it through multiple rounds of edits that can be basically separated into two categories: “micro” line-edits for grammar and spelling and “macro” edits for any major changes or cuts. When the manuscript has

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been deemed market-ready, graphic designers and printers prepare the cover art and the typeset, and the finished products are ready for distribution. Publishing houses rarely sell directly to bookstores. Instead, they channel their books through distributors. Distribution is dominated by two companies: Baker & Taylor Books and Ingram Book Group—so dominated, in fact, that when Barnes &

any other consumer good on the market. Clothing, for instance, can be tried on in the store and the customer knows that he or she will like the purchase when arriving home. The same principle applies for laptops, shoes, home goods, a favorite brand of shampoo, etc. Assuming they did not receive a defective product, customers can suppose that they will like what they’ve chosen. Not so with

“Like other masters of the traditional print media, publishing’s Big Ten are grappling with the implications and innovations of a new digital age.” Noble attempted to buy out Ingram in 1998, accusations of Andrew-Carnegie-style monopoly from the American Booksellers Association (ABA) and threats of long litigation with the Federal Trade Commission (FTC) forced them to terminate the acquisition. However, market control is hardly the most pressing issue involved in distribution. Dozens of retail outlets purchase their books from distributors—independent bookstores, superchains like Barnes & Noble, libraries, stationery stores, even discount giants like Target and Wal-Mart—and every one has the right to return any unsold books that they purchased for full credit. The minimum shelf life is usually 30-45 days, and after that, bookstores can send the unsold remainders back where they came from. Return percentages average over 40% for mass-market paperbacks, and around 30% for adult hardcovers. This seemingly ludicrous policy was initiated with good sense during the Great Depression. At the time, booksellers were wary of buying works from unknown authors because they could have no guarantee that the works would sell. And most of them could not easily survive the profit loss should those titles fail to sell. And so the publishers offered a full refund if the books did not; that way, they got their new authors into the stores without risking bookseller bankruptcy. Nowadays, the policy is increasingly viewed as environmentally unfriendly and fiscally unsound. As the economy becomes more constrictive and “green” business grows ever more popular, many publishers advocate an elimination of this policy, but retailers are not likely to give up this lucrative, risk-removing privilege. Other “green” moves are being taken to remove the need for such an expensive return policy. Bookstores across the map, including Barnes & Noble, Borders, and many independent stores, allow customers to order books online and pick them up at the store—sans shipping cost. Without any postage costs, the process is directly competitive with Amazon and decidedly more eco-friendly. (Individual orders are stacked in with the store’s regular weekly shipment, eliminating the need for individual boxes.) Amazon’s low prices and large selection can be matched by a superchain’s online database, but the customer no longer needs to pay shipping. (Gas costs, depending on where your nearest store is located, could theoretically equal shipping costs, but shipping is an upfront charge that the customer is more likely to notice. One has to estimate in gas costs independently.) The tangled return policies in distribution are nothing compared to the knotted, endless web of book advertising. The purchase of a book is described by economists as a “stochastic” process. It is unlike

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books. The customer is asked to take a leap of faith when buying a book; the customer can have no guarantee that he or she will like what has been chosen. Even a work by a favorite author can be a disappointment. Customers are also unlikely to simply walk into a bookstore and pick out something at random. Fifty-five percent of book purchases are planned, and the reasoning behind those purchases is ridiculously varied. When the NPD Group analyzed consumer habits in the 1990s, they found that customers based their decisions on nearly every factor imaginable: a book’s cover art, its price, a positive review, a recommendation from a friend, advertisements, author interviews, bestseller status, because they had seen a movie based on the book, because the book was part of an in-store display, or because a sales associate suggested the book. How does one advertise in a world like that? In simplest terms, one doesn’t. Publishing instead relies on a “blockbuster” mentality which translates into a short shelf life for most titles. The simple reality is that the industry can neither predict nor create a blockbuster; blockbusters just happen. The four largest publishing firms may account for 41.8% of all revenues, but Sarah Gruen’s Water for Elephants still spent 12 weeks on The New York Times bestseller list after being published by small Algonquin Books. There are dozens of possible explanations for the book’s success: some refer to the “information cascade” of positive reviews it received, buzz from book clubs, or the fact that it was simply a “good book.” And yet, there is no definitive answer. Other books that received similar reviews never came near the bestseller lists. In short, there is very little rhyme or reason to what sells, and this leads to a “blockbuster” mentality in which authors are given generous advances for books which never turn enough profit for these authors to collect a single royalty check. In fact, some of the most pessimistic estimates suggest that only 40% of the titles published in a year can be expected to make a profit. Clearly, publishers are in need of an alternative. Publishing is an industry in flux, and like every industry that has faced huge changes, it is staring down the barrel of ruin or redemption. For every Amazon.com, there is a shutdown independent bookstore. For every Harry Potter, there is a bargain bin flop. And for every change that goes through the industry, there is an opportunity. As its traditionally stagnant business models confront its rapidly transforming market, the publishing industry must seize formerly untapped opportunities for innovation.

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Food for Thought

By Emily Biberger

nder the efficient markets hypothesis, economists assume that people make rational decisions in the valuation of assets. Those looking to comprehend the market dynamics of the food industry, however, would be wise to accept that irrational psychological factors are the rule rather than a footnoted objection. Most can agree: reason flies out the window when the asset to gain or lose is covered in chocolate frosting! The business of satiating the public’s demand for information about food has begun to overshadow the business of actually supplying nourishment to the masses, and those behind the many forms of communication employed—the printed word, television, the Internet, and even film—are all fighting to secure a hefty slice of the pie. While the publishing industry is suffering at present, sales of cookbooks are holding strong and prospects for at least the near future are looking enticing. Whether this phenomenon can be attributed to rational decision-making (cooking at home is cheaper than eating out) or irrational impulses (glossy photos and star-power branding are attracting consumers), looking at, hearing about, and perhaps even eating food one has personally cooked from scratch is very much “in” this season. Consider the following: The man who ate everything is a columnist for a preeminent fashion magazine. Books have been published on subjects such as the lowly cod and the dilemmas omnivores face. A rough day at the office is soothed for many, not by a family dinner, but rather by the transfixing images of gluttonous delights on the television screen. And food media reached its boiling point in August 2009 when the addition of a blog and the blockbuster film it inspired provided the catalyst for Mastering the Art of French Cooking, Julia Child’s 1961 cookbook, to top The New York Times’s hardcover advice best-seller list. Cheeseburgers may still be paradise to the majority of the American population, but more and more are falling under the spell of Child’s boeuf bourguignon—or at least their image of the dish as carefully shaped by contemporary food writers and stylists. Television host, cookbook author, and the executive chef at Gourmet magazine, Sara Moulton has been and continues to be a key figure in educating Americans about the preparation and enjoyment of quality food. As one who worked behind-the-scenes on one of Julia Child’s television programs and remembers the legendary chef as having “taught me to have a high level of excellence and never stop learning,” Moulton has an approach to the businesses of cooking, teaching, and living well that will never go out of style.

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A CHEF FIRST AND FOREMOST

While Moulton has lent her expertise to the home cook via multiple modes of media, she never made on-camera work her goal nor fathomed that she would achieve the impressive feat of recording over 1,200 hour-long shows during a six year period. “I wanted to become a chef first and foremost,” she states emphatically, and Moulton worked hard to hone her skills at restaurants in Boston, New York, and France. She co-founded the New York Women’s Culinary Alliance in 1981 to help give women the resources and support network vital to earning greater recognition in the culinary world. Moulton stresses that she never loses sight of her primary responsibility as a chef and this cognizance has left a mark on all the work she has produced. Moulton’s advice is all founded in what she would actually do in her own kitchen. She upholds those standards, as ingrained within her by Child, focusing on quality and only promoting those products in which she believes. She shies away from traditional endorsements (i.e. getting paid to say you like something) and rather uses her expertise to identify good products that she actually uses herself. Moulton thus ensures that she is “not just a personality or a face or a spokesperson,” and builds her brand on her integrity.

WORTH HER SALT

Moulton may not have set out to host her own television shows, but the skills she acquired in the classroom ultimately paid great dividends in this endeavor. She reflects upon her high school and undergraduate years as allowing her to exercise the critical skills of organizing information and speaking publicly. “How to explain things, how to speak articulately,” is how she characterizes the lessons that she would apply directly when faced with the challenge of a live show, a format which left no option for retakes. To facilitate this need for quick thinking, diligent studying was a must, which she recalls as being not unlike preparing for an examination in both memorization and critical thinking. Every episode had a theme and during the allotted time she would have to prepare 4-6 recipes, convey information about the day’s topic, and anticipate curve balls served in the form of unscripted calls from viewers. Even the innocuous seasonings of salt and pepper posed challenges to Moulton’s knowledge base given her inquisitive audience, but she never let them see her feel the pressure. If doing the show had the rigors of a daily final exam, Moulton experienced the further burden of having an audience to witness

4th Edition, 2009

“Figure out who you are and then be true to what that is. Be consistent.” every victory or misstep. Moulton recognizes that many things contributing to anyone’s success are beyond his or her control. Being in the right place at the right time can have a big influence, which she gives credit for allowing her to have such an impact in food media. Nonetheless, she stresses that “getting a really good education and working as hard as you can” can sweeten the chances at living up to one’s potential significantly. Moulton’s expertise, cultivated through long hours in the kitchen and on television, has given her the something special that she advises aspiring businesswomen to seek in themselves and apply to their endeavors. “If you are going to grow a business, you have to be unique,” she says, particularly aware of the food industry’s increasing saturation. “It can’t be anything generic or general.”

the lists of measurements allow the professional to speak directly to the at-home cook on a beloved subject; the stains of cooking oil and pasta sauce that accumulate over many years of use record memories of personal successes—and character-building moments. To those ready to get off the couch and into the kitchen, admittedly the reverse trajectory of all too many individuals today as food writer Michael Pollan argued recently in The New York Times, Moulton encourages investing in one or two classic, quality cookbooks as the first step. Page upon page of high-resolution photos might inspire lingering gazes and impulse purchases, but a tone to which you can relate will be appreciated when it is just you, the crisp words of your coach, and a rather intimidating piece of poultry in the kitchen. “Just start cooking” is Moulton’s can-do mantra.

ALL A MATTER OF ATTITUDE

Keeping it simple, classic and of good quality—these terms characterize how Moulton approaches food and her role in the business of serving information about food to hungry consumers. “Figure out who you are and then be true to what that is. Be consistent,” she asserts, and those words apply both to business and personal life. In a volatile, irrational market, it is difficult to tell if and when this bubble of profitable food frenzy might burst and how many more women may try to cook their way through Mastering the Art of French Cooking before it does. However, for chefs like Moulton, who have contended with their fair share of falling soufflés, economics is not quite so fearsome an adversary.

On the whole, Moulton is enthused by the heightened interest in learning about food and engaging in dialogues on the subject amongst the general public. “People are much more excited…We’ve come a long way,” she remarks, citing people’s willingness to try new things and invoking the example of panko, i.e. Japanese breadcrumbs, an item which is now a pantry staple rather than an obscure commodity for many home cooks. However, Moulton does express concern about the misinformation that is being propagated, particularly through amateur websites that lack rigorous recipe testing and high editorial standards. Beyond this, Moulton finds that a good printed cookbook offers a secret ingredient that a hodgepodge of recipes snatched from the Internet could never achieve: it tells a story. Sentences on the pages between

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Information on Sara Moulton’s television appearances and cookbooks may be found at www.saramoulton.com.

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A Stroll Down Madison Avenue

Exploring the World of Advertising By Elizabeth Tang

nications consultancy based in Boston. Better known as Dr. Bob by his colleagues, Deutsch views directed serendipity as a philosophy for living life fully: “You make plans, and then life happens.”

Today, aspiring advertisers can choose from a wide range of careers which are classified loosely into account, creative, and internal roles, although the precise department names vary within each agency. Account roles typically include Account Management, Account/Brand Planning, Art Buying, Business Strategy, Integrated Analytics, Media Planning, New Business, and Project Management. Creative positions include Brand Experience, Broadcast Production, Creative, Digital, and Information Architecture. Internal functions include Finance, Human Resources, Public Relations, and Talent Development.

