Category Archives: Consulting

Real-world strategies for success

Ken Denman & Andrew Lindsay In March, more than twenty Business & Economic Development Center (BEDC) undergraduate students temporarily pushed aside their group projects and studying for exams to think about career approaches following graduation while attending a BEDC-organized luncheon with Machine Perception Technology CEO, Ken Denman (MBA 1986), and Jawbone Chief of Staff, Andrew Lindsay.

Designed as an informal, personal setting for students to actively engage in discussions about career and entrepreneurship options, students questioned Denman and Lindsay and put forth their own questions for navigating the business world. Students who attended came seeking real-world advice. For instance, Diana Nguyen, a student of the Multicultural Marketing class and an executive member of the BEDC’s Leadership Team, arrived at the luncheon seeking to learn how Denman and Lindsay “knew that they were making the right choices” along their career paths, and “what advice…they have for [students] as [they] try to achieve [their] own goals today.”

Both Denman and Lindsay stressed the importance of accessing one’s own individual goals. “Think about how you want to live and what you want out of life,” said Denman. Passion for your work is critical, and one must be invigorated by what they do each day. “There are too many opportunities to do a job you don’t love waking up to every morning.” And, as Rai Huang, another student of the Multicultural Marketing class, pointed out, the importance of “seizing opportunities available in the business school environment” was another chief point made by Denman for current students.

Additional key takeaways from the luncheon were threaded around a theme of best practices for business consulting as a profession—notably one of the “fastest growing industries in today’s corporate world and one of the most popular career choices” for new graduates—and business strategies for start-ups. Denman and Lindsay said that, whether you are steering the choices of businesses in trouble or striving to be entrepreneur, the blueprint to a successful business is to solve a problem or provide a service of incremental value that the consumer market is willing to pay for. Denman asserted that finding new ways to provide incremental value to the marketplace is one of the greatest challenges for small businesses. Conducting introspective market research, appropriately predicting the future of one’s industry, and perusing a risk-adjusted approach are fundamental.

Undergraduate Students at Denman & Lindsay LuncheonStudents also expressed considerable interest in the benefits and challenges of consulting for small businesses versus large corporations. Denman and Lindsay agreed that, while working with large companies can be advantageous for gathering valuable skills sets and acquiring knowledge of proper consulting processes and policies, large corporations can be more resistant to revision and restructuring than small business. Small companies, on the other hand, are more nimble and open to change, and the result of alterations can be more quickly discernible, but the emotional investment on the owners’ part can be far greater. In turn, Denman and Lindsay recommend that the key to successful consulting is to deliver arguments for change with confidence, verified statistics and objective facts.

The hour-long luncheon was a time for students to reflect on their futures, and gain recommendations regardless of the career path they choose. Undergraduate Rai Huang recapped the event well:

“It reinforced my belief that, if a person chooses to follow their heart and keep moving towards that direction, they will eventually find success.”

The BEDC’s ability to connect students with business mentors depends on the generous contributions receive from individuals, corporations and foundations. Please donate to the BEDC to help us train future leaders.

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.

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.

Consulting as career catalyst

Guest post by Melon Feleke, Foster alumna

Melon FelekeMy name is Melon Feleke and I am a first generation immigrant. I was born in Addis Ababa, Ethiopia and moved to Seattle with my family when I was ten years old. After attending Roosevelt High School I stayed true to my NW roots and attended the University of Washington.

For much of my childhood I was determined to be a doctor –despite the fact I fainted at pretty much every hospital visit and had no tolerance for watching pain or blood. Luckily my parents recognized my other strengths and encouraged me to consider business. I come from a long line of entrepreneurs; from my grandmother in Mettu to my parents here in Seattle; my mother owns a 7Eleven store in Mountlake Terrace. While in high school and college I managed inventory over the weekends and when my mother decided to take a vacation back home I took on the acting manager role for the store.

During my junior year at UW a classmate told me about the Business & Economic Development Center at the Foster School, specifically a program where students work with local minority business owners to improve their businesses. I thought it would be great to give back to my community in a very practical way. My client was the Theater Off Jackson, a unique minority-owned theater in the heart of the International District.  The theater was looking to relocate because of increased property costs. Our team of five students and a professional advisor worked with the clients to identify their core target market, conduct location analysis, surveying clients and ultimately making a recommendation for their new location. Our clients were facing a very real business challenge and our team brought to them meaningful business knowledge and human capital.

My BEDC experience gave me a very real sample of a career in consulting and I loved it! First and foremost I loved helping my client – this was a real problem, and if the issues weren’t resolved the owners and employees would not have a paycheck to take home to their families. I especially like that there was a beginning middle and end to the project… an end with a real result. I entered the program thinking it would be a good chance to give back to my community, but what happened along the way is I discovered the career of consulting.

The BEDC offers a two way success story –businesses succeed and students receive real and meaningful experiences that shape their careers. Fast forward three years and I am now a consultant at Accenture Consulting.

