24 November 2011

Opening New Doors

Having been coordinator of the Business School’s Clubs and Societies Program for the past five-years, I’ve come to realise just how much an involvement in extracurricular group activities can add to the university experience.

For starters, being part of one of our affiliated clubs is a great way to incorporate a social aspect to uni life that might otherwise be hard to find. This can particularly be the case for first-year students who are looking to meet new people in a brand new environment. And with a lot of our societies having a focus specifically related to Business School studies (such as marketing, finance, work and organisational studies, and commerce), taking an active interest can also be a great way of finding out where your true academic interests lie.

Club events and meetings also afford members a chance to meet not only likeminded students with similar interests and majors, but also key industry representatives and guest speakers. These functions provide solid networking opportunities, especially for postgraduate students, and a chance to gain some firsthand insight into what it’s actually like to work in a particular field. As such, being part of a club can inspire and motivate while also imparting a strong sense of future career direction.

Even further benefits await those students who opt to take on challenging club project leadership or executive roles, with the skills developed as a result of going that extra mile having strong relevance for future career application. Indeed, I’m frequently impressed with the abilities that students in these roles demonstrate, particularly as they get towards the final year of their degrees. If I haven’t sold it enough already, it only remains for me to say that the social BBQs and soccer games run by our clubs are also first-rate fun.

Anyone seeking to become involved in one of our clubs or societies can get more information by contacting me directly at lisa.kelaher@sydney.edu.au or visit the Clubs & Societies page.

Author: Lisa Kelaher – University of Sydney Business School Clubs and Societies Program Coordinator

16 November 2011

More Than Meets The Eye

Many people perceive entrepreneurship as being something that only relates to technology start-ups or businesses run out of garages.

Granted, sometimes entrepreneurship is evident in a technology start-ups run out of a garage, but entrepreneurial activity involves many businesses (young or mature, commercial or social), sectors (technology through to transportation, agriculture through to the arts, food services through to finance), and people (corporate advisors through to funders). Entrepreneurial businesses focus on identifying and exploiting new products, processes or markets. Whatever the industry or age of business, entrepreneurship is all about creating and capturing value from this change.

So just how does one go about being entrepreneurial? For starters, to be entrepreneurial first requires a mindset that’s open to possibility. Success also depends on the ability to deal with uncertainty and to be alert to changing consumer needs and wishes. Rather than being a passive planner, it’s about being engaged with your business community. It’s also about understanding that entrepreneurial activity is a process, not just an outcome. This means asking questions in order to discover what a key issue might be, trying different solutions to address that issue, delivering a tailored business outcome, and then reflecting on how it all went.

Keen to support such entrepreneurial activity, we at the University of Sydney Business School view education as much more than an ensemble of functional skills such as finance or marketing. Crucially, it’s also about developing our communicative abilities, teamwork skills, and attributes like integrity, curiosity, and confidence. We aim to create graduates and researchers who are not only technically competent and socially aware, but also masters of their own destiny.

So if you're thinking that entrepreneurship couldn't possibly involve you, perhaps it's time to reconsider.

Author: Dr Richard Seymour – The University of Sydney Business School

10 November 2011

On The Verge

I’m finally coming to the end of my Master of Management studies and am really looking forward to the exciting career challenges that lie ahead.

I’m set to encounter the first of them when I commence my graduate position role with Clemenger BBDO - one of the world’s largest advertising firms - early next year. Having originally come from an arts background and not having had the opportunity to be exposed to a wide spectrum of business models prior to undertaking my Masters of Management, it’s a position I couldn’t even have imagined myself applying for 12-months ago.

The good news is that the hands-on industry experience made possible by the Masters of Management schedule will ensure I really hit the ground running. Not only has it exposed me to many different business types and practical work environments, it’s also definitely helped me develop a really good understanding of where my business aptitudes lie. I think this is something that’s particularly important. As a result, I’ve developed a real interest in areas like consultancy and account management, and now have a strong idea about how I can apply the skills I’ve acquired throughout the course.

In terms of my new role at BBDO, I'm not exactly sure what lies in store. As a graduate, I imagine I’ll initially be exposed to a wide range of company roles, thereby enabling me to get a really solid feel for what the company does as well as what their clients need and expect. And with the advertising industry being one that’s closely linked to things like politics and society, I just know there’ll be many fascinating aspects and nuances to become familiar with. It’s certainly a great opportunity and a fantastic way to start my career.

3 November 2011

The Stumbling Kangaroo

(Image source: news.com.au)
There’s been much speculation in recent days about whether the recent industrial action by Qantas will have any lasting and damaging consequences for the airline’s brand.

The short answer is no, particularly in relation to the long run. Certainly in the short-term there could well be some angry customers who will divert their patronage to Virgin, but cool heads will eventually prevail and the way in which Australian travelers make their decisions in relation to travel will return to normal. When the dust settles, Qantas will again be evaluated according to whether it provides the type of services that the paying public is looking for.

Research suggests that well-established brands with long track records recover pretty well from marketplace failures. We only have to look at companies like Toyota, Coco-Cola and Vegemite for examples of brands that have bounced back strongly from highly-publicised setbacks. In the case of Qantas, we also can’t underestimate the power of the brand’s national icon status (as well as limited competition from other airlines) as additional buffers against lasting damage. Just how long the current backlash will last is difficult to say, but I think we’re only looking at a period of months, and certainly not years.

So just why are consumers so willing to forgive? It gets back to the notion of not cutting off your nose to spite your face. People had sound reasons for choosing Qantas before last weekend’s industrial action and those reasons remain unchanged. When the current tide of anger abates, as all anger does, they will realise they have little option. Indeed, when it comes to the question of what they’re looking for in airline travel, nothing will have fundamentally altered. Qantas will still offer the right fares, the right routes, at the right time. Consumers will go back to the way they used to make decisions and fly Qantas again. To not do so will hurt them.

Author: Charles Areni - Professor of Marketing - The University of Sydney Business School