REPOST: Out in the field: postgrad students make the world their business

An increasing number of business schools are sending their students overseas to learn firsthand valuable lessons on entrepreneurship and management. The Guardian’s Stephen Hoare discusses further these immersion trips in the article below.  

Image Source: theguardian.com

Their international cohorts include students from as many as 40 countries, but instead of bringing the world to their classrooms, an increasing number of business schools send groups of postgraduates on overseas visits, to learn at first hand what it means to be a global citizen.

In September this year, around 200 postgraduates from ESCP-Europe's London campus – at the start of their two-year master's in management (MiM) programme – spent three days at the European parliament in Strasbourg, which was then at the end of its summer recess. They were joined by postgraduates from the business school's other European campuses – Paris, Berlin, Madrid and Turin – making a total of 834 students.

After learning from officials how the European parliament worked, the students took part in role-play exercises in which they debated the EU's proposed financial regulations and banking union. Working in multicultural teams, they practised soft skills – such as collaboration, negotiation and chairing meetings – as they took on the roles of members of the European parliament, policymakers and lobbyists.
"We call our visit an immersion seminar," says Patrick Gougeon, director of the Paris-based school's London campus. "The aim is to reinforce the students' knowledge of the EU and its institutions, and to develop their reflection concerning the European challenges."

Overseas study visits now often include a hefty dollop of social responsibility. Field trips to developing countries are more popular than ever and present an opportunity for postgraduates to work with NGOs, helping small businesses and social enterprise. For the past five years, students on ESCP-Europe's master's in marketing and creativity have raised money to go to Uganda, where they have helped local charities with their business plans.

Cranfield School of Management has seen a switch away from study tours to major growth markets – such as China and Brazil – towards field trips to developing countries. This year, around half of all MBA students volunteered to work in Uganda, Egypt, Ghana, Mongolia and Nepal. Lasting 10 days in June – and co-ordinated by Cranfield and the charity Challenges Worldwide – the trips take place towards the end of the course.

"MBA students can apply their knowledge to help small businesses in the developing world to structure their ideas and meet some daunting challenges. This is no easy option. There is real value in it for both parties," says David Simmons, Cranfield international director.

US postgraduate and former teacher Evan Schiff was one of a group of six sent to Mongolia. "When I called my parents in the States, they said, 'Mongolia? Where's that, again?'"

While most of the group set to work in Ulan Bator, Schiff and a colleague – together with a translator and a representative from international development NGO Mercy Corps – flew a further 1,500km to a mountainous region in the west of the country. "We landed on a dirt strip in the middle of nowhere. And stayed in a village with no clean running water or electricity."

Schiff talked to a producer of yak's-milk yoghurt, a local business adviser and a trader in wool. Tact, respect for cultural differences and an ability to relate to people were much-needed qualities. "If I asked them to tell me how much they had sold the previous week, and then repeated the question, I would get three or four different answers."

By the end of 10 days, Schiff had demonstrated the value of simple record keeping. He had also learned a lot. "I was inspired by the way these businesses rose to the challenges they faced. I will remember the lessons I learned in my new adventure education company, Travelling Classroom."

London School of Business and Finance (LSBF) specializes in bringing students to the forefront of business through industry-relevant programmes, exclusive career support, and uniquely global student experience. Read more about the prestigious institution here.

REPOST: Students – top tips for starting your own business

Studying business? How about making business while studying? James Eder writes on The Telegraph that there are a lot of ways for students to start making money even before graduation. There are also a lot of resources in the UK that can assist them in pursuing their entrepreneurial goals. 

Image Source: telegraph.co.uk

There are lots of challenges involved in setting up a business. If it was easy, everyone would be doing it. But one of the most difficult things is actually getting started. So, you have an idea. Now what?

I’ve just returned from speaking at the One Young World conference in Johannesburg, where over 1,300 young people from all over the world were inspired to take action.

When I was just 22 years old, we had been rejected for a loan by the high street banks, but in the end received a low interest loan from The Princes Trust which set us on our way to start up studentbeans.com.

Take action. Ideas are cheap but it's those that take action who can really make a difference in the world.

Learn by doing. There is only so much you can learn by studying and preparing, the real learning begins when you take action.

Keep going. Drive, commitment and determination are all essential ingredients to helping make any idea a success.

Universities are a breeding ground for young talented individuals who have great ideas for businesses. However, many students have a fear of giving things a shot and taking a risk. They think that their lack of knowledge, finance and support will hold them back.

