As we quickly approach the end of our first year at London
Business School, I decided to ask a colleague student to reflect on the MBA
experience from a very unique point of view - entrepreneurship. Unlike many
other MBA students, Guy runs his own business alongside the demanding studies.
He started an online business few months before joining the MBA programme called
DocoArt,
that enables customers worldwide to upload personal photos and have them converted
to handmade oil paintings on canvas (or simply buy a stunning reproduction).
1.
LBS is known for its strength in the finance education. Is it also a place for
future entrepreneurs?
Finance education is indeed a very strong aspect of the
school, yet to be ranked number one in the world requires diversity of
strengths. The entrepreneurship resources at LBS are truly unique and provide an
amazing springboard for entrepreneurs at any stage. For me, the access to world
class faculty members, the supporting community of students, alumni network and
investors are amazing resources to benefit and get inspired from.
Moreover, the financial education is extremely important
especially for entrepreneurs that many times have great idea but fail to have
the financial understanding of their businesses. My view on my small business
has changed tremendously since I first stepped into the MBA programme.
2. Could you highlight some of the changes you did in your business as a
result of insights from your studies?
Although I established DocoArt
just before coming to London Business School, many changes have been done in by
business based on the things I’ve learned in class. For example, I managed to
improve the marketing strategy that we had using ideas I first encountered in
the Marketing Core class, such as customer segmentation, targeting and
positioning.
With new tools from the Corporate Finance classes, I can now
plan proper leverage of future projects or the company as a whole. Every class I have taken and every student,
professor or alum I have spoken with enhanced my knowledge and business view on
my venture or any future ventures I will have.
3. MBA course is usually very intense. How do you find time to work on your venture?
Time management is one of the most important ideas I have
learnt and improved throughout the course. The MBA course is indeed intense,
and thus forces you how to plan your time with great care. You learn how to be
more structured, how to reduce ‘noise’ and how to focus on tasks with high
priority – skills that are highly important for all post-MBA jobs.
4. Is being located in London helps you to promote your business?
Absolutely! The UK market is one of the main targets of DocoArt.
London itself is an international business centre that provides you with access
to financial, marketing and operational resources, along with networking and
opportunities to enter new markets. The density of businesses from the creative
industries in London is just another evidence for all these benefits.
5. Are there any specific electives that you are taking or
about to take that can help entrepreneurs make better business decisions?
London Business School offers a range of electives
for entrepreneurs that shed light on all aspects of starting and running a
venture. I plan to take the Financing an Entrepreneurial Business and Managing
a Growing Business electives. I believe these will contribute the most to the current
state of DocoArt.
6. What would be your advice for prospective students who are interested in
an MBA to become entrepreneurs?
Doing the MBA will increase significantly the chances of
your future business to become a success. You will gain well rounded business
knowledge, earn a great network of students, alumni and faculty to support you.
Finally it will open your mind to explore new ideas and opportunities which
were not available for you in the pre-MBA setting.
