In a recent question from a new reader named Stanley, I got a question abouthow to approach the essays. Specifically, he asked about what career to discuss in his MBA application. See his question below.
My name is Stanley and I met you at the MLT happy hour earlier in the week. I want to personally thank you for the advice that you gave me on both the MLT process as well as the MBA admissions process. I think those pieces of information will go a long way in helping me complete my essays during my attempt at going to business school. I believe the main thing you said was to answer what, why, and how when addressing your essays: with the most important area being the focus on the why.
I also have a follow up question on essays around the idea of if it is better to create the most complete story for business admissions counselors on what your background most relevantly points towards rather than create a story about what you really truly want to do if your background work doesn’t strongly support that field or work (ie currently doing financial consulting and aspire to get into management consulting/ as appose to currently in financial consulting and aspire to become an entrepreneur in the field of education). What do you think? Should I go for the story all the websites say works or should I go for the story of my true passions despite not having the strongest backgrounds to support wanting to do this. Finally I know you said that you had two blog entries that you wanted me to read and I am eager to find out what they are because at this point I welcome informed advice.
Otherwise, I think what you are doing with the education matters project as well as this website and you work with MLT is admirable. Please keep it up, you have no idea of the positive impact that it brings. Thanks for all the advice and I hope to hear from you soon.
Below is my video response. And apologies for some of the noise in the background — we’re still working on sound and lighting issues but wanted to get a response out sooner than later.
One of the defining problems of our students today, is what to study in college. In today’s world not only are there more options than ever before but there are also more paths to success than ever before.
Past generations don’t understand the dilemma quite as much. In times past, they could “Study a more traditional major”, “Go get a good job!” and have the security of staying in one or two jobs for the rest of their career.
In today’s world, that’s simply no longer the case. Students think more about their majors, more about their first jobs and more about what they “want to do when they grow up.” Well, in a recent question from a long time reader named Jennifer, I got a question about just that. She asked about starting off in Engineering and about the value of an MBA.
Thank you very much for your great insights! I have learned a lot and enjoyed the reading. I am from engineering background as well, and I am currently studying in my final year at school. I am planning my path towards CEO, but I chose engineering as my starting point. What do you think about that? I also wonder if an MBA plus finance and accounting studies (or any other relavant studies) will increase my chance in getting to the CEO position one day too? I would love to get your opinion.
Here is my video response:
In short, an MBA is valuable for some people, and engineering can be a great starting point. See my video for the rest of the response.
How much time do you spend every day checking email, logging into Facebook, sending text messages, and surfing the web for things you don’t really care about? Probably way too much. Many of my MBA classmates did too.
But don’t get me wrong, it happened to me last year as well. As a fairly known MBA Blogger who gets as many emails as most people I know, I woke up one day last year and realized I had the same problem.
I’d put my head down on campus sending dozens of texts and emails when I had friends sitting right in front of me. I’d write multiple blog posts on a Saturday morning and realized I was getting behind on all my afternoon work. And I’d search stories online only to realize 90 minutes went by in the blink of an eye. And it happened often.
One post on HBR put it this way:
The definitive Internet act of our times,” she adds, “is a perfect metaphor for the promise of reward. We search. And we search. And we search some more … clicking that mouse … looking for the elusive reward that will finally feel like enough.
A wealth of information creates a poverty of attention.” And retention. Taking in endless bits and bytes of information is akin to pouring water into a glass already full — in this case our severely limited working memory.
In some ways, we’re all guilty. Millennials have been doing this for years now–even the President’s campaign is centered around the use of technology. Emailing friends when other friends are right in front of them. Texting other people, even though they are standing right beside them. And scanning through Facebook to see the latest news, even though the last ten times you were not fulfilled by anything they found.
What I’ve come to find, is that in high level work environments this doesn’t fly. Not only is it looked down upon but it’s also not as productive. Especially when your job is demanding and in jobs where you are forced to account for your time (i.e. a law firm and consulting firm).
While you don’t have to turn off your technology entirely, at some point we’ll all have to do better. We’ll have to consciously ignore it during times that matter. During your most important projects. In the time leading up to important meetings. During your most productive times. And of course when you’re with people whose attention you care about.
