All posts by UW Foster School of Business

Business Certificate Program – Seattle

The Business Economic Development Center’s Business Certificate Program will begin in April at UW Seattle campus. The six-session course teaches business fundamentals through a series of six three-hour classes. BCP will be offered in Spanish (Tuesday evenings from 6:00 to 9:00 p.m. starting April 2) and in English Wednesday evenings from 6:00 to 9:00 pm starting April 17.

blog_BCPWho should attend? Any small business owner or manager who is interested in learning or refreshing their knowledge of sales and marketing, finance and accounting, leadership and management, and legal topics.  Students come from every industry- from construction companies to restaurants to medical clinics. And to due to the diversity of participants, the classroom is a great place to network with fellow business owners.

The class also offers students to learn from award-winning University of Washington faculty including Mike Eguchi, lecturer of sales and marketing. With over 30 years of sales experience, Eguchi shares proven strategies and tactics in his class session Developing a Sales-Oriented Company. Student Pratish Brady relays how she used what she learned, “I used the guidelines [from class] to write my mission and vision statement for my website emphasizing benefits and value of my product; people are complimenting me on them.” And “ I spoke by phone with a new customer I had sent a sample too.  He liked the product, but it was the wrong size.  I used the term “how so” and kept him talking so I could understand more clearly what he wanted. Our conversation ended with a new order for a smaller size product and he wants to distribute my product to his customers not only in the US but in Europe.  A definite win-win.”

Learn how to make your business win with proven business fundamentals from the Business Certificate Program.  Course registration fee is $200. To sign up please visit our website. You can also be a program supporter by sponsoring a student.

Leadership Team teaches STEM lesson to local middle school students

Guest post by Jackie Nguyen, Foster undergraduate

Being the founders of the annual Foster Week of Service, the Business and Economic Development Center Leadership Team members were excited to volunteer at the Renton/Skyway Boys and Girls Club for the third year in a row. This year, LT members were challenged with a new task in educating 5th to 8th graders about careers and opportunities in STEM (Science, Technology, Engineering, and Math). However, being primarily business students, the LT members put a fun spin on educating the kids about STEM by tying business into the concept of STEM.

Each LT member was assigned to a team of four to five students. The LT helped guide the teams in researching and creating a short presentation about their company. The focus of this activity was to help the kids think outside of the box and see that there are a great variety of jobs in companies that are not as obviously STEM related.
blog_LT_FWSTeams researched companies including Target, McDonalds, Nestle, and Microsoft. The activity helped the students see that having skills in STEM and business could open a lot of doors to fun jobs; from being a pharmacist at Target, a game-designer at Microsoft, a food scientist at Nestle, or a social media manager at McDonalds.

After the learning activity was over, it was time for the kids to be kids and enjoy what they do best: play! LT members had a great time hanging out afterwards to play Dance Central and Fliers Up on the playground. Overall the event was a success and the BEDC LT members are looking forward to returning to the Boys and Girls Club for the next Foster Week of Service. Learn more about the BEDC Leadership Team.

Student Consulting Program – student perspective

Guest post by Rai Huang, Foster undergraduate

BEDC Student Consulting ProgramI initially enrolled in the BEDC Student Consulting Program without really understanding what consulting means; my impression was that consulting is the dream job of many of my peers at the Foster School of Business, yet it wasn’t something I particularly cared for.

I expected to walk away from the class with experience in conducting market research and formulating online marketing/public relations strategies, which is related to my dream career after graduation. And I liked the idea of working with a team; the communication skills learned would prepare me for work in any field. The fact that it would look good on my resume didn’t hurt either.

My team’s assignment is to formulate online marketing and social media strategies for our client, Concourse Concessions, who currently operates a Coffee Bean & Tea Leaf franchise in the Seattle-Tacoma Airport. A newcomer in the Seattle market, they wish to grow brand recognition through traditional and non-traditional public relations methods as they expand to locations outside of the airport within the next year. It was an exciting task to take on, as the overall business environment and market for coffee in Seattle is very saturated, and would require creative thinking to accomplish the mission.

The first step for our team was to identify the strategy and comparative advantage of the franchise.  Coffee Bean & Tea Leaf has only been in operations for about three months, and there was lack of substantial data for us to analyze. Challenged by our advisers and mentors, we were able to take a step back and look at the project from a wider perspective. We learned to think in terms of what is most valuable for the client every step of the way. With the support of our mentor and advisors, we came up with a framework in which every question raised had to be answered in a way that would help the business.

