The joke goes like this - Someone was looking for something on the ground below a lamp-post. The cop asks him, did you lose something. He replies "yes, i lost my keys". Cop - "Did you lose them here ?" . The man replies "no, I lost them over there, but the light's better here."
Most of us figure out what to search for , or figure out a brilliant business idea but spend most of our time in the wrong place. This is what is called as "majoring in minors" (courtesy this video). Most people spend major time and effort in minor things and cant figure the more important things.
Example being when starting a website. Spending most of time in developing it, using cool and newest technologies, starting from scratch, but missing out on things like target audience, business proposition. If you do not know whats the size and type of your customer, your website is doomed to die. So 90% of the thing could be to launch it, but the most important thing would be the last 10%.
Moral of the story - Do not just concentrate on what is the easiest to do. Concentrate on whats more important. Searching for the key under the lights might be an easy task but you are going to fail as the key is not there.
Friday, October 23, 2009
Wednesday, October 21, 2009
The elevator pitch
Elevator Pitch
Came across a nice video about how to pitch about your business idea to an investor in a 2 minute presentation.
A good elevator pitch is made up of two key elements
1.layout the pain statement - what you are trying to solve
2.value proposition - how does your venture solve that problem
A good elevator pitch must pass four key tests
1. It should be short - you might have just 2 mins to deliver your pitch
2. It should be easy to understand - even a non technical guy should be able to get the idea.
3. It must be greed inducing - how are you planning to get $$ and how much ?
4. It must be irrefutable - must be self explaining and leave the investor with more answers and less questions.
Quite impressive !
Came across a nice video about how to pitch about your business idea to an investor in a 2 minute presentation.
A good elevator pitch is made up of two key elements
1.layout the pain statement - what you are trying to solve
2.value proposition - how does your venture solve that problem
A good elevator pitch must pass four key tests
1. It should be short - you might have just 2 mins to deliver your pitch
2. It should be easy to understand - even a non technical guy should be able to get the idea.
3. It must be greed inducing - how are you planning to get $$ and how much ?
4. It must be irrefutable - must be self explaining and leave the investor with more answers and less questions.
Quite impressive !
Sunday, October 18, 2009
The Pros and Cons of doing an MBA
Now that I have decided to do an MBA, there is not turning back. But still there are thoughts in my mind about the pros and cons of doing an MBA. Especially now, when global economy is under recession. And when I am married and having a good job that pays well. Let me list all of them out.
Cons
1. Huge Opportunity cost - I will lose more than 10 Lakhs PA of salary for the next 1-2 years that I spend doing an MBA. That will be a huge amount. Add to that the costs of an MBA which will be in excess of 30Lakhs (min).
2. Moving away from friends and family - out of sight is out of mind. Isn't it ? We often do not get a chance to meet, even in weekends, living in the same city. Moving away will definitely mean less social gatherings.
3. Strained relationships - though you are in touch with your spouse over the phone and email, but its just not enough sometimes. Same about your family. Its going to be difficult.
4. Stress and Burden - An MBA is not an easy affair. Its not like the 9-6 job (oh come on! face it, we do have a relaxed job , even in IT). Its going to be stressful, and loaded. Top it up with the burden of loan which one must take. And then the tension around internships, projects, placements,visa, .. .. ..
Pros
1. Once in a lifetime experience - If you join a good reputed b-school, you are bound to have an experience that will change your life for sure. The outlook changes a lot. Not experienced personally, but read a lot about it. Also this would provide you with the much needed confidence to do anything in life.
2. Add weight to CV - before an MBA you might just be an IT professional from IIT/NIT with experience in XXX,YYY,ZZZ. But after that, your CV will read "MBA from xxxxx". This definitely will be an added advantage in any future endeavor you might take up.
3. Career change and progression - Though not very simple, but it will be easier to change your career and a swifter progress after an MBA. All depends on how one fares in the b-school, but it is definitely easier than without an MBA.
4. Life long network - You will gain a network of friends, alumni, and faculty which will help you in the longer run. You will have to contribute as well, and thats how it works. Give and Take.
5. Money will come later - And if everything goes well, you will definitely earn more than now in long run. Enough money to cover the money you lost as 'opportunity cost' in a lesser time.
[Update - May 28/2010]
Read an interesting article about how to decide between an Indian MBA and a foreign MBA. A good read indeed. The most important point is about having the right expectations. True indeed !
http://www.mindinsight.com/viewblog.action?blogId=35 :
Cons
1. Huge Opportunity cost - I will lose more than 10 Lakhs PA of salary for the next 1-2 years that I spend doing an MBA. That will be a huge amount. Add to that the costs of an MBA which will be in excess of 30Lakhs (min).
