Shantanu Pande, MBA ’21, began the program at WashU Olin in June and participated as part of the inaugural class in the MBA global immersion. He wrote this for the Olin Blog.
I am a first-year MBA student at Olin and I just returned from the inaugural global immersion program for MBAs. At the start of our MBA experience, we visited Washington, DC, Barcelona and Shanghai, learning about their cultures and business practices. During our assignments, I noticed how values from different cultures played a role in the business decisions.
Our stay in
Washington, DC, was a huge eye-opener for us. The guest speakers were excellent
about exposing us to their expert views on different economies around the
world. We also had museum visits describing different eras of American history,
with the assignment forcing us to think about values in a very detailed way. I
just wanted to take a moment and reflect on what I saw and learned.
Since our first day
at Olin, we have been exposed to the values of Olin. A presentation was made
and we all listened, absorbed some and let most of it pass. From an
individual’s point of view, the Olin values are all very important and when we look
at them, we would think that these are pretty standard and should be important
for others too.
But then I started
working on different tasks with my classmates and traveling with them. This was
when I realized how difficult it is always to stay true to these values.
In DC, we looked at
different museums and learned how American values have been tested time and
again. The fight for these 250-year-old values is a constant one. The one thing
that struck me the most was the overriding courage of the people who have led
this fight. They believed in these values and they lived with these values.
Listing a few values
on the paper are well and good, but sticking to them when it is easier to just
reach a compromise can be very challenging task. There will be times when your
commitment to including diverse point of views is tested severely. It is easy
to listen to, but not include these diverse views. Real strength is needed to
fight when that point is not to everyone’s liking or is an unpopular choice.
It is easier said
than done to strive for excellence in every task you pursue when the alternate
could be shorter and easier way to get the task done. We must be resilient to stay
true to our values when there is pressure to make the wrong choice.
In closing, I would like to reiterate that values require courage. As business leaders of the future, we need to be mindful of this and remember this relationship when it comes to creating goals around our values.
Pictured above: Shantanu Pande, MBA ’21, in DC during the WashU Olin MBA global immersion, which took nearly 100 students from St. Louis around the globe to DC, Barcelona, Beijing and Shanghai.
In early spring, Betsy Morgan spent five hours on the phone with Bob Harbison as he dictated four years’ worth of preschool enrollment numbers from Oklahoma’s 77 counties. Harbison, a retired early childhood education activist, was the only person on earth with the data Morgan sought—and he wasn’t about to let it out of his sight.
Thus began the extended two-day phone call with Morgan, BSBA ’19, as she gathered data for her project in Management 490. The elite, yearlong honors seminar is offered by invitation only to top undergraduates eager to take a deep plunge into research methods—a capstone course that only seven students took in the 2018-19 academic year.
“I wanted to spend my senior year creating a piece of knowledge, working with someone I could trust,” Morgan said. “It was a lot of work. There were times when I said, ‘Why did I do this?’ But I feel retroactively proud that we did it.”
Morgan partnered with another 2019 graduate, Madison Stoecker, on a project to measure the long-term educational outcomes for students in Oklahoma’s universal preschool program—a program that’s drawn considerable press over the years. But, Morgan and Stoecker said, it hadn’t been analyzed for its effectiveness.
Ironically, the marathon data-dictation session didn’t provide useful data for their project. But the pair’s research unveiled good news for the state’s program: Students’ average ACT scores showed a statistically significant increase for all counties in Oklahoma. For lower-income counties, the effect was 50 percent higher than the average.
Seven students, three major projects
Morgan and Stoecker’s project was one of three that seven BSBA students took on in the course. “These are students who have excelled and demonstrated their ability to do independent work in close consultation with some of our most rigorous researchers,” said Bill Bottom, the Joyce and Howard Wood Distinguished Professor of Organizational Behavior and one of four professors who tag-team the course.