During the research phase of the project we gathered survey data and took a close look at local competitors such as Peet’s Coffee and Tea, Uptown Espresso, Espresso Vivace and Café Vita. We examined how they are utilizing social media and promotion strategies to maximize brand equity. Marketing concepts we’ve seen play out in real life include: how social media is being utilized for Customer Relation Management; how Search Engine Optimization is becoming increasingly intertwined with social media; why it’s essential for all business owners and managers to understand the marketing concept; how to really use a business’ competitive advantage; and how to communicate through interaction with the consumers.

As we come near to the end of the project, I now understand what consulting really comes down to is communication. It is important to practice the art of listening to your client and really hearing their needs, and finding resources and formulating recommendations with your team to create value for them. Through the process of tackling the different obstacles, my team and I have bonded together and grown both professionally and personally.

I look forward to applying the skills I’ve learned to a future career in Public Relations. I now understand what it is like to work with a real client, how to identify their wants and needs, and strategically come up with solutions that would benefit the client and heighten awareness of the brand. The Student Consulting experience is not just a line on my resume, but truly a real-world experience I was fortunate to have as an undergraduate student.

Learn more or become involved in the Student Consulting Program as a client or volunteer advisor.

BEDC grad students provide consulting for Ketchikan Indian community

BEDC Alaska MBA StudentsThe BEDC is again working to support small business growth in Southeast Alaska. A team of four UW Foster MBA students has spent winter quarter working with the Ketchikan Indian Community in an effort to grow local business and tribally-owned enterprises. The students taught entrepreneurship classes over the Martin Luther King Holiday weekend for 30 current and aspiring business owners. Ketchikan, the southernmost city in Alaska, has an economy based on tourism and fishing; and many of the new business ideas will cater to tourists from cruise ships or independent tourists.

Since the entrepreneurship classes, the MBA students have been working with outdoor adventure, culinary training, historic tourism, clothing retailer, and construction companies.

MBA student Jennifer Yanni believes she learned as much or more as her clients did “I had never written a business plan before so this gave me some real-world experience to put on my resume. It also helped me think about how you sell new ideas to an existing market.”

This is the 15th project that the BEDC has completed for a Native American Tribe or Alaska Native Corporation and we’re already looking for our next projects. If you know of a tribe that would like a MBA team please contact Michael Verchot.

The Buerk Center for Entrepreneurship awards $170,000 to eight student-led start-ups

Haiti Babi Blanket
Haiti Babi

When Katlin Jackson returned from her second trip to Haiti in January 2012, she was a woman on a mission. After spending time in a Haitian orphanage, she’d discovered that a good number of the children there weren’t orphans at all. Their parents were simply too poor to care for them. Within months, Katlin, along with UW junior Kari Davidson, cofounded Haiti Babi and entered the 2012 Business Plan Competition.

Haiti Babi now employs four Haitian mothers to knit and crochet high-quality, incredibly soft baby blankets and accessories that are sold to moms in the United States. In 12 months, Katlin and Kari have taken an idea, defined a mission (Moms helping Moms), and created a start-up company that is making real headway. They have a well-thought-out brand, fashionable products, and a detailed operations plan. Their Indiegogo campaign brought in double their fund-raising goal, pre-orders for their first blankets surpassed all expectations, and Haiti Babi has been featured in Seattle Magazine, Social Good Moms, and Disney Baby.

Much of Haiti Babi’s success can be attributed to the intelligence, drive, and dedication of its founders, but they’ve also had great help along the way. They were admitted into the Jones Milestones/Foster Accelerator in July 2012.

The JM/FA at the Foster School’s Buerk Center for Entrepreneurship is a TechStars-like program that provides a milestones-based framework, monthly coaching from Seattle entrepreneurs and investors, and connections that help student teams make the transition to start-up companies.  From July 2012 to February 2013, 10 teams worked to recreate their teams, develop their technologies or get product to market, and raise early-stage funding. On February 13, eight teams were awarded between $10,000 and $25,000 for their efforts.

