Advanced Immersion Module at ESSEC La Défense: Entrepreneurial Thinking

Entrepreneurship is an often-discussed topic. But what does it mean? What makes a person an entrepreneur? And what is it about? Succeeding? As always, the answer seems to be, it depends…

Jan Lepoutre made it clear to us pretty soon that entrepreneurship is not only about having nice and innovative ideas and trying to bring them to market. It is about the process of looking for possible needs by observing possible customers, analyzing them, and finding the product market fit. Thus, he introduced multiple frameworks and concepts to work consistently on the desired strategy. But mostly, strategy that is not in the managerial context, because entrepreneurship involves uncertainty. Therefore, effective thinking and failure management are major factors of success.

The good news is that nobody is born an entrepreneur. And it is not about who you are, what title you have earned, or what you accomplished in the past. It is about what you are doing and how you are doing it. But, like actors, musicians, or athletes, it has to be learned and practiced. So prepare for failure – learn from it and change.

Another important finding is that you will never succeed alone. Whatever the stage of your start-ups, you will need a network: From finding the idea, developing the strategy, and getting funding, to driving the long road to success you need to work with the right people who are doing the right things. And please, never ever forget your customers! Consider their feedback a major part of your journey. Therefore, it is not all about the means – it is about a passion for inventing, establishing, and developing.

This appears to be trickier within a corporation: The context, framework, and direction are already in place. But even here, an ‘intrapreneurial’ mindset and way of thinking is very much needed, as all corporations have to exploit and explore at the same time. We discussed in detail when a company is a “chump” or a “champ”. Mostly, all corporate classmates agreed that the chump probability seems quite high. Do you remember slack and absorption?

Have you ever pitched for an investor? Every entrepreneur starting their own endeavor most probably has to go through the process of obtaining the necessary financials to get the project started. We spent one day with Francois Feige on attracting possible investors. He gave us a sense of what pitching is about, including tips and trick, dos and especially don’ts, from his real-life experience. How do you approach an investor? How do you structure your pitch? On what should you focus? I think even the more experienced people in our class were impressed by his clear statements on the directions we should choose.

And we return to the means and the people. Of course, the homework of strategy and financials has to be done. But, in the end, the people and the belief that these people will execute the proposed agenda will tip the scales if you receive your funding.

To complete the picture, Anne-Claire Pache introduced us to the world of social entrepreneurship. She was able to capture all of our energy to develop social projects through a structured process. The pitches were as different as the projects: from cocoa production, to socializing children with autism, to integrating refugees into our community. For me it was clear: We really should use our expertise to create benefits for our communities and the world around us!

Thanks to this module, I feel very refreshed and have a good idea of how to paint my future life. I would like to sincerely thank all three professors for leading us to entrepreneurial thinking and acting. The main takeaway for me is that entrepreneurship is very down to earth about what you are doing today – of course, with a visionary mind, the will to change things, and optimism…

Find out more about the different modules and entrepreneurial elements of the ESSEC & MANNHEIM EMBA here.

During a promising job interview not long ago, I was challenged when saying that I am a team player. “What exactly do you mean by team player?” the interviewer asked me. “Being a team player, you know, means something different to everyone.” 

“Team”, as many other powerful concepts, has become somewhat hackneyed. I knew what he meant and somehow agreed. To cut a long story short, I managed to answer the question. In the end, his intervention was very fruitful and enriching: not only was it the subject of a lengthy reflection in my leadership journal, it also triggered the desire to share these thoughts with you.

ESSEC & MANNHEIM Executive MBA has much to contribute on this subject. Furthermore, we as participants play an active role and get tons of first-hand experiences. At the heart of the program’s philosophy is the Multi-Competence Team, internally known as MCT. Now, what exactly is an MCT? An MCT is a group of colleagues, namely classmates, with complementary and diverse backgrounds in terms of experience, culture, and areas of expertise. Raison d’être? The MCT is meant to deliver high-level assignments and to spend countless hours of hard work and intensive camaraderie throughout the 18 months of the master program. MCTs are established by the program staff before the program even starts and you are informed about them from the very beginning. They take this setup process very seriously with every MBA class. They consider all possible dimensions during their attempt to find the best group fit. What to expect from such team-based work? Tons of insights and emotions: namely being happy, angry, excited, tired, anxious, hopeful, criticized, supported, loved, and even hated occasionally.

For our class, this journey started back in October 2016. The first challenge was communication. Reaching the right level of communication takes time and involves trust – trust in terms of believing each other and being transparent and respectful at the same time. Challenges kept emerging. We were lacking the most basic emotional attachment in all human relationships: the sense of belonging. But our brand-new team did not have its own identity at that point in time! An entire complex learning process, both as individuals and as a group, took place. We had good days and bad. By working together, we overcame difficulties, celebrated success, and experimented with failure. It happened to us; it happened to every single MCT. It is a normal journey that provides you with priceless experience and gives you war-room training in the daily challenges of both professional and private life. We are humans: we need to coordinate, communicate, and collaborate with others all the time. Terms that might sound familiar to us but at the same time mean something different for everyone. We are expected to learn how to adjust and perform in different group configurations that we are part of. We should try to make the best of it. If we manage to have fun during the time together, all the better. If we become friends, a gift.

Encourage yourself and come aboard! Although there are no recipes for success for working within MCTs, being open-minded, listening to others, challenging outcomes, transparency, pragmatism, value synergies, all along with the right amount of respect, will contribute to your MCT journey.

It has been a great honor for me to work with my MCT. A rewarding experience that enlightens the way, which in turn brings hope to improve as a professional and grow as a human being. I have also found five new friends to count on for a lifetime. 

