Entrepreneurial Careers
Entrepreneurial CareersSeptember 2018Jennifer Savoie, Senior Associate DirectorRachel Brown, Relationship ManagerMBA Career Management
MBA Career Management Entrepreneurship TeamJENN SAVOIERACHEL BROWNCAREER ADVISORRELATIONSHIP MANAGERCareer AdviceCorporate Relationships Self-assessment & decision making Industry InsightStrategize best recruitingapproach for variety of employers Networking Co-manage employerrelationships with Career Advisor Resumes, Cover Letter & InterviewPrep Manage recruiting eventsCorporate Relationships Develop employer outreach strategywith RMStudent Support Assist students with logistics ofon-campus interview process, jobboard postings, etc.Programming Develop programs for studentsinterested in entrepreneurial careersCollaborate with professional clubs and research centers, includingthe Entrepreneurship, Founders, FinTech clubs;and Penn Wharton Entrepreneurship
Job Search CompetenciesOn-the-JobSuccessSelf-Assessment andClarifying aster theCompetenciesto Master YourJob SearchIndustryand CompanyResearchBuilding aTarget ListNetworkingCover Letter Writingand Email OutreachResumeWritingPersonal Brandand Pitch3MBA Career management
How we define startups:How we define a startup: Pre-IPO 250 employees Stages: early stage, middle (hyper growth), late (maintenance) Hires like startup: ad hoc, as needed, unstructured, inconsistent, networking-drivenHow we talk about people: Founders: Those who launch a new venture Joiners: Those who take jobs with startups
Categories of Entrepreneurial InterestStart ownventure atWhartonWork at startupLonger termentrepreneurialcareer pathMBA Career Management
Categories of Entrepreneurial InterestStart ownventure atWhartonStephen Kuhl (WG17) and Kabeer Chopra (WG17) - Co-founded Burrow in 2016Work at startupLaura Jorgens (WG19)Interned at Ripple. FT at Bread FinanceLonger termentrepreneurialcareer pathAlex Friedman (WG11)Co-Founded Lola in 2014MBA Career Management
Entrepreneurship: Founders
Entrepreneurial Interest of Wharton MBAs% of Class – Entrepreneurial Interest45%40%35%30%considering starting yourown business duringschool or 9WG20MBA Career Management
Why Become an Entrepreneur?“It's a wonderfully challenging career. Finding aproduct that makes sense to build -- building it -testing it -- raising money -- iterating on user feedback-- monetizing user desires -- building user habits inusers -- it literally tests every part of my brain andstretches me in every possible way. It's an amazingexperience.”- Omar Seyal, WG11BA Career Management
Wharton Graduates Starting BusinessesMBA Career Management
A Founder ProfileNeuroFlow: A HIPAA compliant digital health platform that optimizes the waybehavioral healthcare is delivered, tracked and assessed.Details per Crunchbase: Total Funding Amount: 1.3M. Founded 2016.Co-Founder: Christopher Molaro (WG17) West Point grad 2010 Field Artillery Captain, US Army 2 Summer internships: Graham Partners (PE/VC Impact) McKinsey & Co.Wharton Activities; Wharton Adam Smith Society, Analytics Club, Digital Health Club,Entrepreneurship Club, Global Health Volunteers, Health Care Club, Innovation &Design Club, InSITE Fellow, Technology Club, Veterans Club
Wharton Graduates Starting 18% of classMBA Career Management
What Kind of Businesses Are They Starting?% Own Venture by IndustryWG’18, N 20 *Technology5%5%5%Retail5%Diversified Finance45%Private Equity10%Venture Capital10%Social ImpactHealthcare15%26%Media & EntertainmentManufacturing*9 additional WG’17 startups did not identify industry at time of reporting
start hereFind theresourcesyou need nowMeet witha member of ourknowledgeable staffAll of Penn and Phillyentrepreneurs,in one big roomSeptember 12, 4 – 6 pmHouston Hall’s Bodek LoungeMBA Career Management