Patterson and Weigand agree with Deutsch as they offer advice for aspiring students who want to enter the advertising industry. “Don’t study advertising in college,” says Patterson. “You’ll miss the opportunity to expand your mind. Critical thinking and creative thinking—that’s what advertising is all about. It’s an eclectic profession of interesting people, and advertising thrives on people with diverse experiences.” Weigand adds, “When my friends graduated [with advertising degrees], they were pigeonholed. Advertising is an open-minded industry, so don’t be afraid to try what interests you. Just because you have a degree in something doesn’t mean you have to pursue that immediately.” So how does one become an outstanding advertising executive? “It’s all about understanding the emotional connection,” says Patterson. “Send a message, make a compelling offer, and tell a great story.” What about applications? Alaina Tansino, a Human Resources coordinator at Arnold Worldwide, reveals that she spends an average of 15 seconds reviewing each résumé. The applicants who stand out are the ones who show their advertising aptitude by making creative use of white space, color schemes, fonts, logos, and hyperlinks. She recommends preparing answers to unexpected questions such as “What is your favorite advertising campaign?,” “What do you like to do in your free time?,” and “Tell me about a time when you made a strategic decision.”

sed metonymically for the advertising industry in the same way that Wall Street symbolizes the financial services industry, Madison Avenue has recently recaptured the American imagination through AMC’s Emmy Award-winning period drama Mad Men. Set in the 1960’s, the highly-stylized series chronicles the lives of powerful advertising executives who are paid to create and manipulate consumer desires within the context of a swiftly transforming social order. In the past half-century, the world of advertising has changed dramatically, especially for professional women. Nonetheless, the excitement of mastering the subtle art of persuasion remains.

CAREER CHOICES

PROFILES

The paths that lead to a career in advertising can be quite diverse and flexible. For instance, Amy Weigand had always planned on becoming a second-grade teacher and was undeclared during her first year at Penn State. Out of curiosity, she took an introductory advertising class to better explore her creative side and eventually interned at The Martin Agency in Richmond, VA. After graduating with a joint degree in Advertising and German, she sent a single resume to an agency in Los Angeles, and became an Assistant Media Planner on campaigns for Expedia, TGIF, Saturn, and Cici’s Pizza Buffett. In contrast, Jennifer Patterson majored in Comparative Literature in French and English at UC Berkeley. She chose to take no advertising classes, under the firm conviction that the advertising industry would be a space that appreciated creativity for itself. During her junior summer, she interned at Portland-based agency Weiden+Kennedy, where she returned to work for another ten years following graduation. Despite their different beginnings, Weigand and Patterson’s courses converged at Deutsch Inc., where they currently serve as Senior Media Planner and Senior Vice President of Account Planning, respectively. Their career paths illustrate the principle of “directed serendipity” advanced by Dr. Robert Deutsch (no relation to the firm), a cognitive anthropologist and founder of Brain Sells, a strategic commu-

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ADVICE

MOVING FORWARD

The current economy has forced marketers to reduce their budgets, generating new and seemingly disadvantageous circumstances for advertising agencies nationwide. However, these recessionary conditions have also created opportunities for agencies to undertake more resourceful and inventive strategies. In an industry where people specialize in creativity, there is no doubt that innovations will continue to revolutionize Madison Avenue. To explore more about advertising, reach out to trade associations in your region, such as The Ad Club (New England area), The Advertising Club (New York), or the American Association of Advertising Agencies.

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Career Choices In Advertising: Department Account Management

Role

Skill Set

Act as the liaison between the advertising agencyâ&#x20AC;&#x2122;s creative team and the clientâ&#x20AC;&#x2122;s marketing team. The starting place for aspiring CEOs.

Diplomacy. The most challenging part of account management is managing the expectations of all parties involved.

Account/Brand Planning

Understand the consumer insights about the target demographic through focus groups, ethnographies, and surveys and write a 1-page creative brief.

Applied psychology. The mind is an irrational entity: primal, emotive, and nonlinear.

Brand Experience

Plan events, tours, experiential samples, interactive displays, and other crowd-pleasing attractions.

Unbounded creativity: no outlandish idea is unfeasible.

Business Strategy

Identify growth strategies for the cli- Consulting frameworks and an ent company. entrepreneurial spirit. Suggest new innovative products and services for the company to offer its clients.

Creative

Write copy or design print ads.

Curiosity and empathy. Use words and images to help fill in the narrative gaps in consumersâ&#x20AC;&#x2122; lives. Requires proficiency in Adobe Photoshop, InDesign, and Illustrator.

Digital

Create all types of digital media, including interactive banner ads, websites, social media networks, and augmented reality technology.

Requires receptivity to new technology and the ability to innovate new structures. Also requires proficiency in Adobe Flash, computer programming, etc.

Integrated Analysis

Measure and analyze the effect of advertising campaigns on consumer awareness and response (clickthrough rates, conversion rates, etc.) to optimize the next round of advertisements.

Evaluate the performance of creative endeavors and suggest strategies for optimization using statistics.

Talent Development

Facilitate the constant educational process of employees at the firm.

Requires a passion for new knowledge and education.

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The Producer’s Credits

Q&A with Sara Risher, Film Producer and Founder of ChickFlicks

As Interviewed By Tessa Lyons-Laing

ara Risher joined New Line Cinema in its infancy in 1975 to manage all filmmaking activities including production, development, acquisitions, physical and post production. As President of Production, Risher supervised the development and production of over 50 films, including The House Party and Nightmare on Elm Street series, John Water’s Hairspray and many more films. She was Executive Producer of In Love and War, starring Sandra Bullock and Chris O’Donnell, directed by Lord Richard Attenborough, and Walter Hill’s Last Man Standing, starring Bruce Willis. She was also responsible for Teenage Mutant Ninja Turtles. As Chairman of Production from 1995-2002, Risher was in charge of the corporate overview for the production department during its exciting growth under Time Warner, culminating in the Lord of the Rings trilogy. She has most recently established an independent production company, ChickFlicks, which focuses on female-driven projects such as Raise Your Voice, a coming-of-age story of a small-town, teenage girl, which starred Hilary Duff and was released in October of 2004 by New Line. Make It Happen: When you were in college, what did you think you would be doing? Sara Risher: I co-majored in Theater and History, and my great love was theater. (I studied at the Royal Academy of Dramatic Arts during my junior year abroad.) Right after college, I got a job at the newly created Manhattan Theater Club, which was very exciting, but they were struggling for money and my job ended up being mainly fundraising, which I did not enjoy. When a friend called and asked if I wanted to work for renowned director Peter Yates (Bullitt, The Deep, The Hot Rock), who was making a film in NYC that summer with Robert Redford and Zero Mostel, I jumped at the chance and haven’t looked back to theater since…except to go as often as I can. MIH: When did you first discover that you were interested in the film industry? SR: After I got the job with Peter Yates, I was completely hooked. I worked with him on several films: The Friends of Eddie Coyle with Robert Mitchem and For Pete’s Sake with Barbra Streisand. When he was removed from Three Days of the Condor, I left with him and we both looked for work. New Line Cinema had just started up and was doing some very interesting smaller films that I liked, so I thought it might be a good change from the big budget Hollywood world: more responsibility, more direct involvement. I was right! MIH: What was your most challenging responsibility as Chairwoman of Production at New Line Cinema?

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SR: Originally, as President of Production, the hardest part was getting movies made for the money we had to make them. We were constantly short on funds and agents knew when I called that I was not going to be paying much and that most deals had to be creative, like low up-front money and a piece of the back end. Most agents didn’t want to do this so I often had to find a way to go around them, if possible, but that was hard, too. Finally, we built up enough of a reputation for interesting, innovative low-budget filmmaking that people started to pay attention to us and give us some slack. It really wasn’t until Turner bought the company, in ’95, I believe, that we had financial security. As Chairwoman, after the Turner merger, my challenges were different—less about money and more about management of an increasingly growing department and slate of films. MIH: What kinds of changes have you observed in the film industry since you joined New Line Cinema? How is the industry being affected by the current economic climate? SR: There have been so many ups and downs and changes in the industry in the 30 years since I joined New Line that it would be impossible to address them all. The biggest changes are happen-

4th Edition, 2009

ing right now—about half as many movies are being made and money is tight, even at the studio level. Distribution is hard to find since so many smaller companies have gone out of business. DVD sales have plummeted due to the Internet and consumer spending cuts. The foreign market is no longer supplying half of the budget of a picture, now it’s more likely to be a third, and presales to foreign territories on independent films are rare. Some things work now for the indie producer—at least I can get agents to approach talent with my material, since so many of them aren’t working! MIH: Why did you decide to found ChickFlicks? How is it different from other film production companies? SR: When I first started it, in the early part of the decade, studios were obsessed with the young male demographic. They were convinced that they were the only ones who went to movies on a regular basis and went opening weekend. What I knew, and time has proven, was that most women (of all ages) didn’t feel a need to rush out opening weekend, but waited until they had heard good word of mouth or had read good reviews. Just because the TV spot had a lot of explosions, women weren’t impressed. And there are a lot of women out there! AND they spend money! So recently, everyone has caught onto the this fact and films such as Sex in the City, The Proposal, Twilight, Mamma Mia, High School Musical, etc. have made huge amounts of money with very few males in the audience! Now it’s easier to convince buyers that my projects have a vast, underserved market that is starved for good material aimed squarely at them. And, because women are easier to reach (magazine articles, press, daytime talk shows, word of mouth), the cost of getting them into the theater is about half of what it takes to reach the young male market. Female stars don’t cost as much either, so the budgets of chick flicks can be lower too, and recoupment is thus a lot lower— so these films can make money! MIH: What is your favorite part of your job? SR: Finding material, working with writers to shape it, and attaching the director and actors. The actual day-to-day production is not so interesting since the producer’s job is merely to make sure things run smoothly and if you pick a good director and crew, they do. I also love the editing room part as well. MIH: What are you most proud of ? SR: Making the Nightmare on Elm Street films with very little money and seeing them take off and basically save the company—that felt good! MIH: How do you determine which projects have potential? SR: I go a lot by gut instinct—would I pay money to see this story or would I rather see it on TV? Period, dramas and message films— all are hard to pull off. But if the writing is exceptional and the director has vision, almost anything can work. We have a lot of different material on our slate at ChickFlicks: a teen comedy, a twenty something thriller, a few romantic comedies with edge, female empowerment stories. I think all of them can work.

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MIH: What skills have you found to be most useful throughout your career? SR: Getting people to do what you want without alienating them. MIH: Have you discovered any particular advantages or disadvantages to being a woman in the film industry? SR: I think it’s an advantage for a producer or writer or studio executive. There are many talented and successful women who have risen to the top of those professions and are extremely good at what they do—maybe better than most men. They use their female instincts, people skills, hard work and ability to compromise—things men don’t like to do. But directing seems to still be outside most women’s reach, at least in the studio system. Unfairly, but that’s the way it is. MIH: What advice can you give to undergraduate women looking to break into the film industry? SR: If you want to direct, you better learn to write, since the only way you’ll get the job is if they have to have your script so they are willing to let you direct it. Otherwise, I am optimistic about the potential for women executives in the film industry. They have proven their value already, so I think the glass ceiling has been cracked. I don’t recommend anyone try to become an indie producer—especially right now when money is so tight. MIH: What kinds of new or perhaps simply overlooked positions should we be aware of and consider when searching for a job within this business? SR: In the physical production world, editing, line producing and assistant directing are good jobs for women. In the studio world, it is best to start as an assistant in the Development and Production department and work your way up; they often promote from within. And do whatever it takes—long hours, busy work, getting coffee is a must, though I’m not for anyone getting their boss’s dry-cleaning! MIH: What current project are you most excited about? SR: The Politician’s Wife—a remake of the award winning British mini-series that Joseph Rubin is attached to direct and Jennifer Garner has shown interest in. Nicholas Meyer wrote the script and it’s really smart. And who can resist a smart story about female revenge? MIH: What do you think is the future of the chick flick genre? SR: It’s going to prove to be bigger and more of a moneymaker so that it becomes part of every studio’s slate, since women are sick of some of the vapid male-oriented films that are being made today. MIH: What do you look for in the people you work with? What is your philosophy for the workplace? SR: Hard work, enthusiasm, perseverance—you can’t give up easily in this business, because most of the time you get “no’s”—but, as someone once said, it only takes one “yes!”

