Aside from working on my thesis, I found I made a terrible mistake in my business plans - rendering the entire business un-doable. However, with enough amendments and pivoting, it can be adopted to a more realistic and achievable business.
Lessons I learnt:
1. If you're doing a business in China, for the Chinese - please get a local partner, or local friends who can advise you. It's very easy to assume what works abroad, or what sounds good to you (because of your mindset) would work in China. Sorry, it doesn't work like that; I learnt it the hard way.
2. LinkedIn is actually quite useful. Especially if you want to get connected - but like most networking, if you want to get introduced to someone, at least have a good relationship with the introducer. Not just a "Hi/Bye" relationship, but a relationship where you actually have had a meal with the person and talk to him on a regular basis.
3. Don't fall for the China is such a large market, 1% will be achievable and make me insanely rich. China has so many provinces, and each province is a market by itself. There are several provinces with roughly 100 million people each, it might be better and make more sense if you were just to target one province. Remember that Beijing alone has 19 million people (not including Tianjin which is another 12 million) putting in on par with small countries.
4. Communicate - which means, you need to be able to speak Chinese. And hopefully read and write. I'm at a huge disadvantage because I'm not extremely fluent in Chinese and reading/writing is hard for me. It really helps if you can find somebody who can help you understand what's going on. Get a good tutor, a good tutor isn't just somebody who can teach you the language well, but somebody who can teach you the culture as well and who you know as a person. Terribly important. Have a meal with your tutor. That helps.
5. Be flexible in your plans. I think I've learnt it's important to have a business idea/model that can be adapted easily if changes need to be made. For example, you would like to have a restaurant, and it's a hamburger restaurant. Be flexible enough that if you learn it doesn't work, you can pivot and change it and turn it into a hotdog stand, or a pizza parlor.
6. Have somebody with you. Not necessarily a girlfriend/boyfriend (you can't really trust them sometimes :P ) but a partner who you're able to bounce ideas with and discuss things. If anything, that person is sometimes able to provide you with a reality check on things. I think it works best if you're able to have somebody who has slightly different interests and a different area of focus. For example, you may be focused on the business aspect of things while your partner may be focused on operations and technology. It doesn't mean that you don't know operations and technology at all, but rather, it means that your partner pays extra attention to that area while you're able to think about the business.
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Theloneranger said
"Hi,
I came across your blog while looking for information for Tsinghua IMBA. I must that you put the B school into a different light than others (although to me it didnt seem negative).
I have actually applied for the class of 2014 and maybe i might get into it. so i thought i would tell u my plan. I want to study in tsinghua and then go for a dual degree (after the first year) or complete the MBA in tsinghua only and looks for jobs in Singapore and Malaysia. Do you think that looks possible? "
Hi!
TThanks for dropping by and reading. I'm glad you didn't think my blog doesn't put Tsinghua SEM's MBA program into too negative a light. I have other classmates who are more than happy to talk about the happy side of things, but I decided that I wanted to present a more realistic view - sort of to manage the expectations of people who read this blog and want to apply to the MBA program.
I do hope you get a chance to get admitted (if anything, it feels good to be admitted) and have the opportunity to discover Beijing the way I did. Just remember, that in China, a lot of what you think would be normal doesn't really apply here - quite a fair bit of things are exceptions simply because it's China.
Well, if you want to do a dual-degree then you're probably looking at HEC Paris? Or are you looking at the MIT Masters in Management? If you're looking at HEC Paris, then I think you would enjoy it, although I'm told that Paris is really expensive. Of the classmates that went there, one had a girlfriend in Paris and the other was a local Chinese who had always dreamt of going to Paris (he actually speaks fluent French as well). So I guess, perhaps you have your own reasons to doing it.
I do think that the job opportunities are better if you did the dual-degree. One of the classmates got into finance in London for an internship, so that's pretty good. Not bulge bracket, but a boutique, which might have a more relaxed pace.
Singapore is a pretty nice place to work and stay at, but you would need to earn between SGD6k to SGD8k to really be able to enjoy life there a little bit more. Things aren't cheap, and the weather is as bad as the weather in Malaysia - hot and humid. And it's really small :P but I like Singapore because, it's convenient and safe, and they have not one, but TWO casinos (although I'm told Resorts sucks and you're better off going to Marina Bay Sands).
As for Malaysia, it's the much poorer cousin of Singapore, rife with racism and corruption. I would only suggest going there if you are able to get an insanely good package, or you're from Malaysia and want to be near family. If not, they pay less than Singapore/Hong Kong, it's not safe and there is institutionalized racism that might affect your career.
It really depends on what kind of jobs you're looking at post-MBA. If you're looking for consulting or finance, or those really nice jobs, you would have to compete against graduates from INSEAD Singapore, as well as the whole bunch of Singaporeans that go to Harvard/Stanford/Wharton/Chicago/MIT/Kellogg and Columbia each year. So that might be tricky, but I think if you're looking for a "normal" job (something that isn't specifically an MBA position), it should be possible to get that.
Good luck, and let me know if you come to Tsinghua.