Entrepreneurship: Startup Joiners
The Startup Perspective(or the ethos needed for startup job search)“Build relationshipsearly, so by the timeyou need to apply itcomes off as muchless opportunisticand more organic.”“Don’t ping usbecause we are a hotstartup. Be humble,be thoughtful, be auser. Have an opinionand ask really goodquestions.”“Go into interviews witha mindset of havingsomething to prove.Dispel stereotypes rightaway (be creative,hungry) in a pleasantway. People say that theMBA is negative value.”“Too much generalinterest andvolume ofinformationalinterview requestsis huge. Have anidea of what youcould do for us.”When I see "Iwant to comehelp you withstrategy," I stopreading.MBA Career Management
The Upside Exciting, fast-paced work environment and high-impactroles Exposure to many functional areas and responsibilities Direct access to company leadership Opportunity to influence strategic direction anddecisions Financial potentialMBA Career Management
A Joiner’s ProfileCandid : helps people get the smile they've always wanted at a price they can afford.Details per Crunchbase: Total Funding Amount: 15M (Series A). Founded in 2015Anita Chen (WG’18), Senior Operations Manager University of California, Berkeley, Haas School (Undergrad) Deloitte & Touche LLP - Auditor Amazon.com - Vendor Manager Intern 2Y (PT work): Director, Customer Experience at Harper WildeWharton Activites: Wharton Venture Fellow, InSITE Fellow, Entrepreneurship Club, Tech Club
Startups That Made Internship Offers in 2018TechAirbnbCanvas TechnologyCarbon BlackCartaChipperCircle (Circle InternetFinancial)ConsenSysDocuSignDuolingoFund That FlipGenesisAIGlassdoorJuvoMagic umbtackUpstartWaycareRetail / eCommerceBurrowCare/ofCurologyCurologyGrove CollaborativeHelix SleepHelloFreshHelloFreshImperfect ProduceLOLALovepopRent The RunwayrocksboxTULATULAWayfairHealth CareSocial ImpactAccolade Inc.Cityblock HealthCloverDenali TherapeuticsGuardant HealthModerna TherapeuticsEntangled SolutionsMissionPoint PartnersOkavango Manufacturing/OtherArgo AIArrivo CorporationBowery FarmingColugo SystemsGrowSquaresIzuba EnergyLori (Lori Systems)Raisa Energy, LLCR2Air TransportationMedia & Entertainment:Bullpen Sports NetworkFloSportsKasaVertoe Inc.FinTech / FinanceBread FinanceCommonBondCredit KarmaRippleStashK2 FundTouchdown VenturesWealthfront
Source of Startup Internship OffersWG’19, n 842%2%6%Trek Networking12%Wharton Alumni Contact10%OtherPersonal Networking40%Wharton Job Posting27%Wharton On-Campus RecruitingCareer Fair
Representative Outreach List: 2018
What is Important to StartupsCandidate Skills & ced& ienceSelf-StarterSoft SkillsFlexible& ResponsibleRiskTolerantMBA Career Management
Sample Intern Projects by FunctionPRODUCTCase Study: Built marketing analytics tool to deepen promotionalpower with engineering and design teamsScoped MVP requirements, created wireframes andlow-fi prototypes, defined project milestones andproduct roadmapLed daily standup meetings, UX explorations, anduser feedback sessions to prioritize work andvalidate product requirementsIdentified unserved customer segment worth 36% ofmarket share and recommended go-to-market planto meet customer needsMARKETING / ANALYTICSCase Study: Conducted A/B testing to determine optimal emailfrequency resulting in a 30% increase in revenue/sendWorked with digital marketing agency to create agoogle ad spend optimization tool that uses cartprofitability and merchandize mix, increasingcorrelation of ad spend to predicted customer lifetimevalue by 2xPerformed sequential testing to change shopping cartabandonment triggered emails, increasing conversionby 10%MBA Career Management