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Asking the Right Questions What It’s Really Like To Be An Associate Consultant By Danielle Kolin

ne month, you’re working at a major media and entertainment firm alongside studio executives and movie posters. The next, you’re analyzing the toothpaste and shampoo brands of a consumer products company. Leaving consumer goods behind, you travel across the country every week to examine the finances of an aerospace firm. Few jobs offer this much diversity. Consulting is one of the few sectors where employees can explore many different fields without switching jobs every month. But many might not understand what consulting is, especially since the word “consulting” is so vague. What exactly does a consultant do and for whom does one consult? The basic definition of a consultant is a person who advises other companies on some aspect of their operations. Major firms in every sector retain consultants for an outside perspective on their finances, brands, or marketing. To help you find out more about the field, Make It Happen interviewed Jackie Rocca, who has been a consultant for two years at Bain & Company. Rocca gives you the inside scoop on how to become a consultant, how much she travels, and what she does on a daily basis.

BECOMING A CONSULTANT Whereas aspiring doctors must actively take pre-med courses to be admitted to medical school, aspiring consultants have much more freedom. Rocca only discovered consulting during the summer before her senior year, relatively late in her college career, so she didn’t have a summer internship in the industry. Still, by her senior year at University of Michigan, Rocca was determined to pursue consulting. “I didn’t have a set passion for a specific industry, so I thought consulting would be a good fit to get a very general experience,” Rocca said. During her senior year, Rocca interviewed with many different consulting firms. She described the process as “really rigorous and really tough.” What was her main tip for students pursuing interviews? “Make sure you’re extra prepared and really confident in the interviews,” Rocca advised. “I think that when people interview, they should make sure that they’ve practiced enough that they are really comfortable with the interview process.” Rocca, who also works on recruiting for Bain, recommends that college seniors focus on one or two industries to pursue, saying, “Don’t spread yourself too thin.” Consulting firms generally interview using what is called a “case study.” During the interview, applicants will be confronted with a sample business problem and asked to come to a conclusion about the case. Theoretically, this type of interview should test the applicants’ problem-solving skills and thinking processes under pressure. Rocca survived the process and secured a spot as a consultant at Bain. “It’s great when it’s over,” she said, laughing. Bain, McKinsey & Company, and Boston Consulting Group,

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among other major firms, have sample case studies and interview preparation advice on their websites.

LIFE AS A CONSULTANT For Rocca’s first project at Bain, she was assigned to a small team assisting a consumer products company. Rocca and her team were examining how the consumer products firm could reduce their raw materials costs. Bain ended up saving the firm a few million dollars, Rocca said. At Bain, associate consultants who have just graduated from college are generalists working on every sector. Rocca has worked on projects within many different industries including aerospace, defense, and media and entertainment. Due to this diversity, a day in the life of a consultant is difficult to describe, since it varies based on the project and how much travel is required. “The stigma that consulting gets a lot of times is: the typical day in the life of a consultant is traveling to some city in the middle of nowhere,” Rocca said. But Rocca has found that she hasn’t done that much traveling. She estimated that she has traveled for around four months of her time at Bain, and only for three days a week during those months. “I’ve always heard that consultants travel all the time,” Rocca said. “At least for Bain, that’s not entirely true. I prefer to stay local.” Projects also vary based on what skills they require from consultants. Rocca identified a few different skill dimensions including analytics, client communication, and teamwork. Most projects require all of these skills to varying degrees. As for the hours required, Rocca said that describing a typical workweek is difficult due to the job’s variety, but she emphasized that weekend work is the exception rather than the rule. Now, Rocca is working at Disney for six months through Bain’s externship program; Bain allows its consultants to do a six month “externship” at another firm. Rocca took advantage of the opportunity to work at a Disney corporate strategy group and explore whether she wants to pursue mergers and acquisitions work in the future. In the long term, she is interested in getting her MBA. She greatly appreciates the foundation that Bain has given her in the working world. “I can’t think of an industry that is more broad and will give you a lot of responsibility right off the bat,” Rocca said. Intrigued by the life of an associate consultant? Test your consulting skills with “Anatomy of a Profit and Loss Case” by case question expert Marc Cosentino on p. 8 of this issue.

4th Edition, 2009

MAKE IT HAPPEN presents

The Business School Guide

Gain advice from admissions directors at the nationâ&#x20AC;&#x2122;s top business schools in order to find one thatâ&#x20AC;&#x2122;s right for you.

Let us be your guide... Harvard Undergraduate Women in Business

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{ The Business School Guide }

Yale School of Management

Responses Courtesy of W. Bruce DelMonico, Director of Admissions

Make It Happen: How would you describe your MBA program? Yale School Of Management: The mission of the Yale School of Management is to educate leaders for business and society. Our community is small and tight-knit, which leads to extensive interactions with faculty and fellow students and creates an extremely collegial learning environment. Our students are broadly engaged, values-based leaders who think across sectors. Three years ago, the school unveiled a new, integrated MBA curriculum that connects to the school’s founding mission and in many ways re-envisions what a business school curriculum can and should be. Through the curriculum, the school focuses on teaching our students to lead and manage across boundaries; transform positive values into personal, professional, and institutional commitments; and bring creativity and discipline to complex management problems. MIH: What separates the Yale School of Management from other top tier schools? Yale SOM: The mission of the school and our integrated MBA curriculum are among the things that set SOM apart from other top schools. Because of the school’s historical mission, SOM draws students from a wide range of sectors and industries, so that it is not uncommon to have students from such diverse backgrounds as finance, consulting, non-profit management, the public sector and many other areas working closely together on projects and assignments. This diversity

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makes SOM a unique place and creates a rich learning environment. In addition, the MBA curriculum and the faculty who teach it distinguish the school in many ways. The curriculum is unique among top business schools, and the faculty excel at both research and teaching, a rare combination that allows them to bring cutting-edge thinking into the classroom. They also care deeply about the students, which makes a material difference in the classroom and overall school cultures. Finally, SOM’s location within one of the top universities in the world, and the access SOM students have to the greater Yale community (through, for example, elective classes, which SOM students can take anywhere at Yale, and the various University alumni networks, which are tightly integrated) is a real benefit. MIH: What skills or work experiences would the ideal candidate have? Yale SOM: Our students come from a range of backgrounds and experiences and are interested in entering a host of fields after receiving their MBA. Because of this diversity, there is no “ideal” experience we look for a candidate to have. We have candidates who work in consulting, finance, marketing, healthcare, education, non-profit management, energy and a number of other fields, as well as some students who join us directly from their undergraduate experience through our Silver Scholars program. Regardless of their prior or anticipated area of interest, we look for candidates who have excelled

4th Edition, 2009

both academically and in the workplace, and who have demonstrated the intelligence, common sense, intellectual curiosity, leadership potential, teamwork, interpersonal skills, maturity, passion, and drive to succeed both at SOM and beyond.

monly, trained second-year interviewers. They are 30 minutes in length and behavioral in nature – again, no trick questions, but students should be prepared to explain their past experiences, their interest in an MBA, and their future goals.

MIH: What should applicants be prepared for during the admissions process? Yale SOM: We try to keep the admissions process relatively straightforward at SOM. We’re not looking to trick people or make them jump through unnecessary hurdles during the process. Instead, we ask for the information we feel we need to make an informed decision on a candidate’s application, and we hope the application allows candidates to present their strongest case for admission. In submitting their application, we ask about an applicant’s academic background and work experience, test scores and activities, and also require that they solicit two recommendations on their behalf and respond to four short-answer questions and two longer essay questions. Once they have applied, we invite roughly 35-40% of applicants to interview here on campus, and we admit roughly the same percentage of people who are invited to interview. Interviews are conducted either by admissions staff or, more com-

MIH: What resources does the Yale School of Management provide for its graduates? Yale SOM: SOM, through our Career Development Office, provides a full range of alumni career resources to our graduates. Many graduates use the CDO office as they navigate their way through their careers. We also have an Alumni Relations office that helps alumni keep in contact with the school and each other through events – both on campus and in their local area. SOM has a number of SOM Alumni Association (SOMAA) chapters throughout the world. Given the intensity of the SOM experience, graduates have strong affection for SOM well after they leave campus, and these resources help them keep their connection to the School.

Georgetown University’s McDonough School of Business Responses Courtesy of Jett Pihakis, Assistant Dean for MBA Programs

MIH: How would you describe your MBA program? McDonough School of Business: The MBA curriculum at Georgetown University’s McDonough School of Business provides a general management framework. Leadership training is key, with two core leadership courses, one week-long intensive Leadership Residency, and a robust Leaders Speakers Series. A hallmark of the curriculum is the Global Residency in which every student works on a consulting project for a company abroad. Second-year students travel to the country in which their client company is located to present findings to top executives. MIH: What separates the McDonough School of Business from other top tier schools? McDonough: The full-time MBA program enrolls only 250 students each year, which fosters the creation of a tightly-knit, highly collaborative community. In addition, those who are at-

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tracted to Georgetown’s McDonough School of Business have a global mindset. More than 90 percent of the full-time MBA students have non-native language proficiency, and more than

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half have worked or studied abroad. Georgetown’s stature and location in Washington, D.C., brings outstanding political and business leaders to campus and makes the machinery of the global economy accessible to students. MIH: What skills or work experiences would the ideal candidate have? McDonough: Ideal candidates for Georgetown’s MBA FullTime Program are self-aware individuals who are emotionally intelligent and who have a track record of success, both academically and professionally. Georgetown values diverse candidates, so we do not show preference for individuals coming from any particular industry or function. Rather, we seek candidates from all kinds of backgrounds and all kinds of organizations. Whatever the work experience, we look for individuals who are able to connect the dots between where they have been and where they want to be professionally. The MBA program supports students as they navigate this path. Students are able to enhance the skills they have previously developed, as well as realize new skills that enable them to be successful.

events held around the world, we want to get to know the applicants as individuals. Through evaluative interviews, as well as on- and off-campus events, applicants should prepare to engage our community. We are eager to get to know them and share our insight into the value of being a member of Georgetown University. MIH: What resources does the McDonough School of Business provide for its graduates? McDonough: Alumni relationships with Georgetown’s McDonough School of Business continue to grow past graduation and throughout their careers. Graduates network with one other as well as meet with leading faculty and thought leaders during networking events, online discussions, and social functions. Through the MBA Career Management Office, they post and learn about job opportunities, and they receive career advice and guidance. Whether for career support or simply to reconnect, they are able to reach one another through established social networks or via the university’s online alumni directory. Business school graduates stay connected to current students by speaking on campus, mentoring, and conducting mock interviews.

