Walking the floor of a distribution center and meeting the people that develop and execute strategies for companies like Amazon.com, Wal-Mart, and UPS does more than provide a learning experience- it develops perspective on the real-world of business.

During my three years as a professional in operations and supply chain management it would have been impossible to imagine so many world-class companies opening their doors to me. As a student, the freedom to learn and ask questions seems limitless.

The real-world focus of our experience continues in the classroom. We are challenged and taught to face supply chain problems that are based in messy data. Problems that have no clear answer and that make you wonder if there may have been a better solution even when you reach a positive outcome. There are no instructions about which font to use or double or single space- the question we are required to answer for ourselves is “If you were sending this to the CEO, how would you write it?”

Whether it’s swilling coffee for a midnight tour of a UPS air-hub, getting up early to run extra scenarios for a virtual supply chain game, or reorganizing my kitchen to reduce set-up time for dinner— it’s becoming clear to me that supply chain and operations is more than a career, it’s a lifestyle.

The main reason I chose the Mason School for an MBA experience was the caliber of alumni, professors and students I met during the search and application process. The networking events outside of class the MBA Program Office and Alumni Relations Staff put on have been one of the most enjoyable and beneficial aspects of the program to date. The MBA Careers Program Day in Arlington, Virginia was a perfect example.

Bright and early on the morning of November 9, the entire first-year MBA class loaded on to three motorcoaches and hit the road for a networking event co-sponsored by the Washington Area Alumni Business Alliance at Clarendon Ballroom. The ride on my bus, and I would assume the other two, was rather quiet and relaxing following three rounds of final exams over the previous few days. As we approached the Washington area, I enjoyed seeing the reactions of several of our international classmates who saw the Washington Monument and other national landmarks for the first time.

The event itself featured a moderated panel discussion with distinguished William & Mary alumni in the morning, followed by a “speed networking” lunch with almost 20 alumni and an interactive question and answer session with several recent Mason School alumni in the afternoon. The alumni that participated in the event represented such companies as Booze Allen Hamilton, Barclays Capital, Hilton Worldwide, KPMG LLP, IBM, Iron Mountain, BAE Systems and Hewlett Packard among others.

I was impressed by the contingent of alumni that participated and took note of several themes and pieces of advice the panels shared, including:

• Always observe those around you and how situations are handled; mentors can be anyone who influences you
• Seek opportunities to be global
• Master the fundamentals of communication, charisma and likeability
• Play up to your strengths and don’t be shy about it
• Reconnect with classmates and colleagues when you can
• Always be prepared for networking opportunities and interviews before you ask for them

As with the last 100 meters the 400-meter dash, the conclusion of the 2011 fall semester marks the beginning of the end of my time at Mason. As I race towards the finish line in May 2012, good thoughts come to mind, especially of the Real Estate CAM taught by Prof. Ben Bolger. The course exposed me to the nuances of an industry where success is not necessarily about reality, but your ability to create a perception, in which people want to participate. In the CAM, we covered cases analyzing the future of real estate at academic institutions using Harvard and W&M as examples; urban development in Brazil; and the redevelopment of the World Trade Center.

However, this CAM was especially effective because of what I like to call the “now” factor that Prof. Ben Bolger, brings in his instruction. For most class session we had speakers from industry to discuss what they were doing “right now”. We entertained people such as:

• Dexter Klock, whose family manages the most sought after business address in Washington DC: 1700 Penn Avenue (right next to the White House). Among many things, he taught us much about FAR (floor to area ratios) and how developers use sky rights to circumvent municipal construction regulations;

• Peter S. Eckert, an apartment appraiser and Andrew Nelson, a real estate broker (also an Executive Partner at Mason), taught us about real estate appraisals; the process of buying a home; becoming a real estate broker; and the differences between the real estate markets in the US and UK;

• Chuck Roadley, who came in to tell us about regulations governing environmental site assessments and how getting the right environmental permits are essential to the success of any project; and

• Bruna Dajlani: An entrepreneur with real estate investments in Italy and Albania. She discussed real estate practices in some of the most historic regions of Europe; and showed us plans for an ultra-exclusive property on the Albanian coast.

