Business School – MBA Specializations
Deciding to get your MBA is a daunting task. Deciding on your MBA specialization can be even more overwhelming. There are many different specializations to choose from. If you are having trouble deciding, the current trends in MBA specializations are discussed below.
Currently, the top trend in MBA specializations is social networking. Sites like Facebook and Twitter have changed the way businesses run. Many businesses are using these platforms for promotional activities. Due to this change, leading MBA schools are now adding social networking as part of their marketing specialization.
Another trend is in entrepreneurial studies. The current recession has led to many job losses and hiring freezes. This has invoked the entrepreneurial spirit in many people looking for better opportunities. Many people are now returning to school to earn their MBA with a specialization in entrepreneurship.
Like many aspects of your life, MBA programs have started going green. Perhaps not in the way you think, however. Corporations now have a social responsibility to make sure they are conducting their business in the greenest way possible. To meet this demand, many institutions have started offering a specialization in environmental policy.
Another trend is social entrepreneurship. The world has been undergoing some serious social problems in recent times. Social entrepreneurship deals with businesses using innovative business tactics to solve social problems. Many of the top schools are starting to add electives in social entrepreneurship to their current programs.
These are just a few of the current trends in MBA specializations. You should aim towards a specialization that will benefit you and your career goals. This will ensure you get the most out of your degree.
Those Big Words, ‘Business School’
The ultimate goal for those who enroll in an MBA program is career advancement. What form this advancement will take depends completely on each individual’s personal agenda. One student may plan to return to work for a former employer in a more sophisticated context, while another may seek to change careers entirely, transferring to a field that is more challenging or fulfilling. Other more entrepreneurial students may attempt to launch an independent business. Whatever the case may be, MBA programs are designed to guide the student toward the path of their choosing while providing the skills that will be required when they reach their destination.
How do they do this you ask? Well, the most successful MBA programs strive to gather groups of students with diverse backgrounds and goals and then facilitate the sharing of their experiences in the context of the study of theoretical business applications. Before we get in to the academic elements of the MBA program, let’s first take a look at some of the different techniques schools are currently using to cultivate leadership qualities in their students (besides the standard lectures, papers, exams, etc?).
1) Problem-Based Learning (a.k.a Case Studies)
Rather than simply conveying material to the students through lectures, business schools are now using the problem-based learning format to force students to think for themselves rather than regurgitate material that they’ve memorized.
Classes are subdivided into small groups and each group is presented with a particular management issue or problem.
As a team, the students must research the case they’ve been presented with and apply what they’ve learned from their studies to come up with a solution to the particular problem.
This type of exercise forces students to become “horizontal thinkers” who must consider ALL factors related to a particular decision rather than simply looking at an issue from on particular perspective (ie. accounting vs. marketing vs. finance).
2) Studies in the Field
Many schools are now supplementing class lectures and individuals study time with studies in the field
Although most students coming into MBA programs already have significant work experience, schools continue to stress the importance of “learning from doing”
The interpersonal skills that are crucial to strong leadership cannot be taught in the classroom setting but rather must be observed first hand in the field.
3) Team-Based Learning
While many of the projects assigned in business school require students to work in groups, team-based learning focuses specifically on how to work as team.
The goal isn’t so much to complete a particular assignment or project on some managerial issue, but rather the to learn how to work closely with others.
Setting goals, assigning responsibilities, and learning to rely on others are some of the skills involved.
Because team project and work groups have become so common in the business world, the schools are stressing teamwork abilities now more than ever..
The Curriculum
Now of course, underlying all of these different teaching techniques, is the curriculum itself. The first year courses of most MBA programs make up what is known as the core curriculum. While each school tries to present the material in what they believe is a unique or progressive manner, there remains minimal variation in these courses from school to school because every MBA student must ultimately have a fairly extensive level of knowledge in the following areas:
Business Strategy Analysis
Financial and Managerial Accounting
Management Statistics and Data Analysis
Managerial Economics
Marketing Management
Managerial Finance
Managing Organizations
Operations Management
For a detailed description of any or all of these courses, please browse through the course calendar or website of the particular business schools you are considering.