MIH: What should applicants be prepared for during the admissions process? McDonough: Applicants should be prepared to present their authentic selves through a variety of ways. Whether visiting campus for a chance to experience the life of a Georgetown MBA student or meeting the Admissions Team at recruitment

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4th Edition, 2009

Columbia Business School Responses Courtesy of Linda Meehan, Director of MBA Admissions MIH: How would you describe your MBA program? Columbia Business School: Columbia Business School seeks to provide a truly global business education that lasts and evolves over a lifetime, preparing students for strong leadership in any industry. Our cutting-edge curriculum bridges pioneering academic theory with industry practice, imparting not only functional skills but the entrepreneurial mindset required to recognize and capture opportunity in a competitive business environment. Beyond academic rigor and teaching excellence, the school offers programs that are designed to give students practical experience making decisions in real-world environments. MIH: What separates Columbia Business School from other top tier schools? Columbia: The Columbia MBA equips students with the tools they need to be competitive and valuable in the international marketplace. The curriculum integrates the core disciplines of accounting, finance,

frameworks for managing individuals, teams and networks in dynamic, global contexts. Drawn on the school’s growing expertise in psychology and related social sciences, PSI trains students in the softer side of management and interpersonal interaction - a critical indicator of leadership. Students are introduced to the PSI through three methods: individualized assessment, experiential learning and executive coaching. MIH: What skills or work experiences would the ideal candidate have? Columbia: Columbia Business School looks for intellectually driven people from diverse educational, economic, social, cultural and geographic backgrounds. Our students share a record of achievement; demonstrated, strong leadership; and the ability to work in teams. Excellent written and oral communication skills are essential. MIH: What should applicants be prepared for during the admissions

“Alumni are one of Columbia Business School’s greatest strengths. Our alumni have populated the ranks of success in finance, business and the world at large.” management, marketing and operations and incorporates four overarching themes: total quality management, ethics, human resource management and globalization. To increase the understanding of interdisciplinary concepts and practices, the faculty uses combinations of lectures, group projects and case studies. In addition, specialized programs such as the entrepreneurship; media, entertainment and communications; social enterprise and real estate programs, provide students with the opportunity to focus on cutting-edge issues. Two unique attributes include: The Individual, Business and Society (IBS) curriculum and the Program on Social Intelligence (PSI). The Individual, Business and Society curriculum provides students with tools to evaluate difficult tradeoffs and choices. Columbia seeks to equip students not only with the fundamentals of management, but also with the ability to thoughtfully consider the sometimes competing demands of business, individuals and society at large. The Individual, Business and Society: Tradeoffs, Choices and Accountability, uses a series of thoughtprovoking sessions to foster a community dialogue on these issues. In the classroom, core course lectures and case studies equip students to think critically about conflicts and tradeoffs. Complementing the inclass discussion are guest lecturers, panel discussions and other special events to address workplace conflicts and tradeoffs. The Program on Social Intelligence (PSI) imparts techniques and

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process? Columbia: Columbia Business School uses a rolling admissions process. Applications are reviewed in the order in which they are received, and decisions can be rendered at any point during the review period. It is always to your benefit to apply before the posted deadline. Columbia Business School provides students with the option of enrolling in either September or January. Students who enroll in September are presented with an internship option after their first year of studies. Students who do not want or need an internship may consider beginning their MBA studies in January and taking their second term during the summer. A January start may be ideal for students who wish to remain in the same industry after graduation or pursue entrepreneurial interests. MIH: What resources does Columbia Business School provide for its graduates? Columbia: Alumni are one of Columbia Business School’s greatest strengths. Our alumni have populated the ranks of success in finance, business and the world at large. The School offers career services such as counseling, coaching and a newsletter; alumni associations and clubs; videos of past events; and access to the University libraries.

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UCLA Anderson School of Management Responses Courtesy of Mae Jennifer Shores, Assistant Dean and Director of MBA Admissions and Financial Aid MIH: How would you describe your MBA program? UCLA Anderson School of Management: UCLA Anderson School of Management has been recognized for 75 years as one of the top-ranked business schools in the world. We are consistently acclaimed for our award-winning faculty, who bring scholarship and expertise into the classroom in such fundamental areas as finance, marketing, accounting, business economics, operations and technology management, human resource and organizational behavior, information systems, strategy, and policy. Our strong tradition of entrepreneurship benefits all students, including those on a corporate career track. One-third of our MBA students are international, representing over 50 countries. Bolstering the global experience, our faculty represent diverse geographical backgrounds and bring with them knowledge of teaching from around the world, including Chile, Singapore, China, and India. With 360 students in each class, UCLA Anderson is large enough to be truly diverse, yet small enough to foster an exceptionally strong and supportive community. From classroom study groups to extracurricular activities, the tradition of partnership among students makes UCLA Anderson an ideal place to develop personally and professionally. The Anderson culture also translates into an extremely responsive and generous alumni network with over 36,000 members worldwide. MIH: What separates UCLA Anderson School of Management from other top tier schools? UCLA: Our location in Los Angeles lends a distinct advantage to our students. Virtually every industry is represented in the local area – including financial services, technology, media and entertainment, consumer products, energy and real estate, to name a few. L.A. is the largest manufacturing center in the country and a breeding ground for small businesses and start-ups. L.A. county alone is the 18th largest economy in the world. This adds up to a thriving learning laboratory at the feet of our institution. This is complimented by the academic horsepower of our faculty, who are renowned in not just one, two, or three disciplines, but across the board. So no matter where a student’s career might take them, they are prepared with the best thinking that the business world has to offer in both core and specialty areas. MIH: What skills or work experiences would the ideal candidate have? UCLA: The beauty of the MBA degree is the breadth of candidates it attracts and who are admitted. Contrary to popular opinion, there is no ideal set of work experience. What UCLA Anderson and most top MBA programs look for is a candidate’s professional development or demonstrated progression and potential in the work force, including any leadership and management skills he or she may have acquired. Our perspective is that more important than time spent in the work force is the quality of the professional experience a candidate

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has received: skills acquired, leadership and/or management experience, work progression (e.g., responsibilities, title, salary, bonus – this will differ widely by job function and industry). In addition to demonstrated abilities, we are interested in a candidate’s potential for future growth and development. There is no minimum number of years of work experience required for entry into the UCLA Anderson MBA program. While the average is 6 years of full-time, professional work experience at the time candidates apply to the UCLA Anderson MBA program, there is a wide distribution around this average. The range for this year’s entering class is 0 to 18 years. This broad range reflects UCLA Anderson’s commitment to admitting the best candidates, including early career candidates with minimal professional experience. MIH: What should applicants be prepared for during the admissions process? UCLA: Applicants should be prepared for a time of deep reflection and introspection about their life and professional development to date, as well as their short and long-term career aspirations. The application process is one time in life when individuals have the luxury to create the time to ponder both their past and future. Applicants, regardless of their eventual admissions decisions, find this period of time highly productive. As part of their self-assessment, we advise applicants to keep their focus on the big picture. Admissions decisions are made across criteria so that any one area of the application is unlikely to have a mitigating effect upon one’s admission decision. For example, a person with limited professional development relative to other applicants could still be admitted based on strengths in other areas of the applications such as academics, contributions to school and/or community, communication skills, or potential for leadership/management. Individuals are pursuing MBAs because they have areas that need to be more fully developed. It is the very rare instance in which someone who applies is exceptional across the board. MIH: What resources does UCLA Anderson School of Management provide for its graduates? UCLA: Alumni are a critical part of the UCLA Anderson community. We are like family: once students are admitted into our MBA program, they become members for life who are extended, full membership in our community. UCLA Anderson MBA graduates join a network of 37,000+ highly educated alumni around the globe who are connected through a network of alumni clubs, a robust alumni database, listserves, social media, lifelong learning opportunities, career services, and a variety of events. In recognition of the changing nature of the work force, in which individuals pursue multiple careers throughout a lifetime, the

4th Edition, 2009

school has developed a variety of alumni career services, including coaching, webinars, and workshops on job search and career advancement (e.g., Birkman Method assessment, “Getting to the Top” career development program). Alumni access to events range from our well-attended annual Alumni Weekend to speaker programs, and conferences. Some noteworthy examples include the UCLA Anderson Economic

Forecast conference, guest speaker seminar that feature such industry luminaries such as media and entertainment giant David Geffen, American Express CEO Ken Chenault, and CEO of Black Rock, Larry Fink.

New York University’s Stern School of Business Responses Courtesy of Anika Davis Pratt, Assistant Dean of MBA Admissions MIH: How would you describe your MBA program? Stern School of Business: NYU Stern’s Full-time MBA program provides an elite business school education with the opportunities of New York City and the support of a collaborative, tight-knit community. This two-year program, including a summer internship between the first and second year, is designed for students interested in enhancing their careers or making a career change. The flexible and customizable curriculum offers courses, taught by world-renowned faculty, that innovatively combine realworld learning and academic theory. Stern provides students with unbeatable connections to top corporations, organizations and business leaders by leveraging its New York City location, 80,000 alumni worldwide and top-notch career services. Top ranked in reputation and return-on-investment, NYU Stern’s Langone Part-time MBA program offers a first-class business education designed for professionals working full-time while earning their MBA. Flexible class schedules and alternative delivery techniques allow students to earn an MBA in as few as two years and as many as six years. Stern offers evening and weekend-only options in the Washington Square location and a new Westchester location. Part-time students enjoy the full MBA experience including a customizable curriculum incorporating real-world learning and academic theory, courses taught by premier faculty, the benefits of a dynamic student community, the opportunities of New York City and access to alumni worldwide.

schools? Stern: NYU Stern consistently admits one of the highest percentages of women of all top MBA programs - 39% this year. Stern also is a leader in enrolling underrepresented minorities - 14% this year - and nearly one third of our students are international. Stern’s wonderfully diverse community is known to be intensely collaborative and downto-earth. Stern students go out of their way to support each other’s successes, for example acting as career coaches to prepare their classmates for job interviews. No other business school leverages a city as its classroom the way Stern does. Stern integrates experiential learning from day one, from

MIH: What separates the Stern School of Business from other top tier

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{ The Business School Guide } exclusive New York City case studies with organizations like the Metropolitan Opera to pro-bono consulting projects with New York City nonprofits. Our downtown location puts students at the center of the world’s leading enterprises across all industries. This unparalleled access, combined with the support of our seasoned career development team, results in thousands of on-campus interviews each year with top companies and more than 300 employers hiring Stern students over the last two years. MIH: What skills or work experiences would the ideal candidate have? Stern: NYU Stern seeks students who will be active participants in the classroom and contribute to the learning of their fellow classmates. As such, we enroll students with a wide variety of professional backgrounds, from media and nonprofit to engineering and marketing, to name a few. Stern students have an average of 4.7 years of work experience. There is no minimum amount of work experience required to apply. MIH: What should applicants be prepared for during the admissions

process? Stern: NYU Stern values students who are both highly intelligent and possess exceptional interpersonal skills and emotional intelligence - IQ plus EQ. To ensure that each and every student has these characteristics, we employ a unique interview process. Interviews are by invitation only and are almost all conducted on campus by Admissions Committee members. While on campus, applicants can immerse themselves in the Stern community by having lunch with a student, sitting in on a class and taking a tour. MIH: What resources does the Stern School of Business provide for its graduates? Stern: NYU Stern established a dedicated career center for its alumni and working professional students in 2003. The Career Center for Working Professionals (CCWP) provides alumni and students with lifelong career support through a range of services, including individual career counseling, professional development workshops and an online career resource featuring job postings, research tools and more.

Duke University’s Fuqua School of Business Responses Courtesy of Chris Privett, Media Relations Manager MIH: How would you describe your MBA program? Fuqua School of Business: The Duke MBA provides students with the skills, knowledge, and cross-cultural awareness needed to become a valuable collaborative leader, able to manage effectively in global business environments. Fuqua’s multi-disciplinary faculty offers what we call our Research Advantage – an unparalleled ability to bring research findings into the classroom, anchoring a rigorous exploration of the major functional areas in business: economics, qualitative analysis, statistics, accounting, finance, marketing, strategy, operations management, and management communications. MIH: What separates the Fuqua School of Business from other top tier schools? Fuqua: The Fuqua School of Business at Duke University is the world’s first legitimately global business school, with teaching locations established in the U.K, Middle East, China, India, Russia, and on Duke’s campus in Durham, North Carolina. Fuqua’s international teaching and research informs the curriculum for all students, providing our graduates with a unique perspective on the financial systems, cultures, and sociopolitical dynamics that make up the world economy of the 21st century. Fuqua draws a unique sort of student, one who is intellectually astute and socially conscious; we call them “leaders of consequence.” This diverse student body brings a comprehensive world view to classroom discussions and team projects. MIH: What skills or work experiences would the ideal candidate have? Fuqua: Fuqua considers any post-undergraduate work experience presented for admission. The ideal candidate has an ability to work collaboratively in a team environment, values diversity in all its forms, appre-

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ciates the imperative of a multi-disciplinary approach to business, and sees the potential of utilizing business to bring about positive change in the world. MIH: What should applicants be prepared for during the admissions process? Fuqua: While there is no minimum GMAT score required, the test must be taken before submitting an application. Important aspects of the application include academic performance, work experience, recommendations, and essays. The goal of the essays is to demonstrate why prospective students wish to pursue The Duke MBA, identify the talents students can contribute to Fuqua, and outline the experiences that have shaped each student’s unique perspective. MIH: What resources does the Fuqua School of Business provide for its graduates? Fuqua: Fuqua offers a wide variety of services for alumni, ranging from the dozens of alumni events held around the world each year to online resources designed to help alumni stay connected to Fuqua and one another. Fuqua maintains web sites for each graduating class, offering an alumni directory to facilitate networking. An ongoing series of regional and virtual career workshops assists alumni in professional transition, while Fuqua’s Alumni Career Conversations – online lunchtime conversations between the executive director of the Duke Career Center and key alumni – allow participants to submit questions online. Fuqua offers an online resume book for alumni, offering graduates the opportunity to post a profile, resume, and job search preferences for potential employers to consider. Fuqua offers an initial career consultation to all alumni at no charge and provides alumni with full access to The Ford Library’s vast resources.