Marisa Ippolito, Hank Michalski and Aneesha Bandarpalle partnered on a paper examining the way teams are formed—and the dynamics when international students are involved in forming teams. Annelise Morgan and Ryan Farhat-Sabet dug into data from the Chicago Police Department to examine the effects of implicit racial bias in the distribution of parking tickets.
In the team project, the students analyzed data they collected from a survey of 229 students in an on-campus lab. They found that people want to work with people who are similar to themselves—regardless of whether they were American or “international.” But mostly, students wanted to work with teammates who practiced “good behavior” as a teammate in class. They recommended that professors always assign students to groups to avoid built-in bias against international students.
In the Chicago parking ticket project, students found no clear trends beyond the fact that white police officers tended to be biased in how they ticketed in different ZIP codes: white officers were less likely to ticket in white areas than in black or Hispanic areas.
The cadence of the course
Students in the course spend their first semester rotating among the four professors: Bottom; Tat Chan, professor of marketing; Bernardo Silveira, assistant professor of economics; and Ohad Kadan, H. Frederick Hagemann, Jr. Professor of Finance and Vice Dean for Education and Globalization.
Each introduces students to a different aspect of the strategy and techniques for academic research. Throughout the semester, the students look for research topics that pique their interest and consult with the instructors to hone their topics.
“These are rigorous, empirical projects,” Chan said, “Science in general is sort of a team sport. They each do one proposal for each faculty member and as a group, we discuss the merits of each of these proposals for projects.”
“It’s very entrepreneurial,” Silveira said. “I don’t suggest topics. They come up with their projects. It’s hard to find that at the undergraduate level, with this level of maturity and sophistication.”
Why would senior BSBA students spend their final year in such a grueling course when they could be coasting toward graduation?
“Challenging yourself and being intellectually curious just for the sake of being curious is very underrated,” Farhat-Sabet said. “We’re still focusing on ourselves through this project, but it’s a different side of ourselves. It’s a challenge for sure, but I can say I’ve had this experience.”
And while their projects might not appear on the surface to have any direct bearing on their business school education, the students all appreciated the applicability of their work to the careers they were about to begin.
With graduation behind them, the seven students are all dispersing to new jobs in the next few weeks. Ippolito will be a consultant with Deloitte starting September 30 in Cleveland; Michalski starts August 19 as a category specialist for Jet.com in Hoboken, New Jersey; Bandarpalle will be a consultant with McKinsey & Company in Chicago starting August 9.
Morgan will be a
consultant with Deloitte in New York; Farhat-Sabet is moving to Washington, DC,
to work for boutique tech consulting firm CapTech.
Stoecker starts September 27 with McKinsey in Chicago; Morgan starts today at Boston Consulting Group.
“It was an unbelievable experience,” Ippolito said. “It was experiential learning and to have help from our advisers—you don’t always have that perspective.”
Pictured at top: Annelise Morgan and Ryan Farhat-Sabet, BSBA ’19, present their work on bias in Chicago parking tickets from their honors thesis course.
Arnold W. Donald is the CEO of Carnival Corporation and had previously worked his way up within Monsanto to president of nutrition and consumer sector. Donald spoke for our Olin Business School’s Defining Moments series in which CEOs share the moments that shaped their career.
However Donald wasn’t always a powerful force in the corporate world. He started in New Orleans, where he attended an all-black high school. It was not easy growing up in segregated New Orleans.
“I was told and told again to prepare myself, that I could do anything—all at a time when I couldn’t drink from this water fountain or eat at that lunch counter,” Donald said. He put all of his belief and energy into the value of education: “Education is a portal to prosperity.”
Even as a teen, Donald was career-focused: by high school he had decided he was going to be a general manager at a Fortune 50 science-based global company. With a very narrow vision, he set out to achieve that goal. He worked hard to get into Carleton College, but didn’t stop there. Donald plowed his way through a Washington University bachelor of science degree in mechanical engineering and later received his MBA from the University of Chicago.