P/s Please, get a VPN from Astrill or Witopia before you come, especially if you would like to read blogs, Facebook and watch Youtube and read articles that put China in a bad light. :)
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Hitomi - Continued Story (Code Geass)
For a change, a non-hardcore song. But one of the nicest songs I've heard - although to fully appreciate it, you should watch the anime, Code Geass. :)
Saturday, January 28, 2012
Friday, January 27, 2012
Finance
Thanks for the quick response! I am actually a PhD student at the departmen of civil engineering. I just want to take some economic courses, to get some knowledge about banking and finance and try to break into finance. But know I read about the age issue you are having, not sure if it is a good idea.
Thanks, and lets see what happens!
Jaime
----
Hi Jaime (again)
If you're a PhD student, assuming that it's a 5 year long PhD, and you did your PhD after masters, after undergrad, you would be about 28 - 30 when you graduate?
If you're 28 of younger, you can still break into finance. But again, it depends on which area of finance you want to break it, finance as a whole, is a huge industry. Finance isn't really my interest, so I can't advise you specifically on how to break into it - but I guess it would primarily fall on you do to a lot of your own networking to try and meet people in Finance and hopefully secure an internship.
I don't know much about your area of expertise, so again, I can't really tell you what to do. But I do know that a lot of PhDs hired into finance tend to be technical experts and do something related to modelling - lots and lots of modelling.
I do have several suggestions for you though, just some stuff off the top of my head that you might want to try to do to break into finance.
i) Do take up a few finance courses at Tsinghua. Based on the electives offered in Fall 2011, you might want to look at Theory of Investment, Business Analysis Using Financial Statements, International Finance, Principles of Financial Engineering.
ii) Do attend the networking/guest lectures held by Tsinghua SEM. If not for anything, just to listen to the lectures (which can be pretty interesting) and perhaps meet some people in the industry.
iii) I'm not sure if you can do this, but speak to to the Tsinghua CDC and see if you can be put onto their mailing list. Once in a while, finance related jobs crop up, but they're mainly for Chinese students though because of the language required (I'm not sure if you're Chinese).
iv) There are several finance related clubs in Tsinghua SEM. You can always try to join them and participate, at least you'll have a clearer idea of finance and pick up the lingo. Always good to know the language they're talking.
Good luck to you.
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Hixxy & Chris Unknown - This is how we roll
Thanks, and lets see what happens!
Jaime
----
Hi Jaime (again)
If you're a PhD student, assuming that it's a 5 year long PhD, and you did your PhD after masters, after undergrad, you would be about 28 - 30 when you graduate?
If you're 28 of younger, you can still break into finance. But again, it depends on which area of finance you want to break it, finance as a whole, is a huge industry. Finance isn't really my interest, so I can't advise you specifically on how to break into it - but I guess it would primarily fall on you do to a lot of your own networking to try and meet people in Finance and hopefully secure an internship.
I don't know much about your area of expertise, so again, I can't really tell you what to do. But I do know that a lot of PhDs hired into finance tend to be technical experts and do something related to modelling - lots and lots of modelling.
I do have several suggestions for you though, just some stuff off the top of my head that you might want to try to do to break into finance.
i) Do take up a few finance courses at Tsinghua. Based on the electives offered in Fall 2011, you might want to look at Theory of Investment, Business Analysis Using Financial Statements, International Finance, Principles of Financial Engineering.
ii) Do attend the networking/guest lectures held by Tsinghua SEM. If not for anything, just to listen to the lectures (which can be pretty interesting) and perhaps meet some people in the industry.
iii) I'm not sure if you can do this, but speak to to the Tsinghua CDC and see if you can be put onto their mailing list. Once in a while, finance related jobs crop up, but they're mainly for Chinese students though because of the language required (I'm not sure if you're Chinese).
iv) There are several finance related clubs in Tsinghua SEM. You can always try to join them and participate, at least you'll have a clearer idea of finance and pick up the lingo. Always good to know the language they're talking.
Good luck to you.
-----
Hixxy & Chris Unknown - This is how we roll
Monday, January 23, 2012
Sunday, January 22, 2012
Happy Chinese New Year
It's been a while now since I last blogged. What have most of my fellow classmates been up to? Well, pretty much about half of my classmates went for an exchange abroad. Those that stayed to do the 3rd semested at Tsinghua SEM spent the last moments of the semester making arrangements to go back home for the winter break.
So right now, there is hardly anybody in Beijing (from my class) - especially given that the Chinese New Year has come earlier. Those that stayed are probably focusing on their local internships, I know at least of one classmate who is doing an internship here. In general, the consensus is that most of my classmates will come back sometime in March.
What have I been doing? Well, I spent a good part of December and January traveling before coming back to Beijing for the Chinese New Year - only to realize that perhaps, I should have had spent my time elsewhere. But actually, the fact that nobody is around allows me to get some work done. Because, well, I realized that realistically, I may not be able to get into an MBA specific role, such as a leadership program or an associate program. Possibly because of experience, age, etc; it's hard to tell why sometimes. But taking that into consideration, I've decided that I would apply directly into roles that I am interested in, aside from the usual MBA roles.