I invite you to help the BEDC create more success stories, for students like myself, and for small businesses. Make a gift to the BEDC today.

 

Launching a new business division: a conversation with Ray Risco, President of Weyerhaeuser Solutions

Ray Risco is the President of Weyerhaeuser Solutions, a division of Weyerhaeuser that offers consulting and management services designed to help clients develop, manage and commercialize forest assets. He is a member of the GBC’s Global Business Advisory Board.

Tell us about Weyerhaeuser Solutions. What was it like to create a new business division for a company?
Weyerhaeuser Solutions is designed to take our management, business and some IP systems and engage them with third parties outside of the traditional forest products space as part of the World Business Council for Sustainable Development 2050 initiative. I worked with Bob Ewing, a colleague, in developing a business that manages natural resources and assists companies in transitioning to renewable energy supplies, such as electrical utility companies that are looking to co-fire biomass with coal as a green alternative in the UK, and specialty chemical companies looking for organic feedstock instead of traditional sources.

Creating a service division that provides consulting as well as operational management in a traditional products company presented some significant challenges.  However, the timing of the idea linked to the 2050 initiative and the support of senior management along with the Board of Directors was a significant plus in successfully launching the business.  From inception to official launch took 2.5 years.  That may seem like a long period of time, but considering the radically different business model it was a remarkably quick process.

In your career, you’ve worked in accounting, finance, operational and divisional leadership, and new product/business development. Which was the most challenging, and which the most rewarding?
Every role I have had has had its challenges and rewards from a personal and career perspective but one challenge in particular had the largest personal impact.  In 2005 I took over the leadership of our Uruguayan operations and had the chance to transform a plantation project into a full blown operating company.  My challenge was to set up the productive chain and to find the right people to staff all of the new departments we had just created and set them up for success. Although this was a significant personal challenge and rewarding for the whole team, the greatest sense of accomplishment and pride has come from seeing the immensely positive impact this project has had in the communities in which we operate.

What countries have you lived and worked in?
I am originally from Peru and I have lived in 6 different countries since my childhood including living and working in the US, Germany, and Uruguay. Over my career, I have had direct responsibility for over 22 countries covering Asia, Europe and South America.

What would you tell students about the world of global business?
The world may be getting flat but that doesn’t mean it’s the same – culture, history and tradition matter as one thinks of doing business at home or abroad.  At the end of the day you are still dealing with people so respect matters.  Be confident in what you know and never be afraid to admit what you don’t.  More often than not you will get the help you need.

 

Students taking charge of improving our community

BEDC Leadership TeamThe Business and Economic Development Center Leadership Team is a student organization with a mission to provide students with opportunities to improve their professional growth outside of the classroom. The organization also helps advance the work of the Business & Economic Development Center (BEDC) in developing businesses in underserved communities.

This self-governed student club uses business to improve the community. “It’s important for students to learn the significance of giving back,” said Alyssa Arinobu, a senior majoring in accounting. “Not only can students improve their skills, but they also learn how these skills can help better the community.”

“One of the programs that we’re most proud of is our Foster School Week of Service” said Simran Kaur, a senior majoring in information systems.  “This program rallies together Foster School student organizations to work with several charities across King County. For example, each year the Leadership Team volunteers at the Renton/Skyway Boys & Girls Club, where we work with young kids on business problems and also play games and have a fun time.”

Simran is also the president of the Leadership Team. “Students realize that they can make an impact in the community by participating in this week of service.” Last year, nearly 20 student organizations assisted 11 charities. “It is a fun and easy way for us to make time to meet people in different organizations and also make a difference.”

Each year, the Leadership Team also offers a Flagship Consulting Program (FCP), where members work as business consultants for local companies and nonprofit organizations. Charissa Chin, a senior studying marketing and international business, serves as the vice president of the Leadership Team. “The FCP provides students an opportunity to gain hands-on consulting experience and make a difference in a local company or non-profit organization. It’s a win-win.”

Through this program, the Leadership Team works with a different client each quarter of the academic year. “This fall, we’re working with Explorer West Middle School to help them increase their student enrollment. This includes evaluating the school’s public perception and recommending effective marketing methods to reach appropriate target markets.”

It’s through programs like these that students grow, and learn the importance of civic service. Learn more about how you can sponsor student programs.

Professor Spratlen on minority history + legacy

UW Professor Emeritus of Marketing Thaddeus Spratlen, founding faculty director of the Consulting and Business Development Center (formerly the Business & Economic Development Center), discusses segregation in higher education during the 1960s, how he became one of the first African American professors to teach and publish at a mainstream (non-historically black) US university—and how the UW Foster School of Business BEDC all began.

Professor Spratlen and his wife Professor Lois Price Spratlen have given $1 million to the UW and the Consulting and Business Development Center over their lifetime, ensuring the center will continue for generations to come as one of only a few centers at top public business schools in the country devoted to minority business economic development.

