Manhattan Review Blog - Test Prep, Admissions Consulting and Career Training

3: Finding an Ideal Summer Internship

Internship recruitment begins early. As soon as you arrive on campus in September, even August, you will begin the process of finding a summer internship. You will want to find an internship that matches your interests, opens doors, or provides a taste of a corporate culture that you are interested in experiencing or joining. The internship may or may not relate precisely to your future work, but will provide you with exposure to a culture, a style, and a system. For many, summer internships turn into full time positions after the first year, so you will want to do your homework.

Recommendations

Most first-year business school students find an internship, though the process is still quite competitive. For some people, the difficulty of the process comes not in finding one, but in finding the right one for them. For some, they are looking for industry experience. For others, who are seeking to reenter an industry in which they already have experience, they may be particularly interested in targeting a particular company. For others with less experience, they may want to learn about several industries before selecting a direction.  So devote adequate time to:

o  Attending information sessions or cocktail parties held by recruiters. These are great opportunities to establish informal contacts.
o  Network with other contacts (outside of business school). These sometimes work out well for first-year students. So remember that business school is not the only way by which to find a position.
o  Learn about industries. Such research will assist you in gauging your own interest as well as allow you to come across as possessing genuine and informed knowledge when you do approach recruiters.
o  Learn about individual companies. Companies want to know that you are interested in and knowledgeable about their work. Do your homework and learn potentially through informal on campus events as much as you can.
o  Prepare for case interviews and general interview sessions. Be able to explain yourself and why you are interested in a field, industry, and company, in addition to showing a developing understanding of the work of the company.  Also be practiced at answering the problem-solving questions that you may be asked to solve as a portion of the interview process.
o  Seek guidance during the process from your school’s career staff.

Overall

Following the above plan will help you to adjust and excel in your first-year. You won’t get too bogged down worrying about an internship in May, nor will you be consulting math tutors throughout the year for assistance on problem sets, and you’ll be engaged in courses and activities that interest you and are a good use of your time. But also remember:

Don’t finish work on Friday and show up at business school orientation on Monday. A summer break to settle in, to relax and rest, or even lay on the beach makes a difference in preparedness for your first-year of business school too!

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• The Path to a Happy First-Year in Business School (Part II)
• The Path to a Happy First Year in Business School (Part I)
• GMAT Test Day FAQs Part 3
• GMAT Test Day FAQs Part 2
• GMAT Test Day FAQs Part 1

Like many business schools, London Business School (LBS) is receiving an increasing number of applications for the 2008-2009 school year. Applicants to LBS recognize the advantages of studying in London, a center of world finance and business, and many are interested in not only learning from a highly knowledgeable faculty, but also surrounding themselves with students who have significant professional experience. The LBS program lasts between 15 and 21 months, during which time the school offers a broad range of academic and professional opportunities.

For applicants to LBS, it is important to consider that LBS places a great deal of weight on work experience. Getting in to LBS without any significant work experience, e.g. straight from college, is quite unlikely. It seems from a recent chat on Business Week with David Simpson of the Admissions team at LBS that 2 years is almost a minimum for admitted students. One reason for this is that LBS is interested in business people who have not only worked for companies, but also led teams or managed projects. These students then have their own valuable experiences to share in the classroom so that they can learn from each other’s past successes and stumbles. Since gaining such insights takes time, LBS generally admits students with around five years of work experience. When they evaluate applicants, their number one interest is to develop an understanding of what the applicant has done professionally beyond academics and extracurricular activities. Therefore, those applying to LBS should have a solid base of professional experiences to drawn on and to delineate in their application.

However, work alone is not the only key to LBS admission. The school also seeks high GMAT scores, a median of 690, and strives for diverse international representation in each class.

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Here is part 2 of a chapter from our new book, Negotiation and Decision Making. Our Turbocharge Your Career series has seven more books planned for publication. All of the eight books will be available on Amazon.com and in Barnes and Noble stores across the US. We will also host this class online or in-person at selected locations around the world. Email us at career@manhattanreview.com for more details.