How have I fared? Admittedly not very well. Discussions for a company that was interested well through. So what is my plan? Well, I have decided that I will look into doing what I have always wanted to do - entrepreneurship and start-up. And to that, I have spent the last several weeks working on business plans for a start-up in China. However, the trickier part, is getting funding. So over the next couple of months, I will probably be knocking on a the doors of a lot of VC funds with my hat in my hand, asking for some charity. Let's hope that this goes better than my applying for a job. :)
-----
Ok, I have to admit, the main reason that I blogged today was because Jaime, left a comment. So I will go ahead and try and address her questions
"Thanks, its me, Jaime again. From the last post I guess things are getting better with the job hunting. I am selecting my grades for next semester, and would like to know if you can give me some advice of were to find SEM English courses. I know there are some you don't need to be MBA student to take, I knew some exchange French guys how were taking these courses. Do you know where can I find info about this?
And, considering I want to find some internship at a PE or IB firm, just to get some experience I am not aiming for (Goldman Sachs), can you recommend me any courses?
Thanks, and good luck with the job hunting!!"
Hi Jaime
To be honest, I am not very clear on what you do. Are you an exchange student or are you just a student hoping to take some courses at Tsinghua SEM? Anyhow, if you want to find the English courses online, you would need to have an account. At least, that is how we access the list of Ensligh electives. But perhaps, an option you could do is to call the office? I think you might be able to ask Lynn (8610-6278 5515) for advice on this and how you would be able to sign up for courses if you are not a Tsinghua SEM student.
If you are planning to find an internship at a PE or IB firm, it really depends on what role you would want to do - especially in IB. But I would suggest that you look at courses such as Theory of Investment, Capital Markets, Investment Banking (yes, there is a course that is called Investment Banking) and similarly related courses. If, you want to do an internship, and I think possibly as an analyst, do look at doing internships with securities firms such as Samsung, Mitsubitshi, etc. If you have no prior experience, it might be an opportunity for you to break into the field.
Good luck to you.
-----
Foster the People - Pumped up kicks (Skeet Skeet remix)
I wonder how many people feel like that.
So right now, there is hardly anybody in Beijing (from my class) - especially given that the Chinese New Year has come earlier. Those that stayed are probably focusing on their local internships, I know at least of one classmate who is doing an internship here. In general, the consensus is that most of my classmates will come back sometime in March.
What have I been doing? Well, I spent a good part of December and January traveling before coming back to Beijing for the Chinese New Year - only to realize that perhaps, I should have had spent my time elsewhere. But actually, the fact that nobody is around allows me to get some work done. Because, well, I realized that realistically, I may not be able to get into an MBA specific role, such as a leadership program or an associate program. Possibly because of experience, age, etc; it's hard to tell why sometimes. But taking that into consideration, I've decided that I would apply directly into roles that I am interested in, aside from the usual MBA roles.
How have I fared? Admittedly not very well. Discussions for a company that was interested well through. So what is my plan? Well, I have decided that I will look into doing what I have always wanted to do - entrepreneurship and start-up. And to that, I have spent the last several weeks working on business plans for a start-up in China. However, the trickier part, is getting funding. So over the next couple of months, I will probably be knocking on a the doors of a lot of VC funds with my hat in my hand, asking for some charity. Let's hope that this goes better than my applying for a job. :)
-----
Ok, I have to admit, the main reason that I blogged today was because Jaime, left a comment. So I will go ahead and try and address her questions
"Thanks, its me, Jaime again. From the last post I guess things are getting better with the job hunting. I am selecting my grades for next semester, and would like to know if you can give me some advice of were to find SEM English courses. I know there are some you don't need to be MBA student to take, I knew some exchange French guys how were taking these courses. Do you know where can I find info about this?
And, considering I want to find some internship at a PE or IB firm, just to get some experience I am not aiming for (Goldman Sachs), can you recommend me any courses?
Thanks, and good luck with the job hunting!!"
Hi Jaime
To be honest, I am not very clear on what you do. Are you an exchange student or are you just a student hoping to take some courses at Tsinghua SEM? Anyhow, if you want to find the English courses online, you would need to have an account. At least, that is how we access the list of Ensligh electives. But perhaps, an option you could do is to call the office? I think you might be able to ask Lynn (8610-6278 5515) for advice on this and how you would be able to sign up for courses if you are not a Tsinghua SEM student.
If you are planning to find an internship at a PE or IB firm, it really depends on what role you would want to do - especially in IB. But I would suggest that you look at courses such as Theory of Investment, Capital Markets, Investment Banking (yes, there is a course that is called Investment Banking) and similarly related courses. If, you want to do an internship, and I think possibly as an analyst, do look at doing internships with securities firms such as Samsung, Mitsubitshi, etc. If you have no prior experience, it might be an opportunity for you to break into the field.
Good luck to you.
-----
Foster the People - Pumped up kicks (Skeet Skeet remix)
I wonder how many people feel like that.
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