Donate to the Thaddeus H. Spratlen Endowment for Business and Economic Development Program

MBA students consult for Seattle shipyard

Located in the Ballard neighborhood of Seattle, Pacific Fishermen Shipyard and Electric is attempting to branch out from its traditional lines of revenue with new facilities for preparing and painting industrial equipment. To market its new capabilities and hopefully add jobs at the shipyard, Pacific Fishermen has tapped the marketing skills of MBA students through the Field Study Program at the University of Washington Foster School of Business.

Click on image above to play video.

The Field Study Program offers selected consulting projects proposed by businesses and non-profits to MBA candidates as an opportunity for Foster students to get real-world consulting experience while having a positive impact on the economy of the Puget Sound region.

This is the first of two videos to document the collaboration between Foster MBAs and Pacific Fishermen Shipyard and Electric. At the end of winter quarter 2011, we’ll check back with the MBA team to see what they have been able to accomplish for this historic Seattle shipyard.

Global health gets global business make-over by Foster MBAs

With more than $4 billion in activity among 190 nonprofit organizations, such as PATH and the Bill & Melinda Gates Foundation, Seattle has become a magnet for people driving solutions to the health and wellbeing of the poorest people on Earth.

Since the University of Washington Foster School of Business also attracts individuals who seek to make a difference, it was only a matter of time before those crowds mingled.

Take winter quarter 2010, when the Foster School’s year-long Global Business Forum focused on global health and development. Among the 20 speakers brought into the MBA-level forum was Lisa Cohen, executive director of Washington Global Health Alliance, an organization established in 2007 to promote issues and improve collaboration between the dozens of Washington-based global health groups.

“There has been a tremendous increase in funding of global health activities,” Cohen said in a recent interview, “but the great struggle for a nonprofit in global heath is sustainability. When I told that to the class, they asked, ‘What can we do?’ I said, ‘I need a business model.’ ”

“The Foster Four” create road map for global health

In addition to a Gates Foundation grant, the Alliance is funded through membership dues of other well-known organizations such as Seattle Biomedical Research Institute and the University of Washington Department of Global Health.

Three full-time Alliance employees, including Cohen, operate like a start-up with early investors who want results – a start-up with a bold mission: “… engage in, and advocate for, Washington state as a center for global health on the world stage.”

When Foster MBA students Bala Balamurugan, David Cohen, Colin Hanna and Jason Moll (aka “The Foster Four”) heard Lisa Cohen’s talk about the Alliance, they were immediately intrigued with the possibility of putting their business education to work for the nonprofit.

“There is a lot of buzz about global health in Seattle and we saw an opportunity to get to know that whole sector through one very influential point of contact,” said Hanna (Evening MBA 2010).

“We want to make a bigger impact than just working for an organization that is trying to maximize profit,” said David Cohen (MBA 2010). “This was an opportunity to add life to an organization that is trying to make a much bigger difference in the world.”

Not only did The Foster Four (who were given the nickname by leaders in the Seattle global health realm) spend 15 hours a week for nearly 12 weeks consulting for the Alliance and meeting with the organization’s crew and community supporters, but they produced a final report that Lisa Cohen says will be a road-map for growing the nonprofit.

“I have been astounded by their personal dedication,” said Lisa Cohen. “I felt so confident that I had them present their report to my executive board, which is all the top leaders in global health in this region including the Gates Foundation.”

Making a difference (squared)

“It became clear to us right away that the Alliance is making a ton of impact but, with relatively minor changes from a business standpoint, they could do a lot more,” David Cohen said.

“It is a classic start-up environment,” said Balamurugan, who works at Microsoft while attending Foster’s Evening MBA Program. “How do you sustain it? How do you deliver value and keep going?”

The Alliance is not resting on the assumption that its grant from the Gates Foundation will be renewed. Lisa Cohen and her team plan to continue to push for success and prove their worth.

The Foster students’ eight-page report, titled “Roadmap to Sustainability” and signed “The Foster Four,” is a succinct and elegant analysis with recommendations covering everything from a new membership model and performance metrics to the Alliance’s nonprofit legal structure. For example, on the revenue generating side, the students propose increasing fees for the executive members. Some of those members have agreed that was the right move. They also propose adding a basic membership for other nonprofits with fees on a sliding scale, as well as opening doors for companies to sponsor events.

“There is a real push to achieve impact at scale,” Lisa Cohen said. “Rather than just a single project in a single village, the challenge is, What can we do for a country? What can we do for a continent?”

That incredible challenge – improving the lives of potentially hundreds of millions of people – held a deep attraction for The Foster Four.

“I think there is increasing interest among MBA students in this blurring of the lines between the business world and the nonprofit world,” added Hanna.

About the project, David Cohen concluded: “This has been the most rewarding and worthwhile experience of my MBA.”