Once this core curriculum has been completed, most business schools allow their students to spend the remainder of their course time on electives. Many schools are recognized for particular programs that they offer and this recognition tends to revolve around these second year elective courses. Often business schools will have faculty who are eminent leaders in their field lecturing for these courses, providing the class with cutting edge research and the latest advancements in the area. Some of the areas that a second-year MBA student can specialize in include:
Accounting
Arts Management
Educational Administration
Entrepreneurial Ventures Finance
Government
Health Care Administration
Human Resource
Management
Management Consultants
Management Information
Technology
Manufacturing Management
Marketing
Not-for-Profit Organizations
Operations Management
Small Business Management
So as you can see, it’s no longer possible to pigeonhole business schools as gathering places for society’s elite, who put in a couple of years before taking over the family empire. A degree from a reputable business school can now place you on the fast track for a leadership position in any one of an incredibly diverse number of career paths. The MBA has become just as important in public service domains such as education, government, and healthcare administration as it is in the more traditional corporate sectors.
What to Expect for the Costs you have Sunk In?
Having established that going to business school represents a pretty serious financial burden, let’s see what you’re actually getting for all those dollars your laying out. What are the “frills” schools are using to attract students, and the impact that the program can have on your ability to attract employment and your earning potential once you’ve found the job you’ve been seeking.
Facilities:
Talk about plush. Be prepared to work extremely hard when you get to business school, but if your at one of the better ones, take solace in the fact that you’ll be doing it in style. The fact is that many of the schools (and not just the powerhouses) are investing heavily in infrastructure to woo you. Remember, there’s a definite element of reciprocity in the relationship between schools and applicants. To put it simply, they want you to like them just as much as you want them to like you. As a result a significant proportion of a business school’s dean’s time is spent fundraising. Many schools are building brand new buildings, with brand new classrooms, libraries, conference rooms, cafeterias and students lounges all supplied and state-of-the-art technology. Just as one example, Cornell’s Johnson Graduate School of Management has built a simulated trading floor with the exact same technology being used by real analysts.
Connections:
The business world is ALL about connections. We’re not going to feed you the line that “it’s who you know not what you know” but rather that it’s “who you know AND what you know”. For that reason, an MBA program has become incredibly important for young people trying to get their foot in the door. At business school you’re going to educated in the “what” and immersed in the “who.” Without even realizing it, you’re going to be spending two full years networking. Whether it’s faculty who have pivotal roles in major corporations, corporations who’ve formed alliances with the school, or fellow students, over the course of the program you’re going to be in close contact with individuals who are currently, or will be in the future, extremely influential in the business community. Imagine your new best friend happens to be the next Bill Gates, Warren Buffet, David Filo, or Jerry Yang just waiting to surface. Well that’s the kind of relationship that fortunes are built on.
Jobs:
The following excerpts come directly from the Business Week Guide to the Best Business Schools (6 th ed.). It summarizes the relationship between MBAs and corporate hiring so well that felt we should pass it straight on to you completely unadulterated. We further recommend that you find the complete article from which this excerpt was taken (available on the web) for supplementary reading and that you use the guide as one of your resources for choosing the right business school for you (in our opinions it’s one of the most informative).
As we approach the millennium, the MBA is unquestionably the hottest degree you can hold, particularly from an elite school. The stats prove it: At virtually all of the best schools, GMAT scores and starting pay packages are setting records. Applications are too, although a large part of the boom is coming from overseas…The 61 schools surveyed by business week for its 1998 rankings waded through 116,912 applications for the Class of 2000, and the average GMAT score was 667 for those attending the Top 25 schools, up from 649 just two years earlier.
Today, the MBA is on its way to becoming a requirement for anyone who hopes to build a career in Corporate America, and, indeed, much of the world… Certainly, it’s true that corporate recruiters can’t seem to hire enough MBAs these days. The 259 recruiters who participated in business week’s 1998 survey of the best business schools hired 10,348 MBAs in total, a 28 percent rise from 1996. And they would have hired even more if they could have: Grads of the Top 25 business schools averaged 3.2 job offers each, up from 2.3 in 1992, and compensation exploded. The median pay package (salary, bonus, and extras such as stock options or moving expenses) at the Top 25 hit $111,420, up 19 percent from just two years ago. Another telling figure: Median pay topped $100,000 at 18 of our Top 25-versus 5 two years ago.
