LA Small Business Growth, UCLA Time Management Advice, and More
Take a look at some of the top stories coming out of the Los Angeles business schools this week.
The Growing Role of the CIO – Wall Street Journal
Vijay Gurbaxani, professor of business and computer science at the the Paul Merage School of Business at the University of California, Irvine, recently sat down with Ben Fried, CIO at Google Inc., and the Wall Street Journal for a conversation on the changing role of the CIO in today’s companies. The conversation was led by Nikki Waller, WSJ bureau chief.
Gurbaxani discussed changing technology and its impact on business, particularly the importance of cultivating talent in machine learning. For companies to stay current and competitive, he says, they must perfect the art of gathering data and putting it to good use.
“If you fall behind your competitors in developing this new know-how and leveraging, you’re going to fall further and further behind,” Gurbaxani said. “So my message to you would be get out there in a hurry.”
To read more excerpts from the interview, click here.
Study: L.A.’s Small Businesses Optimistic About Growth – Los Angeles Business Journal
A recent survey, conducted by 1st Century Bank in a partnership with Beacon Economics, has showed positive signs for LA small business growth, which is projected to continue through the end of the summer.
The study, which surveyed 150 small businesses in 30 core industries, reported a number of findings that offer hope and a positive outlook for small business owners in Los Angeles. About 78 percent of businesses reported that they expected to see an increase in market demand, while 54 percent witnessed an increase in profit margins over the past six months. Nearly 56 percent of the businesses reported a boost in sales during that same period, and over 70 percent expected to see further increase during the next six months.
More than 70 percent of small business owners in LA are expecting even more growth within the next six month.
According to Beacon Economics research director Adam Fowler, small businesses are a crucial part of the Los Angeles economy and throughout the nation.
“If we don’t understand small-business sentiment,” he comments, “we can’t know the direction this important sector will be heading in … nor can we improve conditions for their success.”
Click here to learn more about the LA small business growth research and look at the complete report here.
Time Management for Startups: Entrepreneurs Act as if Future Hours Aren’t Worth Much – UCLA Anderson Review
While larger companies have become increasingly aware about the importance of time management in a hyper efficient work environment, the same may not be true for entrepreneurs. Upstarts in the business world are as notorious for breaking certain conventions as they are for cutting their teeth, putting in triple-digit hour work weeks to build companies from scratch. And the reason being, says UCLA Anderson‘s Charles J. Corbett, is that there isn’t enough research quite yet.
“I realized there wasn’t much out there,” Corbett said in a UCLA Anderson Review interview. “A lot of the issues that entrepreneurs face don’t come up in our core management studies.”
Alongside fellow UCLA Anderson and INSEAD professor Guillaume Roels, and University College London’s Onesun Steve Yoo, Corbett found that entrepreneurs have to think of time management in the terms of their future, rather than today. And the trick is to understand “net present value (NPV).”
“But, according to Corbett, Roels and Yoo, people, including entrepreneurs, aren’t very good at thinking about their time in the same way. When people think about the value of their time, they tend to think about its current value, today, and not the future ramifications of having that time today. Correctly anticipating those dynamics, ‘NPV thinking’ is particularly important for entrepreneurs with the ambition to grow their business.”
You can read more from the trio’s time management research here.
More Harvard MBAs Are Turning to Politics
There’s no doubt that politics and public service have been hot topics since the November 2016 election. These subjects have dominated news stories and talk shows across the country. And, according to a recent report by the Wall Street Journal, politics and public service are also moving up as career choices for graduates from Harvard Business School (HBS).
Around 40 Class of ’17 HBS MBA graduates launched careers in government and nonprofits—twice as many as the previous year. Even though this represents just 4 percent of the program’s 900 graduates, it still suggests a growing interest in policy-making for business students.
Of course, business and government have always been closely connected, and it’s common for MBA students to aspire to public service and nonprofit involvement as part of their long-term career plans. The difference is that MBA graduates are starting to head into public service careers immediately after graduation. At least that’s what Matthew M. Segneri, an HBS MBA Class of 2004 alumnus, has witnessed.