Of course, if you don’t do it now, life will force you. Friends will notice you are not engaged enough. Jobs will notice you’re not productive enough. You’ll come to find that you’re having a harder time focusing.
All things that have happened to me in the past.
And all things that can happen to anyone.
In the last presidential election, fewer than 57% of voting age Americans actually voted. And this was one of the most watched events in history. In 2010 it was fewer than 40% Surprised? Don’t be. The numbers have been low for years. This year, we can all step up and do something about it.
There are a lot of reasons why it never makes sense to abstain from voting.
From the legal angle, if you don’t vote, then you aren’t thinking enough about the issues. The policies at stake are not only important, but they impact you profoundly. If you consider the rules and policies of healthcare, education reform and unemployment a little more, you’d know just how much your voice mattered.
From the business side, I’d say this is a serious marketing problem. Not just from the candidates but from state government too. How can you not exercise your most fundamental right to vote, to have a say, and to take part on the day that more people will be tuned in than any other time this year? On November 6, 2012.
If you don’t vote because you’re confused, then that doesn’t make sense. There’s enough information out there to get more informed quickly and make a choice.
If you don’t vote because you think your state is already determined, then you might want to think again. Because if everyone felt that exact way, then the numbers could swing in either direction very quickly. It’s the voters paradox. More importantly, the margin of victory in your district could still be a factor in the momentum any candidate gets during the election.
If you don’t vote because you don’t have the time, then make the time. I’m busy too, but spending a few minutes to register and vote is well worth the time.
If you don’t vote because you don’t like the game of politics, I understand, but don’t agree. Don’t be fooled. Half of the “game” of politics is a ploy by the news channels to get more eyeballs and make more money. Another part is paid TV ads trying to get their party an advantage over the other. Sure maybe some of of the hooploa comes from the candidates themselves. But nothing unexpected given what’s at stake in two weeks.
The good thing about voting is this.
- Voting is free. Or the price of a stamp if you mail your ballot in.
- You can vote from anywhere, and send in an absentee ballot if need be.
- You can take part in the outcome.
- You can help shape the next four years of our nation (or of your local geography in other elections)
- You can join the other thousands of people that will be doing the same.
- You can influence other people in your community to vote.
- You can exercise a right that people have fought and died for.
- You can get smart about the issues.
- You can take a stand for what you believe in.
- You can get started learning and have a stronger voice next time.
The candidates are different. So are their policies, motivations and stories.
Every single person, in every state, city, district and county should absolutely exercise their right and privilege to choose.
In short, please vote.
Every time you consider putting your hand up in class, hit the send button on email or hit the “order” button online, you never know how it’s going to turn out. Will your message be accepted? Will people judge your mistakes? Will they like the gift you send?
On the other hand, there’s also liberation in just sending it already. You can move on to the next task. Often times people don’t care anyways. And you can stop pouring over small details that don’t really matter. Or details that you can’t control.
A few weeks ago, I was sending a small but important gift to someone using an online retailer. I wanted to make a good impression so spent time making sure the message was good. After spending more time on the message (and figuring out the delivery time) than I’d ever like to admit, the website completely messed it up anyways. Not only did the message have typos but it also wasn’t even the version message I sent and it didn’t arrive until the next day. After all that time planning, I had no control over what happened. Fortunately, the mistakes didn’t make a difference in the end.
Likewise, I also recently sent an email at work. I spent over 30 minutes on an email that wasn’t even important but that went to someone who I needed to do well for. So after pouring over my message for over an hour and proudly hitting the send button on a well-crafted, thorough yet concise email, I came to find that the person never even read it. I was in shock.
More often than not, we don’t know how people are going to respond so we have to put our best foot forward. And I’m glad I did in both cases above. On the other hand, time is limited, our To-do lists today are longer than ever, and spending life hiding in the corner afraid of criticism is not the best of your time, no matter what your position at a company is. Especially when it’s a situation where it’s the thought (not the words) that counts.
Sometimes you just have to send it already. Whether send the email at work, submitting your application to a program, or sending a gift online . Because none of your effort matters until you hit send.