For more about online mba degrees, visit us online.
Business Cards: The Other Side
All of us have business cards. Most of us have standard-size cards, printed on one side. How much more mileage could you get from your cards by using both sides?
There are lots of uses for the back of a business card. Why not try one (or more) of these? If you print your own business cards on the computer, you can make short runs of different types and see what works best for you.
Put a map of your location on the back, with directions on how to get there. Print one or more client testimonials, with their names. To repay them for taking the time to give a testimonial, you could also list a web address or other info for them. List your specialties, topics, or other information about your products and services. For example, a massage therapist might list the modalities they employ. Show a picture of your book cover or product. The visual will help them to remember it. Make your card a coupon for a free consultation, a dollar or percentage discount, gift with purchase, or other value. Consider using an expiration date, or print “Offer good through,” and leave a space where you can write in an expiration date. List your seminar schedule. Give instructions for subscribing to your ezine or newsletter. Print quotes or sayings. In the Franklin Covey store they give out cards with beautifully printed quotes on one side and their contact information on the other. Print a product or service description from your catalog. You might want to leave off the price, or state a date the price is good through. You don’t want someone showing up 10 years from now trying to claim an outdated price. Put a survey or response card on the back, and promise a free gift (such as a booklet) when they respond. Of course, also send them another card. Print a form to encourage people to pass your card along as a referral. Hand write a note, or print a note in one of the handwriting fonts. It could be something like, “I enjoyed meeting you! Please call me the next time you need an attorney.” Put short (clean) jokes on the back of your card. Use a variety of jokes, not just one or two. These make a great icebreaker at a networking event.
Whatever you do, make sure you always have a supply of your business cards with you. And give them out to as many people as you can!
Business Management – Elements of Leadership
A strategic direction is vital for any business but it needs to be understood by the staff. A good leader in business management will have the ability to instill the direction of the company’s strategy effectively. All of the employees need to be able to not only understand the corporate strategy but be on board with achieving the goals of the strategy. A good leader will have the ability to motivate their staff into wanting to achieve the corporate strategy.
Strategic direction tells employees not only where the company is headed, but where the employees are headed as well. A good leader in business management has the ability to show employees how they play a role in achieving the overall goals of the business. Employees will have a good understanding of their individual importance and how they make a difference with the work they do. This creates self importance and motivates staff to want to be productive in order to help the business succeed.
Quality business management also requires a leader to have the ability to instill guiding values with the employees. The values instilled within the employees should provide guidance. A good leader will guide staff into making wise decisions that are for the benefit of each individual and the organization focused on integrity. Employees want to follow a leader that is honest.
There are many things that a successful leader of business management must be capable of providing to the staff. These things include instilling the strategic direction, providing the company vision, and installing guiding values that motivate the staff. Supervisors are responsible for transmitting the philosophies, goals, vision, and values throughout the organization. A good leader that is capable of doing these things, sets the foundation for deploying systems that are well defined, techniques, and performance measures of achieving them.
Business Cards: Make a Good First Impression
Business Cards form a part of your identity. Just like an identity card, it gives a brief intro about the person, his business, contact details, and many such other things. It sometimes has a tagline also, which defines what the company does. Carefully made, it can be more than an identity card, and act as the promotional medium for the person and his organization. It is usually printed on a white background, and with black print. But, in these days many colored cards are also getting popular. These can be any color, red, magenta, blue, purple, even black also. These cards are now more than mere small pieces of paper with your contact details. Some cards are made by the company itself for its employees. These are similar for all the employees, and contain company logo and name at the top. These are like small pamphlets of unpaid advertising for the company, while making a good impression of its employees as well as of the company itself.
Since it is the first impression of the individual on the client, it has to be really good, so as to begin a long and fruitful relationship in the future. It can also bring in ample business if used effectively. Some small things and changes can make a business card interesting and attention catching. One of those things is the graphic or the artwork. Avoid using the usual clip art image on the card. It should be elegant and creative. It should make a lasting impression on the client. An oft repeated and million times seen image would not be able to make that required impression, and can make your card go with the other cards a person usually gets. Therefore, make small efforts, and find a good image for your card.
