"Dee-troit Basketball!"

Are you a Pistons fan? Thinking about a career in sports management? Just want to get some experience? If you're a current student in LTU's Undergraduate Management Programs, you should have recently received an e-mail through our Blackboard site announcing numerous internship opportunities with the Detroit Pistons basketball team and Palace Sports Entertainment. Check out the Bb site for more details, including full job descriptions for each position.

Stumble It!

It's Finals Week: Should the Professional Side of Me Care?

As you re-read your class notes (you took some, right?) and review those textbook pages one more time (you've read them already, right?) it's easy to feel that the process of studying for and taking finals has nothing to do with what you will experience once you have your hard-earned LTU degree in hand.

Wondering about the connection between finals and the work world, we posed a question to the LTU Alumni Group on LinkedIn about whether preparing for (and taking) final exams was good training for their professional lives. Eric Tookes (BSBA '86) is currently the Director of IS Support Services at Champion Enterprises. Tookes sees "a lot of similarities between preparing for final exams and managing projects in the business world." He elaborates,

[i]n the business world, you have assigned task to deliver in a project. When
the tasks are completed, you discuss the accomplishments during project status
meetings. During these meetings you discuss things that went right and where
improvements can be made (debriefing). When studying for finals, students should
review their previous assignments, quizzes and test to identify areas of further
study and reinforce the correct answers. Throughout this process you are
reviewing the material for the exam(s).

Another piece of advice comes from Robert Goffeney (BSBA '83). Goffeney says it's not just the final exam process at the end of the semester that is good prep for the "real world" -- it's what you do from the very beginning of the semester. He writes, "the way you go about preparing for each class is a dry-run for the real world of work. If you skate through a class just memorizing what will be covered in the next session and then cram for the final, you may pass but you'll come out of the experience with nothing you can apply later."

Think about how many times you've been tempted to put off studying or reading for a class because you know that you won't be called on that day, or because you have a knack for skimming through the book and grabbing an acceptable answer at the last minute. That might earn you a passing grade in some classes, but Goffeney cautions students to think about their school life the same way they will need to think about their work life:

If you apply that same method to life in business, you'll quickly be found out
as a lightweight. Expertise is valued in the working world, and expertise
usually comes from mastering the details of an assignment, project or
discipline. In status meetings, deliverable reviews and the like, you can't
assume the conversation will stay comfortably focused only on what was
explicitly assigned (or "in the book"); and when the meeting wanders off-agenda,
as they often do, only those people who really know their stuff can find their
way back again. Folks who have been just "getting by" will be noted, and find
their opportunities limited in the future. Bottom line: master the details
early, and build your knowledge continually.

Finally, Amory Diccion (BSME '03), 6 Sigma Black Belt and an engineer at Caterpillar, Inc., also finds similarities between his experience in taking finals and his professional career. Diccion points out that, in both your academic and professional career, how you present that you have learned the information can bolster or take away from your credibility. He explains, "[i]f you develop and learn sequentially rather than in one large batch as your deadline approaches, then you will be better positioned to have an airtight case. Cramming for finals is similar to last-minute preparation in the working world...any holes in your case will be easily identified by your peers, and your credibility becomes compromised."

If you want to take to heart the hard-learned advice of those who were here at LTU before you, what should you be doing throughout the semester? Diccion tells us that he spent 2-3 hours studying for every hour of lecture. What is "studying?" It depends on the course, but it might include: doing any assigned work (including participating in online discussion boards) well before the deadline, reviewing your work before turning it in (and maybe even having a peer review it also), and creating an ongoing outline of your notes. Is yours a vocabulary-intensive course? Creating your own flashcards and quizzing a group of fellow students is an excellent idea.

Diccion finds that his studying methods are paying off in his professional life. He writes, "I document my progress on projects as new discoveries during development. When I bring forth my results for reviews to management or leadership, I am not jamming content into a rough presentation, but instead tweaking and polishing my message on my concurrently-developed content. "

Diccion sums up the advice of these three alumni well: "The final point: don't cram."

Facebook Faceoff: Do Social Media Tools Help Business? Part 1

Everywhere you look, a new "social media" tool is popping up. In the days of Web 1.0, all you needed was for your business to have a website with basic info about your company.* Then, you needed interactive features, e-commerce and more -- but this was still just on your website. Today, companies are increasingly going beyond the basic website into the world of "social media" -- a term used to describe media content that is created and distributed not just by journalists, but also by regular Joe Sixpacks and Plumbers. Where "website" was once the new-tech word, the vocabulary of Web 2.0 changes almost daily -- there's Facebook, Twitter, MySpace, Blogger, YouTube, and so many more.