So what are you waiting for? Hit send. I just did.
No, I’m not talking about the Kellogg Section (e.g that was my section) although I loved all my poet classmates. Instead, I’m talking about people who have a way with words. People who can cut through the noise and articulate their vision so that other people can hear.
In times past this was much easier. Without all the noise, people were more focused, they had less distraction, and people could rally around them much easier.
But today’s world makes this more challenging. Today we have more soundbites to filter than ever. We also have more messages in our Inbox and more people in the world than ever before.
Meanwhile, we also see news channels that spend 95% of their time talking about the bad news. Websites using enticing headlines fighting for more eyeballs. And social media putting out more quantity than quality.
In today’s unfocused time, we need people who focus on the positive. People that can capture the imagination of their companies. People that can touch the hearts and minds of their communities. And people who can inspire the spirits of people to create change from the other side of the globe.
In every industry and organization imaginable, we need to have poets.
MLT’s Pre-MBA Conference Call 1.5 days ago was a huge success. More than 100 of you showed up and got to hear from one of the top education nonprofits I know. My apologies to everyone that technical problems kept me from being able to answer questions at the end. But I do have one alternative for you now.
Everyone on the call considering applying to MLT and to MBA programs, I’d love to answer your questions now. I’m starting a new segment here called #AskJeremy where you can Ask Me Anything on Tumblr or on my blog. I’ll answer anything I can help with related to careers, MBA and law school admissions or anything education-related that might come up. I don’t have all the answers but I do have my perspective and the perspective of people I know.
I want to respond via video so I can respond more quickly and concisely.
You can ask by sending in a video question or written question.
I’ll do my best to respond to anyone that writes, but from time to time may give priority to those from my own communities, including those from MLT and anyone interested in sharing your story with education matters should I get more questions than I can respond to quickly.
I look forward to hearing from you all.
The true story of Felix Baumgartner’s act of bravery can be seen everywhere you look online. Just this past weekend he became the first person ever to break the speed of sound with his record-breaking skydive from 23 miles.
Jumping from higher than 23 miles meant he had enough time to reach a speed of 833.9 miles per hour. That translates into 1,342 kilometres per hour. And that roughly translates into Mach 1.25, which is faster than the speed of sound.
Sounds unbelievable right? No one has ever traveled at that speed in clothing alone. And no person has ever jumped from so high before either.
Imagine the emotion. Imagine the thoughts going through his head. Imagine the fear. In the Washington Post, he noted, “I thought for a few seconds that I’d lose consciousness.” “I didn’t feel a sonic boom because I was so busy just trying to stabilize myself. ”
In spite of that daunting fear, Felix was audacious enough to try it anyways. Don’t get me wrong –of course he did the math and understood the risk. But he went against all fear and decided to jump anyways. And in the end, he became the first man to break the sound barrier and three other world records.
I’m not saying you should go out and beat his record tomorrow. Or come up with a new cliff diving record next week. But I am saying you should think about how to be audacious in your own field. Calculate the risks, do the math, and take big risks and see what happens.
Nothing truly great was ever done by someone that shied away from being brave. Instead being brave is how the Wright Brother got started and how airplanes were created. It’s how game winning shots were made. Billion dollar companies were formed. Insurmountable campaigns were won. And how the greatest stories of our time conceived. It’s the kind of bravery that billions of people on our planet have noticed over and over again.
In the meantime, maybe try to get Red Bull to sponsor your project too. Perhaps one of the best consumer marketing ideas in a very long time.
You know exactly what that moment feels like if you’ve had it before. The moment everything changes. The moment you can’t keep your head down any more. That point, when you have to do something about it.
For some people it’s to finally take action in this year’s presidential campaign. For others, it’s about the importance of working on an issue you care about–like moving our education system forward. It could be helping someone that needs your support more than ever. And for many, it’s launching that business that has not only been your mind but also your heart for years.
The problem is that the moment won’t last forever. The urges you get might only come once or twice. The resources and time might never be at your fingertips ever again. So you have to grab it. Take it. Compel others to come with you. And take action, regardless of the obstacles in your way. Because people in your community are counting on you. That’s why you feel obligated.
