One of the best things in a b-school is the access to competitions.
They range from Stock Pitching, Strategy, Marketing and Venture Capital (Businessweek story on Columbia's Outrageous Business Plan Competition). Go Dvork-meister!
They are a lot of work and some people think conventional recruiting and networking are a better use of time, especially in the first year. I recommend them because they force you to build on or acquire career-specific skills. They are a great opportunity to learn from your team mates ... and the people you meet in a good school have a lot to teach. In the case of business plan competitions it is a serious step to getting venture funding.
If you get dinged by a school, its a great source of pride to beat their team when you do these competitions. For the Cornell competition, we were happy to beat Chicago and Stern. That was sufficient for Columbia's honor. Strangely enough, Wharton and Harvard didn't send teams.
Showing posts with label strategy. Show all posts
Showing posts with label strategy. Show all posts
Wednesday, April 25, 2007
Friday, April 13, 2007
For Applicants
This is a really good link for applicants on what Columbia is looking for. Average age 25!!! Glad I'm already in.
http://www.businessworld.in/content/view/40/80
I think its pretty accurate. We are a finance school but the Core is good General Management.
Our training seems to be listening, sensing, organizational analysis rather than top-down strategy. You learn a lot from the clubs, group projects, Silfen speakers and the extra-curricular.. often more than some of the formal courses on soft skills.
Even recruiting while based in New York is good networking training (something I used to be very bad at and am improving on). Strangely enough, the soft style is a leadership style I never mastered prior to b-school.
Definitely very global and entrepreneurial, although some schools could edge us a little bit on the pure entrepreneurial stuff. Those schools aren't in a position to do recruitng the way we do it though and don't have the support for Finance...only Stern has a location advantage in the same league.
Happier with my choice than ever. Just got to get that full time offer from the Summer.
http://www.businessworld.in/content/view/40/80
I think its pretty accurate. We are a finance school but the Core is good General Management.
Our training seems to be listening, sensing, organizational analysis rather than top-down strategy. You learn a lot from the clubs, group projects, Silfen speakers and the extra-curricular.. often more than some of the formal courses on soft skills.
Even recruiting while based in New York is good networking training (something I used to be very bad at and am improving on). Strangely enough, the soft style is a leadership style I never mastered prior to b-school.
Definitely very global and entrepreneurial, although some schools could edge us a little bit on the pure entrepreneurial stuff. Those schools aren't in a position to do recruitng the way we do it though and don't have the support for Finance...only Stern has a location advantage in the same league.
Happier with my choice than ever. Just got to get that full time offer from the Summer.
Sunday, March 25, 2007
Markets Poker: A New Poker Variant
Markets poker is a poker variant that tries to incorporate resource management into poker. It is set up to encourage two players to stay in each round, in the same way that there is always room for two competitors in a market. It is also similar to Low Chicago and High Chicago because the pot is potentially split each round. Betting caps are added to decrease the importance of bluffing. The opportunity to buy a card (a feature of the Wall Street poker variant) is also added.
How is it played?
1. You need 3-5 players.
2. The game ends if any player has less than 12 chips at the end of a hand (although players are encouraged to top-up to keep the game going, if money is involved).
Note: This rule prevents players being driven out of the game for not being able to bet (the "Chapter 11" rule)
3. Select a dealer. Use the chip or blind marker to mark a dealer. The role of moves one person to the left every hand.
4. Ante is one chip per player. Ante is two chips for the dealer and the person to his left.
5. If this is the first round. Deal every player one card. This card is called his "competitive advantage". In future hands, you will only have a "competitive advantage" if you have folded. It is kept face up.
6. You deal five cards to each player. The first card is face up. These cards are called the "product". The face up card is called "disclosure".
Note: The effect of the "disclosure" is to make the odds slightly different for each player. This make the poker hand a bit more like a real world competitive situation where economic entities have different strengths and weaknesses.
7. You then deal one card face up to the center and mark that card with a chip. This card is called the "supplier". At a later stage in the game this card is auctioned off.
8. You then deal one card face up to the center. This card is called an "externality".
9. We have a round of betting beginning with the player to the left of the dealer. This goes by normal poker rules except the total bet is capped at 5 chips. Each player may hold, raise or fold. If he holds he has to pay to the pool whatever is owed for raises made prior to his turn. Players may raise up to 5 chips but the total cost to play for each round cannot exceed 5 chips. A player who folds should keep his hand. It will be used to generate next round's "competitive advantage".
