Compulsory Essay: Please respond to the following question:
Business leaders have the ability to create opportunities, build products and systems, and inspire others to action. Please describe a time you created an opportunity, built a new product or system, or inspired others to act. The example you provide and elaborate upon may come from your professional endeavors, academic pursuits or civic engagements. (500 word maximum)
My leadership experience includes mainly my academic competitions and club managerial experiences at New York Institute of Technology. One of the biggest challenges I have ever faced was attending the Global-Business simulation.
The Global-Business simulation is a strategy game, totally 10 groups attended in this competition. Ten groups mean ten cameras companies sold two types cameras (entry-level and multi-featured) in global market (four markets Asia, Africa, Europe, and North America). Each company has equally resource like market share, stock price, and products. Every group makes decisions in their respective companies, which is submitted before a due date in which the game "turns" one year. The next financial year shows who has met investor expectations or who is clearly the most profitable in the industry. This Global-Business simulation would last 15 rounds, and which team got the highest aggregate score is the champion.
The challenge is that how can we use the same resource as other nine companies to get the highest benefits in 15 rounds. We had 5 members in our group, and how to build an effective organization structure was the first step I needed to overcome as the CEO of our company. The strategy game focuses upon aspects such as Production design, marketing, assembly (for both entry-level and multi-featured), compensation and labor, discount bids, corporate citizenship, and finance and cash flow. I assigned those tasks to our team members according to their interest and backgrounds. One product manager who was responsible for production design and assembly, one marketing manager who managed the marketing, discount bids, and corporate citizenship, one human resource manager supervised the compensation and labor, and one financial manger was in charge of finance and cash flow. As the CEO, the levelheaded planner, I was the one they went over their plan with, in order to find pitfalls and loose ends.
When we discussed about what strategy we applied in first year, three different voices appeared in four meeting. The first one was that financial manger pointed out the maximum benefits should be our prime task with rising price. The second strategy was that product manager proposed that we'd better took the wait-and-see strategy, and it was risky to act rashly and blindly. I mentioned the third one was that taking more market shares at low price firstly, and we would realize the economics of scale with competitive price to get bigger market share and higher benefits.
After indicating reasons behind each strategy and analyzing advantages and disadvantages of three strategies, I persuaded financial manger and product manager to apply my strategy. To minimize the risk, I used the comprehensive and feasible analysis to all possible strategies and listened hard to all members concerns and suggestions. Even though our company would get higher score at first two years, we did not essentially improve our company's competitive advantages in long term at the intensively competitive market. I pointed out financial manger's strategy was myopia because he only considered the short-term benefit at the price of the long-term benefits. Considering simulation would last 15 rounds, the long-range objective was a wiser choice. As for product manager's idea, I had to admit the importance of data analysis concept at the back of wait-and-see strategy. We would figure out the most reasonable way to allocate our limited resource after evaluating the industry benchmarks for price, the number of promotions, product design, etc. Our resources mainly were applied in whole industry's weak aspects, so our company was able to gain the maximum competitive advantages at the minimum cost. However, the wait-and-see strategy was still too conservative, we needed to move early to commit our stated objective. In term of my strategy, team members had one concern whether it would work at uncertain situation. But the fear of making mistakes was not an option, so I told them we should be willing to take rational risks to realize our defined goal.
After adopting my strategy, our team was holding a safe lead in the competition with other nine teams. Some of our competitors started to mimic our strategy they copied our product, pricing, and marketing, and our company's benefit and market share decreased sharply. It seems to be a dead end for our team, all of us felt dispirited because we did not know how to beat down our own strategy. When we took the leading position, we acted shillyshally because we were always afraid of losing something and we only cared how to keep our advantages. Finally, I realized that offense is the best defense, and I told our team members that there are own worst enemy. When we only focused on how to keep our advantages rather than make still further progress, we passively fell into the pitfall losing our motivation. I still firmly believed that our team could realize our defined goal to be No.1 in this competition. I known what I should do is that figuring out feasible solutions and improving team morale. I used the SWOT analysis to evaluate the internal and external factors. Our strength is that our company still took up the most of market shares and we were the No.1 in aggregate score. Our weakness is that some of other competitors applied the same strategy as we did before, the narrow gap in strategy means small differences in competitive advantages. The threat is that if we continue to follow our old routine, our company's competitiveness had no significant differences with other teams, which results in our benefit and market share could increasingly decrease. The opportunity is that we could adopt countermeasures in the rest of each round through analysis on industry benchmark data, the more proactive strategy which competitors were difficult to imitate was the best choice in such condition.
Right after one week I gathered all my team members. I presented the scheme, emphasized the significance of the opportunity, and defined a timetable. I also asked the managers of different departments to evaluate the potential opportunity in the aspects of their beat. Their reports revealed more opportunities that solving the problem would create. This required my direct collaboration with 5 department managers operating in 4 markets, dealing with over large amount of data.
I led the coordination of the full scale data trial with all team members. During operation I supervised all five departments managers, I was the one they went over their plan with eliminating possible pitfalls and loose ends. The result turned out to be 100% successful in terms of turning around the situation. It created no operational problems and raised morale. I felt very proud.
Ultimately, our team achieved No.1 in our school, and placed 25th out of 800 best overall Game-to-Date score performance worldwide.
I chose to share this experience because I feel it highlights several leadership aspects. Solving the problem required me to lead a team six people from different countries. A levelheaded and qualified leader always tries to find the solution when there seems to be a dead end. Most importantly, this simulation required me to present a new vision and convince others to adopt it.