2. Moving away from friends and family - out of sight is out of mind. Isn't it ? We often do not get a chance to meet, even in weekends, living in the same city. Moving away will definitely mean less social gatherings.
3. Strained relationships - though you are in touch with your spouse over the phone and email, but its just not enough sometimes. Same about your family. Its going to be difficult.
4. Stress and Burden - An MBA is not an easy affair. Its not like the 9-6 job (oh come on! face it, we do have a relaxed job , even in IT). Its going to be stressful, and loaded. Top it up with the burden of loan which one must take. And then the tension around internships, projects, placements,visa, .. .. ..
Pros
1. Once in a lifetime experience - If you join a good reputed b-school, you are bound to have an experience that will change your life for sure. The outlook changes a lot. Not experienced personally, but read a lot about it. Also this would provide you with the much needed confidence to do anything in life.
2. Add weight to CV - before an MBA you might just be an IT professional from IIT/NIT with experience in XXX,YYY,ZZZ. But after that, your CV will read "MBA from xxxxx". This definitely will be an added advantage in any future endeavor you might take up.
3. Career change and progression - Though not very simple, but it will be easier to change your career and a swifter progress after an MBA. All depends on how one fares in the b-school, but it is definitely easier than without an MBA.
4. Life long network - You will gain a network of friends, alumni, and faculty which will help you in the longer run. You will have to contribute as well, and thats how it works. Give and Take.
5. Money will come later - And if everything goes well, you will definitely earn more than now in long run. Enough money to cover the money you lost as 'opportunity cost' in a lesser time.
[Update - May 28/2010]
Read an interesting article about how to decide between an Indian MBA and a foreign MBA. A good read indeed. The most important point is about having the right expectations. True indeed !
http://www.mindinsight.com/viewblog.action?blogId=35 :
Monday, October 12, 2009
Why do I give so much of gyan?
I am good at giving gyan. Most of the times they do not make sense. But I dont get tired of giving gyan.In all the forums and blogs that I have subscribed to, I have been found myself giving gyan more than taking them.
Why do I like giving so much gyan ? Because I am an Indian and Giving Gyan is the Indian expertise.
Whether we follow the same or not , we do preach. And preach at every other chance we get. Good and bad.
Good in the sense that in anybody having any doubt on anything in this world gets an answer from the gyan his neigbour or colleague has to provide. The other day I heard my friend giving gyan on entrepreneurship, though he has never done anything entreprenurial in his life, and nor is he an MBA ;).
Coming back to my gyans, I have always given gyan on things that I believe in. I am an applicant for MBA for fall 2010 and as and when I am applying and researching more schools, reading more about schools, contacting alums, listening podcasts I am gaining more insight about the b-schools and applications. And hence the gyan.
Also its my moral duty to help other fellow b-school applicants like me.
Isn't it amazing that whatever information you need on applying to a b-school is always available to you,at you fingertips. Courtsey to our brothers all over the world blogging , and posting from all over the world about their b-school experiences. I wonder what would we do without such a network.
Why do I like giving so much gyan ? Because I am an Indian and Giving Gyan is the Indian expertise.
Whether we follow the same or not , we do preach. And preach at every other chance we get. Good and bad.
Good in the sense that in anybody having any doubt on anything in this world gets an answer from the gyan his neigbour or colleague has to provide. The other day I heard my friend giving gyan on entrepreneurship, though he has never done anything entreprenurial in his life, and nor is he an MBA ;).
Coming back to my gyans, I have always given gyan on things that I believe in. I am an applicant for MBA for fall 2010 and as and when I am applying and researching more schools, reading more about schools, contacting alums, listening podcasts I am gaining more insight about the b-schools and applications. And hence the gyan.
Also its my moral duty to help other fellow b-school applicants like me.
Isn't it amazing that whatever information you need on applying to a b-school is always available to you,at you fingertips. Courtsey to our brothers all over the world blogging , and posting from all over the world about their b-school experiences. I wonder what would we do without such a network.
Mafia Wars !
Have lost a lot of energy, stamina and health in the last 6-8 weeks, first preparing for the GMAT, and then preparing for the application.
Energy recuperated very slowly, probably one refill per day, stamina is slow to refill, health can be refilled at a hospital, but not that quickly. Amidst doing a lot of jobs in the mafia as don corleone, I was also busy doing the app.
Have you heard or played Mafia Wars ? If yes, you will know what I am taking about here.
Mafia wars is a highly addictive game in Facebook. I must warn you before you start playing, its highly addictive.