Segneri, the director of the Social Enterprise Initiative at HBS, has noticed that graduates are increasingly considering careers in politics. In an article in the Harvard Crimson, he said: “Over the last 12 to 18 months, I’ve had a number of conversations with folks and seen a real uptick in the number of people who are thinking about local, state, and federal office.”
He went on to observe a change in the timing of these plans. “When you look at the prior generations of alumni there is more the tradition of learn, earn, and return—folks would go to school, have a successful traditional business career, and then later in life they would pursue public office or get deeply engaged in nonprofits and their communities,” Segneri said. “Today, there’s both an urgency and an understanding that it doesn’t have to be that way.”
There are many factors driving the surge in interest in politics. One is the simple fact that the United States elected a prominent businessman as president in the last election. Another is a trend of prominent business leaders being very vocal about politics in recent months, reinforcing the connection between the business and political realms.
For example, during the 2016 November election, Meg Whitman, the CEO of Hewlett Packard Enterprise Co., threw her support behind the Democratic candidate in New Jersey’s Fifth Congressional District race. And Carlos Diaz, a French entrepreneur in Silicon Valley, told the Financial Times that the tech industry has some responsibility for the 2016 election outcome.
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“The America that voted for Trump does not own a Tesla, nor an iPhone, and when it needs money, it does not ask business angels for help: it relies on bad credit,” Diaz said. “It is time to recognize that we need to develop technologies and businesses that will benefit the widest range of people possible, algorithms that do not divide but that bring together.”
So, it’s not a surprise that MBA graduates are heading into politics. In fact, more than a dozen Harvard MBA graduates have recently announced campaigns to run for local, state, or federal government.
Democrat Tim Keller, HBS MBA ’05, was elected mayor of Albuquerque, NM, last month while Republican Margaret Busse, HBS MBA ’01, recently announced her candidacy for the Massachusetts state senate. In addition, HBS MBA ’03 Sarah Amico is expected to announce her run for lieutenant governor in Georgia.
While Keller didn’t enter politics straight out of graduate business school, he understands why new MBA graduates are doing so. “In business school, what a lot of people do is say, ‘Oh, my second career is gonna be in public service. I’m gonna go into business, be successful, and then do public service,’” he told the Crimson. “What’s different all of a sudden is that people are opting out early, and they’re like ‘I’m gonna do this right now’ because they’re upset about something or fired up and want to make a difference.”
Adem T. Bunkeddeko, MBA Class of ’17, is currently running for Congress in New York’s Ninth Congressional District in Brooklyn—making him a perfect example of this phenomenon. Throughout his career at Harvard, Bunkeddeko maintained his connection to his local community and decided to use his business skills to better serve through politics. “At HBS we’re trained as general managers,” he said. “Understanding aspects of an organization, whether it be from the finance front or human capital, are important and useful skills that are actually quite lacking in public service today.”
And many other MBA graduates feel the same way. For Busse, who is running for the Massachusetts State Senate, the many case studies she read during her HBS coursework informed her desire to go into politics. “It’s really that ability to solve real-world problems that is needed in government today, that is needed in nonprofits today, and anywhere where people are trying to make a difference,” she said.
In addition, Busse sees widespread dissatisfaction with the current political climate as another reason MBA graduates are entering this arena. “I’m guessing a lot of people are feeling like me, frustrated with the current situation we have in politics today and feeling their skillset gives them a unique ability to help solve the problems we have right now,” Busse said.
In fact, that dissatisfaction led HBS MBA ’01 Daniella Ballou-Aares to recruit more HBS graduates into politics by forming the nonprofit Leadership Now with some of her fellow alumni. Developed after the 2016 election, Leadership Now recruits Harvard alumni and business leaders to run for office and helps to raise funds for their campaigns. After just a few months, the nonprofit already has the support of about 300 high-level business leaders.