10. You then deal another card face up to the center. This card is placed next to and becomes part of the "externality".
11. You have another round of betting.
12. You then have an auction for the "supplier". All players still in the game (who have not folded) can bid. Bidding starts with the player to the left of the dealer. The minimum bid is 1 chip. Bidding moves to the right and players can either bid more or withdraw from the bidding (at which point they cannot re-enter). Highest bidder wins.
13. Chips used to purchase the auction card are divided up equally among the players (including folded players) with any excess added to the pot. For example, if there are 3 players and 4 chips is paid for the card: one goes to each player and 1 goes to the pot. There is no cap to this auction... although at some point it makes no sense to spend that much money to help your chances of winning the pot. Highest bidder pays the cost and gets to discard one card from his "product" (including the "disclosure") and replace it with the "outsourced card". If you replace the "disclosure", you must leave the card face up.
Note: Auctions can devastate all gains for players who haven't folded in a market, a bit like the airline industry or destructive competition in general. Smart players use the "supplier" but do no get themselves in a situation where they need the "supplier" to win the pot!
14. Players then reveal their hands. They must make a poker hand of 5 possible using their "product" (including "disclosure"). They may also use their "competitive advantage" card and the "externalities" in the center as a shared resource. The highest poker hand is termed the "market leader". Decide the highest poker hand using normal poker rules (and make sure eveyone uses the same normal poker rules for ties!). But if hands are tied - the "market leader" position is shared.
14. Players must then add up the total value of their "product" (including "disclosure"). They may substitute the "competitive advantage" card for one of their cards. 3 = 3 points, 4 = 4 points, etc. Picture cards are worth 10, the Ace is worth 1 and the 2 is worth 15! Highest total number of points wins. If not, the player with the highest "competitive advantage" card wins (compared using normal poker rules for suits, with aces high). If the other player has no "competitive advantage", the player with a "competitive advantage" wins. The winner is the "niche". If hands are tied the "niche" is shared.
Note: The fact that the Ace and 2 have funny point values means that your choice of "competitive advantage" card can be used to focus on a "niche" or "market leader" strategy.
The 2 is good for "niche", bad for "market leader" while the Ace is good for "market leader" and bad for "niche".
15. Divide up the pot between the "market leader" and the "niche". If the number of chips is odd, the "market leader" gets the extra chip. It is possible to get both the "market leader" and "niche" sections of the pot, especially if everyone folds.
16. If either of those positions are shared. Divide up the "market leader" section of the pot or the "niche" section of the pot equally. Players should flip a coin (or use someother random process) to see who gets any leftovers if the sections of the pot cannot be divided up equally between those who shared the "market leader" or the "niche" positions.
Note: There is more than one winner per hand! As in real life, you can make money as a niche player instead of the market leader. As in real life, sometimes you fail in both roles.
17. At the end of the round. Every player must discard their "competitive advantage". Players who folded, may select any card from their "product" (including the "disclosure"). This card become the "competitive advantage" for the next round.
Note: The effect of the "competitive advantage" is allow players to fold and improve their chances next hand. Rewarding someone for staying out of a hand and focusing on the next, just like businesses can exit a market and focus on another.
Etiquette: Because some players may fold to make sure they have a "competitive advantage" next round - players leaving or the game ending should be announced 1-2 rounds in advance
These rules need play testing (especially if money is involved). Please feel free to post feedback in the comments.
How is it played?
1. You need 3-5 players.
2. The game ends if any player has less than 12 chips at the end of a hand (although players are encouraged to top-up to keep the game going, if money is involved).
Note: This rule prevents players being driven out of the game for not being able to bet (the "Chapter 11" rule)
3. Select a dealer. Use the chip or blind marker to mark a dealer. The role of moves one person to the left every hand.
4. Ante is one chip per player. Ante is two chips for the dealer and the person to his left.
5. If this is the first round. Deal every player one card. This card is called his "competitive advantage". In future hands, you will only have a "competitive advantage" if you have folded. It is kept face up.
6. You deal five cards to each player. The first card is face up. These cards are called the "product". The face up card is called "disclosure".
Note: The effect of the "disclosure" is to make the odds slightly different for each player. This make the poker hand a bit more like a real world competitive situation where economic entities have different strengths and weaknesses.
7. You then deal one card face up to the center and mark that card with a chip. This card is called the "supplier". At a later stage in the game this card is auctioned off.
