Day 2: Immersing in New York's Vibrant Business Environment

Continuing the enriching experience here in New York, the second day offered deeper insights into the city's dynamic business ecosystem. Interacting with seasoned managers, C-level executives, and entrepreneurs, each session brought forward valuable lessons and a palpable professional and entrepreneurial energy that is characteristic of New York.

We kicked off the second day with a presentation from Sara Schmitt , Co-founder and COO of Adro , a fintech startup. Her session quickly turned into a masterclass on entrepreneurship, perfectly aligning with our Executive MBA capstone project objectives. Here are the key takeaways:

1. Interview the Right People: Identify all categories of individuals to interview when validating a business or product idea.

2. Problem-First Approach: Start from the problem, not the solution.

3. Beyond Surveys: Live interviews are crucial. Adapt the business model based on interview outcomes.

4. Founder Involvement: All founders must participate in interviews.

5. Assess Pain Points: Determine if the problem is significant enough for customers to spend extra money on a solution.

6. Follow-Up: Maintain contact information and follow up with interviewees once there is an MVP to gather feedback.

7. Post-Launch Tracking: Track new customers' progress and understand why some do not progress further.

8. Product-Market Fit: Finding the best fit can be challenging.

9. Cost vs. Value: Understand Customer Acquisition Cost (CAC) versus Customer Value to determine marketing spend.

10. Blue Ocean Strategy: If you find a unique market opportunity, understand why previous initiatives in that area failed.

11. Market Ecosystem Understanding: Interview potential partners to gain insights into the market and ecosystem.

Sara’s insights were invaluable, providing a strong foundation for our entrepreneurial journey in the capstone project over the next eight months.

Next, we had a session with Stephen Brown (WELL Faculty) , Senior Vice President of Global Market Development at International WELL Building Institute (IWBI) . The focus was on their certification framework designed to help organizations create environments that promote human health. Key takeaways included:

1. Health and Wellbeing: Central to people-centered organizations, leading to increased retention, improved mental health, higher productivity, and better performance.

2. Leveraging Trends: IWBI successfully leveraged the ESG trend and the momentum from the COVID-19 pandemic to achieve exponential growth, as highlighted in their press release.

Stephen’s presentation underscored the importance of integrating health and wellbeing into organizational strategies, providing a timely reminder of the evolving priorities in the business world.

The final session of the day was delivered by Mark Monchek , Chief Opportunity Officer at Opportunity Lab . His presentation focused on identifying and leveraging unique strengths while addressing common pitfalls. Key points included:

1. Unique Greatness & Fatal Flaws: Identifying these through our origin stories.

2. Common Fatal Flaws:

- Control Freaks: Believing that only they can do things right.

- Zero-Sum Mentality: Thinking that giving something to someone takes something away from oneself.

- Self-Worth Tied to Success: Feeling worthless unless they achieve or produce something.

3. Resistance to Change: Emphasizing that while people are not resistant to change per se, they are resistant to being changed. We are constantly evolving.

Mark’s insights on personal and organizational development were thought-provoking, highlighting the importance of self-awareness and adaptability in leadership.

The second day of the Contemporary Issues in Global Business module was incredibly enriching. From Sara Schmitt's entrepreneurial lessons to Stephen Brown's focus on wellbeing and Mark Monchek's insights on personal development, each session added a unique perspective to our learning journey. The vibrant professional and entrepreneurial vibe of New York further amplified the experience, leaving us inspired and equipped with practical strategies to implement in our own ventures.

Thank you again to all the speakers for their invaluable contributions. The knowledge and energy shared during these sessions have set a solid foundation for the remaining part of this module.