Another example of HBS graduates encouraging public service is With Honor, which was developed by ’09 MBA Rye Barcott to support veterans running for office. In 2018, the organization plans to spend $30 million supporting campaigns for 25 to 35 congressional candidates.
In the end, Keller notes that the biggest motivation for MBAs to get into politics may be President Donald Trump. “Whether you like him or not, he is motivating. You’re either motivated against him or you’re motivated for him,” Keller said. “I also do think there’s just something about the millennial group that they’re not going to wait around.”
To learn more about how Harvard Business School facilitates students’ careers in politics, visit the school website.
This article has been edited and republished with permissions from our sister site, Clear Admit.
To Fume Or Not to Fume: Wharton Studies Cite Benefits of Anger in Negotiation
A recent article on effective negotiation and competition tactics in the Wall Street Journal utilized the results of four studies from The Wharton School. Specifically, the article discussed the benefits of getting angry in these situations.
The article cites four Wharton studies that explored the effects of anger on motivation and outcome in negotiation and competition settings. In the negotiation studies, subjects were informed that they would participate in a meeting with another person. Half of the subjects were told the meeting would be a negotiation, and the other half were told they would just be having a conversation. In the competition study, researchers told half of the participants they would be playing a computer game with a teammate, and told the other half that they would be playing a video game against a rival player. Participants in both studies were given the option to watch either a clip of standup comedy or an upsetting harassment scene from the 1985 film Witness.
Subjects who believed they were entering into a competition or negotiation were far more likely to watch the harassment scene, whereas those who were told they were having a conversation or playing a game as a team gravitated toward watching standup. Participants who watched the upsetting video before going into a negotiation or competition (and expected their anger to be a useful tool) performed more effectively.
Multiple studies have shown that negative feelings can be an asset in negotiations—or at least that positive feelings an be an impediment. In her book Sensation: The New Science of Physical Intelligence, psychologist Thalma Lobel suggested making people as physically comfortable as possible before proposing a business deal. An act as simple as serving someone a warm cup of coffee proved to increase their positive feelings toward the other person, and consequently made them a more lax negotiator.
Though it seems anger can be an effective tool, the article cautioned readers that it can also impede the creative process by narrowing thinking. Additionally, getting mad can negatively impact coordination. But ultimately, anger, when harnessed carefully and expertly, can improve chances of victory in competitive settings.
Part-Time MBA Battle: Houston v. Dallas
Among the bustling metros of the Lone Star State, Dallas and Houston are the biggest. Locals from the Houston and Dallas metros are die-hard about their towns, and their business schools take their MBA programs seriously. Both cities offer plenty of part-time options to prospective MBAs, so let’s take a deeper dive.
Location
While Houston and Dallas are only about four hours away by car, each metro offers completely different living experiences. As far as weather goes, if you dislike humid climates, Dallas may be the location for you. If you love being by the water, Houston may be up your alley—though the city, unfortunately, is more at risk for tropical storms and hurricanes.
Houston is statistically the more expensive city to live in, but not by a significant margin. According to Numbeo, a database of user contributed data about cities, you would need around $4,242 in Houston to maintain the same standard of life that you can have with $4,000 in Dallas, assuming you do not own a home. As far as entertainment goes, it’s really a tie: Both metros boast great restaurants, shopping, sports entertainment, and nightlife.
Here are a couple more quick stats comparing Houston and Dallas, courtesy this awesome infographic from SpareFoot:
- Houston is the 5th best US city for good jobs, Dallas ranks 18th.
- Houston is the 5th best US city for job seekers, Dallas is 6th.
- Dallas has the 13th lowest unemployment rate in the US, Houston is 18th.
- Dallas has the 9th most affordable housing marketing in the US, Houston is 8th.
Not every MBA candidate can manage a full-time degree program. So many business school students continue to work throughout their studies, balancing a job and graduate school through a part-time MBA program. Many of these programs take place in the evenings and on weekends, allowing for flexibility along with continued professional growth.