All my best,

Carolina Astorga

With her job as creative director of a medium-sized business, Carolin is a role-model for women in our EMBA programs. She joined the ESSEC & MANNHEIM Executive MBA program last October. We have asked her if the program has met her expectations so far and how she manages to balance the workload of the program, the demands of her job and her private life.

1. What is your main motivation for an EMBA program?

As creative director, my background is rather artistic. Currently, since I am moving to a higher position in my company, I want to boost my business-oriented competences along with my leadership skills. 

2. Does it meet your expectations so far?

It absolutely does. Now that almost half the program is over, I can say that I will leave with more than just a toolbox for my business. The professors are excellent at giving insights that are applicable to real life. Many assignments actually involve your own company. My study peers from the various industries help me consider things from a different perspective. There is a lot of mutual respect and exchange, and real team spirit!

3. How do you manage to juggle your job, the study workload, and private life?

Well, it is tough but possible. Some decisions at work need to happen much faster. The study part is actually a very positive additional workload. Every time a module ends I am energetic rather than exhausted, as I am super keen to apply what I have just learnt to my job. To charge my batteries, I give myself short but clear breaks where I literally go offline. This helps me free my mind and get back on track very fast.

4. What advice would you give other women thinking of doing an EMBA?

Do not find excuses to postpone your dream. Just go for it and challenge yourself. It is a great, intense journey together with a truly diverse and inspiring group of people willing to grow with you. You will not regret it! 

If you want to join one of our EMBA classes, we strongly encourage you to get in contact with us. MBS also offers special scholarships for women in business. Find out more about them here.

Twenty-first-century Leadership: Lessons from Washington at McCourt School of Public Policy, Georgetown University

Excited. This best describes how we felt when Program Management announced that our ESSEC & MANNHEIM EMBA 2018 residency in the US would take place at McCourt School of Public Policy, Georgetown University. 

Visiting Washington D.C. only a few months after the election of Donald Trump, following eight years of Obama’s presidency, sounded like a very promising study trip. 

And it turned out to be a fantastic trip. Dr. Sam Potolicchio, named “one of the Best Professors in America” by the Princeton Review and “the Future Leader of American Higher Education” by the Association of Colleges and Universities, had designed an intense week of lectures and interdisciplinary group work, invited several tremendous speakers and planned exciting visits for us. 

With his stunning vita, Sam is certainly one of the most “diverse” lecturers we have experienced so far. Although we are the most international class ever in the ESSEC & MANNHEIM EMBA program with 24 nationalities represented, Sam has still taught and worked in more countries. 

His teaching style is so different from that of all the other professors and speakers we had experienced so far – we will certainly never forget certain videos and their significance for presidential election campaigns in US history. His imitation of Bill Clinton’s, “I got you, baby,” is priceless. 

Dr. James Vreeland from Georgetown University on “The Academy Institutions & Global Finance” was only the starting point of a series of first-class lectures, followed by Bruce Mehlmann, one of Washington’s top lobbyists: an interesting insight into American politics from a perspective that is hardly possible in Europe. 

Our visits to Brookings, potentially the world’s most influential think tank, and the World Bank were clearly among the highlights of our trip. What invaluable insights into two major organizations that shape politics not only in the US but also on a global scale!

Senator Spencer Abraham, former Secretary of Energy in the Bush (43rd) Administration, very openly shared his own personal views on life in American politics, before and after Trump, including his guiding principle that so-called failures sometimes turn into one’s biggest successes. Quite an alternative view with regard to typical career paths.

The unplanned visit of the cultural attaché of the German Embassy in the US, Holger Mahnicke, gave us insights into the collaboration between the German embassy and the new Trump administration – or rather, the first draft of the Trump administration, since literally thousands of positions are yet to be filled and Obama’s team is still doing lots of the current work. Given his responsibility for the several communication channels of the German embassy, we briefly evaluated the importance of twitter as increasingly important … at least as long as Trump is on the job. 

Wonderful conversations on and off topic, a spectacular walking tour of The Mall and a variety of visits to museums, restaurants, bars, etc. have made this trip unforgettable. The pleasure of learning and working with such a gifted group of classmates – now friends – is my most cherished memory of this week. I can’t wait to see you all again soon!

Holding a master’s degree in information technology, Fabricio felt a need for deeper knowledge in management and finance to help him in his day-to-day business. He also wanted to advance his career and qualify for taking on more responsibility – doing an EMBA at Mannheim Business School ticked all the boxes.

“I chose ESSEC & MANNHEIM EMBA, because it is a program with a very good reputation. Moreover, the proportion of participants with different backgrounds and nationalities is higher than in comparable programs, which made the program even more attractive to me as an engineer.”

For the 37-year-old Costa Rican, the EMBA has made a big difference – it has even changed his attitude towards work and helped him multitask better. “In general, I have developed a more efficient style of working and a more structured approach to dealing with problems.”

The solid knowledge of the financial and managerial aspects of doing business that he gained during the program have allowed Fabricio to tackle tasks at work that could not be realized before. “The EMBA has really boosted my career: After graduation, I was able to take on higher responsibilities in my job and increase my salary. In addition, I can now count on a great network of fellow participants – now friends – who are always willing to help!”

Today, Fabricio is Director of International Sales at Bihl+Wiedemann GmbH, a highly specialized engineering firm based in Mannheim. Bihl+Wiedemann is among the leading providers of safety technology and electronic components for automation technology using AS-Interface with subsidiaries in Turkey, Denmark, USA, and China as well as international sales partners around the world.