Should businesses be aware of these tools? Certainly -- wherever a group of customers flock, there will be an advertising opportunity. But, should businesses actively use these tools other than as a place for banner ads?

Starbucks, WholeFoods, and Zappos seem to think so. These large, business-to-consumer corporations have been aggressive in creating online personas. All three are on Twitter. (see: @zapposCEO, @starbucks and @wholefoods). All three have weblogs. All three have Facebook fan pages (Zappos, Starbucks, Whole Foods).

Seems like social media makes sense for large companies that cater to the general (coffee-drinking, food-buying, shoe-buying) public. Does it make sense for small businesses with a niche market? What about business-to-business companies? Finally, does using social media in the workplace create any headaches or concerns for the IT segment of a company? Come back to the blog each week as we explore these areas. Feel free to write in suggestions or examples of your own!


* (Check out the McDonald's Website circa 1996:http://web.archive.org/web/19961110083459/http://www.mcdonalds.com/) -- then check it out today (www.mcdonalds.com). Surely, the '96 setup was sophisticated for its time, but it's still quite simple compared to today).

A Rising Artist in Our Midst: John Baker

As far as stories go this is an impressive one. The Bakery Studio, a small business located in the basement of our own John Baker’s house, is a recording studio striving for the dream of making it to Nashville, New York or California to sign on big artists one day. For now, however, John is content with the few local recording artists he works with while he finishes his business degree at LTU.

Baker started the business when he was twelve. He got the recording bug when he started recording his uncle’s guitar playing. Yes, it was as simple as that, he says. He went from the little portable recorder to a full studio, which is now recording full CDs for one popular local band, To Be Juliet’s Secret. “The band,” he says, “has quite a following, and it has been exciting doing a recording at this level.”

It has taken John four years to get the business going. “The business is very demanding.” He says “but, LTU classes have helped me a lot.” In particular, Accounting helped him keep records of money he spent along with money coming in from customers, and Marketing helped him establish his name and become known in the community.

The best part of his LTU classes is that he learns from people in the real world, from professors who also hold jobs in their own field. They bring in a real work experience to the classroom where ambitious young women and men like John can use it to advance their own passions.
The business is a self funded full time job, hence the delay in moving ahead fast. The equipment is handed down for the most part. John is a song and music writer and a guitar player himself. He records two to three days a week, and he spends the rest of the week finishing the recording and keeping a full time schedule at LTU. He would like to take some classes in video editing and film technology in order to expand his business.

“The Bakery Studio turns over a few CDs a month, and right now has two CDs baking in the oven.” Says John, “no pun intended.” Yes, as far as stories go this is a sweet one, best of Luck to John and hoping to see the Bakery Studio stamped on the back of many big selling CDs.

Article by Sylvia Sardy with help from Steve Strauss

Build-a-Company: 48 Hours from Conception to Completion

Always had a knack for coming up with awesome business ideas, but never had the time to bring them to life? Check out Detroit Startup Weekend, happening at Compuware HQ November 14-16 2008. In one weekend, pros and those interested in every area of starting up a business will get together and create and implement a new business (or a few new businesses) in just a single weekend.

More info here: http://detroit.startupweekend.com/

Meltdowns, Bailouts and Other Compound Words -- Making Sense of What's Going On On Wall Street

Congress recently passed an historic "bailout bill" -- but what does it mean for personal and business finance in the near and far future? Economics professor Dr. Harold Hotelling will present "Financial Meltdowns: A Spectator's Guide" on Thursday October 9 from 12:30-1:45 p.m. in S221. Free pizza with a side of helpful information for anyone who has money or hopes to make some someday.

LTU Students in Business: Sarah Thurmond

Think taking a 15 to 19-credit hour load in one semester is a lot of work? Try 15-19 credit hours, 6 children and starting up a business that involves traveling during the summer. That's what LTU Bachelor of Science in Information Technology student Sarah Thurmond has been doing this year.

Thurmond, whose husband and a son are fans of hardcore Christian music, was talking with her husband last year about the lack of traditional music-fan accessories in that genre. Normally, music fans can find t-shirts, hoodies and all other manner of clothing and accessories to display their music preferences, but the Thurmonds weren't having any luck. An idea sparked: if we can't find what we want, she reasoned, let's just create it ourselves!