Dallas Part-Time MBA Programs
The following schools in the Dallas metro offer part-time MBA programs:
- Cox School of Business – Southern Methodist University
- Naveen Jindal School of Management – University of Texas at Dallas
- Neeley School of Business – Texas Christian University
- University of North Texas College of Business
- University of Texas at Arlington College of Business
The Southern Methodist Professional MBA features a flexible and modular curriculum that students can customize to their learning and future career goals. Students have the option to choose a concentration and a minor from nine subject areas, including: accounting, finance, general business, information technology and operations management, management, marketing, real estate and strategy, and entrepreneurship.
The estimated total cost of the aforementioned Professional MBA program is $93,696. This figure excludes costs such as books, materials, housing, or transportation. However, approximately 60 percent of students receive some form of financial aid, either need-based or consumer loans.
The Professional MBA program at the Naveen Jindal School of Business consists of taking two classes each semester, and classes are usually offered Monday-Friday from 4 to 10 p.m. The program is offered three different formats: a Evening Cohort, Flex, and Online. The Evening cohort option can be completed in 24 months, and allows the entire intake to experience the 30 required classes together. The Flex program lets students finish their degree on their own schedule, online and on campus. Similarly, the Online MBA offers plenty of scheduling options, but a limited choice of electives and concentrations.
Tuition costs depend on the amount of courses taken per semester and which track students are enrolled in. At UT Dallas, students pay lower per credit when taking more classes per semester. The estimated cost for tuition and fees for in-state residents in the Evening PMBA program is $42,347, and $78,449 for non-residents and international students. Tuition and fees for resident students in the online program is estimated at $49,531, with non-resident tuition at $84,016. Scholarship opportunities are available.
The Professional MBA at the Neeley School of Business meets twice a week in the evenings. The cohort-based program that can be completed in as little as 24 months or as many as 33 months—the amount of time it takes to complete the program depends on how students schedule their elective courses.
One year of the Texas Christian Professional MBA program costs an estimated $33,090, which includes tuition and other program fees. Books and other course materials are estimated at about $1,000.
Students in the University of North Texas MBA program have the option of taking courses on a full-time or part-time basis, and can earn a MBA degree in such areas as finance, health services management, marketing, logistics and supply chain management, organizational behavior and human resource management, strategic management, or business studies. Students completing the MBA in business studies also have the opportunity to complete a concentration in international business, library science and technology, real estate, or sustainability.
The UT Arlington Professional Cohort MBA structure is created for experienced professionals who want to continue to work full-time and follows the same 45-credit hour curriculum as the MBA flexible structure. The cohort structure allows students to complete courses in accelerated five or eight-week sessions, which allows students to complete their MBA in 24 months. This format is only offered at the Fort Worth campus. The estimated cost of the MBA program at the University of Texas at Arlington College of Business is $25,382.
Houston Part-Time MBA Programs
The following schools in the Houston metro offer part-time MBA programs:
- C.T. Bauer College of Business – University of Houston
- Cameron School of Business – University of St. Thomas
- Jesse H. Jones School of Business – Texas Southern University
- Rice University – Jones Graduate School of Business
- University of Houston – Downtown
The University of Houston Professional MBA program is a flexible program that takes 22 months to complete and consists of 48 credit hours. Students must complete 21 core credit hours and 27 elective credit hours.
Tuition costs at Bauer are estimated at $42,000 for Texas residents, $66,600 for non-resident students, and $72,000 for international students. Costs can change depending on how many classes a student is taking and their student status MBA students can get financial assistance in the form of student loans and scholarships, such as the MBA Bauer Excellence Scholarship. Students can receive up to $10,000 per year, qualify for in-state tuition (for nonresidents) and receive a two-year subscription to The Wall Street Journal.
The Cameron School of Business offers a flexible MBA that holds classes on the weekends and in the evenings. Students in the MBA program at Cameron are required to complete 36 academic hours: 27 hours are in core course and nine credit hours are elective courses.