4th Edition, 2009

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Tracing Their Triumphs A Historical Look at the Women of Wall Street By Kimberly Herrmann

n May 21, 2009, The New York Times published a piece on the successes of resigning Xerox CEO, Anne Mulcahy. The article cited her as an innovator in the world of digital technology, a leader who guided the company from the brink of bankruptcy to the top of its industry. But this lauding of Mulcahy’s triumphs was not the only news making press this past spring: the CEO’s leave also marked another victory for women in leadership. Mulcahy was handing the reigns to Ursula Burns, an engineer-turned-businesswoman, who would become the first African-American female CEO in the Fortune 500. The media bustled with the exciting news, deeming Burns a “pioneer” and noting how the event marked the “first ever” female-to-female CEO succession. Undoubtedly, the news is notable, both Mulcahy’s admirable term as well as Burns’s rise through the pipeline. Fifty years ago, the business expertise of most women centered on the at-home Tupperware party; now, female leaders are found across top international companies. Though these recent strides are certainly commendable, a broader picture reveals that female leaders have long influenced finance. This year, the Museum of American Finance, a Smithsonian affiliate founded in 1988, is celebrating “Women of Wall Street” through an exhibit showcasing an array of ambitious, indomitable females determined to have their voices heard, no matter what the social standards of the time. Given how these individuals disregarded gender as an obstacle to

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success, they send a message of inspiration and encouragement through the centuries to the women of today. We turn now into the high-ceilinged hall of 48 Wall Street, into the museum located at the landmark former headquarters of the Bank of New York…

BEYOND HOOPSKIRTS AND HAIRPINS: Adams’s Early Call to “Remember the Ladies” The first female featured at the Museum of American Finance might come as a surprise as she is not traditionally associated with business and investing. Known most for her contribution as a social and political advocate, Abigail Adams staged her own “women’s lib” movement as early as the 1700’s. Her correspondence with her husband, John Adams, reveals an intelligence and determination key to striving past social expectations. From their courtship through his presidency, the pair exchanged over 1,100 letters—many of which were emblazoned with Adams’s message of female empowerment. When the Declaration of Independence was being composed in 1776, Adams wrote to her husband, “in the new code of laws which I suppose it will be necessary for you to make, I desire you would remember the ladies. Adams’s place in the exhibit, however, does not come from her political efforts alone. When her husband was away from the family farm, she took control of household finances and

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everything from investment advice to medicinal magnetism. When his personal clairvoyant moved out of the city, Cornelius Vanderbilt turned to the sisters for financial consulting. When their divination proved profitable, the sisters closed the salon to start the first female-run brokerage firm—a company yielding $12 million in modern currency. New York City press celebrated the firm’s unexpected profits; on March 5, 1870, Harper’s Weekly cited the sisters as “the Bewitching Brokers,” and The New York Times would soon call them “the Queens of Finance.” Where these early accomplishments are noteworthy, they are only the start of Woodhull’s achievements. By 1870, she was editor of her own newspaper, notorious for courageous articles on women’s suffrage, labor reform, and spiritualism. Two years after its launch, the paper published some of its most surprising news—Woodhull would be running for president in the 1872 election. Given that Frederick Douglass was nominated as her running mate, the Woodhull ticket surely rivals the newsworthy nominations of 2008! The United States, however, was not yet ready for Woodhull’s liberal stance on female status. She eventually left the country, tired of the legal proceedings condemning her ideas and advocacy. Though laced with controversy, her legacy remains a distinguished part of women’s advancement on Wall Street.

SHREWD AND SAVVY: Green’s Monetary Motivations and Triumphant Tycooning American Museum of Finance Exhibit

even partook in investing on her own. The exhibit notes how Adams weighed the benefits of bond investment, encouraging John to forego his purchase of land assets. While most women set aside their “pin money” for clothes and baubles, Adams purchased bonds through a male relative—yielding a profit that finally changed John’s mind. Far surpassing her predecessor, Martha Washington, in advocacy and activity, Adams was coined “Mrs. President,” and took a lively role in White House affairs. Despite her place as a woman in the colonial age, Adams proved her financial and political dexterity, becoming a fine example of female potential.

STOCKS, BONDS, AND BALLOTS: Woodhull’s Ambition, from Wall Street to Washington Where Adams’s display case holds a variety of bonds and letters, its neighbor contains a handsome wool gown—a replica of Victoria Woodhull’s nineteenth century attire. Though meant to mimic the contemporary business suit, its full skirt and fitted bodice surely enhanced the contrast between Woodhull and her Wall Street companions. The exhibit highlights the innovations of Woodhull, the spirit of her work and the ensuing outcries of cautious society. Unlike Adams, Woodhull did not have a prestigious family background or acclaimed husband to champion her message. Fleeing a childhood of poverty, she moved to New York City with her sister, Tennessee. They started a salon for spiritualist services, offering

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Moving through history to the turn of the twentieth century, the museum next features a display on a woman less apt to mix business and politics. Known for her frugality and commitment to profit, Hetty Green is famous for securing the female presence in investing. Her father honed her business ambitions from an early age, encouraging his daughter to read financial papers when she was just 6 years old. By the time she acquired her $1 million inheritance at age 30, Green was well prepared to enter Wall Street and begin her trading career. The purchase of Civil War Bonds, stock trades, and lending nourished Green’s initial funds into a bourgeoning fortune— securing her spot as a time-honored tycoon. Though revering her accomplishments, Green’s museum remembrance also hints at a tainted legacy. Her success seems to have been derived not only from business savvy, but also from extreme parsimony. In fact, the Guinness Book of World Records named Green “The World’s Greatest Miser.” Her fellow investment bankers criticized her penny-pinching ways, commenting on her drab clothing, economy meals, and lack of office space. Rather than rent rooms, as did other financiers, Green chose to occupy the complimentary space offered by a bank. Her thrift landed her a place on Fortune’s “Wealthy Eccentrics” list but also on the list of the country’s richest women. Given her unique business aptitude and personal selfassurance, Green surely deserves her place amongst the featured females.

FROM CO-ED TO CO-HEAD: Benham’s Boost for Gender Equality www.huwib.org

{ Be Bold } Placed to the right of Green, the next display case commemorates a woman who should be well-honored among female undergraduates. During her undergraduate years at Bryn Mawr, Isabel Benham expressed a desire to enter finance—and was prompted to take up typing. Her discontent with these prospects led to her advocating college-wide reform, and the school began offering economics shortly thereafter. She graduated with a degree in the field in 1931, entering the world of finance just as the Great Depression stunted opportunities and underscored gender bias. Despite the numerous obstacles before her, she went to Wall Street and began interviewing with bond, investment, and trust companies. Selling the New Yorker as a side job, she carried poise and persistence to each meeting, eventually scoring a spot with the Reconstruction Finance Corporation, a loan company for banks and railroads. After building her knowledge of the industry, she moved to R. W. Pressprich & Co. and rose to the role of partner in 1964. The first woman to claim this position in a Wall Street bond house, Benham catalyzed the transformation of women’s roles in the twentieth century. Her accomplishments illuminate the power of determination and self-confidence.

ENDING SEXISM IN STOCKS: Siebert Sits Amongst Men in the Market A few years after Benham became partner in 1964, Muriel Siebert made another first for women on Wall Street. In 1967, she succeeded in purchasing a seat at the New York Stock Exchange—becoming the lone female among 1,365 men. Siebert struggled to make the purchase, toiling for Stock Exchange permission as well as dual bank sponsorship. In the midst of her efforts, Siebert managed to birth Siebert & Co., a consulting firm that conducted research and financial analysis. The company became the first discount brokerage in the nation in 1975, further casting Siebert’s success as a female financier. She was granted the position of Superintendent of Banks for New York State just two years later, regulating $500 billion and ensuring that no state bank failed during her tenure. Today, Muriel remains an icon for women’s advocacy in business, often speaking on behalf of female entrepreneurs, investors, and business students. In addition to her inspiring rhetoric, Siebert published a popular book in 2002, conveying an autobiographical account in Changing the Rules: Adventures of a Wall Street Maverick. By channeling the women’s liberation movement and forging a place for women in the New York Stock Exchange, Muriel revealed the strength of a relentless approach and the tireless will to succeed.

BOLSTERED BY THE PAST, PUSHING THROUGH THE PRESENT: The Future of Women on Wall Street The work of these individuals builds the framework for women in business today. Yahoo!, Kraft Foods, PepsiCo, and The New York Times Company all benefit from the management of female CEOs—as do countless other top businesses. Andrea Jung helped Avon Products rise to the top of the cosmetics industry; Ellen Kullman juggles the various products of DuPont

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American Museum of Finance Exhibit

with a skillful expertise. The Museum’s exhibit venerates the more recent accomplishments of women such as these through interactive media; leading figures like Sallie Krawcheck, Former CEO and Chairman of Citi Global Wealth Management, and Abby Joseph Cohen, a Senior Investment Strategist and President at Goldman Sachs, discuss their Wall Street experiences through insightful video interviews. As witnessed in these women and others, the progress of the last century merits applause, but room for improvement still exists. Though the numbers of women at the top of the business world have been increasing, gender equality in business leadership has yet to be achieved. Catalyst, Inc., a non-profit focused on expanding opportunity for women in business, tracks the percentage of women in chief business roles through an annual census. Their 2008 report revealed that women hold only 15.7% of corporate officer positions in Fortune 500 companies, and comprise only 15.2% of board of director seats. No women at all are represented on the boards of 75 of the 500 companies. The statistics for minority women are even less encouraging: there were 471 companies included in the race/ ethnicity analysis, and of this sample, minority women held only 3.2% of board seats. Whether it is the struggles of women long past, or the triumphs of contemporary leaders, the work of women in business has fostered the foundations for future progress. As society becomes more accustomed to diverse leadership, women will only have increased opportunity to honor these past leaders and champion gender equality in the workplace. The Museum of American Finance offers the opportunity to consider remaining social obstacles, inspiring its visitors to break through the boundaries that still exist today. Every female striving for success in business can help change those disappointing statistics. If the corporate environment “remember[s] the ladies” the business world will benefit from a refreshing perspective of diverse leadership. “Women of Wall Street” will be on exhibit through January 16, 2010 at The Museum of American Finance, 48 Wall Street, New York, NY 10005. For more details, please refer to their website: www.moaf.org.

4th Edition, 2009

Microfinance: A Reason For Optimism By Nimi Katragadda

lmost half the world—over three billion people—lives on less than $2.50 a day. And nearly 25,000 children die each day due to poverty, often quietly in some of the poorest villages in the world. Yet even amidst this weakening economic climate, there is reason for optimism in the face of these challenges. The evolution of microfinance has provided renewed vigor to the cause of eliminating global poverty by proving not only that the poor are credit-worthy, but also that banking institutions serving the poor are investment-worthy. The modern story of microcredit began thirty years ago, when Muhammad Yunus—then an economics professor in southern Bangladesh—set out to apply his theories to improve the lives of the poor in the nearby village of Jobra. In 1976 he loaned $27 to a group of 42 villagers who used the money to develop informal businesses such as soap making and basket weaving. Yunus later went on to found Grameen Bank which today boasts more than five million members and a loan repayment rate of 98%. At the outset, Yunus set the target that half of his borrowers be female. He pioneered the group lending model in which groups of about five women undertake a loan together. At mandatory weekly meetings, if one borrower cannot make her payment, the rest of the group must come up with the cash. Rather than requiring collateral against loans, Yunus used an updated version of risk insurance through a group-lending and co-signing method. For years, microfinance institutions have found that women are both good credit risks and good at managing family finance. Today, women make up 76% of microcredit customers around the world.