At the time, Thurmond was enrolled in the New Ventures course (MGT3013) in the Undergraduate Management Programs, a course that focuses on the skills and knowledge necessary to design, launch, and manage a new venture. Through assignments in the course, Thurmond drafted a feasibility study to determine whether there was a market for the clothing, how much money she and her husband would need to invest and how best to launch the business. After the study was complete, Thurmond determined that the clothing business was a viable opportunity. After discussions with her husband and her family, the business was officially launched in December 2007 as Starve the Flesh Clothing.

In the New Ventures course, Thurmond also completed a market analysis and worked on the financial papers necessary for starting and funding the business. The Thurmonds' goal was to do the printing in-house using direct-to-garment technology. They didn't want to rely on third-party print-your-own-tee-shirt resources like Cafe Press -- they wanted full control over quality and print time frames. They also chose not to go with the older screenprinting process, the machinery and equipment for which are extremely costly, time consuming and do not produce the color intensity that can be produced in the direct-to-garment process. Although less expensive than the screenprinting equipment, the direct-to-garment printer (similar to an inkjet printer) was still pricey. Thurmond contacted the Small Business Association (SBA) and applied for a small business loan to cover the cost of printing in-house and the cost of the company's original inventory.

While it is often said that SBA loans are difficult to come by, Thurmond did not encounter any difficulties and was granted a loan, despite being a full-time student and not employed outside of the new company. Why? "I had a business plan," she explains, "and all the market analysis and financial papers" that she created in New Ventures. The SBA, as well as other funding organizations, look for strong documentation showing that the business is viable and worth investing in.

The next step was to create the designs. Not having a budget (or the need, yet) for a full time graphic design staff, Thurmond contacted the College for Creative Studies (CCS) in Detroit and hired a few students to develop designs on a freelance basis. Having the designs and the means to produce them, Thurmond needed a place for consumers to come and purchase the clothing and other itimes. The logical place? The Internet. Knowing that the business should be web-based, but without any prior website experience at all, Thurmond worked with Dr. Bush in the Undergraduate Management Programs on a directed study. In the course, Thurmond learned website theory and put it into immediate practice, developing the website, including e-commerce technology, for the company.

All companies need marketing in order to thrive. Thurmond and her husband identified three platforms to start their marketing efforts: Christian music festivals, Myspace.com and Facebook.com. All three areas are places where the company's target market already congregated, meaning the Thurmonds did not have to make an effot to first attract the audience and then deliver the message -- the audience was already there.

Thurmond took time over the summer to travel with her husband and children to various music festivals where she rented vendor space. Most festivals contract with vendors to let the vendors sell as much as they like, and then pay a percentage of profits to the festival at the end, rather than paying a flat fee up front for rent. The summer road trips were interesting, Thurmond reported. Her children, who ranged in age from three to sixteen years old, had various attention spans, and for some of them, sitting in booths for 12 hours a day was not going to work. Thurmond adjusted, however, and she and her husband and older children took turns working the booths and watching the younger family members.

And that's the ultimate goal that Thurmond has for Starve the Flesh -- that it becomes a business where all family members pitch in, and that it grows to a point where it can safely provide for the family's economic needs.

How did Thurmond get to LTU in the first place? She first learned of the university and its business programs in the 1990s, hearing positive assessments from business leaders in her community. She ultimately decided to pursue her degree in Information Technology after gaining an appreciation for the combination of theory and practice that LTU is known for. Now that she's been a full time student (and consistent Deans Honor Roll recipient), Thurmond says that she also likes the emphasis on communication in combination with technology within the degree programs as well as within individual courses.

Thurmond is continuing to develop her business as well as work toward completing her degree. Her company's website is http://starvetheflesh.com/

Need an Elective? Get a Recommendation from BusinessWeek's List of Top 5 Non-Business Classes Every Business Major Should Take

LTU Business Management and Information Technology students have the advantage of an industry-vetted list of required pre-core and core courses to prepare them for their careers -- but they also have the advantage of taking a variety of elective courses so that they can concentrate their studies on more focused areas of interest. Sometimes, though, it's tough to decide what electives to take -- and, sometimes, students wonder "why is this course required?"

A recent article on BusinessWeek's website (available here: http://tinyurl.com/bwarticle), titled "Five Non-Biz Classes for Business Majors" and authored by Dan Macsai offers an answer to both questions. 3 of the courses on the list are required of LTU students, and Macsai's article gives additional insight into why these courses are vital for business majors. 2 other classs on the list are available to LTU students as electives, and are definitely worth considering. Based on input from various business programs and career services directors around the country, the article explains the relationship of each course to a career in business.