We had two Mason alumni come by to tell us about what they were doing. Justin Konz of Restoration Capital gave what I believe was the best session on real estate as an entrepreneurial exercise. His company specializes in providing bridge capital to “flippers” – real estate investors, who purchase depressed or underperforming properties, refurbish them to attract a better valuation, and sell them to realize substantial profits. Anna Perry from Apartment Realty Advisors (ARA) briefed us about her job as an analyst at the company’s DC office. In her time at Mason, Anna took the Real Estate CAM. She got a job at ARA after one of the principals, Drew White, visited the CAM. Drew came back this year with and Jeff Pritchard, another principal. Both gentlemen used every opportunity to let us know that they would be hiring again – and many of us gladly exchanged our contact information with them. Having Justin and Anna in class made a strong impression on me. It showed some career possibilities after I graduate from Mason.

On occasions when we did not have a speaker for class, we left Miller Hall to visit the likes of:

• John Hopke - A local architect in Williamsburg who has worked on many familiar projects including the Fresh Market structure on Monticello Avenue; and

• Dan Aston – A partner at Roseland Properties, a real estate development and management company specializing in luxury apartments and homes in the Northeast region of the US. We visited High Street, a mixed-use development, and got to hear about the company’s tradition of creating excellent properties that garner some of the best rents in their regions.

The crowning delight of the course was our trip to New York City. We had two days and three nights of great fun with visits to:

• Port Imperial, NJ (a Roseland Properties site) where Formula One will be hosted in 2013. Marshall Tycher, partner at Roseland gave us a VIP tour of the property, with historical references to real estate development in New York;

• Google’s offices in the Chelsea district where we learned about how horizontal work spaces aid collaboration; and

• The Related Group where alum, Kenneth Himmel is President and CEO of Related Urban. We got an exclusive tour of the Time Warner building, discussed the company’s current projects, and had numerous opportunities to interact with people that are hiring MBAs.

The learning never stopped. On one of our evenings in NYC, Prof. Bolger took some students to an evening of jazz music from the Julliard Jazz Ensemble at the Harvard Club. After the music, we went on a tour of the Yale and University of Pennsylvania social clubs for a quick lesson on interior design and architecture. Our visit to NY ended at the 9/11 Memorial where we saw some of the on-going construction of the new towers being built by Larry Silverstein. It was a moving experience to see how real estate has been used to translate both the grief of loss and the strength of the indomitable human spirit.

One of the three tower being built by Larry Silverstein at Ground Zero

One of two pools at the 9/11 Memorial, NYC

As a final project, we were put into teams to come up with innovative real estate concepts. Aside from one idea to create outdoor environments inside buildings, the majority of the class believes that the future of hospitality lies in smaller and simpler accommodations for a trendier and mobile clientele. It was tougher to figure out if the hotel opportunity lies in the low, mid, or upscale end of the market.

At its core, real estate is an entrepreneurial venture, where you have to leverage your networking, negotiation, selling, and analytical skills. In the same vein, real estate provides a creative outlet to solve problems and realize your visions of building houses and creating cities. Where the “rubber meets the road” is in being able to convince multiple stakeholders to believe in your vision. Prof. Bolger’s assignments got me thinking about how I can incorporate real estate in my future. After all, people will always need luxurious accommodations.

I can’t do justice in conveying all the great things I learned in class and in New York. It’s an experience you just have to be a part of, and I strongly advise the first years to consider taking this course in their second year of the MBA program.

As I was sitting in my favorite spot at home today, I noticed the little buttons I had pinned to my handbag and remembered The MBA Oath. At the Net Impact Conference a few weeks ago, my friend Angela and I met Debra Wheat from The Oath Project. She had a little table and was asking if MBA students would like to sign up for the oath and take a little button for those qualities they sincerely believed in. She had a button for each: Accountability, Ethics, Synergy, Impact, Duty, Fair Play, Dignity, Sustainability, Thoughtfulness, and Mentorship.