THE UGLY SIDE OF MICROLENDING The achievements of microfinance, however, come with their own downsides. In recent years, the poor have become one of the world’s least likely sources of untapped profit, primarily because they will pay interest rates that most would find

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outrageous. Often with no legal limits on interest levels and little government oversight, banking institutions are poised to exploit the vulnerability of the poor by imposing annual interest rates ranging from 50% to 120%. A controversy erupted in 2007 around Compartamos, a Mexican microfinance institute that was earning a 55% return on shareholders’ equity by charging its borrowers interest rates around 85%. The interest rates charged by Compartamos were truly exceptional, but it raises the questions of whether microfinance institutions are exploiting poor borrowers by charging excessive interest rates and how we can minimize these negative effects.

MICROFINANCE GOES MOBILE Microfinance is also tapping into a technological revolution that enables areas with deficient land phone service to leapfrog ahead to cell phones and broadband. While electronic gadgets once marked the stark division between the haves and the have-nots, cell phones are beginning to bridge this divide through mobile banking. Microfinance institutions are partnering with cell phone providers to take advantage of the expansion of cell phone use in developing economies to extend financial services to the roughly two billion people who use cell phones, but lack bank accounts. South Africa is a pioneer in mobile banking—Wizzit Bank is revolutionizing banking in South Africa by linking a debit card and bank account to a cell phone. Individuals can make a deposit at a bank or any post office, and the deposits are then credited to an account and confirmed via text message. Working to fix kinks in the technology and creating a more favorable regulatory environment will help the mobile banking practice take off, which would revolutionize how we approach poverty. Microfinance represents a sustainable and scalable approach towards the fight against global poverty, and provides renewed optimism towards improving the lives of billions.

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Breaking Barriers & Defying Stereotypes in India By Oishani Mitra and Joanita G. Britto

he role of the Indian woman has been traditionally confined to the four walls of a house—either the house of her father, husband, or son, but never her own. An Indian woman is a daughter, a sister, a wife, a mother, a mother-in-law, a grandmother; she carries out all these roles and assumes the responsibilities that go along with them with great ease. Historically, however, her role has been limited to the house and she was never allowed to step out of it and try her hand in any corporate or semi-corporate arena. It was believed that by entering the world of business she would ignore her household responsibilities and her duties towards her family, thus becoming too “independent.” Fortunately, the twentieth century has seen a tremendous change in this regard. Women have stepped out of the confines of their homes and have made their presence felt in every sphere, be it as entrepreneurs, CEOs, proprietors, or even as politicians. Their impact has been so powerful that the various ventures they have undertaken have been huge successes, placing them right at the top in their respective fields on par with their male colleagues, and very often way ahead of them! What is especially noteworthy is the fact that all these women manage to handle their professional responsibilities along with their household duties. Despite working in a corporate field that is quite Western in nature, they have retained their culture and traditional values taught to them since childhood and have incorporated them into their work. An example in this regard would be the case of Shahnaz Hussain, who used the ancient Indian tradition of herbal care to start a line of cosmetics and personal care products that is now internationally renowned. She ranks among the top 21 business women in India today, based on the survey conducted by Debashish Ghosh for his book, The

Voyage to Excellence. Yet the discussion so far has only concerned women in urban India, women who have greater access to educational and professional facilities. What about the women in rural India, who comprise the majority of our population? What progress have they made in terms of business ventures and entrepreneurial activities? How do these women make themselves economically empowered? It is true that they do not have the same resources or advantages that women in urban India possess. In addition, these women are part of a society that is still very traditional and not too open to change in gender roles. The change in the roles of rural women was, perhaps, spearheaded by the Amul cooperative movement in 1946, wherein a group of rural women in Gujarat decided to supplement their family income by selling milk to local agents, which was then packaged and sold to a larger market. The success of this movement was so tremendous that it inspired other women in rural areas to think of starting their own initiatives with whatever skills they possessed. A surprising number of options were available to them. Women in rural India are generally well-versed in the traditional arts and crafts that are specific to their region. In order to supplement the household income, women in rural India began to sell the products they made using their traditional skills. However, they faced a problem: they didn’t possess the required knowledge or technical skill to take their products to a more global audience. They found assistance through two sources. The first, and the most common source of aid was from various non-governmental organizations (NGOs) that employed these women and took their products to a wider market. For example, Ankur Kala is an NGO based in Kolkata where over 200 or so women from rural areas, as well as those who come from the low income bracket in

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the city, are trained to make pickles, preserves, and hosiery articles, as per their interest. They then become part of the work force that produces Ankur Kala products, which have become a household name in the city and have spread out to neighboring areas as well. This example is just one of many such organizations found all over the country. The other source of help has been in the form of information and communication technologies. Through these technologies, many women in rural India have been provided with the opportunity to break social barriers and start up their own initiatives. These initiatives fall under the category of cottage or home industries in India, wherein all the products sold are home-made, ranging from handicrafts, to cloth products, to perserves, etc. These women-run industries have managed to tap into the global market through the use of the Internet as their marketing medium. For example, various groups of women running cottage industries in Andhra Pradesh have used the Internet to their benefit by setting up their own websites to showcase the goods they make. They have marketed their products in India and abroad so successfully that many multinational corporations want to draw on their selling skills! The Indian woman has come a long way on her own by creating a niche entrepreneurial category for herself, whether she does so as a means of social change or just out of an interest in a particular field of design or management. Her impact has been felt in every sphere where she has made a difference and contributed to the country’s growing economy. At the same time, she has retained control over her household duties and the various domestic and familial roles that are an intrinsic part of her life and identity. By using her family and home as strengths, the Indian woman has very successfully stepped out to conquer the world.

4th Edition, 2009

The Shifting Mechanics of Asset Management A Look At Taiwan Life Insurance Company By Maeve Wang

n today’s low interest rate environment, investment overseers of insurance providers across the globe—what should be the most dependable of financial institutions—have not been delivered the assurance they are expected to provide their policyholders.

SECURITY: AN INTANGIBLE GOOD Insurance companies play such a vital role in everyday life that they can cover anything from property to unemployment to even life itself. As suppliers of financial security in difficult times, insurance companies are no strangers to crisis management. The issue now is how asset management within the insurance sector will manage its own financial crisis. Within export-driven economies, insurance providers in economies with greater exposure to fluctuating international markets have suffered an even tighter squeeze. Headquartered in Taipei since 1949, Taiwan Life Insurance Company is the first government spinoff company in Taiwan and has provided life insurance and other financial services for over 60 years. After disengaging from the government in 1996 as a part of the government’s endeavor to liberalize its economy, Taiwan Life developed its Asset Management Department, within which lies the International Investment Department, to gain a handle on its own funds. Insurance companies allocate their largest share of assets in fixedincome portfolios because fixed income instruments guarantee the inflow of set sums of income sufficient to fulfill these promised payments. Fixed income portfolio managers have felt confident that stable interest income in negotiated installments would deliver them protection from volatility risks in the form of capital preservation. Fixed income securities have often been seen as a stable backbone of asset management—a means of hedging against economic setbacks within a blooming, but unpredictable global economy. And while bond creditors may not share in profits per se, they have a higher claim on assets than stock shareholders and are entitled to principal and interest. Therefore, oftentimes most of an insurance provider’s revenues are derived from their presence in medium- to long-term savings markets. At Taiwan Life Insurance Co., the pressure is on for the International Investment Fixed Income Department. “Low interest rates create re-investment problems for bond holders once their bonds are called back or in maturity,” says Frank Huang, Senior Fixed Income Portfolio Manager within the International Investment Department. “Thus, it gives Taiwan Life huge cash back.”

ASSET MANAGEMENT With heightened exposure to volatile international markets, the in-

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surance sectors in export-driven economies are deeply submerged in the high flood of falling real interest rates. Looking at Taiwan in particular, overall lower interest rate returns in the domestic bond market have turned international investment into a necessary alternative for investors in all sectors. Within the insurance sector, insurance providers must earn a return on investment of 4% per annum if they are to preserve capital levels and remain profitable. If limited to Taiwan’s domestic fixed-income market, this is difficult to achieve given that the yield on the 10-year Taiwanese government bond is only 1.6%, and one-year deposit rates are below 1%. Central Bank of China (CBC, Taiwan’s central bank) issues government bonds on behalf of the Ministry of Finance. Benchmark bonds of 2-, 5-, 10-, and 20-year maturities are issued on a regular basis. In contrast, U.S. 10-year Treasury bond yields have been rising from about 2% in late 2008 to about 4%. Even more troubling, turning to international markets to offset the domestic low interest rate returns does not automatically guarantee investors a higher return, according to Dr. Thomas Liaw, CEO and President of Taiwan Life. Investment organizations must pay for hedging costs, with currency hedging being the most expensive for international investors. “Although it appears on paper as if there is a

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{ Be Bold } greater real rate of return in the U.S., if hedging costs are taken into account on a net basis, the rate of return may still be higher, but not as high as one may think,” says Liaw. While currency volatility associated with international investment has forced the cost of currency hedging to soar, Taiwanese Assets Under Management (AUM) has not yet suffered substantial falls because insurers’ international exposures have generally been limited to the most liquid sectors of U.S. fixed income— including treasuries, swaps, and mortgage-backed securities (MBS). In the meanwhile, it is becoming more and more challenging for Taiwan’s insurance companies to earn sufficient returns from domestic and international bonds, placing them in vulnerable capital positions that further expose them

to risk from equity and foreign exchange volatility. For Huang, the currency hedging cost of -1%, in addition to the 5% handle funding cost in NT base, has required Taiwan Life to invest in fixed income products above 6%. “Keeping the good credit quality and high yield is tough nowadays. To increase bond yields, investors need to lower their bonds’ credit ratings or extend their durations,” says Huang.

BOLD, BUT CONVENTIONAL INVESTMENTS The two most apparent options for life insurance companies facing negative spreads are 1) to invest more boldly, or 2) to alter business

IN HER OWN WORDS Haiwen Hsu, Vice President, Head of Fixed Income at Taiwan Life, speaks to the challenges and opportunities discovered when working in finance on the international stage. She reflects on her experiences as a woman, leader, and critical thinker—and her words transcend geographical boundaries.

ON CHALLENGING GENDER ROLES:

“Looking back, attending an all-girls high school [in Taipei] allowed us to be more independent and more ourselves rather than requiring us to comply with certain social expectations. We were taught that we are equally smart and can play a role in society as important as that played by the boys.”

ON TAKING DETOURS:

“I took a detour from my career path to take a job as a programmer. Later on, when I became a COO, I really leveraged every piece of my experience, including those detours. I managed business strategy and IT and looked at accounting numbers—anything and everything. People without experience in these areas can become COOs, but I benefited from having a detailed understanding of what was going on in that sort of business. In the early stages, it may be a detour, but later you feel that nothing is wasted. You have a rich background. Just think of it that way.”

ON DRESSING FOR SUCCESS:

“Sometimes we [senior finance executives] don’t have a choice about wearing a suit every day. I, at least, have to wear a jacket. This is my own standard, even if I do not have an important meeting planned for that day.” Make It Happen

ON EXCERCISING LEADERSHIP:

“I really respect and leverage my team’s strengths. I admit that at a lot of technical things I am not the best. So I am very much open to the suggestions and recommendations of my team members. I see myself as leader of my group and the success will be shared by the whole group. My job is to remove obstacles for my team and allow them to shine, reach their potential, and have their performance be recognized.”

ON NEVER ACCEPTING THE STATUS QUO:

“I think I have actively sought solutions in a nontraditional way. Day-to-day in the workplace I would hear people say ‘this is the way we always do it’ or people would tell me ‘I trained this way and the person before me said just do it this way,’ but I would never take that as an answer. I would ask, ‘What is the purpose of this? Why are we doing it this way? Is there a better way to achieve it?’ I will never accept the status quo.”

ON BEING HAPPY:

“Be flexible. I may have detoured a bit, but I like to acquire new skill sets and at every moment live up to my best potential. Be happy and move forward.”