Just about the hardest thing you can do but bravest thing you can is put your head up and take action in the moment.
So what was the last moment of obligation you had? And what did you do about it?
We get stressed about money, doing well at work, getting into top schools, passing exams, rushing to the airport, and about our relationships–friendship romantic.
So as we go through our week, our stress rises when we have to spend money, lead the next work meeting, or interact with someone whose opinion we care about. We spend a lot of extra time thinking about how to do it perfectly and if we can’t then how we can avoid it. And even though we all do it, we almost never talk about it because we think we’re the only ones going through it.
On the other hand, just about everything I stressed about wasn’t worth the time and energy I spent stressing. The high stakes moment I awaited was a lot easier to navigate than expected. The negotiation I poured over for weeks was a lot nicer than I thought it would be. The test I took was wasn’t nearly as hard (or least not as important) as we all thought. And the person I was nervous to talk to didn’t turn out to be scary at all. In fact, more often than not, the discussions went well.
In short, stress usually things worse, not better. You artificially raise the stakes. Increase the odds that you perform worse when the situation comes. And you don’t enjoy the ride, which often times is just as important as the result.
Easier said than done, I agree. After all, I stress about interviews, tests, and conversations as much as anyone else. Further, when you have Wildly Important Goals, sometimes a little bit of stress is inevitable. Because you’ve been working at your WIG for months, if not more, and the stakes feel higher than they have for a while.
One the other hand, the better you manage your stress and enjoy the process … the better off you will be. The better you’ll manage the process. And the better your odds for success will be in the end.
So what about that interview, meeting, project or discussion coming up? Have you been worrying about it all week? Is it stressful to talk about? Think about? Prepare for? If so, take a step back. Breath. Tell someone. It’s probably going to work out better than you think.
Something to consider.
One of my favorite quotes in the world:
Fear makes the wolf bigger than it is.
That feeling you had just the other day, that’s the one I’m talking about. The hesitation that all of us have felt at some point. When it seemed so much easier to play it safe and stick with the status quo.
Sometimes it’s a little whisper you hear in your ear. Other times, a feeling you have in your stomach. The one that asks you: Why change things now? Why risk doing it again? It didn’t work before. Are you sure you can handle the stress?
But often, this hesitation is all wrong. Too many people hesitating is why we don’t have a critical mass to move the education system forward. It’s why aspiring artists haven’t even started the first line of the screen play they’ve always dreamed of writing. It’s why most people haven’t made an inch of progress toward the job that they’ve been wanting for years. Because despite the profound opportunity that’s right in front of them, it’s easier not to do something scary and to stay with the status quo.
Don’t get me wrong, I understand it. I don’t like failure, stress or rejection either. And I’ve had just as much of it as you have. Even worse, today’s world teaches us to do exactly the opposite. School teaches us to “do things by the book.” And incentives at work tell you to put your head down and say, “that is not my job.”
On the other hand, it’s only when you decide to try giving it a shot that you have the opportunity find something better.
When a few dozen teachers in Chicago protested the system last month their strikes made noise all across America. When my good friend Emanuel decided to stop his full time job to work on city issues her cared about, that’s how his campaign for Mayor came together. When my long-time mentor finally forgot about his (very understandable) setback at work and started being dynamic again, that’s when he became a real leader and today is doing better than he ever imagined. And when you finally decided to say yes to that decision you’ve been putting off … or the decision you may have already said no to, that’s when things finally had the chance to get more interesting.
In short, we all have the natural reaction of hesitating when new things come along. But often times, things work out a whole lot better when you get past it.
Sunk Costs refer to money, time and other resources you spend on a project or investment. They have been “sunk” into your work and as you’re looking to make new decisions now, you cannot get them back.
Here is the general rule of sunk costs. When making a choice between two options, you have to forget about sunk costs and instead only consider the future ones. Forget dollars you’ve spent, hours you’ve worked and time you’ve put in. You can’t get them back and they don’t affect today’s decision. Instead think only about the decision in front of you. Consider the pros and cons. Think about the best return for your money and time now.