Another thing worth attention is the information itself. Latest information should be printed on the card. If there is a change in that, try to get new cards, rather than scratching the older ones, and rewriting on them. Also, complete information should be given to the printer before the business card printing is done. This will avoid the problem of writing any additional numbers individually on the business cards when they are received after getting printed. These small things not only prevent any mistakes that could hamper the card’s motive, but also make it more impressive and effective so that these can bring more business and more clients in the future.
The Best Business Schools in North America
Business is big money in today’s economy and if you are going to succeed you will have to find the best business schools in North America. Schools that specialize in business will help you to obtain your dream job in the business and financial realm. You will also graduate with the opportunity to make some big bucks thanks to your degree from one of these accredited business programs:
University of Pennsylvania (Wharton)
The Wharton School of Business is consistently recognized as a top business school. They are known for their innovative teaching methods and their wide range of academic programs and resources. They also claim to have the world’s largest and most cited faculty.
They offer a four-year Bachelors of Science degree in Economics, with courses in accounting, finance, marketing and informational management.
MBA students are allowed the flexibility of designing their own major and they have 18 majors to choose from. Students can double major or design their own major.
University of Texas at Austin (McCombs)
The McCombs School of Business is known for a well-rounded curriculum. They also have an outstanding faculty and the college consistently ranks among the best in the country.
The undergraduate program is a four year degrees in accounting, finance, marketing, International Business, Business Honors, Engineering Route to Business and Management and Information Systems.
The MBA program requires students take nine core classes including strategy, finance, statistics, financial accounting, marketing, operations, microeconomics, information technology and managerial accounting. Students are then able to mix and match electives. Students are not required to declare a graduate major.
University of California-Berkeley (Haas)
The Haas School of Business is considered one of the best business colleges in the world. The curriculum involves more than just the classroom setting and students have the opportunity to be involved in innovation, the community and global excellence. They also stress the importance of entrepreneurship.
Consistently ranked at the top of the board on excellent business schools, the undergraduate program allows students to begin after their sophomore year and earn a Bachelors of Science degree.
The MBA program focuses on management fundamentals and leadership abilities. Students will also hone their skills in quantitative, analytical, and strategic and problem solving skills.
Massachusetts Institute of Technology (Sloan)
MIT is a world-renowned school and the curriculum is both technical and real world. MIT uses a variety of techniques and projects to teach students business skills that they will use.
The undergraduate program at Sloan focuses on technical and managerial skill sets. Students are able to concentrate on one of the four areas including finance, marketing science, operations research and information technology.
The MBA program encourages students to have leadership and hands-on abilities. Students will graduate prepared to run organizations and to be excellent managers in a variety of situations.
University of Michigan (Ross)
The Ross School of Business ranks amongst the top business schools annually. They feature a wide curriculum with advanced electives and general management courses. Ross also has a commitment to research and they have excellent facilities available to students.
Ross features a BBA program that will prepare students for an MBA program. Students should have transferable credits in English, Calculus and Macroeconomics. They are able to choose from a three year or two year program.
The MBA program at Ross features a one-year core curriculum that covers the ten most important elements in business. Afterwards students work on a seven-week project that enables them to apply their education in real life experiences. Students are not required to choose a major in the MBA program and they have over 100 courses to choose from in their second year of study which allows students to focus on areas of interest to them.
Small Business – The Selling Secret Every Small Business Owner Should Know
If you sell millions of dollars a year in products and services from a platform each year like I do, then you know that small business owners could stand to learn a few of the secrets that mark master sellers.
Small business owners have a million headaches to juggle: taxes, regulations, arcane business laws, employee benefits, employee conflicts…the list goes on and on.
So you can almost forgive small business owners for overlooking one of the most important ingredients to their success-selling.
But there’s no getting around the fact that thriving businesses sell and sell often and well. As Zig Ziglar likes to say, “You can’t hit a target you cannot see, and you cannot see a target you do not have.”
That’s why small business owners must understand and apply one killer selling secret that I and my fellow seven-figure salespersons use to close sales and show customers why the services and products we have to offer them are smart investments.