Of course I was interested!! After our Business Ethics class last year, Prof. Ed Felton had ignited a part of my persona that I didn’t know of earlier. The class experience was almost akin to being in the midst of a warzone firing, or sitting in an interrogation session, or being in the witness box of a courtroom, or being an amoeba under a microscope. But its challenging format, which at first made me go “I don’t want to be cold-called upon,” not only made me eventually more aware of what I believed in, but also propelled me to fight for that which I believed in. It was an odyssey into my own value-system, something that will immensely help shape my journey from hereon.

Being an erstwhile believer of the principle of ”Doing Well by Doing Good,” I am certain that the only way forward for any business entity or leader desirous of being at the forefront of today’s globalized society is by adopting this principle as quickly and effectively as they possibly can. I am sure that that every business organization, sooner than later, will need to take off the pink eyeglasses through which they focus on a rosy bottom line of profitmaking, and instead will need to put on a pair of green eyeglasses which will help them see the path to a Triple Bottom Line- people, planet and profits. I am convinced that as future ‘bosses,’ we will have to step back and think more like visionaries than mere managers, and resort to fair play and sustainable practices. I am convinced that as future team leaders, it will be imperative that we lead by example and not just offer lip service, holding ourselves accountable at all times. I am convinced that as future decision makers, it will be our highest duty to respect the dignity of the many lives we impact, be it employees, customers, or the communities we work in. Especially given the unique challenges of our world as we know it. Especially given the stormy politico-economic-socio climate of our world as we know it. Especially given the mass corrosion of the ethical fiber of our world as we know it. Especially given the scourge of corruption and the deep roots of the dark forces in our world as we know it.

As leaders of today and tomorrow, we have an act to perform — a cleansing act, an act of the highest honor, an act of utmost integrity. And so, I signed up for The MBA Oath & urge all my MBA colleagues to do the same. It is going to be my doctrine for the rest of my life, and it should be yours too. I hope that you will allow me the honor of proudly saying that 221 W&M MBAs are signing with me.

Just do it.

Sign The Oath.

And remember:

• This will make you an official signatory.
• By signing, you will join many of your classmates who have already taken the oath and your name will be added to the official public list available on this website.
• The MBA Oath is not legally binding, but it is a public expression of your aspirations and personal commitments as a professional manager.
• About the Personal Statement: One of the goals with the Oath is that this pledge be part of a long-term personal commitment, and not simply a one-time online experience. With this “Note to Self” Personal Statement feature we ask that you write a brief note to future self. These notes will NOT be made public. They will be filed in a secure, private database. Then, annually, we will send your note back to you, so that you may re-engage with the purpose you feel today. (You’ll be able to unsubscribe from those emails anytime you like).You may wish to answer: Why are you choosing to sign this oath today? What issues do you expect to face in the next year? Who else is signing with you?

As part of the Career Accelerate Modules (CAM), each class partakes in two field trips. On these trips, students get to visit companies and meet top level executives that are William & Mary graduates. The presenters talk about their line of work and luncheons give the students an opportunity to network with alumni at these institutions.

Last week my Financial Markets CAM visited Dominion and Capital One in Richmond. At Dominion, we got to meet the CFO, Vice President and several managers. They gave my class a presentation about how important their hedging operations and risk department is to the company. Dominion wants to provide a steady cash flow and income to their shareholders, and with the wild swings of heating oil, natural gas and crude oil; the only way to achieve this goal is through heading. The risk department then works behind the scenes to ensure there is no proprietary trading being conducted on the trading floor and ensure the checks and balances are in place. Next, we were taken in groups through Dominion’s trading floor to observe and talk with the traders about their day to day work. Some discussions included what their daily routine was, how Dominion needs to purchase their natural gas and heating oil at 10 AM for next day delivery, then submit their prices at noon and find out what their prices are at PM. Wholesale, retail traders; meteorologists and managers are all present on the trading floor 24 hours a day, 7 days a week. Finally Dominion treated our class to a lunch with some William & Mary alumni and managers and gave my classmates the opportunity to talk with them on a casual setting.

The next stop on our trip was the Capital One campus. Their campus truly has a college campus feel. The campus has an athletic center and sports fields, and each of the five buildings have lounges, art work, coffee & juice stands, and cafeterias. We got to meet a manager, two Vice Presidents and a CFO of Line of Business who were all William & Mary MBA graduates. The presentation included discussions about Capital One’s line of business, how they grew to being a credit card issuer to becoming the 5th largest bank in the country, about securitization of credit card debt and risk management.