  • PatientStream, a cloud-based electronic patient-tracking system for hospitals, licensed its technology from the University of Washington and secured a $500,000 investment from the W Fund.  Ben Anderson (TMMBA 2012) is the founder, and brought in Keith Streckenbach as COO and co-founder to drive sales. Anderson quit his day job at UW Medicine/Harborview in October.
  • Haiti Babi provides mothers in Haiti with employment to keep their children out of orphanages. As part of their “Moms helping Moms” mission, Haiti Babi’s mothers knit and crochet high-quality, incredibly soft baby blankets that are sold in the United States. Co-founders Katlin Jackson and Kari Davidson (BFA 2014) raised funding through an Indiegogo campaign, pre-orders for blankets surpassed all expectations, and Haiti Babi has been featured in Seattle Magazine and Disney Baby.
  • LumiSands was awarded a $150,000 National Science Foundation SBIR Phase-I Grant and a $50,000 gift from the Washington Research Foundation for the development and manufacture of its silicon-based alternative to rare-earth phosphors used in LED lighting. Co-founders Ji-Hao Hoo (PhD 2013) and Chang-Ching Tu have negotiated an agreement with the University of Washington, and are still in the technology development phase.
  • JoeyBra, “the first sexy and comfortable fashion bra with a pocket,” closed a successful angel investment round, produced a new, quality sports bra with a waterproof pocket in a full range of sizes, and has been featured by Forbes, MSNBC, and CNN.  Mariah Gentry (BA 2013) and Kyle Bartlow (BA 2013), the co-founders, have contracted with a former Miss America as a spokesmodel and will launch their product nationwide in April 2013.
  • Microryza, a KickStarter-type site for smaller science and research projects,was admitted into Y-Combinator in October and moved to the Bay Area. Cindy Wu (BS 2011) and Denny Luan (BS 2011) have raised more than $170,000 and their site has funded projects from tracking Magellanic penguins to sustaining native bees and student-designed electric racecars.
    Update: March 28, 2013 – Microryza was named one of the top 5 Y-Combinator start-ups to watch by Inc. Magazine.
  • Strideline sold more than 60,000 pairs of their signature city skyline crew socks in 2012. Co- founders Jake Director (BA 2013) and Riley Goodman (BA 2013) have organized a national sales team, are now selling in Nordstrom and Zumiez, and were the subject of a UW TV short feature
  • SuperCritical Technologies has designed and will build compact modular power plants that provide up to 5MW of clean, reliable electricity for heating and/or cooling. Chal Davidson (MBA 2012) is the CEO, with Max Effgen (MBA 2012) as a co-founder. The company raised $200,000 in angel funding to complete the conceptual design and establish supplier relationships, and is currently fundraising to build the prototype.
  • UrbanHarvest is an urban farming company that grows high-value hydroponic lettuces and herbs within feet of where they’ll be consumed. The brainchild of Chris Bajuk (MBA 2011) and Chris Sheppard (MBA/JD 2012), UrbanHarvest is currently negotiating with a large SoDo corporation to build a rooftop greenhouse.

So what’s next? The work certainly doesn’t stop here. As any entrepreneur knows, it takes more than six months to grow a thriving business. And that’s what the JM/FA ultimately provides at the end:  additional runway.  This follow-on funding is a testament to the companies’ hard work so far, and an investment in what we know they can become.

The Jones Milestones/Foster Accelerator is funded by the Herbert B. Jones Foundation and additional private donors who, like us, believe in the ability of student entrepreneurs.

The Rainier factor

RainierFoster MBAs climb Seattle’s iconic volcano for challenge, charity and camaraderie

You’ve seen the posters. Taut bands of rugged mountaineers, clad in Gore-tex armor, inch their way up frozen alpine landscapes as beautiful as they are forbidding—captioned with inspirational sentiments on such corporate virtues as leadership, collaboration, passion or persistence.

Some MBAs at the University of Washington Foster School of Business are learning that mountain climbing is more than a metaphor.

The past two summers, Scott Heinz (MBA 2012) has guided classmates of varying climbing experience on revealing expeditions to the thickly glaciated summit of Mount Rainier, the highest point in the contiguous United States.

“One of the highlights of the program for me,” says Heinz. “And not only the climb itself, but the collaborative nature of people across the program. Everyone got really excited about helping each other achieve this goal, all the while raising money for charities that everyone is passionate about.”

