2016

Stories related to "Students".

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The Next Generation of Enterprise

On the day of the NVC finals in May, David Rabie, ’15, and his team stood in front of a panel of judges in a Booth classroom and passed out samples of Thai chicken curry, quinoa, and ginger soy broccoli. The meals had been cooked in a futuristic countertop device—similar to a crockpot—called Maestro. Rabie’s vision of simple, healthy meals calls for customers to pop pods of raw vacuum-sealed vegetables, grains, and proteins into the machine and scan the QR-coded cooking instructions on the package. In a half hour, a well-rounded meal is ready to go. The judges tossed out plenty of questions: How did Rabie plan to grow the company? Who would develop the recipes? Rabie had answers, which is why the judges awarded Maestro first place in the Edward L. Kaplan, ’71, New Venture Challenge (NVC), Booth’s signature startup program. With a cash prize of $70,000, business services, and enviable industry connections, Maestro has a good start in life. Four months later, the start up is fine-tuning the product, building a

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Where’s the Optimal Place to Park a Food Truck?

Pursuing a love of food and cooking, I completed the basic pastry certificate at Le Cordon Bleu in Paris the summer before starting the PhD program. So I was thrilled to see a crêpe truck, Paris Ouh La La, serving lunch during the school year. After several good meals at the food trucks on Ellis Avenue, and observing the variation in the trucks parked each day, I started thinking about how the trucks decide where to park. Where you choose to locate a business is a fundamental economic question—one that food trucks must re-answer every day. The classic location choice model was offered by the mathematician and economist Harold Hotelling in 1929. Consider two ice cream vendors who parked their carts on a one-mile stretch of beach. Assuming the venders offer roughly the same treats, beachgoers will naturally choose to walk to the closest cart. The vendor on the left will serve all the beachgoers to its left, and the vendor on the right will serve all the beachgoers to its right.

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Big Marketers on Campus

Is it possible to geotarget advertising messages by street address? How can business-to-business marketers get better data? Why are millennials spending buckets of money on jewelry? These were among the intriguing queries tackled at Kilts Marketing Day, an annual forum sponsored by the Kilts Center for Marketing. The event brought 16 executive-level alumni in marketing to Harper Center in April to share their industry experience and expertise. Each alumnus hosted a table and led a 30-minute discussion on the latest developments in big data, business-tobusiness marketing, and product innovation. The 100 student attendees—aspiring marketers and those interested in learning more about the field—divided among the 16 tables and rotated for the second session. For the students, the opportunity is extraordinary—joining in discussions, and posing questions directly to alumni in senior positions at marketing heavyweights including JPMorgan Chase & Co., McDonald’s Corp., and MasterCard Inc. For alumni, it’s an opportunity to reconnect with Booth and engage with students. The forum showcases the range of career paths and functions available to students with an interest in marketing—not just consumer products but banking and finance, manufacturing, entertainment, retailing, and technology. Lee Ettleman, a Full-Time student, was interested in the analysis of consumer spending offered by

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Are You Convinced?

Picture a salesman. I won’t take it personally if you’ve conjured an image of a slick talker hawking a used car or an overly enthusiastic promoter of super-absorbent towels. As a middle-market lender here in Chicago, I sell, or more accurately, rent money. It may not be the stereotypical form of sales, but make no mistake: I am a salesman. When I started at Booth in 2014, I was an experienced banker who had just transitioned into a sales role. Several current and former students highly recommended professor Craig Wortmann’s Entrepreneurial Selling class. During the first session, Wortmann asked, “What word comes to mind when you hear the term salesman?” I’m cognizant of public perception of sales, so I expected some degree of negativity. Even so, I was surprised by the results. The most common response was “pushy.” Others included “manipulative,” “sleazy,” “aggressive,” “slimy,” and “annoying.” There were a few suggestions of “persistent” and “confident,” but those were by far the minority.

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Meet the Dean

Incoming dean Madhav V. Rajan shares his personal story and lays out his vision for Chicago Booth’s future—including the critical role that Booth’s global alumni network plays in building on the school’s successes. Chicago Booth Magazine: You’ve called yourself a “lifelong learner.” Can you take us back and share an anecdote about a moment in your childhood or school years that sparked your interest in business and/or academia? How can Booth instill a similar love for learning in future generations? Dean Rajan: Steve Jobs famously noted that you can only connect the dots looking backward, and that is certainly true in my case. I did not think through or plan out my career. My decision to study business for my undergraduate degree was based purely on the fact that my older brothers were engineers and I wanted to learn something different. I then moved to pursue a master’s degree at Carnegie Mellon University, for the simple reason that my father worked in Pittsburgh. I did well in my first-year courses and was approached by a faculty member, who asked whether I had considered doing a PhD. I had not, but he persuaded me by noting that I would get paid to study, which seemed an amazing concept! This particular professor was in accounting, and that’s how I ended up in that field. However, Carnegie was unique in not having an economics department separate from the business school. Every student in accounting, economics, and finance did virtually the same coursework. Looking back, I have benefited immensely from the breadth of study and interdisciplinary training I received at Carnegie. Even then I wasn’t sure I would become an academic. Many of my PhD friends ended up in consulting, and I always thought the same would happen to me. But I liked academic research and teaching and was successful at it, so when I got a job offer from Wharton, it was an opportunity to keep going. Coming to Booth, I am firmly of the view that the school should support lifelong learning for its alumni. Two years ago, the school launched Back to Booth, which are short, nondegree classes for alumni. These courses provide opportunities to relive the Booth classroom experience with fellow alumni, and to learn about the latest ideas from faculty across the school. I cannot imagine a better way for alumni to keep connected with the school and to continue to learn from our great instructors and the latest ideas they are working on.