Sample Intern Projects by FunctionBUSINESS DEVELOPMENTCase Study: Sourced three high-value partnership targets thatare now in advanced-stage talks; led strategicassessment of Doximity’s API partnershipopportunitiesDeveloped and recommended a user growthstrategy & produced a framework through whichfuture opportunities can be evaluatedAssessed company’s top business developmentopportunities via market sizing; did competitiveanalysis to help leadership set strategic prioritiesOPERATIONS / FINANCECase Study: Managed 1-hour delivery program and dailyoperations for SF marketBuilt P&L and projections for 1-hour deliveryprogram for the first-time ever - provided insightsinto costs, inventory needs, and profitabilityInsights led to company decision to wind downprogram in the SF market and redirect resources toretail pilotsWorked with team members in Engineering,Product, Merchandising, Inventory and LogisticsMBA Career Management
Accepted Startup Offers: Base Salary140,000Full-time yearly median (WG18) 125,000(yearly)120,00025%: 118,75075%: 145,000Range: 70,000 to 215,000100,00080,00060,000Internship monthly median (WG’19) 5,67740,00020,000(monthly)0Full-time25%: 3,90075%: 8,000Range: 0 to 11,600 / monthInternMBA Career Management
The Job Search
Considerations for Joining a Startup Banking Consulting CPGHIGH Start-UpsLevel of StructureInterviews and recruiters come to youDefined role / projectDefined functionDefined salaryDefined career pathBrand recognitionEarly recruiting processLOWHeavy networking requiredPitch the role yourselfJack of all tradesLower pay and/or creative comp structuresUndefined career pathBrand recognition?Late recruiting processMBA Career Management
Allocating Your TimeTIMEStartup recruitingMatureEnterprise
Timing of Startup Offers35302520WG'18 FT151050WG'19 Summer
Startup Recruiting: Timing of Key EventsSeptOctoberIndustry ChatResume BookLaunchNetwork FebruaryHeavynetworkingduring FRPTreksCP PostingsPick upStartupWorkshopsIndustry CommsIdentify companiesNYCNetworkingExpoInternal ewsCP PostingsPick up / PeakSF NetworkingExpoExternal NetworkingJuneJulyApply to StartupIntern FellowshipRockinternshipReceive OfferReceive OfferRockinternshipReceive OfferNetworking ContinuesMBA Career ManagementAugustRockinternship
Tips for Startup RecruitingDO’S Immerse yourself early – getintroduced Show you know and are willingto adjust to startup culture Have a POV – show you careabout the product & why Think about brand, product,company, user traction Develop your online presenceREAD EVERYDAY! TechCrunch VentureBeat Business Insider @SAIFor events Startup Grind Startup DigestMBA Career Management
Tips for Startup RecruitingDO’SDO NOT’S Immerse yourself early – getintroduced Take “no” personally! Show you know and are willingto adjust to startup culture Mention constraints – time,salary, function Be entitled or patronizing Have a POV – show you careabout the product & why Follow templates Think about brand, product,company, user traction Develop your online presenceMBA Career Management
Startup Recruiting FAQ’s What is the perception of MBAs at startups? It depends on the startup. Biases exist. Dispel them by acting humble and proving youunderstand startup culture. If startup has hired from Wharton before, they are likelypro-Wharton. Do startups sponsor US work authorization? For internships, students can use CPT; for full-time, every year 15% of US-basedoffers go to international candidates (only 10% if you exclude Canadians). What is the right time to start reaching out to alumni? Once you have a better sense of your story (sector, role, size, location, etc.); dohomework first by talking to experienced 1Ys and 2Ys How do I identify companies of interest? Daily reading of industry blogs and news, CareerPath, Offer Directory, Crunchbase,AngelList, etc. How do I know which startups are hiring interns? Use Offer Directory filtered by startup to see who has hired in past; otherwise, nearlyall startups have problems that need solving, so let’s figure out where you fit in!MBA Career Management