Base camp

An avid climber and skier, Heinz quickly found in the Foster MBA Program a large cohort of fellow outdoor enthusiasts. He also became involved in the MBA Challenge 4 Charity—the year-long competition among west coast business schools to provide the most financial and volunteer support to local non-profits. It occurred to him that a Rainier climb could make a potent fundraiser for the Foster School’s C4C beneficiaries.

Somewhat to his surprise, this idea was met with enormous interest.

Working around the rigors of the MBA curriculum, Heinz designed an ambitious but manageable training regimen to prepare the mostly novice climbers for a technical, high-altitude glacier climb. They began in January. Casual group runs led to thigh-busting slogs up nearby peaks. Mountaineering workshops led to advanced expeditions on the lower flanks of Rainier and neighboring Cascade peaks, including Adams and Sahale.

Climb on

For ascendant MBA types, it was a chance of a lifetime.

“I am an outdoor-loving person,” says Amy Widner, a second-year MBA who joined last year’s summit team. “But I’d never done anything like this before. The technique and equipment was a lot to get my head around. But Scott was great at leading the charge.”

That charge—both years—was a great success. Eleven Foster MBAs safely reached Rainier’s summit in July of 2011 and eight in August of 2012, with many others participating in various legs of the preparation. The climbers raised a two-year total of $13,000 to support Boys & Girls Clubs of King County and Special Olympics of Washington.

And, true to their generation, they chronicled the experience in a blog, a photographic storyboard, and even a music video (soundtrack provided by the 2011 Foster house band, Death Spiral).

The Foster fabric

A passion for the natural world—and its challenges—is etched in the Foster DNA. “When we ask students during admissions week what they want to do for fun, it’s incredible,” says Dan Poston, assistant dean for masters programs. “Hiking. Kayaking. Mountain climbing. Almost every response has a common theme. Something about coming to the Northwest. When we have a break, we get on our gear and go outside.”

These high-altitude expeditions took the “Rainier Factor” literally. But pushing individual limits was not the only positive outcome. Poston sees much of the program’s core curriculum put to practice in the process, including planning, preparation, financing, promotion, collaboration and leadership.

He also sees a defining trait of the Foster MBA Program: initiative.

“We’re one of the few schools that ask people, before they come, how they plan to get involved,” Poston says. “If they don’t find an organization or activity they’re interested in, we expect that they form it. We’re looking for people who have that kind of motivation.”

That DIY element is a point of pride for Heinz, who graduated in June to a position creating marketing analytic processes with Ecova, the Portland-based energy and sustainability management firm.

“A lot of MBA programs offer outdoor leadership courses,” he says. “But most of them are professionally guided where you tie into a rope and they carry you up. What do you learn from that? Ours is a much richer experience. Everybody has to develop the skills, take ownership of the process, and rely on each other—take what we learn in the classroom and put it to work in an environment that really puts it to the test.”

View more pictures from the Rainier climb
Read an account of the MBAs’ adventures in mountain climbing
Learn more about the Foster School’s involvement in the MBA Challenge for Charity.

Jepson School 20th anniversary

Guest post by Bruce Avolio, Executive Director of the Center for Leadership and Strategic Thinking and Marion B. Ingersoll Professor of Management

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I recently attended the Jepsen School’s 20th anniversary celebration in Richmond Virginia. The Jepsen School was the first school in USA to focus specifically on leadership as an undergraduate major as its main thrust and did so taking a broad humanities perspective. They have now graduated over 1,000 students who approach leadership with a very, very broad mindset from the great books of literature and history to the R.O.I. focus of corporations.

During one presentation at the conference, we talked about a program called Shakespeare Behind Bars. From its website, “Now in its 18th year, Shakespeare Behind Bars is the oldest program of its kind in North America. SBB programming serves incarcerated adults and youth using exclusively the works of William Shakespeare.” So try to imagine someone from the African American gang in a correctional institution working with someone from the white supremacist gang on Hamlet. That is exactly what happens, and this program has participants with a significantly lower recidivism rate, lower rate of violence and infractions, etc. So next time someone is in a brainstorming session with you, and they suggest something so out of the range as Shakespeare Behind Bars must have been when it was first proposed, I suggest you suspend your judgment!

Chen master

Jeff ChenFoster MBA alumnus and benefactor balances an eclectic curriculum vitae

1) Foster MBA who constructs crossword puzzles worthy of the Sunday New York Times.