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Why Is Productivity Stuck in Neutral?

When we talk about the global economy, we tend to turn to automotive metaphors. A recession brings things to a “screeching halt.” Boom times are said to be “in overdrive,” to have “found a higher gear.” And since the recession, one of the major components of the economy has been stuck in neutral. According to the Conference Board, productivity has barely budged since 2007, was flat in 2014 and 2015, and fell last year. We asked professor Chad Syverson, alumnus Matt Tracey, and Executive MBA student Crystal Lam to tell us why it’s stuck and what might kick it into gear. Chad Syverson, J. Baum Harris Professor of Economics, is the author of “Challenges to Mismeasurement Explanations for the US Productivity Slowdown,” published in the spring 2017 issue of the Journal of Economic Perspectives: Is productivity stuck in neutral? The short answer is yes. It’s been slow for the last decade—truly slow, not mismeasuredly slow or illusorily slow. The mismeasurement hypothesis says that although productivity has been slow since the mid-2000s, that isn’t real. The hypothesis argues that what’s actually going on is that our ability to measure economic growth has gotten worse. New things that people like and use a lot—Google, Facebook, Snapchat—are all free. We calculate GDP by adding up what people spend money on. Those things don’t show up because they’re free, so it looks like output per worker hour isn’t going up much. In my recent paper I asked, if that’s true, what else would it be true of? The patterns I found were consistent with an actual productivity slowdown rather than with mismeasurement.

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Allies with Expertise

For Booth students, the annual Alumni Angel Awards are not just a celebration of alumni who go above and beyond in giving back to the school. They’re also an opportunity to strengthen the connections among Booth graduates and current students. “The Alumni Angel Awards reinspire alumni. They’re a way of saying, ‘Hey, here’s what your classmates are doing to help others. You should give it a try,’” said Trevor Gingras. He, along with fellow Full-Time MBA students Lexi Messmer and Jackie Yuh, is part of the Dean’s Student & Alumni Representatives group, which oversees the awards. And this year, there was no shortage of exemplary alumni to choose from.

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A Solution for the Caring Economy

Most nights, Chelsea Sprayregen gets a good six or seven hours of sack time—no small feat for a woman juggling being a student at Booth and the CEO and cofounder of the promising startup Provide. “I don’t do anything else besides work,” Sprayregen said without a hint of regret. But, she said, “I can’t function without sleep.” On May 22, however, nerves would keep her tossing and turning all night. It was the eve of easily her most important professional moment, one that would help turn her dream into a reality: overhauling and simplifying how childcare business owners operate. The next day, along with her fellow Evening MBA students on the Provide team, Sprayregen would present to a room full of business-savvy judges (including several Booth alumni), as well as six other finalist teams competing to win the 2017 John Edwardson, ’72, Social New Venture Challenge. <br/>

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Med Students without Borders

Like any successful entrepreneur, AMOpportunities cofounder and CEO Kyle Swinsky has developed a business that fills a need in an untapped market. In his case, it’s connecting international medical students to rotations in the United States. Swinsky’s Chicago-based startup is the 2017 winner of the Edward L. Kaplan, ’71, New Venture Challenge. Run by the Polsky Center for Entrepreneurship and Innovation, the New Venture Challenge is one of the top accelerator programs in the country, and the competition this year was stiff. But Swinsky’s business model, which presented an original and profitable solution to a unique demand, pushed Evening MBA student Swinsky and AMOpportunities to the front of the competition.

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Experimenting with Failure

When students take Booth’s Strategy Lab, an experiential learning course, they are sure to encounter failure. That’s because reconciling setbacks is one of the goals, according to professor Harry L. Davis. Davis teaches the MBA course in partnership with consulting firm A. T. Kearney, and he also presents the curriculum as a semester-long exercise in Executive Education leadership courses. “Most people overestimate the downsides of failure,” said Davis. Students participating in the course use a 20-cell board with experiential commands that allow them to practice basic skills, such as seeking input from a stranger, practicing active listening, and playing devil’s advocate when they’re part of a consulting team. Students take turns rolling dice to determine which approach to experiment with that week. Results are written down and used to track progress—or setbacks. Often, only a small portion of the experiments turns out well; other portions get chalked up as learning experiences. This kind of personal experimentation is critical when building the soft skills required for leaders, added Davis.<br/>

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How Do You Avoid Paralysis by Analysis?

Knowing when to stop looking at data comes up constantly in my Algorithmic Marketing class. In this class, one of the main goals is to be able to develop tools that would help someone make better decisions. Building these tools relies on knowing what exactly the decision is or what the question is. Very often people don’t specify their question in a precise enough form. You need to write down a specific question—it can’t be a vague goal or a vague statement. It’s important to thoroughly articulate your question and your research plan. The more precise your question, the easier time you will have looking for an answer. The question in itself isn’t enough, though. We also need to specify the exact parameters of an acceptable answer. It doesn’t occur to people to write down specs of an answer, but that’s another thing that needs to be done before you get started. You need to give yourself some set of parameters to help you understand when you’re going to stop even before you start. These parameters could be a set of rules you have to satisfy. For example, if I’m looking at how advertising impacts sales, it might be that I am looking for a set of parameters in the context of a particular model. Knowing that helps you look in the right direction. You have to chart out what the ideal answer would be, and you have to chart out what you’re going to be satisfied with in the findings<br/>