Here is the classic example–an investment in your new business.
You’re launching a new company that you hope might be the next big thing. You’ve been funding it out of your own wallet and you’ve been optimistic that it will work out in the end. By now, you’ve spent the past 12 months working hard. You’ve hired multiple employees, contracted a web developer, spent money on bank fees and spent 75+ hours every week trying to turn it into something great. When you add it all up, you’re well over $100K in. That number, that represents your sunk cost. You’ve spent the time and money and you won’t be seeing that again in your Bank of America Account.
Here’s where it gets interesting.
After all your effort, the project isn’t taking off as quickly as you thought. Time is more limited. You don’t think you’re getting the right feedback. The website isn’t attracting enough people. And most importantly, the product needs to be updated for your future buyers, or they won’t buy it. And all of this is going to cost you a lot more cash. You think it’s possible to fix it, but that will take another 6 to 12 months to pivot. You’ll also have to hire another person and spend more money on resources. How do you decide? Should you spend the money? And should you consider past costs?
Under the rule of sunk costs, to make the decision to move forward or not, the money you spent is completely irreleevant. You should only consider the additional cash you will have to spend and the additional value you can create. And if the numbers work out then invest more–if they don’t you pull back.
The same thing holds true in other circumstances too. A project you are leading at work. Time spent trying to win a competition. Time spent trying to woo a customer or a potential significant other.
But it’s all easier said than done. After all, humans are not only tied to their time and money but they also have a tough time forgetting the past. Especially when you’re working hard on something you’re passionate about. When lots of people are looking. And when we think our reputation is on the line.
But conventional business wisdom says you should not include the costs you have already sunk into the project into your decision.
Hard to say that this holds true 100% of the time. I personally believe deeply in the power of understanding the past.
But definitely something to think about.
The crucial moment when you are contemplating something new and daring. You’re out on the ledge and one part of you is ready to jump in and go for it. But another part of you isn’t sure. But you have to decide and time is winding down.
That’s the moment we all have to face at times. Taking a job you really want but that pays less than another one. Finally launching a company that you have been waiting to work on for years, and now you have a glimpse of extra time. Arguing for more salary right then in an employment negotiation the day before you have to decide.
It’s the moment between going big or going home. It’s scary but also empowering. It’s the difference between staying with the status quo or trying to change things for the better.
Despite that, most people get stuck. They don’t speak up. They don’t take the leap. They fear of things not going well just like last time. So they say No. And before they know it the chance is gone.
On the other hand, some people do just the opposite. They ask for more money. They spend their own money to hire someone. They say Yes, optimistic that this time it could be different than last time.
So the question is, what are you going to do the next time you face a moment of truth?
In the end, all the time and energy you’ve spent thinking about, preparing for it, and recovering from last time, won’t do you any good, unless you take action in the moment this time.
Despite what they say, one thing everyone thinks of is finding the perfect match. Businesses looking for new customers. Working professionals looking to get into the right MBA program. NBA teams looking to draft a new star player. And anyone looking for that special someone.
That’s why businesses are willing to spend a lot of dollars trying to find the best customers. Because those customers will not only spend a lot of money but also be advocates and refer others customers.
It’s why NBA teams will dish out a few extra million to not only to get the best player but also to get the player that fits in well with the team. It could take a team from mediocre to NBA finals contender in just one season.
It’s why MBA prep programs focus so much on finding the right “fit” schools and careers. Plenty of people have failed out of top schools while others have been profoundly successful at lower ranked schools.
It’s why employees look hard to find the perfect mentor at their firms. Advocates who help them get good work and make it to the top of their careers.
And it’s why people say no to dating dozens of other people and wait on the one they think is a REALLY good catch. Someone who may not even live in their city.
I heard it put in this 3 step framework my marketing class back in my days at Kellogg. You want to find someone who
- Likes your strengths
- Doesn’t mind your weaknesses, and
- Isn’t well-served competitively
So someone that like the things you do well. Doesn’t care so much about the things are you aren’t that good at. And doesn’t have anyone else like you around.
No matter what the context … find these people and improve your odds at success.