So what is the killer selling secret that can move minds and ignite action?
I’ll tell you.
It’s learning to “Pay For The Product Upfront.”
Let me explain.
Every sales pitch you ever devise should immediately reveal to the prospect why their investment in your product or service is, in effect, cost neutral. For example, let’s say you sell a product that costs $2,000. Before you ask for the order you must first show the customer how the product will save or, better still, make them at least that much money-guaranteed.
For example, my coaching clients understand that their five-figure investment will boomerang back into their pockets within the first year of their time with me. Why? Because I educate them on the return on investment (ROI) BEFORE I even think about asking for the sale. If more small business owners monetized the value of their service or products in detail (as in down to the penny) before they made their pitch, they would see a dramatic and near instantaneous increase in their business.
So why don’t more small business people do this? Why don’t more people apply the secret selling weapon? After all, most entrepreneurs are smart and driven. They cover all the details except the strategies and tactics of power selling. Why?
Well, I think it’s because they are burdened with the million other things that compete for their attention. And from experience, I also know that many have never been mentored or coached in the art of sales, persuasion, or the power of personal influence. Does that make them bad people? Of course not. Does that make them less success in their entrepreneurial endeavors? You bet.
That needs to change, and it needs to change now.
Be great!
Some of the Best Business Schools in the World
The ranking of business schools are normally based on the quality of their faculty members, campus, syllabus, and the likes, however there is no definite list of the top schools in the world. It’s not easy to single out the top 2 or 3 from a number of exceptional institutes, from all around the world. Still, there are some institutes that will make it to the top of any list that ranks these type of schools, based on any criteria. However this list is not an exhaustive one and there are a number of equally good business institutes, other than those included in this list.
London Business School
London Business School is a part of University of London and situated in central London near Regents Park. Apart from MBA, it offers degrees in finance, management, fellowship for business executives, as well as PhD programs.
Harvard Business School
Unarguably, one of the best business schools in the world, Harvard Business School is situated in Allston. No list of high status business schools can be completed without including HBS in it. It offers a two year MBA program, Doctoral Programs and Executive education.
IESE (Instituto de Estudios Superiores de la Empresa)
IESE Business School in Spain is a constituent of the University of Navarra and constantly ranked as one of the most quality schools in Europe. The campuses are located in Madrid and Barcelona. Founded in 1958, IESE offers MBA programs, executive MBA, Global Executive MBA and a range of other business education programs.
Stanford Graduate School of Business
Stanford Graduate School of Business is situated in Stanford, California and offers MBA program, public management program and global management. Unlike other business institutes, Stanford GSB has no specific degree programs with specialization in subjects like marketing or finance. The institute was established in 1925 (the faculty had three Nobel Prize winners at that time).
MIT Sloan School of Management:
MIT Sloan School of Management (1914) is located in Cambridge and offers education programs for a number of business subjects including marketing, economics, finance, information technology and Supply chain management. In addition to these subjects, a very unique MBA program is specifically designed for entrepreneurs, known as Entrepreneurship & Innovation program.
IMD, Switzerland:
Most of the world’s top business schools are quite old, however International Institute for Management Development (IMD) is a relatively newer one (founded in 1990). However, it is now ranked among the world’s finest business institutes. IMD focuses more on providing executive education programs and is known for its emphasis on management and leadership skills.
Business Cards – 4 Things Never to Say When Handing Out a Business Card
Business cards can be one of the most effective ways to gain new business. Think of them as little billboards with your name on them. They help you make more sales, create more customers, and increase your business.
Have you ever thought about what you say when you hand someone a business card? The words that come out of your mouth set the tone of your meeting, and can leave a lasting impression.
4 things to never say:
1. Sorry it’s so dirty. I must have spilled coffee on it this morning.
You should never give a prospect a card that is stained, dirty or dog-eared. Your business cards represent your business image. Keep them in a case, or an inside pocket where they will remain clean and fresh.
2. This is from my last job. My phone number’s still the same, though.
Update your business cards, especially if you change companies or positions. If your company is paying for them anyway, why not have them print new ones? If you work for yourself, printing new business cards is an expense, but there are many services that print them at very modest fees. It’s worth updating your business image.