It was a very enjoyable trip and my class certainly learned a lot. It is a great change of pace to get outside of the class room and away from our Bloomberg terminals to see what we learn being done in real life. We are certainly looking forward to our next trip to New York City coming up.

For those who think marketing is a soft skill, the Brand Management Career Acceleration Module (CAM) will change your opinion.  In a short seven weeks, our CAM learned how analytical marketers really are.  We heard from current and retired professionals about managing a brand’s P&L, using BDI/CDI to determine media buying, and analyzing scanner data.  Determining and executing a strategy based on the information is also part of the marketer’s responsibilities.

We had the opportunity to put these skills to the test with a live case with Smithfield’s Ham category.  We were tasked with differentiating ham in the everyday sales as well as holiday sales.  Four teams analyzed the competitive market, average selling price of ham as compared with other smoked meats, generation trends, macroeconomic trends, and much more.  Each team recommended very different strategies based on the same data.  Overall, Smithfield was pleased with the CAM’s performance and will further explore some of our recommendations.

In addition to the live case, we used MarkStrat, a simulation offering a risk-free platform for testing theories and making strategic decisions.  It puts teams in the role of the product manager where they have to make decisions on a long-term strategy and then execute the tactics for pricing, R&D, production, distribution, market research, advertising, and market segmentation.  The simulation was extremely beneficial to understanding how marketing managers work with every aspect of the brand or product.

Of course the entire CAM was not focused on analytics.  Our guest speakers and company visits also highlighted the importance of creativity and innovation.  Beth Comstock, CMO at GE, emphasized two key words in marketing: value and innovation.  Scott Tidey, SVP for North American Sales & Marketing at Hamilton Beach, explained why Good Thinking™ is something every employee believes in.  Tiffany Graeff, SVP and Group Planning Director at Saatchi & Saatchi, demonstrated how Lovemarks inspire “Loyalty Beyond Reason”.  A brand becomes a Lovemark when it creates an emotional connection and builds a culture around it.  These ideas are not created from a spreadsheet.

The main takeaway from the Brand Management CAM is that marketers have the tremendous task of balancing creativity and innovation with analytics and operations.

Major Turner (in uniform) poses with some of his Full-Time MBA friends.

I must follow them. I am their leader.
~ Andrew Bonar Law, 1858-1923

Major John Turner is my first friend from the U.S. Military. And the first Major I have ever known.  And one of the most humble persons I have ever met. And one of the funniest persons I have ever come across. And one of the more large-hearted human beings I have ever been in the company of.

So it shouldn’t surprise anyone that when I witnessed the ceremony tonight wherein he was promoted from the rank of Captain to Major in the U.S. Army, I was deeply humbled. And uniquely inspired. And left in awe. And moved to tears.

To be in our MBA class with John is like going to a party and still having an educational experience. It’s fun, it’s lively, it’s exciting, it’s adventurous. But it’s also listening to heroic tales I have never heard before, being part of a life I have never known before, seeing that which I have never seen before. It’s a highly educational journey for me, a first-hand sharing of experiential knowledge by a man who can tie his military training with the business education we are all receiving. I think this ability to synthesize two seemingly different worlds into one is a unique trait in itself, one that has all the hallmarks of a great leader, a visionary.

I find it an amazing stroke of my good fortune that despite being offered admission to competitive MBA programs better known than ours, John chose to attend William & Mary in the same cohort as I am. Because I take it as my good luck that I have known this amazingly humble yet distinguished leader, who never fails to entertain a group with his humor, or fondly remember all his men still fighting at the battle lines in Iraq and Afghanistan.

I salute you, Major John Turner. It is my deep honor to be your friend.

May you continue to serve the Constitution of the United States and its people as the much-loved, much-admired and much-respected leader that you already are.