In today’s hypercompetitive ever-expanding world, customers have more choices than ever. More lawyers to call before choosing, more stores to shop at, more websites to visit and more things to choose from.
My firm values its customers. That’s why we have a 24 hour max time to return calls and emails.
So does Amazon.com who has an 8 hour rule with their online customer forms.
One website I recently visited promised to get back in 4 hours.
Because in the end … if you don’t get back fast, rest assured someone else will. And the customer you once thought was yours, will be gone.
So what are you waiting for? Call.
In today’s era, the number of choices is getting way to high. Everywhere we go, we hear more noise, we see more clutter and we get more spam. It happened to me yesterday, when I went out after work to purchase a few shirts. But there were too many stores, too many styles, and too many (pretend) deals. And in the end, faced with too many choices, I didn’t buy anything at all. Instead I felt overwhelmed and went home.
Faced with this challenge, most people respond just like I did. They either don’t buy anything, they buy the cheapest one or they buy the single brand that they know before going on their way.
And this isn’t just true online it’s true in every part of the world. The number of resumes employers have to choose from is higher than ever. The number of lawyers in the world is growing even faster than that. So is the number of Internet coders, book publishers, grocery stores and other things in the world.
So the question is how can any of these places stand out? And what can you do to find what you want faster?
On one hand, maybe everything a store makes has to be better than average. On the other hand, maybe you should figure out how to limit your choices before you start.
We all wish we could do things at exactly the perfect time. Launch a new business right when the world needs your product. Get a job at a new company one year before it went public. Start a movement online when everyone was paying attention. Getting in touch with someone the moment they were thinking about you too.
But I’ve seen it time and time again, where just the opposite happens. People wait, and then they look back with regret because they waited too long. A lawyer waited for the perfect time to respond to a client and the client was not happy it took so long. An entrepreneur sat around on their idea and someone else came up with it first. Someone wanted to inquire about a job, but someone else got hired before you.
I hear people say this all the time, “I am not ready. I’m not sure about this. Or the timing isn’t perfect yet.” All valid points … but all sure fire ways to be too late and miss out.
Being early has it’s price too. Sometimes you lose a little time. Sometimes there is more uncertainty. And usually the cost is higher to make it happen. But that’s okay if you are on to something big. Because the value is higher too when it all works out.
In short, there’s a small price to pay for being too early, but there can be a HUGE price to pay for being too late.
So what are you waiting for? Go.
One of my favorite quotes:
A good plan today is better than the perfect plan tomorrow - George Patton
The word leadership is significantly overused in business school (and in MBA applications). Not only is the concept ingrained in many people’s minds but too many people falsely assume they have what it takes to take the lead.
In business school, too many people try to lead. Sometimes, they they do it when they don’t have enough experience. And other times, someone else is far better suited to lead.
In many cases it may make more sense to follow. To let someone else take the reins, make a decision, and be accountable.
Being a leader when you don’t have the experience can take a team down the wrong path. And leading when you don’t have passion is not only hard but it’s impossible when the going gets tough.
I propose that the best leaders understand the importance of passion and they are skilled at stopping to take the follow. They have the guts to put their egos down, to think about what’s best for the team and to help out where they can. And in the end, not only is it best for them but also for everyone involved.
For the first time this application season, I’m joining Kellogg at a public MBA admissions event. Given my work hours over the coming months, I’m not sure I’ll make all of them. So I hope you’ll consider coming to this one.
College and graduate admissions season is one of my favorite times of year. Applicants are not only visiting campuses, sitting in on the classes and going to info sessions but many are also writing me with questions from all across the world. All in hopes to find a golden ticket into top programs. Well, for people applying to MBA programs, Kellogg School of Management is holding an info session in early October. I’m going and would love to meet all of you there.
The event will be held in downtown Chicago at 555 West Monroe, on Monday, October 1, 2012.
In general, these events are a great chance to mingle with potential MBA students and also a great chance to meet admissions officers and learn more about the school.
Meanwhile, I’ll be there and you can ask me anything–the good and the bad–about Kellogg and any top MBA program.
CLICK HERE to register.
And feel free to contact me personally if you’ll be attending.
See you in a two weeks.