The five "Non-Biz Classes" are:

(1) Writing and literature,

(2) Economics,

(3) Foreign language,

(4) Psychology and

(5) Statistics

Why these 5? Macsai explains:

(1) Writing and literature. All LTU students, regardless of major, take a variety of writing and literature classes as part of LTU's Core Curriculum. Included in the core: World Masterpieces, Foundations and Development of the American Experience and a junior/senior level elective in Psychology, Social Science or Literature. Macsai points out:

Communication skills are necessary in any field, and business is no exception. Whether you're drafting a marketing pitch or leading a presentation, you should be "clear, concise, and memorable," says George John, the chair of marketing at Minnesota's Carlson School. And several composition classes can produce that all-important editorial voice. Studying advanced literature—especially the more complex authors, such as James Joyce or William Faulkner—can also help you learn to "think and analyze critically," says Colorado's [Mary] Banks [, Director of Career Services].

(2) Economics. All LTU students take at least one economics course, and students in the Business Management program take both macro- and microeconomics. Why economics? The article states:

Beyond illuminating basic financial theory, economics classes impart the historical context you'll need to make an informed business decision. Once you understand how inflation works and what drives consumer demand (among other concepts), you can understand—and, more importantly, analyze—past U.S. economic trends, including the Great Depression and 1970s-era stagflation. Then, says Banks, "you'll be able to tackle the tough questions, like 'How do we get out of this recession?'"

(3) Foreign language. LTU offers a minor in Spanish, the fastest-growing language in the United States, along with courses in German. BusinessWeek explains the importance of taking a foreign language:

As business goes global, there's a growing need for cross-cultural understanding. And even though you might not be working abroad, chances are your company will be. Studying a second language, especially Spanish or, in today's climate, Chinese, could give you a "critical edge" in the office, says Anne Pagel, director of undergraduate academic advising and student services at University of Arizona's Eller College of Management. And just knowing simple cultural skills, including the proper way to greet someone or give thanks, "can make you feel more at ease around a foreign client," she adds.

(4) Psychology. LTU offers a Bachelor of Science in Psychology with a variety of career tracks, thus allowing business and IT students the option of taking electives in Intro to Psychology, Industrial Psychology, and others. Macsai notes:

If you're chasing a career that stresses marketing and sales—or any kind of prolonged social interaction—it helps to understand human behavior. Taking a psychology course can ensure you'll know how the brain works, what triggers an emotional response, and, to some degree, why consumers purchase certain items. You might even learn something about yourself in the process.

(5) Statistics. All Business Management students take at least one statistics course. Knowledge of statistics is vital, Macsai explains:

In the business world, basic math skills are essential—but not sufficient. "Everyone can add and subtract," Carlson's John says. "When you can look at numbers and see a narrative, that's a marketable skill." In a statistics course, you'll learn to manipulate jumbled figures into meaningful data. You'll be able to see old patterns and predict new ones. And if you wind up on Wall Street, you'll be better prepared to analyze those endless earnings reports and income statements—and, perhaps, make a million-dollar decision.

Welcome!

Welcome...
to the blog for the Undergraduate Management Programs at Lawrence Technological University. This blog will feature upcoming events, interviews with successful LTU alumni, student and faculty research, current events in the business and IT worlds and more.

Suggestions for content, or requests to guest blog, are always welcome. Please contact Karen Evans, Director of Undergraduate Management Programs for the College of Arts and Sciences at kevans [at] ltu [dot] edu.

New to LTU's Undergraduate Management Programs? A Brief Background:

Lawrence Technological University was founded in 1932 on the principle that a university education should include both theory and practice, both in and out of the classroom. The Undergraduate Management Programs, which include a Bachelor of Science in Business Management, a Bachelor of Science in Information Technology and a Minor in Business Management, embrace this philosophy as one that is more valuable now than ever before. Whether students will go on to work for Fortune 500 companies, small enterprises, or to start their own ventures, they are well prepared for the many management, technical and other issues they will face. They are taught by faculty who have real-world experience in their respective fields in classes that are sized to encourage collaboration and teamwork. Students in the BSBM program are required to complete two internships before graduation, and students in the BSIT program are encouraged to do the same. LTU is continuously cultivating relationships with local employers across all industries to provide students with the most relevant and valuable internship experiences possible.