Hmmm… Eight letters. Begins with J, ends with N. Let’s see. Has to be a bona fide polymath, well-read and widely experienced. Creative and analytical. A serious student of culture—both popular and passé—equally versed in history, commerce, literature, sport, art, film, science, architecture, medicine, warfare, language. A jack-of-all-topics.

Got it! Jeff Chen (MBA 2002).

And big-time crosswording is just a recent addition to the ever-expanding, endlessly fascinating curriculum vitae of this remarkable graduate of the University of Washington Foster School of Business. Chen is an entrepreneur, author, wealth manager, Big Brother, board member, game enthusiast, rock climber and world traveler.

He’s also a philanthropist who directed a major gift to the Foster School from his family foundation last year. His generosity inspired many fellow alums from his MBA class of 2002 to mark their 10th year reunion by contributing to a record-setting annual gift—a combined $468,000 to endow an MBA scholarship fund.

“I had a fantastic experience at Foster,” says Chen. “The education was great and the people were even better. I wanted to offer the same opportunity to others to experience what the MBA Program did for me.”

Gave as well as got

Chen earned two degrees in mechanical engineering from Stanford and worked at a product design firm before enrolling in the Foster School’s MBA Program, as so many, to enhance his organizational impact.

The engineer proved a quick study of management. “Simply the best of the best of our MBAs,” assesses Ed Rice, an associate professor of finance and business economics who has seen plenty in his four decades at Foster.

What really distinguished Chen, Rice adds, was his generosity of intellect. When he saw some classmates struggling in Rice’s core finance course, Chen began offering free review and tutoring sessions. Pretty soon those classmates were sharing their own particular strengths with each other, creating a peer-to-peer dynamic that has since been institutionalized in the Student Support Network.

“This ethic has become engrained in the program,” says Dan Poston, associate dean for master’s programs. “It always existed, to some extent. But after Jeff established the model, it became the way it’s done at Foster.”

Acucelerate

Poston would argue that Chen’s exhaustive job search should also stand as a model. After interning at Immunex and working in technology commercialization through the Buerk Center for Entrepreneurship, he targeted early stage bioscience as his chosen field.

But rather than waiting for opportunity to find him, he created it. After conducting a comprehensive audit of potential firms, he connected with Dr. Ryo Kubota, a UW professor of ophthalmology who was developing a revolutionary treatment for blinding eye disease such as glaucoma and macular degeneration. Chen helped Kubota get Acucela off the ground, then headed business operations and helped raise more than $40 million in financing. After Acucela brokered a transformational partnership with a large Japanese pharmaceutical company in 2008, it was time for a new challenge.

“After the partnership deal, I felt like Acucela had outgrown what I could bring to the company,” Chen says. “It was time to step away.”

Cross worlds

Seven breakneck years with Acucela behind him, Chen decided to seek a modicum of balance, try his hand at a range of activities and “see what sticks.”

In a word, lots.

He has served on the boards of Big Brothers & Big Sisters and Passages Northwest, and on the finance committee of Treehouse. He manages the portfolios of friends and family. He has done field work with microfinance organizations Gambia Help and Global Partnerships. Alongside his brother and father, he manages the family’s Paramitas Foundation. He travels, climbs and plays games with perhaps a bit more brio than most. He recently got married.

It was Chen’s wife, Jill, who introduced him to the joys of crossword puzzles. Working together and solo, he has published upwards of 50 in major newspapers and has become a regular contributor to the Los Angeles Times and the New York Times. On November 25th and again on January 27th, he landed the most prestigious spot in all of puzzledom: the Times Sunday crossword.

Chen also just completed a book of 52 puzzles around a theme of bridge (the card game, another passion). “Doing crosswords about bridge is kind of the nexus of everything that’s good in the world,” he says, exaggerating just a bit.

Or, to put it another way, as he did when announcing the project on Facebook: “I’m officially 80 years old.”

The writing life (and living)

Constructing crossword puzzles is a hobby for Chen. Writing books, on the other hand, is becoming much more.

Since penning his first sentence of fiction in earnest just two years ago, he’s completed eight novels for middle-grade readers. Among them are tales of exceptional kids recruited to a remote island to construct monsters for the Greek gods, of flying pygmy elephants from Burma who plot the overthrow of Victorian-age Britain, and of an overworked Grim Reaper taking on a bumbling apprentice who screws up everything.