Business leaders have the ability to create opportunities, build products and systems, and inspire others to action. Please describe a time you created an opportunity, built a new product or system, or inspired others to act. The example you provide and elaborate upon may come from your professional endeavors, academic pursuits or civic engagements. (500 word maximum)
My leadership experience includes mainly my academic competitions and club managerial experiences at New York Institute of Technology. One of the biggest challenges I have ever faced was attending the Global-Business simulation.
The Global-Business simulation is a strategy game, totally 10 groups attended in this competition. Ten groups mean ten cameras companies sold two types cameras (entry-level and multi-featured) in global market (four markets Asia, Africa, Europe, and North America). Each company has equally resource like market share, stock price, and products. Every group makes decisions in their respective companies, which is submitted before a due date in which the game "turns" one year. The next financial year shows who has met investor expectations or who is clearly the most profitable in the industry. This Global-Business simulation would last 15 rounds, and which team got the highest aggregate score is the champion.
The challenge is that how can we use the same resource as other nine companies to get the highest benefits in 15 rounds. We had 5 members in our group, and how to build an effective organization structure was the first step I needed to overcome as the CEO of our company. The strategy game focuses upon aspects such as Production design, marketing, assembly (for both entry-level and multi-featured), compensation and labor, discount bids, corporate citizenship, and finance and cash flow. I assigned those tasks to our team members according to their interest and backgrounds. One product manager who was responsible for production design and assembly, one marketing manager who managed the marketing, discount bids, and corporate citizenship, one human resource manager supervised the compensation and labor, and one financial manger was in charge of finance and cash flow. As the CEO, the levelheaded planner, I was the one they went over their plan with, in order to find pitfalls and loose ends.
When we discussed about what strategy we applied in first year, three different voices appeared in four meeting. The first one was that financial manger pointed out the maximum benefits should be our prime task with rising price. The second strategy was that product manager proposed that we'd better took the wait-and-see strategy, and it was risky to act rashly and blindly. I mentioned the third one was that taking more market shares at low price firstly, and we would realize the economics of scale with competitive price to get bigger market share and higher benefits.
After indicating reasons behind each strategy and analyzing advantages and disadvantages of three strategies, I persuaded financial manger and product manager to apply my strategy. To minimize the risk, I used the comprehensive and feasible analysis to all possible strategies and listened hard to all members concerns and suggestions. Even though our company would get higher score at first two years, we did not essentially improve our company's competitive advantages in long term at the intensively competitive market. I pointed out financial manger's strategy was myopia because he only considered the short-term benefit at the price of the long-term benefits. Considering simulation would last 15 rounds, the long-range objective was a wiser choice. As for product manager's idea, I had to admit the importance of data analysis concept at the back of wait-and-see strategy. We would figure out the most reasonable way to allocate our limited resource after evaluating the industry benchmarks for price, the number of promotions, product design, etc. Our resources mainly were applied in whole industry's weak aspects, so our company was able to gain the maximum competitive advantages at the minimum cost. However, the wait-and-see strategy was still too conservative, we needed to move early to commit our stated objective. In term of my strategy, team members had one concern whether it would work at uncertain situation. But the fear of making mistakes was not an option, so I told them we should be willing to take rational risks to realize our defined goal.
After adopting my strategy, our team was holding a safe lead in the competition with other nine teams. Some of our competitors started to mimic our strategy they copied our product, pricing, and marketing, and our company's benefit and market share decreased sharply. It seems to be a dead end for our team, all of us felt dispirited because we did not know how to beat down our own strategy. When we took the leading position, we acted shillyshally because we were always afraid of losing something and we only cared how to keep our advantages. Finally, I realized that offense is the best defense, and I told our team members that there are own worst enemy. When we only focused on how to keep our advantages rather than make still further progress, we passively fell into the pitfall losing our motivation. I still firmly believed that our team could realize our defined goal to be No.1 in this competition. I known what I should do is that figuring out feasible solutions and improving team morale. I used the SWOT analysis to evaluate the internal and external factors. Our strength is that our company still took up the most of market shares and we were the No.1 in aggregate score. Our weakness is that some of other competitors applied the same strategy as we did before, the narrow gap in strategy means small differences in competitive advantages. The threat is that if we continue to follow our old routine, our company's competitiveness had no significant differences with other teams, which results in our benefit and market share could increasingly decrease. The opportunity is that we could adopt countermeasures in the rest of each round through analysis on industry benchmark data, the more proactive strategy which competitors were difficult to imitate was the best choice in such condition.
Right after one week I gathered all my team members. I presented the scheme, emphasized the significance of the opportunity, and defined a timetable. I also asked the managers of different departments to evaluate the potential opportunity in the aspects of their beat. Their reports revealed more opportunities that solving the problem would create. This required my direct collaboration with 5 department managers operating in 4 markets, dealing with over large amount of data.
I led the coordination of the full scale data trial with all team members. During operation I supervised all five departments managers, I was the one they went over their plan with eliminating possible pitfalls and loose ends. The result turned out to be 100% successful in terms of turning around the situation. It created no operational problems and raised morale. I felt very proud.
Ultimately, our team achieved No.1 in our school, and placed 25th out of 800 best overall Game-to-Date score performance worldwide.
I chose to share this experience because I feel it highlights several leadership aspects. Solving the problem required me to lead a team six people from different countries. A levelheaded and qualified leader always tries to find the solution when there seems to be a dead end. Most importantly, this simulation required me to present a new vision and convince others to adopt it.