So addictive that I even once thought of buying some energy !
Well, now that one app for R1 is over, I can play it more often. Hoping to reach level 100 in a few days.
Until the preparations for the next app starts, going to Mafia country.
Energy recuperated very slowly, probably one refill per day, stamina is slow to refill, health can be refilled at a hospital, but not that quickly. Amidst doing a lot of jobs in the mafia as don corleone, I was also busy doing the app.
Have you heard or played Mafia Wars ? If yes, you will know what I am taking about here.
Mafia wars is a highly addictive game in Facebook. I must warn you before you start playing, its highly addictive.
So addictive that I even once thought of buying some energy !
Well, now that one app for R1 is over, I can play it more often. Hoping to reach level 100 in a few days.
Until the preparations for the next app starts, going to Mafia country.
Sunday, October 11, 2009
Submitted app for Judge Cambridge today
Just submitted the Judge, Cambridge app today. Must say, its a relief. Was editing the essays for a long time now. Frankly speaking, even if you give me a year to write, I would still say its not perfect yet.
Could not get anybody to proof read my essays. That's a negative and could weight against my candidature. And this is my first app ever. Also this is my only app for R1 this season.
Still, hoping for the best. Lets see what happens.
Will keep my fingers crossed until then. Now the ball's in their court.
Could not get anybody to proof read my essays. That's a negative and could weight against my candidature. And this is my first app ever. Also this is my only app for R1 this season.
Still, hoping for the best. Lets see what happens.
Will keep my fingers crossed until then. Now the ball's in their court.
Saturday, October 10, 2009
Shortlisted another B-School for app : Richard Ivey
Richard Ivey school of busines, University of western Ontario.
Things I liked about the school.
1. Small class size of around 140. (Though this also means low chances of getting in. Especially for average people like me , or for those who are not over-achievers.)
2. 70% of course is done via case study.
3. One year course and a reasonable course fee. (not that less though, 100,000 $ CAD)
4. Placements in consulting are higher than other fields, and hence can be considered a strong consulting school.
5. Location - Canada - its a good place to live and study. People are warm and friendly. No visa worries.
Another interesting thing I found about the school is that they provide travel rewards up to the value of 1200 CAD for traveling and visiting the school and actually sitting in a class for a day. They also have other events in US, Canada and Mexico, but none in India I guess.
Overall a good school, and I find it a good match. The deadlines are quite stiff though.
R1 - Oct 5,
R2 - Nov 2.
R4 - Jan 4.
R1 is alreayd gone, and cant make it to R2 as well. Will think about R4.
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Just thought of cracking a joke on canada , its original , i swear.
An MBA applicant was contemplating various options for his mba in different countries, and finally found just a few to match his profile. Here is how he saw them:
1. INSEAD - Cant speak or understand french, can't apply, will lower job prospects in France post mba.
2. Rotterdam erasmus - Dont know dutch either.
3. IMD - Dont speak German. Only German thing I know is Hitler.
4. Ivey, Canada - I Know punjabi - good fit. Bingo ! Final. Applying now . Surinder uncle will lend money as well. Hadippa !
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Things I liked about the school.
1. Small class size of around 140. (Though this also means low chances of getting in. Especially for average people like me , or for those who are not over-achievers.)
2. 70% of course is done via case study.
3. One year course and a reasonable course fee. (not that less though, 100,000 $ CAD)
4. Placements in consulting are higher than other fields, and hence can be considered a strong consulting school.
5. Location - Canada - its a good place to live and study. People are warm and friendly. No visa worries.
Another interesting thing I found about the school is that they provide travel rewards up to the value of 1200 CAD for traveling and visiting the school and actually sitting in a class for a day. They also have other events in US, Canada and Mexico, but none in India I guess.
Overall a good school, and I find it a good match. The deadlines are quite stiff though.
R1 - Oct 5,
R2 - Nov 2.
R4 - Jan 4.
R1 is alreayd gone, and cant make it to R2 as well. Will think about R4.
-----------------------------------------------------------------
Just thought of cracking a joke on canada , its original , i swear.
An MBA applicant was contemplating various options for his mba in different countries, and finally found just a few to match his profile. Here is how he saw them:
1. INSEAD - Cant speak or understand french, can't apply, will lower job prospects in France post mba.
2. Rotterdam erasmus - Dont know dutch either.
3. IMD - Dont speak German. Only German thing I know is Hitler.
4. Ivey, Canada - I Know punjabi - good fit. Bingo ! Final. Applying now . Surinder uncle will lend money as well. Hadippa !
-----------------------------------------------------------------
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