His goal began to materialize as he scored a position at Monsanto right after graduating from Washington University. This position led to his Defining Moment. Donald, then just a rookie, was assigned an account no one wanted.
Arnold Donald, Carnival Corporation
When his boss offered him the losing account, he referred to him as “Nick,” using the name of the only other African American employee. Donald reiterates, “Marketing didn’t want the account because they were judged on sales. Logistics didn’t want it because they were judged on efficiency. My boss didn’t want it because it was an embarrassment.”
Donald, as a rookie and as one of two black employees, was driven to make a profit from this account.
Donald ended up sharing a presentation with his client that saved them a significant amount of money. The client then turned to Donald’s boss and explained how he had just completely saved the account. The boss replied, “I know that’s why we put Arnold on it.” This was the first time the boss had called him by the correct name.
This instance of hard work on Donald’s part—countered by his boss’s ignorance—had defined the start of his career. There will be bumps in the road, but he knew he could count on himself.
From this defining moment, Donald outlined his key takeaways: “Know your heart, find your passion; chart your course, develop a plan; prepare yourself.” These takeaways led him to his current position as CEO of Carnival Corp., a nearly $50 billion corporation.
Jennifer Labit had many forces working against her—an unfinished high school diploma, the tech crash of 2000 and a new baby on the way—but she had a vision and was determined to see it through.
For this week’s Defining Moments series, an MBA and undergraduate class taught by Stuart Bunderson, Jennifer Labit shared how her company, Cotton Babies, was born.
As she explained, “I started a company by accident.” Labit’s company, Cotton Babies, grew out of all of the things working against her. A self-taught coder found herself as one of the only women in a company full of men. This job didn’t last long, as it was washed away with the 2000 tech crash.
Around the same time, she moved back to St. Louis. As she was just figuring out how to make ends meet with her husband working at minimum wage, Labit got pregnant with her first child.
She asked the class, “How much do you think a box of diapers costs?” The class filled with undergraduate and MBA students, many of whom didn’t have children, guessed around $10. When Labit responded that a box of diapers cost $25, the class immediately got behind her vision of reusable diapers.
The idea was born through struggle: Labit and her husband only had $30 after paying the bills for both groceries and diapers. They had to start using cloth diapers because they had to eat. Even still, Labit found a solution to her problem at home, but didn’t see a possibility for a business.
It wasn’t until she’d walk down the street carrying her baby in a homemade sling, having mothers stop her constantly asking where they could buy it, that she knew she had something.
Labit had $100 in her bank account and sold the sling to friends for just $5 above wholesale. She would strategically put a business card in each sling and tell her friends that if people asked about the sling to have them call her. Her phone began ringing off the hook. Every dollar of earnings she put back into her bank account.
Cotton Babies grew so quickly that Labit was forced to move into a retail space for insurance purposes and before she knew it, the company had 600 individual retail accounts.
“I’m an inventor; that’s what I’m good at,” Labit explained. “I’m an idea person.” Labit’s creativity and passion for her company truly radiated through the room as she lectured.
Labit explained that offering a diaper solution to parents struggling economically has a much broader impact than you’d imagine: “I equate a diaper solution to adding a well to a village doesn’t have clean water. It’s just as important but we never talk about it.”
Having too few diapers leads parents down a slippery slope. It leads to using a diaper for too long, which can lead to diaper rash, which then causes increased stress in the home because the baby cries often. Labit shared that not having enough money for diapers creates this cycle of embarrassment and guilt for the parents. Even more extreme: it’s linked to an increased likelihood of childhood abuse.
It’s not only Labit’s passion that landed her a successful business, but also her grit. Labit got emotional as she shared that a Chinese manufacturer knocked off her diapers and sold them on Amazon. The counterfeit product remained on Amazon as Labit begged them continuously to take it down.