Entrepreneurial Careers at Wharton
MBACM and eClub Work as a TeamMBACMEmployer RelationshipseClubCareer Related Events Industry relationships and firmknowledge Career treks Identify job opportunities Conference Facilitate employer-studentrelationships Coffee chatsSkill Development Lunch & learnsSkill Development Job search skill workshops Education and enrichment events Resume reviews Job search skills workshops Mock interviewsAdvising and MentorshipAdvising 1Y/2Y peer mentorship Self assessment tools Alumni mentorship programs Support in setting priorities, job searchplanning, resources & tools, etc.36
More on clubs Entrepreneurship (eClub) Sep 12 - Find eClub at Club Pub. Sep 17 - First eClub lunch session on Startups, VC and Austin Sep 19 - Entrepreneurship Club Introductions session Other relevant clubs to meet at Club Pub and beyond Founders Club Any that cover specific industry interests: FinTech Club Future Mobility Club Tech Club Agribusiness Club Penn Blockchain Club Etc., Etc.,
Upcoming WorkshopsNAVIGATING CAREERPATH & MBACM WEBSITE September 6 @ 12pm Advisors share best practices, industry tips andrecommended resources, with open Q&A Sign up in CareerPathNAVIGATING THE ENTERPRISE JOB SEARCH October 23 & 29 @ 12pm How to do this thing we call the Enterprise Job Search Sign up in CareerPath when the event is posted
How We Will Communicate with YouClass Emails Friday delivery (typical)Deadlines, workshops, and resourcesIndustry Alerts Sunday deliveryBased upon industry preferenceApplication deadlines, jobs, andrecruiting eventsAdvisor Emails Delivery as neededIndustry-specific adviceRecommended resourcesReminders and deadlinesSelect“Entrepreneurship”in CareerPath
Contact InformationWharton MBA Career Management50 McNeil Building, 3718 Locust Walk, 215-898-4383Website: http://mbacareers.wharton.upenn.edu/studentGeneral Email Inquires: mbacareers@wharton.upenn.eduJenn Savoie, Career Advisor – Manisha Jain, Career Advisor – Healthcare / Digital Healthjmanisha@Wharton.upenn.eduRachel Brown, Relationship Managerracheleb@wharton.upenn.edu
Questions?
APPENDIX
What Kind of Businesses Are They Starting?% Own Venture by IndustryWG’17, N 30 *3.33%Technology3.33%Consumer Products & Retail3.33%3.33%Health Care3.33%23.33%3.33%Real EstatePrivate Equity3.33%Social ImpactConsulting6.67%Energy16.67%Hedge Funds / Other6.67%InsuranceManufacturing10%13.33%Media & EntertainmentProfessional Services*7 additional WG’17 startups did not identify industry at time of reporting
Company Examples – U.S.IL, IA, INCAMANYPATXDCMBA Career Management
Company Examples - InternationalMBA Career Management
Startups That Made Internship Offers in 2017TechRetail / eCommerceHealth CareSocial panel Inc.Orchard iseUberUnity TechnologiesWorkdayBlue ApronDig InnFishpeople SeafoodFresh DirectGlamsquadHarper Wilde LLCHarry'sHelix SleepHelloFreshLove GrainRent The RunwaySakara LifeTry The WorldTulaVerts Medit. GrillVipshopZolaAccolade Inc.AledadeBerg HealthBimaDenali TherapeuticsDoximityFathomGuardant HealthHealthieModern MeadowNuna HealthOncora MedicalOxeon PartnersVerb SurgicalWelltokAfrican Clean EnergyAV VenturesDasraILUMEXICOOakfield HoldingsOff Grid ElectricSuyoThe Palladium GroupThe Primary SchoolTidelineOtherChangeWAVEFatherlyGlideslopeGRA MavenTellurianFinTechCommonBondDRB Student LoanHippo InsurancePayJoyRipple LabsSoFi