The cost of the Cameron School of Business MBA program is $1,163 per credit hour. Students taking eight or fewer credit hours per semester are required to pay a $47 activity fee. Those students taking nine or more hours are required to pay $82. Students must also pay a $100 new graduate student fee and an $80 technology fee. Students are required to pay all fees every fall and spring semester.
The Texas Southern MBA program at the Jesse H. Jones School of Business provides a general management education to students who are looking to advance their current careers in business management, and can be taken in a full-time or part-time schedule. Part-time program students can complete their MBA degree over a flexible amount of time, depending on their availability to complete courses. All students complete courses over the fall, spring, and summer semesters.
The Jones MBA costs about $7,130.38 a year for in-state residents and $13,700.38 a year for out-of-state folks. Other fees such as room and board, transportation, books and other personal expenses are not factored in the cost of the program.
Rice University’s MBA for Professionals is a flexible program that offers an evening or weekend option to allow students to maintain their current work schedules. The traditional professional MBA is held in a lock-step format while the Extended Professional MBA program holds classes two evenings a week during the first semester and one evening a week after that. Students in this program can extend their education for three years or more, up to five, in order to better fit with their schedule.
The current tuition cost is $101,500 for the Evening and Evening Extended programs and $105,500 for the Weekend program. The tuition covers the complete 22-month schedule of coursework and is billed in 25 percent increments over four semesters.
The University of Houston Downtown part-time MBA can be completed in two or three years. Classes are offered in a hybrid form, with some classes taking place on campus and others online. Students may elect to pursue a “soft start” to their MBA, where students pursue their concentration classes first, or a traditional-start MBA students, where they take core classes the first year, followed by concentration classes in the second year.
The school also offers a three-year path to an MBA where students work on their concentration the first year and then take the core classes in the second and third years, or elect to pursue a traditional start by taking core classes in the first two years and concentration courses in their third year.
At $532 per credit hour for in-state students, tuition for a UHD MBA varies depending on the concentration. Students concentrating on finance, human resource management, leadership management, or business development/sales management will pay $21,840. Concentrations in supply chain management, international business or accounting cost $23,940. An MBA with a general management concentration costs $18,088. Out-of-state students pay about $28,300 and out-of-country students pay around $28,480.
UCLA Anderson Introduces New Online Journal
UCLA’s Anderson School of Management recently debuted the UCLA Anderson Review, an online journal that features the research from its faculty. The journal will showcase the vast business and economic research that the UCLA faculty spearheads.
“The faculty of Anderson (School of Management) is doing cutting-edge research that can have an important impact and elevate national discussion on crucial issues, and so the review is a way to put spotlight on that,” Rebecca Trounson, Director of Executive and Brand Communications, said.
The publication is written and assembled by Anderson’s Marketing and Communications department and a team of freelance writers.
“Our writers are top journalists from places like the Los Angeles Times, The New York Times, and The Wall Street Journal, and they are very sufficient to understand these research papers and explain them in an acceptable way for a wide audience,” Trounson said.
UCLA Anderson Dean Judy Olian expressed her own enthusiasm about the journal’s debut.
“A key priority for all of us at Anderson is to showcase the impact of our faculty’s wide-ranging research, and make it accessible to students, alumni, business professionals, the media and others. We are please to share the inaugural edition of the UCLA Anderson Review, offering important and practical insights derived from the rigorous scholarship of our faculty,” Olian said in a recent release.
As of now, the review is publishing two articles per week that feature topics like retirement savings, healthcare, and workplace behavior.
UCLA Anderson Review Editor-in-Chief Jeff Bailey meets with both the faculty and the writers to determine what content will be included each week. Bailey does some preliminary investigating to learn what faculty members are working on, and then meets with them to find out more about their research.
The review’s articles can be found on their website, or readers can subscribe to the journal to receive monthly emails that include new articles.
Quinlan Faculty Members Discuss Amazon, Humor, and More
Loyola University Chicago Quinlan School of Business faculty and staff were recently quoted in several publications on critical issues in business, ranging from humor to Amazon. Here are some excerpts from those pieces: Continue reading…