5.1.5 Solving Their Problem

When you are researching, you will have to find out ways to solve the other side’s problem as well as your own.

Those include their values and the outcomes that they are looking for. Also discover some negatives in their business past.

1. All of those bits of information require asking them open-ended questions in the negotiation process. Ask things like “how will this help you” and “tell me more about that”.

Instead of getting an answer and moving on, keep asking to make sure you fully understand. That technique will also create a positive environment and show that you want to listen to their problems and needs.

2. In real life, often times there are no absolute distributive or integrative negotiations. Rather, they are a combination with varying degrees of each type. So you may always be able to find some ways to “enlarge the pie”:

- Gather as much information as possible
- Identify items of value
- Do not become competitive or force compromise. Compromising detracts from both sides
- Focus on the desired outcome for both sides

5.1.6 Let the Other Person Win

Identify Common Issues – Increase communication by showing how you are similar to the other person. It will increase trust and build a relationship

Maintain the Relationship – When something negative comes up, associate it with the terms of the deal and not the other person.

Show how the deal helps them – Be ready to prove that your deal will help their business. Be able to show them and not just tell them.

5.1.7 How to Derive Those Numbers

Many high-ranking business professionals quantify information and develop precise formulas to determine outcomes. If the other side does this, pay attention to the rationale and the formulas they have developed. Know how the other side reached their conclusions. Their method is likely to stay fixed, but the outcomes and numbers are not necessarily going to stay the same because they are more easily changed.

Rules to follow when trying to get at the final numbers:

- Know the guidelines, the goals and who is involved with the deal
- Strive for communication – Ask questions about items you understand
- Question numbers and assumptions – do not accept everything they give you
- Establish your uniqueness – Show why your product is better than the cheaper product and how it will help the other’s bottom line and business overall
- Focus on risks and benefits – Do not threaten or put pressure on the other side, but remind them of the risks of going with a competitor tactfully and through questioning rather than direct statements

5.1.8 Achieving Results

Several methods help to achieve the results you desire AND maintain or improve your relationship with the other party.

Find Objective Methods of Determining the Benefits of Solutions.
This will allow both parties to trust and value the terms to be agreed upon.

Concentrate on What You Want to Achieve, Not Where You Stand on an Issue.
This is a means of opening your mind to other options and modes of achievement. These would be less likely to automatically preclude the success of the other party.

Focus on Issues, Not Personality.
Avoid personal attacks. Your interest is in improving a relationship and achieving your desired results, not frustrating or offending the other party.

Related posts:

• Negotiation and Decision Making (Part 1)
• Younger MBA Applicants (II)
• Younger MBA Applicants (I)
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Manhattan Review is very excited to present a chapter from our new book, Negotiation and Decision Making, which is coming out in conjunction with a MBA training seminar in california. The book also serves as the base for our Negotiation and Decision making class which is taught by expert practioners who have had substantial experience with million-dollar deal negotiations . Our Turbocharge Your Career series has seven more books planned for publication. All of the eight books will be available on Amazon.com and in Barnes and Noble stores across the US. We will also host this class online or in-person at selected locations around the world. Email us at career@manhattanreview.com for more details.

5.1 Important Steps to a Good Deal

5.1.1 Understanding/Problem Solving

Prior to engaging in a negotiation, it is important to get to know the scenario and “the playing field”.

The scenario is composed of various elements

Time – The pressure created by time can cause negotiators to make mistakes. Therefore, if you know how to use your time wisely and plan well, you can achieve a better outcome from you negotiation.

Information – Having more information or access to more information can create the leverage you need for a successful negotiation. Information allows you to create more opportunities and alternatives.

Power – Power is in many ways purely the perception of the other side. You must appear to have power even if you really don’t

Passion – Passion will be the final factor that puts you ahead of your opponent. The more passion you have, the greater your ability will be to get the deal

There are certain facts that you must know about the other side to engage in a mutually successful negotiation.

