When life deals you lemons, make lemonade. Or, more precisely, open your own lemonade stand. That’s the message several top business schools are projecting to students amid the current economic crisis.
In a blog post last week entitled “One answer to a recession: start a business,” Dean Robert Bruner of the University of Virginia’s Darden School of Business reminded students that “financial crises and recessions are as much about new beginnings as dreadful endings.”
Bruner cites the example of a Darden alum, J. Bryan Murphy (’86), whose aspirations as a real estate developer were dashed by the recession of 1991-2. But instead of hunkering down and settling for something safe, Murphy and his partner decided to head to Europe, where there was less competition in their specialty. The move paid off, Bruner continued.
Going on to quote playwright Tom Stoppard, who said, “Every exit is an entrance somewhere else,” Bruner challenged his students to “frame the ‘somewhere else’” using Murphy’s experience as an example.
Kellogg Speaker: Pursue a “Different Entrepreneurship Dream”
A lecture at Kellogg last week about the future of entrepreneurship carried much the same message. Michael Ferro Jr., chairman and CEO of Chicago-based holding company Merrick Ventures, spoke as part of an event hosted by the Kellogg Entrepreneurship Club on November 13th. His message to students was that in times of economic crisis they should use their skills to revive faltering ventures and make them their own.
According to Ferro, people are sitting on the sidelines with money to invest even during an economic crisis, but they generally want to put their cash into deals that will save existing businesses and jobs. “The entrepreneurship dream is different” under those circumstances, he said.
Move beyond thinking of entreprenuership as launching a brand-new venture, he advised. “You can latch onto people [with existing businesses] who need help,” he said. “They need talent and equity and if you have it, you can do a lot.”
Pursue Your Passions Now, Says Kenan-Flagler Career Development Director
John Worth, director of MBA career development at the University of North Carolina’s Kenan-Flagler School of Business, says now is the time to go after your dreams.
In his November “Career Corner” column, he shares the stories of three Kenan-Flagler alumni who made decisions to marry their passions and their careers, finding nontraditional ways to put their business educations to work. Today’s economy and job market, Worth writes, is a great time to do just that.
“With the job market resembling a very large lemon, maybe the best lemonade is … why wait?” he says. Maybe your plan was to climb the corporate ladder in finance or marketing or consulting and then pursue your dream when you retire. Instead, make that dream part of what you pursue right now.
“Whether your dream is to teach, start a business, run a nonprofit organization, perform a similar function in a different industry/environment or pursue something totally different from anything you’ve done before, include a passion or something that always has been a long-term plan into your job search activities,” he recommends.
“It will put a whole new spin on your efforts to identify your most transferable skills,” he writes, adding that networking activities will be more fun, you’ll meet more people you have things in common with, and your sincere interest will come across in interviews.
“You may find yourself smiling more than ever before,” he adds. “Isn’t that what it should be all about?”
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