3. This is the only one I have on me. My other cards must be in my suit at the cleaners.
A basic rule for networking events or visiting clients is to make sure you have your business cards available. Think about how much more impressive it is to hand out a card, rather than to write your contact information on a napkin or scrap of paper.
4. Don’t worry about the stuff I wrote on the back. I don’t need it.
Although in North America many people write on them, in many countries, writing on a business card is bad etiquette. People treat business cards as part of their persona.
You should never write on anyone’s cards without asking their permission. Writing on your own cards isn’t as bad, but don’t hand out a business card where you wrote someone else’s information on it, to another person. That’s just bad taste, and can also reveal other people’s information.
You should never have to apologize for a business card that’s in poor condition. Instead, make sure they are always in good condition and up to date. You’ll make a better impression, and people will be more likely to keep your card, and call you back.
You are invited to use these tips to increase your business success.
Starting an Online Business – Ins and Outs of Your Venture
Internet or online business is a field that has gained a lot of publicity recently. There are great opportunities waiting for all kinds of people, no matter what industry they represent. There’s just one question to answer: how to begin? Starting an online business is not that difficult, yet it can be challenging if you don’t have some of the basic elements in place.
Nowadays, the point of entry is much easier to reach as new entrepreneurs can start their businesses from a small corner of their homes, having only a computer and an internet connection. This big change from physical to virtual gives a good advantage for wealth seekers to reach multitudes of people with very little effort. It is because of this new resource that starting an online business endeavor is an attractive choice for people searching new ventures.
When starting an online business, one must first be familiar with the internet itself and its business applications. This includes things like doing market research, conducting competition analysis, understanding how various web tools work, and becoming aware of the culture and trend of the internet as a marketplace.
In doing so, it is essential to plan for a good concept, product, services and content. The internet is one fast busy business district, so making the content and concept of the business should mean taking full advantage of its capability. Selling goods to audiences all over the world is often the ultimate goal of many online businesses. Therefore, we should consider an interactive online shopping, a convenient global access, and a perfect showcase for people to obtain information about the company and its products. It is also important to achieve efficient means of communicating with clients and customers.
One of the first pieces of online real estate every entrepreneur needs to have is a website. This basically deals with having a domain and finding a web host. The domain is a unique address on the internet that the business owner chooses. It is usually named after the actual business name of the company (or taken from the product itself) since some customers often type it in the web browser.
The web host, in plain English, is a company that provides you with the service of hosting your website on their servers (nowadays, there’s no point in having your own servers sitting in your office). Very often, hosting companies also offer domain registration, which makes the whole undertaking a lot easier because you end up with just one company handling both your domain and your hosting. After you have your domain and hosting set up the next step is to have the website designed.
Despite the fact that this is usually the most expensive part, it is not advisable to design the website yourself if you don’t have any knowledge in this field. The safest thing to do is to buy a premium WordPress theme and have it installed on your hosting account.
Once the website is ready there are a couple of things yet to do. One of the most important ones is setting up a payment processing system. Fortunately, this is not that difficult thanks to services like PayPal. It is a highly recommended service due to its popularity around the internet and high safety standards. If you intend to sell digital products it is also advisable to deliver them online via a download link or an email attachment. This makes the whole process a lot quicker, and a customer can enjoy their purchase right away.
Unfortunately the “if you build it they will come” phrase does not apply to online businesses. This means that you have to build the traffic to your website on your own. The purpose is to avoid your website to be wiped out by other websites. In order to don’t let that happen you have to learn some basic SEO (Search Engine Optimization). Having your website ranking highly in search engines like Google, Yahoo! and Bing is the best way of attracting a constant stream of new customers.
In order to keep track of the transactions made, it is helpful to install a free and easy traffic analyzing tool such as Google Analytics. The statistics it provides will give you valuable information about what’s going on in your business in terms of pure numbers.
Finally, in the business world, online and offline; honesty, credibility and integrity are important values that the consumers always consider. Gaining and keeping their trust is essential for that matter. Let us never forget that success doesn’t happen overnight. Starting an online business is never difficult as long as much dedication and hard work is put into it.