- Their goals and objectives broadly
- What they want out of this particular negotiation
- Pressures on them
- Who makes the final decision
- Their possible bargaining zone

Please check with our Pre-Negotiation Assessment Chart to be sure that you cover all the elements.

The above will necessitate research on your part. You must have ample information available before you try and successful negotiate. There are many tools available.

- Internet
- Publications
- Vendors
- Employees
- Customers
- Public information (financial reports etc.)

Not only know what you are negotiating about, but know who you are negotiating with. Without proper research before hand you will not be successful in your negotiations. By having information, you will be able to test them on their level of honesty. You can ask questions about their situation and if you know the answer and are being lied to, you will be able to assess their negotiation style rather quickly.

5.1.2 Planning

Some authors recommend outlining some possible outcomes

- Best Possible Outcome
o This is the best possible, but not necessarily realistic outcome
- Worst Possible Outcome
o The worst and least acceptable outcome
- Expected Outcome
o A likely and somewhat acceptable outcome
- Resistance Point (Walk-away Point)
- BATNA (Best Alternative to a Negotiated Agreement)

5.1.3 Building Communication

- Share information: Hiding all of the details creates a negative environment
- Active Listening: Show that you want to know about their position and what are their needs and wants of the negotiation
- Acknowledge their Needs: Show them that your business can help them and give them what they want. If you don’t they will turn to someone else.
- Ask questions so you can discover their needs and decide whether or not you can meet them.

5.1.4 Controlling the Negotiation

The more control you have over certain aspects of the negotiation, the more likely you will be to gain an advantage. Here are some ways to gain control

1. Speak First – In many instances, if you speak first you will control the tone and tempo of the rest of the negotiation
2. Ask Questions – By asking questions you will control the content of the negotiation. By asking questions, you are also finding ways to come to an agreement
3. Don’t Argue – The key to negotiations is sharing information and not being combative.
4. Prepare to meet the other person’s needs – fully understand the other side’s position, motivations and needs and be ready to meet them
5. Listen – The more you understand of the questions you ask, the more control you will have on the outcome of the negotiation

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Many professionals seek and achieve a higher standard of work in the office place. They put in long hours, reply promptly to their emails, and at the end of the day help create a good product. They may even bring their officemates bagels or donuts to keep everyone smiling, but somehow it is not enough to be promoted or receive a raise. What follows are some suggestions, dos, and don’ts as to how to better achieve your goal of moving up the ladder in your workplace.

Dos
Speak up. Send out relevant interesting articles to staff. Try to become someone that people know, beyond your boss.

Seek out advice as to how to achieve your goal from others who are higher in the company hierarchy.

Offer to take on greater responsibilities. It is vital to prove that you can already do the job that you want. However, as you will see in the Don’t section of this post, don’t go too far with taking on other people’s responsibilities. Remember that you need to prove you can do the job you already have. You will not get a promotion if you make many mistakes, and prove that you are not up to the responsibilities, as mundane as they may be.

Recognize that despite your efforts it may not be so easy to attain the promotion you desire. It may take an additional year of work or it may require that you take your experience to a different company. Hard work, motivation and positive thinking will not necessarily get you noticed at your current company. Don’t quit to early though because the time you have spent in your current job may be a factor in a looming promotion.

Don’t
Let your boss down. The easiest way to get promoted is for your boss to feel extremely confident in your abilities and in your devotion to your work.

Exceed the limits of your position. This is not a time to come across as wanting to usurp control from your boss, instead you are trying to impress him or her.

As trivial as it may seem to some, appearance counts. Do not take casual Friday to far, or too early in the week.

Overall
Try not to be deterred by initial failure, for many working their way up the corporate ladder is one of the most difficult parts of their career and there are sure to be bumps along the way. But if you work at it, if you become a better employee, a better manager, as well as more knowledgeable, you are likely to succeed in the future. Through following some of the advice above, you will increase your networking potential both within your company and beyond. Attaining the promotion you want is possible; it may simply take patience and drive.

Related posts:

• Hiring Trends for MBA students in 08
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• Negotiation and Decision Making (Part 2)
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