A Joiner’s ProfileDrive.ai: Drive.ai creates AI software for autonomous vehicles.Details per Crunchbase: Total Funding Amount: 77M. Founded in 2015Elaine Chow (WG/Lauder ‘13) Business Operations and Finance at drive.ai Coursera, Inc. - Business Strategy Kiwi, Inc. - Business Operations & Strategy Professional Wharton Internship: Apple, Inc. Razoo.com - Business Operations Manager Castle Harlan - Private Equity Associate Citigroup Inc. - Financial Analyst University of Penn (Wharton) undergrad
Venture Development Resources by StageConceptDevelopmentTeam BuildingBusinessEstablishmentFundingStartup Challenge / Startup Showcase / PennVentionEIRWeiss TechPenn Center forInnovation (PCI)Conferences /EventsStartup WeekendOIDD ProductDesignMGMT 612SVA / Penn WhartonInnovation Fund / M&TInnovation FundVIPIncubator / Accelerator ProgramsPenn / DrexelLegal ClinicsMentorTech /DormRoomFundMGMT 801 / 806/ 810 / 813FNCE 750 /MGMT 804Student Clubs(Founders, eClub, Wharton FinTech, WI&D, WDAC, Digital Health, WSVF)MBA Career Management
Resume Writing Personal Brand and Pitch Cover Letter Writing and Email Outreach Building a Target List . Categories of Entrepreneurial Interest MBA Career Management Start own venture at Wharton Longer term entrepreneurial
entrepreneurial mindset. Based on the researcher's observation, the management has been neglecting developing an entrepreneurial mindset through training to promote an entrepreneurial culture and mindset. Entrepreneurial culture or entrepreneurial environment provides a place where entrepreneurial mindset/spirit can be enhanced/developed.
entrepreneurial mindset as indispensable to the success of SMEs in Nigeria. Entrepreneurial competencies are skills, values, and attitudes that are well-thought-out necessary for the success of small and medium scale businesses. Entrepreneurial mindset refers to a specific state of mind which orientates human conduct towards
Careers & Enterprise Company: Guide for new Careers Leaders in schools. Essential information, helpful resources and practical tools to help newly appointed Careers Leaders get started in the role. National Careers Service. The National Careers Service provides information, advice and guidance to help people make decisions on learning, training and work opportunities. The service .
careers that relate to the environmental goal defined on their worksheet. Students can search for related careers by keyword, subject area, or cluster. (If they need help identifying careers that fit their assigned goal, they can find the example careers in the program and look in the Related Careers section for inspiration.)
The concept of careers and career-related learning in the primary school phase typically provokes a cautious reaction. Terms such as 'careers learning', 'careers education' or 'careers lessons' are often conflated with careers guidance which is often understood to be focused on careers choice. Many parents and teachers have concerns
Part A: Perspectives of Entrepreneurial Marketing 1. Entrepreneurship and Marketing Interface Research – A Synopsis and Evaluation Audrey Gilmore, Andrew McAuley, Damian Gallagher and David Carson 3 2. The Interrelationships Between Entrepreneurial Experience, Explanatory Style, Effectuation, and Entrepreneurial Self-Efficacy
A question within entrepreneurial education that never seems to go out of fashion is “Can entrepreneurship be taught?”. To address this question, this thesis adopts the view that becoming entrepreneurial requires direct experience, and explores how learning-by-doing can be put to use in entrepreneurial education through action-based approaches.
Entrepreneurial Mindset Assessment Reviews 01 Instrument Title Suggested Use, if noted Conceptual Framework, if any Factors / constructs assessed Reliability Validity Comments Availability Reviewer Entrepreneurial Self-Efficacy (ESE) Determining entrepreneurial tendency in college students and, possibly, those in the workforce Bandura, Self .