8. You then deal one card face up to the center. This card is called an "externality".
9. We have a round of betting beginning with the player to the left of the dealer. This goes by normal poker rules except the total bet is capped at 5 chips. Each player may hold, raise or fold. If he holds he has to pay to the pool whatever is owed for raises made prior to his turn. Players may raise up to 5 chips but the total cost to play for each round cannot exceed 5 chips. A player who folds should keep his hand. It will be used to generate next round's "competitive advantage".
10. You then deal another card face up to the center. This card is placed next to and becomes part of the "externality".
11. You have another round of betting.
12. You then have an auction for the "supplier". All players still in the game (who have not folded) can bid. Bidding starts with the player to the left of the dealer. The minimum bid is 1 chip. Bidding moves to the right and players can either bid more or withdraw from the bidding (at which point they cannot re-enter). Highest bidder wins.
13. Chips used to purchase the auction card are divided up equally among the players (including folded players) with any excess added to the pot. For example, if there are 3 players and 4 chips is paid for the card: one goes to each player and 1 goes to the pot. There is no cap to this auction... although at some point it makes no sense to spend that much money to help your chances of winning the pot. Highest bidder pays the cost and gets to discard one card from his "product" (including the "disclosure") and replace it with the "outsourced card". If you replace the "disclosure", you must leave the card face up.
Note: Auctions can devastate all gains for players who haven't folded in a market, a bit like the airline industry or destructive competition in general. Smart players use the "supplier" but do no get themselves in a situation where they need the "supplier" to win the pot!
14. Players then reveal their hands. They must make a poker hand of 5 possible using their "product" (including "disclosure"). They may also use their "competitive advantage" card and the "externalities" in the center as a shared resource. The highest poker hand is termed the "market leader". Decide the highest poker hand using normal poker rules (and make sure eveyone uses the same normal poker rules for ties!). But if hands are tied - the "market leader" position is shared.
14. Players must then add up the total value of their "product" (including "disclosure"). They may substitute the "competitive advantage" card for one of their cards. 3 = 3 points, 4 = 4 points, etc. Picture cards are worth 10, the Ace is worth 1 and the 2 is worth 15! Highest total number of points wins. If not, the player with the highest "competitive advantage" card wins (compared using normal poker rules for suits, with aces high). If the other player has no "competitive advantage", the player with a "competitive advantage" wins. The winner is the "niche". If hands are tied the "niche" is shared.
Note: The fact that the Ace and 2 have funny point values means that your choice of "competitive advantage" card can be used to focus on a "niche" or "market leader" strategy.
The 2 is good for "niche", bad for "market leader" while the Ace is good for "market leader" and bad for "niche".
15. Divide up the pot between the "market leader" and the "niche". If the number of chips is odd, the "market leader" gets the extra chip. It is possible to get both the "market leader" and "niche" sections of the pot, especially if everyone folds.
16. If either of those positions are shared. Divide up the "market leader" section of the pot or the "niche" section of the pot equally. Players should flip a coin (or use someother random process) to see who gets any leftovers if the sections of the pot cannot be divided up equally between those who shared the "market leader" or the "niche" positions.
Note: There is more than one winner per hand! As in real life, you can make money as a niche player instead of the market leader. As in real life, sometimes you fail in both roles.
17. At the end of the round. Every player must discard their "competitive advantage". Players who folded, may select any card from their "product" (including the "disclosure"). This card become the "competitive advantage" for the next round.
Note: The effect of the "competitive advantage" is allow players to fold and improve their chances next hand. Rewarding someone for staying out of a hand and focusing on the next, just like businesses can exit a market and focus on another.
Etiquette: Because some players may fold to make sure they have a "competitive advantage" next round - players leaving or the game ending should be announced 1-2 rounds in advance
These rules need play testing (especially if money is involved). Please feel free to post feedback in the comments.
Saturday, March 24, 2007
Other Ideas
I also have one other project idea... which is to a Settler's of Cataan type game or card game that captures some of the strategic concepts I am learning...
1. Strategy is a unique set of activities that pursue competitive advantage
2. Great profitability depends more on what your competitors will do than anything else.
The game should have the following features:
Entry cost, Markets, Competition Between Players In A Market
This will probably the better project to focus on ....
1. Strategy is a unique set of activities that pursue competitive advantage
2. Great profitability depends more on what your competitors will do than anything else.
The game should have the following features:
Entry cost, Markets, Competition Between Players In A Market
This will probably the better project to focus on ....
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