Fanciful plots, but will they sell? Chen has a few advantages in the notoriously difficult-to-crack publishing industry. For one, an agent as active as his imagination. For another, a preternatural ability to fuse right and left brain at once, to approach writing as both an art and a business.

Many principles of enterprise are evident in his literary method, including:

Work flow management – Chen writes 6 or 7 days a week, for 3 to 4 hours a day, aiming for 1,500 words each day, actually keeping a timecard to stay on task.

Research – He’s read, dissected and analyzed upwards of 300 middle-grade books in the past couple of years to discern what works (and what doesn’t).

Development – He wrote off his first five manuscripts as, essentially, practice.

Scaling – He’s outlining multiple book series from original tales, the overwhelming trend in kid lit today.

Outsourcing – He has assembled a network of fellow writers and truth-tellers to assess ideas and drafts.

Diversification – He keeps a running list of story ideas that currently numbers in the 300s.

And one last entrepreneurial trait: ambition.

“I don’t just want to get something published,” Chen says. “Ideally, I’d like to be one of the most successful authors of all time.”

Is he tempted to get back into business? “I get that inkling,” he admits. “But you know with the writing, it’s kind of like trying to get a startup off the ground.”

Could an entrepreneur see it any other way?

From Norway to Foster to Boeing: a conversation with MBA alum Hans Aarhus

Hans Aarhus bio pictureHans Aarhus is the director of Estimating and Pricing for Boeing’s 787 program. He received his MBA from the Foster School in 1989 and is a member of the Global Business Advisory Board.

In 2011 you were named Director of Estimating and Pricing for Boeing’s 787 program after serving as the Director of Financial Planning for the program. Tell us about your new role.

In my new role, I’m responsible for all of the estimates that are done on the 787 program.  These estimates can be broken down in a couple of different categories: the engineering changes that are being considered for the airplane, customer requested changes to the airplane, new derivative airplanes being studied and any production system investment under consideration.   All of these estimates require my team to reach out to all of the different organizations that would have impacts due to the proposed changes, including engineering, procurement, production and support.  Most of these estimates get presented in a business case format that includes a number of financial metrics and considerations.  We also work with our pricing organization for estimates that include pricing considerations with our customers.

I also have responsibility for all systems, processes and tools that support our function in our day to day activities.

What was it like to come to the US from Norway to study at UW? Did you plan to stay in the US after earning your MBA?

It was a great opportunity that also included quite a culture shock.  I had not been to the US before and I still recall very vividly the first day which included the I5-I405 Hwy interchange coming out of Seatac, the downtown skyline and Bellevue Mall.  My impression was, “wow everything is bigger in the US.”The first couple of days on the UW campus were also very impressive in regards to the sheer size of the campus and all of the great architecture of the buildings. My first quarters were certainly influenced by the fact that English is my second language and some of the challenges it drives.  I also recall the excitement I always had talking to friends and relatives back in Norway in regards to my experiences that UW offered including my first Husky football game with 60,000 plus fans in the stands.I did not have any plans whatsoever to stay in the US in the beginning but that changed very quickly when I ran into a student from Oregon in the McMahon dining room in the spring of 1986.  A very long and great story but here we are 25 years into our marriage with 2 great sons.

How has your global experience helped you in your various positions?

I think the global experience has been very important for me throughout my Boeing career.  English being my second language has always made me pay very close attention when other people are communicating so I end up doing a little more listening than talking, which I have found to be a good thing.  I also think having a global experience enables you to recognize that most people come from different cultures and the more you understand about their background and can take that into consideration, the more productive your interactions will be.

What would you tell students about the world of global business?

The world is becoming a smaller and smaller place every day.  By that, I mean that advances in transportation and technology enable a much simpler way to connect with people around the world.  It is paramount for us to recognize this and embrace it.  The quicker you can adapt yourself to operate and efficiently interact with people in all of the different cultures, the more successful you will be.

I think the UW is an excellent place to start that journey. You have a tremendous opportunity at UW to really reach out to the diversity that the school has to offer. Taking advantage of these opportunities will put you ahead of a lot of your peers that you will be compared to and compete with as you progress in your school work and your professional career.