She realized direct communication wasn’t going to work while Amazon turned the other way. She needed their attention, so she turned to the power of the Internet. Labit wrote a powerful blog pouring her emotions into words. Amazon responded immediately. The support she received only confirmed the power of having an incredible reputation with high quality products.
Feeling strength within herself, Labit turned the tables to take on China. She recognized their main advantage was their reasonable prices so she went to the drawing board to create high quality products at a competitively low price. Her line Elemental Joy was born, which will be sold at Walmart in just a few weeks. “And that’s how you disrupt China,” Labit triumphantly concludes.
Zandy Schorsch, MBA ’19, contributed this blog post on behalf of Olin’s Center for Experiential Learning.
Oscar Wilde once said that rugby is a good occasion for keeping 30 bullies far from the center of a city. This semester, students from the undergraduate and graduate levels of Washington University Olin Business School have been working with the Center for Experiential Learning to perform the opposite—assess the viability of bringing a professional rugby team to the city of St. Louis.
Rugby is one of the fastest growing sports in the United States, and Major League Rugby was founded last year to provide fans with professional-level rugby competition here in the states. The league kicked off its inaugural season with seven original teams. With nationally televised games on CBS and sold out tickets in many of the cities, there is a growing sense of optimism as MLR prepares for its second season.
The league has aggressive plans for expansion, with teams in New York and Toronto joining for the 2019 season and Atlanta, D.C., and Boston joining in 2020. St. Louis has emerged as one of the potential cities for an MLR expansion team, and the CEL was hired by a local entrepreneur to determine whether such a venture is feasible.
The CEL’s client, a husband and wife duo with a lifelong passion for rugby, believe the loss of the city’s football franchise has created an opening for rugby. Through dozens of interviews with rugby players, coaches, executives, and MLR league officials, the CEL team developed a strong understanding of how a rugby team in St. Louis would operate and the number of fans it would be able to attract.
Although St. Louis has always been a baseball town, there are hundreds of registered rugby players in the local area across all levels of the sport, as well as several nationally recognized rugby programs.
While the CEL team was able to develop a demand forecast for rugby in St. Louis, only so much can be learned about stadium financing and team operations from phone interviews and emails. As a result, the client decided to bring the CEL team to Glendale, Colorado, to meet with the Raptors, the MLR regular season champions, to learn more about the business side of rugby operations.
Learning about rugby operations from the Raptors.
During a full-day of meetings with the Raptors, the CEL team learned about stadium financing, team and stadium operating costs, revenue drivers, marketing and sales strategies, and unexpected expenses associated with managing a professional sports team.
The CEL team also got to learn the fundamentals of rugby from some of the professional players, such as tackling techniques and field goal mechanics.
While the CEL team requires more practice if they hope to play professionally, the data the team was able to collect from the Raptors proved invaluable for their analysis. The client capped off the trip with dinner at a local pub, a great opportunity for the student team to connect with their client informally.
Upon returning to St. Louis, the CEL team took the lessons learned from the Raptors to develop a financial model the client could use to make an informed decision about bringing professional rugby to St. Louis. The team developed an intuitive financial model that accounted for attendance numbers, concession sales, merchandise sales, stadium costs, advertising, and a host of other variables posed several challenges.
Effectively communicating the outputs from the financial model, as well as highlighting the key assumptions and inputs that produce those outputs, was also critically important.
By building a strong relationship with the client throughout the semester, and leveraging the abundant resources of the CEL and Washington University, the CEL team was able to provide a final deliverable that gave the client a holistic view of everything that goes into managing a professional sports team and stadium.
The financial analysis demonstrated that a team in St. Louis is feasible, so be on the lookout for a local MLR team in near future.
Overall, the CEL is a unique opportunity for students to work on real-world projects that have a direct impact on their community. Bringing a professional sports team to St. Louis is the type of project that major consulting firms and investment banks would be envious of, and for the clients who hire the CEL, they get to receive professional-level services from the very students who, upon graduation, will be joining those types of companies.