You may think that you're on your own, but here in the UK there are a growing number of resources around to help you – you just need to make the most of them.

If you are reading this and you are not 100% sure you want to set up a business, that’s OK. You can still get involved in the entrepreneurial world and take what you learn into the workplace. To do this, the most important thing is being proactive and taking responsibility for your contribution in the world.

Access people rather than pounds

Rather than access to millions of pounds, what you really need to start or develop a business is access to people, relationships and strategic networks. By meeting, speaking and listening to those who have ‘been there and done it’, you can gain the knowledge and support to take that first step in setting up your own business.

Google Campus If you’re in London don’t miss out on a visit to Campus, powered by Google, which offers seven floors of flexible work spaces, free high speed internet and all the support you need to fuel your ideas. They regularly host mentoring programmes, speaker series and networking events.

Silicon Drinkabout is a regular after work drinks for start-ups every Friday 'round the Silicon Roundabout! Founded by Mind Candy, and run by 3beards, Silicon Drinkabout is open to start-ups of all sizes as a place to meet like-minded people, have fun and relax.

General Assembly is a great hub and has a wealth of education programmes and networking events. There really is something for everyone; from marketing and design to development at the heart of the community.

StartUp Britain is a national campaign by entrepreneurs for entrepreneurs, harnessing the expertise and passion of Britain’s leading businesspeople to celebrate, inspire and accelerate enterprise in the UK.

Over the years they have been an amazing support to thousands of people up and down the country and regularly put on events, many of which are free to attend.

Enternships – for those just starting out this is a great place to explore getting experience in a start-up. Gaining some more experience in the start up world can be hugely beneficial before going it alone or landing your dream job.

Take part in university clubs and societies

If you are at university, you could join the Entrepreneurship Society or find out about National Association of College & University Entrepreneurs (NACUE.) There is also a wealth of knowledge and experience to be gained by getting involved in the different clubs and societies; whether it be skiing, film or sports.

Managing the finances, recruiting and managing a team, organising an event or trip – these are all transferable skills that should not be underestimated, whether you start up a company or go and work for someone else.

I was involved with AIESEC, where I got some amazing business development and sales training. I also gained skills managing, recruiting and training people and I was sent on sponsored placements to work in The Philippines and Colombia – all before I graduated.

When we first started out almost 8 years ago, there was nothing like the support networks available today. It is invaluable to have the advice and support of people who have gone through the experience before you.

Funding is available

There are a number of schemes and organisations that you can turn to for funding.

The Prince’s Trust When we were looking for an initial start up loan to get our idea off the ground – and had been rejected by the bank – we were able to turn to The Prince’s Trust and, after pitching our idea, received a low interest loan.

We were part of their Business Programme and the advice and support from them in the early days was invaluable. It wasn’t just about the funding, but the additional support structure. We were assigned a mentor from the law firm DLA Piper who I would meet once a month to review our figures, successes, failures and our next steps – these were vital in the process of continual learning and development.

Startup Loans is a fantastic scheme led by James Caan and Lord Young where young people starting a business can apply for a loan of £2,500 and get access to personal support and mentoring.

As well as the money, it’s important to see what other young people have achieved and understand that setting up a successful business is something that can actually be done.

We need public figures like James Caan and Lord Young to bring entrepreneurship to the forefront. When the programme first launched I was appointed as an ambassador, I helped show students a real life example of someone who is working day to day to build a brand and grow a team around them.

I was delighted to be able to share my story and inspire others to take the same leap I did when I set up studentbeans.com when I was 22.

Student Upstarts Run by Christian Jakenfelds and Matthew Stafford, who really know and understand what people need. They invest up to £15,000 in exchange for up to 8% equity in student teams, to create and build businesses.

The criteria is simple – one member of the team must be a full-time student at a UK or European higher education institute, or have graduated from one in the last 12 months. This applies to undergraduate, postgraduate and PhD students.

Student Upstarts was established in 2012 with the aim of investing in 100 student businesses by the end of 2015. The motivation for this is the huge potential of the talent that we see in the UK’s universities, together with the belief that with investment, support and their network, Student Upstarts will discover the next generation of entrepreneurs who will become the UK’s business leaders and change the world.

Of course, no success story comes without a lot of hard work behind it. So be prepared to work, take responsibility and most importantly enjoy the journey.

The London School of Business and Finance (LBSF) is one of the universities in the UK that provides highly specialised and industry-focused programs to help students develop business strategies that attract more profit and prevent fraud. Visit this website to learn more about entrepreneurship and education.