- Interview by Maeve Wang - Editing by Emily Biberger

4th Edition, 2009

operations. For those who have opted for the first alternative, the demand has risen for simple products. With a lower risk tolerance, investors have focused not only on credit risk and portfolio diversification, but have recently made a point of bringing the issue of visibility to the fore. Since the sub-prime mortgage meltdown, such investors have grown more concerned than ever with how well they understand the instruments they plan on investing in. The mounting demand for simple products means increasing concentration on the US and Eurobond markets whose issuance and liquidity will maintain their dominance of the global bond market. For now, U.S. Government Treasury bonds are still the safest and most reliable investment. As the government of the United States backs these debt obligations, there are virtually no credit risks involved. The question now is: Will turning back to basics be enough for insurance providers to preserve capital levels and stay afloat? The gears of asset management are shifting. The forecast for trends in the market in T-bonds is increasingly hazy. The secularâ&#x20AC;&#x201D;as opposed to cyclicalâ&#x20AC;&#x201D;bull market in T-bonds has lasted for more than a quarter century. However, there are indications that it may soon come to an end. The 28-year decline totaling about 1,400 basis points in T-bond yields has stopped. 10-year T-bond yields have dropped from 16% (on September 30, 1981) to near 2% at the end of 2008. There are speculations that within the next decade anything from a bear market, neutral

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market, or bursting bond bubble may arise.

BUSINESS MANAGEMENT In terms of altering business operations, one clear course of action would be to curtail business operations. Yet, there are other alternatives. In terms of insuring their own assets, insurers will have to cover themselves in ways beyond the conventional services they provide to policyholders. What the insurance sector needs is a clear awareness of the evolving financial framework within which they have been called to work. Positive fundamentals within the insurance sector may allow insurers to emerge from the current crisis unscathed. New business opportunities are blooming in new markets, which can help ripen existing growth plans. The ballooning 50+ age segment in advanced economies, for instance, calls for new products, including principal protection, supplemental health, longevity and retirement income products. For Taiwan in particular, the economic crisis has provided an opportunity to address the deep-rooted issue of its cross-strait relationship with China. Liberalizing cross-strait financial regulations will allow insurance providers to gain better access to a client base in mainland China. According to Powei Chu, Special Assistant to the President within

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{ Be Bold } the Investment Department, Taiwan Life has already begun to capitalize on these unfolding opportunities. It has formed a 50-50 joint venture, King Dragon Life Insurance Co., with its Chinese partner, Xiamen C&D Corp. With an initial investment of $35.1 million (240 million yuan), King Dragon Life will position Taiwan Life to cash in on the emerging Chinese market and become a driving force in Taiwan’s push towards increasing visibility and presence on the international stage. Establishing King Dragon Life has been a 6 year process, according to Chu. “It’s a long process to open an insurance company. First, the mother company has to meet the ‘5-3-2 rules.’ It requires 5 billion USD in assets, having been established for more the 30 years, and setting up a representative office in China for over 2 years.” After meeting these requirements, the company needs to find a Chinese company to start a joint venture, as the Chinese government does not allow a foreign company to have more than 50% of the shares of an insurance company in China. “Insurance penetration in China is relatively low, and the growth of insurance premium has been growing in the double digits every year for the past 8 to 9 years. This is a market that can’t be ignored. King Dragon Life’s strategy will focus on using bank channels to sell policies. Until then, we will raise our own sales force.” On the part of the government, Taiwan’s Financial Supervisory Commission (FSC) has secured an international pact on insurance cooperation organized by the International Association of Insurance Supervisors (IAIS). As of June 2009, Taiwan has become one of the world’s leading pioneers in assembling a framework for cooperation, integrating a confidentiality mechanism into information exchange within the international insurance sector. By signing a new multilateral memorandum of understanding (MMOU), the FSC has improved cross-border supervision of insurance companies.

MOVING FORWARD Like all trends, the vogue that simple fixed income products are enjoying will eventually wane. As for securitization within the evolving fixed income market, the potential remains for anything involving future material cash flows to be constructed into an asset-backed security. To keep pace with the dynamic capital markets, proposals are constantly being drafted within Taiwan Life. For international investors farther away from global financial centers, one difficult issue to tackle

has been how to streamline the process of obtaining leading-edge market information. According to Chu, earlier reliance on investment banks in Hong Kong has been less than efficient in obtaining market data necessary to make time-sensitive decisions. Haiwen Hsu, Vice President, Head of Fixed Income, believes that one possible solution would be to establish a representative office within a financial center itself. With a professional career that has trotted around the globe, a return to one of her previous locations may be a solution. For Hsu, whose credentials include working with Freddie Mac in Washington, D.C. to Credit Suisse in New York, London, and Zurich, a true presence within New York will allow Taiwan Life to access market data and thus gain financial prospects intelligence. With its hub in Taipei, Taiwan Life has already instituted representative offices in Beijing and Vietnam. As for an entrance into New York, there is yet to be a single Taiwanese insurance firm to establish a representative office within the heart of global finance. For Hsu, who has been a pioneer at the front lines of fixed income investment on multiple fronts, entering New York would be one way of tracking innovations within the increasingly dynamic international bond market.

CRISIS MANAGEMENT As challenges remain for their international fixed income departments, insurance providers have felt anything but insured. Expansionary and monetary policies of governments and central banks have forced down interest rates, broadening possibilities of negative spreads by narrowing lending margins. Though they may be bottoming out, the interest rates that matter most, which had been falling— such as U.S. Treasuries 10-year yield, index of consumer interest rates, 30-year current coupon mortgage rate—are still low. For Taiwan in particular, the CBC plans on keeping interest rates low and is expected to drain liquidity out of the domestic bond market when it tightens monetary policy. The insurance sector operates by creating economic value to provide protection and relief for policyholders. Now, insurance providers will need to create a new kind of economic value out of changing demand trends to maintain the safety net they provide within the financial system. The most decisive factor for whether insurers will weather the storm may possibly be proactive business strategies rather than reactive actions to the financial crisis, keeping management as focused on business as it is on assets.

Green Shoots and Grass Roots HOW GENERATION Y IS CHANGING THE LANDSCAPE IN PHILANTHROPY By Anita Panchmatia

ou’re brash. You’re pampered. And finance-savvy, techsavvy, savvy-savvy. You’re independent—fiercely so. You question authority. You’re high performance—and high maintenance. You’re Generation Y and you’re changing the world. Generation Y, defined by The Wall Street Journal as individuals born between 1978 and 1993, is leading the charge in philan-

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thropy. Boston Consulting Group reported a near-22 percent decline in the wealth of baby boomers in North America in 2008. Meanwhile, Generation Y was using Change.org to sponsor social action. The industrial revolution gave rise to the mega-philanthropists, John D. Rockefeller and Andrew Carnegie; the communications revolution has enabled universal giving. Where Carnegie

4th Edition, 2009

was a puritan espousing philanthropy as a counter to capitalism, philanthropy is a social norm for Generation Y. Generation Y has an altruistic compulsion to improve the well-being of others. And to prove it.

PHILANTHROPY THAT MIRRORS THE FOR-PROFIT WORLD Generation Y may render the bake sale redundant. The Chronicle of Philanthropy found that returns from fundraising events like runs and walkathons are declining, despite steady or increasing numbers of participants. Instead, Generation Y, flush with entrepreneurial wealth and spirit, is bringing business acumen and innovation to philanthropy. These so-called “active philanthropists” no longer merely hand over checks: they commission projects, act as consultants, and mentor charity workers. Already witness to the dot-com crash and implosion of Arthur Andersen and Enron, Generation Y has what USA Today terms “financial smarts.” Members of this generation are cautious about unfettered capitalism—they are sympathetic to suffering. They likely have a broad social education, with school curricula and the mass media contributing to a hike in global awareness. As a result, there is a shift from charity-led transactional philanthropy, to donor-led engaged philanthropy. Matthew Bishop and Michael Green coined the term philanthrocapitalism to describe this “new way of doing philanthropy, which mirrors the way that business is done in the for-profit world.” Charities are adjusting to the entrepreneurial culture innate to Generation Y. They are forced to increase the professionalism of their management and shift their focus to building strategic relationships that may elicit non-financial contributions. These could restrict the freedom and flexibility that cash donations afford charities. Secondly, the global scale of donors’ concerns is changing the focus of charity from giving money away to making money responsibly. This may benefit Corporate Social Responsibility (CSR) initiatives, and market-based mechanisms such as social enterprises, but the impact for community charities is unclear. Some rationalization in the non profit sector may be inevitable. With the number of U.S. non-profits doubling in the past 15 years—the IRS counted over 1 million charitable organizations in the U.S.—one hopes for an outbreak of efficiency. The injection of a commercial outlook may prompt charities that are currently underperforming or un-scalable to collaborate or merge.

A SOCIAL CONTRACT DEFINED BY MEASURABLE CHANGE When Bill Gates announced in 2006 that he was leaving Microsoft to focus on the efforts of the Bill & Melinda Gates Foundation, he declared, “I believe that with great wealth comes great responsibility, a responsibility to give back to society, a responsibility to see that those resources are put to work in the best possible way to help those most in need.” Therein, he defined a social contract, one echoing the need for members of Generation Y to evidence their philanthropic contributions with measurable change. This is driven in part by an accumulation of wealth earlier in

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life, which makes giving to solve, not simply to support, a feasible goal. That goal drives a collective social ambition to bring ideas to scale and to quantify their impact. That goal may also be symptomatic of the instant feedback that Generation Y experiences in every other area of life; they are impatient for results. The shift from sharing wallets to sharing wisdom has also likely inspired a greater commitment in Generation Y to see through their philanthropic efforts. A plethora of tools now exists to measure the impact of philanthropic endeavours. The charity, New Philanthropy Capital, provides donors with services to assess and “optimize” their donations. In March 2009, the Financial Times reported that an ethical credit rating agency (one that assesses the credentials of social enterprises) is to receive funding from a $30 million initiative of the Rockefeller Foundation. Donors can now seek professional advisors to build portfolios of charities judged by the same Return On Investment criteria to which their commercial portfolios are subject. With renewed focus on value for the charitable investor through tax policy, social capital markets, and philanthropic investment instruments, Generation Y is forcing an evolution in social infrastructure. The impact of the Internet cannot be under-estimated. In December 2008, the Financial Times reported a 23% jump in donations given online. Web-based fundraising campaigns, forums and charity projects are connecting like-minded donors across space and time. Generation Y is using the Internet to give every cause a platform, to promote understanding and to promote tolerance. This is grassroots charity on an unprecedented scale. The mantra for philanthropy in the twenty-first century will be efficiency, accountability, and connectivity. The consequences are uncertain. Small, local charities may have a transparency that appeals to donors, or may be outpaced by larger charities that can integrate with rapidly changing technologies.

HERALDING CHANGE In the face of a recession, you would expect philanthropy to be the dead man in the field of the walking wounded. In reality, charitable giving exceeded $300 billion in 2008, a drop of only 2% from 2007. In this period of economic turbulence, Generation Y seems to prioritize supporting those less fortunate. Donations may still fall off the proverbial cliff. Experimental economist, John List, found that large charitable bequests are strongly linked to stock market performance, but with a delay. The Center of Philanthropy reported that stock prices are the biggest predictor of a household’s propensity to donate. With the S&P 500 Index down by about 15 percent in the last year, it is no wonder that many charities are nervous. The general mood, however, is buoyant. The ascendancy of Generation Y marks a new chapter in American philanthropy, one typified by altruism, effectiveness, and community. Carnegie would approve. Anita Panchmatia has six years experience in finance, working in investment banking and private banking businesses. She has worked in London and New York, and is now based in Boston.

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The Evolution of Dubai By Carol Iskander

lmost everyone around the globe has now heard of Dubai and is either shocked, a little cynical, or wildly impressed by its progress. One aspect of this development that has not been sufficiently discussed is Dubai’s “EVE-olution.” This term, coined by Faith Popcorn in her 2000 book of the same name about the principles behind marketing to women, perfectly describes the situation in this ever-developing metropolis. By citing “EVE-olution” in the context of Dubai, I am referring to that incredible shift in business that has been taking place over the past few years, the one where companies are finally realizing that women are a force to be reckoned with. Before your mind takes you in the wrong direction, this article is not another exposé about feminism and gender equality, or lack thereof, that many assume is always the case in the Middle East. Quite the contrary, it is about recognizing that women are fundamentally different, and how marketers must tailor their strategies to reach them. But I’m moving ahead of myself, let’s take a step back and look at some of the facts. It is probably not very surprising to learn that women’s consumption now counts for more than half of the US GDP, as stated in an article on female consumerism in the journal Brand Strategy. The Economist has even gone as far as to claim that these US women make more than 80% of consumer purchase decisions. What is still a recent phenomenon, however, is the growth of female decision-makers in the UAE, Dubai in particular. Marketers who fully comprehend the region’s psyche know that females are at the heart of almost all buying decisions. This newfound purchasing power extends beyond baby diapers and washing powder, to cars and electronics. The Dubai Women Establishment has performed study after study indicating that women outspend men and have a say over more than 85% of these buying decisions. Based on these statistics, it is understandable that companies are trying to gain female brand loyalty. To date, only a few have managed to successfully penetrate this intricate market. The reason behind this lack of success for businesses is that many of them have not yet embraced the differences between men and women. Assumptions always lead some marketers to the obvious yet cliché use of the color pink when targeting a female audience, but that just isn’t enough. During the Gulf Marketing Review’s 3rd annual conference on Marketing to

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Women, Delia Passi, President and CEO of Medelia Inc. in the US, explained that when it comes to making a purchase, women are usually looking for personal interaction. It’s not about buying a brand; rather, it is about building a relationship with the brand. This ultimately translates into loyalty; every marketer’s dream! The one little hurdle is that women do not respond well to the tried and tested methods that marketers use. Brand Strategy claims that companies are unable to appeal to women because they do not understand them. Every business leader knows from experience that the wiring of women is unique. They know that something needs to be done differently, but the question is “What exactly?” One brand that immediately comes to mind when searching for a women-certified brand in Dubai is Dove. Unilever showed its true appreciation of women with its Dove Real Beauty campaign. The purpose of this promotion was not just to sell moisturizer and soap, but also to make women feel good about themselves. What truly made this campaign a success, however, was that it did not just stop at the advertising. The Self-esteem fund followed; it focused on liberating the younger generation from self-limiting stereotypes of beauty. Alessandro Manfredi, global brand director for Dove, reveals that the brand is now employing its fund to provide money to charities that support young women’s wellbeing and raise their self-esteem. Not every brand has the weight of Unilever behind it for its campaigns, but all that matters is that they show interest in the issues that are constantly running through women’s heads. At a more grass roots level, a local dentists’ clinic, Drs. Nicolas & ASP, sponsors nursery and primary school events through an initiative they call the “Small Mouse Program.” Assistant Operations Manager, Andrew Nicolas, says this was in response to the needs and demands of women in Dubai. As part of this program, they distribute toothbrushes and toothpaste, teach the children the importance of brushing their teeth properly and even show them how to do it. What mother wouldn’t love them for that? Targeting female consumers is similar to roasting marshmallows on an open campfire; if you do it right nothing tastes as good, but if you’re not careful you could burn your fingers. According to Dr. Tarek Mady, Chair of the Marketing and Marketing Communications Department at the American University in Dubai, if a woman decides she loves your brand

4th Edition, 2009

she will tell all her friends. If, however, she has something against it, she’ll tell everyone under the sun for years to come. For this reason, Dubai women have created several online sites, such as expatwoman.com, where they can share their views on what to buy and what to burn. They have social events together, discover the latest hotspots and discuss every last experience, from terrific travel agents to horrific insurance companies. A recent creation of Dubai is Jumeirah Jane, a fictional character used to represent the group of women living in Jumeirah, a prestigious area of town surrounding the 7-star Burj Al Arab hotel. This has followed with more characters such as Bur Dubai Brenda, Ranches Rebecca and Green Community Gwendolyn. Jumeirah Jane in particular has become so popular that a favorite sushi bar has named a dish after her, and a hair salon just launched with the same name. Time Out magazine has started employing these mythical women for an advice column targeted at its female audience. They dole out advice on how women should take care of themselves and their families. They answer women’s questions and sometimes go as far as to suggest certain activities and events, usually charitable ones. The increasing popularity of these characters could be just the thing companies here are looking for. Women relate to Jumeirah Jane and Co. because they feel that their interests are being represented. A brand needs to do the exact same thing – identify and support women’s interests – and the word will definitely spread. Without question, the “EVE-olution” is well under way in the Middle East, and smart companies will want to jump on the bandwagon as soon as possible.

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Sarah’s Magic Beans Q&A with Sarah Endline, Entrepreneur and Founder of sweetriot By Emily Biberger

n a culture where it seems like everything now comes super-sized, Sarah Endline is proving that the best things in life still do come in small packages. The driving force behind the chocolate company sweetriot, Endline distinguished her start-up through the discovery that small bits of the actual cacao bean—the source of all chocolate—pack an incredible punch of intense flavor, thereby meeting consumers’ desire for a treat that is delicious and all-natural. What’s more, not only is the product waistline-friendly, weighing-in at just 140-calories per package, but the company is also trade-friendly given that sweetriot sources its cacao directly in Latin America. For this edition of Make It Happen, Endline spilled the beans—the cacao beans, that is—on her product, marketing strategy, and educational experiences, and discussed how even little things can have a big impact on the way we live and do business in our shared world. Make It Happen: What first interested you in chocolate and inspired you to see this delicious product as a business opportunity? Sarah Endline: I started first with the idea of creating a socially responsible company as amazing as The Body Shop. I started with my love of sweets and my memories of great, old, classic candy. I wanted to bring that same excitement to consumers—but with something that was healthy, indulgent, and guilt-free! When I discovered cacao I just knew I had to create a product pertaining to the true-natural chocolate bean. The attraction was that chocolate is really a fruit, and it’s natural, delicious, and good for the body. Plus, I really fell in love with the history of cacao! I want to bring back the magic and purity of chocolate. MIH: What makes sweetriot special and differentiates it from the vast quantity of chocolate available in the market today? SE: Sweetriot is reinventing the candy category with our healthy, all-natural treats while along the way running a values-based company. Our business and social impact model is predicated upon the belief that one unit makes a difference— thus, millions of units make a far greater difference. We believe sweetriot is indeed creating a sweet movement to fix the world through our actions and products. We’ve started by sourcing our cacao directly in Latin America, using recyclable, reusable packaging which features emerging artists, and only using all-natural, healthy ingredients for our dark chocolate “peaces.” We believe that a great product design begins with the consumer and macro world trends in mind! Consumers are seeking natural and healthy food. The offerings in the confectionary and sweets world are still based on a “fast food” type of manufacturing—they are high in calories

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and artificial ingredients. Natural sweets are the future. Furthermore, the new generation of consumers lives in a highly connected and mobile environment. In terms of chocolate specifically, we learned that consumer pain points related to guilt due to the large chocolate bar portions and calories as well as an inability to wrap their chocolate back up for later. Lastly, we learned that chocolate represented an emotional category in one’s life which related to friends, family, and gift-giving—a naturally viral product. We are meeting the wants and needs of consumers with our all natural, yummy, on-the-go products that offer controllable portions in reusable, recyclable packages. MIH: Would you give us a taste of your day-to-day activities as an entrepreneur? What has been your favorite experience while shaping the sweetriot brand? SE: Every day is unique at sweetriot. I may be meeting with an investor. Leading a board meeting. Speaking to a consumer group. Interviewing with the media. Selling to a major retailer. I love meeting consumers and retailers and sharing the sweetriot story best! MIH: Cultivating strong partnerships with the producers of your cacao beans, your community of consumers, a.k.a. “rioters,” and many other individuals along the way seems to be a key ingredient to the success of this entrepreneurial venture. What do you look for in the people with whom you work and the

4th Edition, 2009

organizations with which you establish relationships? SE: Sweetriot is human and different. It’s a not-just-forprofit company and is missionbased at its core. The mission is to create a more just and celebrated multicultural world for our next generation. We have a strong service philosophy that extends beyond customers into our partnerships. As a small company, we believe in partnerships to achieve more. We work with partners that share a similar value system. At sweetriot, we firmly believe that business success = social impact success. MIH: How do you spread the message of sweetriot and grow your following of “rioters”? Would you comment on the impact of various media platforms, such as blogs and Twitter, on your marketing strategy? SE: I think what makes sweetriot unique is the ability to build a community around our products. At sweetriot, we always say a riot never happens alone. Communication is key to building the rioting community. We connect with our consumers via blog, sweetriot postcard system, monthly newsletter, Twitter, Facebook, and at consumer events. MIH: Have you discovered any particular advantages or disadvantages to being a female entrepreneur? SE: I think women are nurturing and team oriented—perhaps sometimes they are too consensus oriented and don’t make the tough, decisive decisions fast enough. My advice to other female entrepreneurs is to stay true to yourself and your passion. Don’t listen to those who tell you that you are crazy. Take the plunge. MIH: What experiences from your undergraduate education best prepared you for your role as “Mastermind and Chief Rioter” at sweetriot? SE: I was very involved in student leadership and feel involvement in extracurricular organizations are key. Particularly I was involved in Aiesec, the largest student-run organization in the world, and had many overseas and leadership experiences at a very young age. MIH: As a graduate of Harvard Business School, what would you say to those thinking about continuing their education and pursuing an MBA? SE: Attending HBS opens up an incredible network of talented people and endless resources. It is not necessary to succeed but it certainly gives an entrepreneur like me a leg up when building something from the bottom-up.

any new products we can look forward to? SE: We are excited to have just launched another innovative, yummy product in the market—The unBar, and yes it’s affectionately known as the “unofficial bar of the world!” This is our first major product launch since the company started in 2005. The unBar is available in two flavors: unBar 65, 65% dark chocolate with crunchy cacao “peaces,” and unBar 70, 70% dark chocolate with crunchy cacao “peaces” and plump golden raisins. This unofficial bar is all-natural, gluten-free, dairy-free and only 45-50 calories per “mega peace.” We have recently teamed up with Virgin America to offer passengers the sweetriot unBar 65. Now you can get your cacao fix at 40,000 ft. We have unofficially renamed unBar 70 the “Jerry Bar” after I recently ran into Jerry Seinfeld at a restaurant in New York and handed him an unBar 70. He responded by saying “I love this bar.” I learned he has been purchasing it at his local market. Beyond this, our hope is to continue to meet the needs of today’s chocolate/sweetriot loving consumer with more delicious, all-natural products! Ready to join the riot? Stay up-to-date with sweetriot through any of these communication tools: Get our news! - www.sweetriot.com/getnews Follow our tweets! - www.twitter.com/sweetriot Be a fan! - www.facebook.com/pages/sweetriot Get the sweet-buzz - blog.sweetriot.com

MIH: Finally, what is on the horizon for sweetriot? Are there

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Harvard Undergraduate Women In Business’s Mission Statement Harvard Undergraduate Women in Business (HUWIB) seeks to empower a dynamic group of enterprising young women by uniting them through business education and experience. HUWIB offers a unique opportunity for undergraduate women at Harvard to expand and sharpen their knowledge of business opportunities, giving them the skills they will need to become future leaders in the corporate world. Serving the entire female Harvard undergraduate population, HUWIB is overseen by an executive board and six committees. Through panels, conferences, outreach initiatives, skill-building workshops, leadership projects, mentorship programs, and social events, HUWIB seeks to expose undergraduate women to a variety of business careers. HUWIB’s unique blend of professionalism, pragmatism, and entrepreneurial spirit allows us to develop programs that are informative, effective, and diverse. Over the years, we have cultivated close relationships with many organizations in different sectors of the business world, including investment banking, consulting, financial services, software technology, entrepreneurship, and marketing. Membership in HUWIB requires completion of the “WIBternship,” in which prospective members attend informational business panels and collaborate on skill-building projects. Associates enjoy the opportunity to gain a variety of management and organizational skill sets, from finance and development to marketing, design, and production. Much of HUWIB’s success comes from the creativity and dedication of its members who are constantly seeking to expand the organization’s influence both on campus and off. Through annual events such as the Intercollegiate Business Convention, HBS Day, and outreach trips, HUWIB seeks to broaden its reach and influence, sharing our ideals nationwide while staying true to our ultimate mission of empowering young women to pursue careers in business. Harvard Undergraduate Women in Business… Make It Happen!

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