Edmund Amoye with Steve Sadove (right) at HBS – 04/2011 

Since assuming the leadership role at the Luxury and Retail Club at the Mason School of Business, I have had the opportunity to network with executives from different segments of the luxury and retail industry. My most meaningful encounter occurred in April, 2011 when I met Steve Sadove, CEO at Saks, Inc. at the annual Retail and Luxury Conference at Harvard Business School. I kept in touch with him over the summer, and last month (Oct. 2011), Mr. Sadove (SS) spoke to me (EA) in his New York office about leadership, his company and industry, customer trends, career opportunities, and the job of CEO at a company with a market capitalization of about $1.7B (11/7/11). Below are excerpts from our conversation.

Leadership

EA: How do you approach the task of leading Saks?

SS: The most important thing is making sure that we have a very clear vision, direction and understanding about where we are trying to take the company. So we spend a lot of time on establishing the vision, articulating the strategies, and then getting alignment around the organization [on where] we want to go.

The second thing would be to make sure that we create the culture and the environment where people are going to be able to accomplish and do the things that [will] get them to where they want to go.

EA: What are the biggest obstacles in minimizing turnover at the floor level as well as aligning senior management towards the vision you have for the company?

SS: One of the biggest challenges is finding the right people. Understand the fit and the values. You have to establish the value set of the company and [the strategies] to attracting, developing and retaining those people that fit those values. Retail is a business of relatively high turnover at the associates’ ranks, however, not at the management ranks. Retail is not a high turnover business at the management ranks, [but] more at the associate [level]. At the management ranks, you want to make sure that you are giving people personal development opportunities; and then when dealing at the associates rank, make sure that you get people to feel comfortable that there are opportunities for them to earn a good living.

Strategy & Operations

EA: Saks had good quarterly results with a 9 percent improvement in September, 2011 same-store sales. Coming off of those laurels, how can the company protect itself from drops in consumer spending, and against discount and lower-tier retailers who are attracting the value-conscious customer today?

SS: Saks competes in the luxury space so we are not competing against the lower-price value, mid-tier chains. In fact [we] see a bifurcation going on in America: the high end stores (Saks, Neiman Marcus, and Nordstrom) performing well because our customer is much more tied to the stock market versus the housing market and unemployment rates. I don’t think there is much of a correlation between the lower tier competitors and our performance.

[As for discounting], we have been going in the other direction with less discounting. Luxury goods are about limited distribution and availability, and full-price selling so we have been focusing on that. I think there is an issue with the volatility of the markets and the higher end customer, who has been responding very well over the last year (or couple of years) in terms of when  as they felt more comfortable about themselves.  As you mentioned, we had a 9 percent [improvement in same-store sales] in September, which is very strong.  As we look forward, we will be a lot more cautious. The risk is that the consumer will not trade down, but will just stop shopping as much.

EA: In your quest to drive profitability, without the pre-2008 practice of heaving discounting, how do you now handle inventory management?

SS: We are using some [discounting], but we are keeping our inventories under control. For example, as we came out of the first half of the year, our sales in the second quarter were up 13% and our inventories were up 3%. So, keeping your inventories in line and [having] current inventory is the way to minimize having to clear out a lot of product.  In luxury goods, you have a full price selling period that lasts for about four months (in a six month season) and then you go into a sale price period, which is a normalized clearing of the product. Flash sales are an emerging piece of the business that is still relatively small, but is opportunistic for us. In the end when product doesn’t clear we can send it to our OFF 5TH channel.

EA: Can you tell me about the principles or pillars that you and your management use in driving Saks’ high-level strategy?

SS: If you think about pillars being the legs of a table, [they are]: product, the selling environment, marketing, and the cost structure behind the business. The product is all about differentiated product and making sure we have a mix of “good, better, and best” within luxury. In terms of the selling environment, it is about full price selling, but it is also about service, training, and [recruiting] the right people. We have moved from 50% to 90% commission-based selling – you get a different kind of associate with that [incentive]. The marketing is all about what we call “local”. We’ve evolved to having marketing plans and marketing associates for every store. So that has transformed the kind of marketing that we do. The last [pillar] is having a cost structure that is in line [with the other pillars]. I think each pillar has been transformative in terms of the growth of the company.

EA: You mentioned using local marketing for each store. What are some of the demographic trends you have noticed that guided this strategy?

SS: Every store is different. In Boston, you have a young population driven by the university and tourism. That customer base is very different than if you went to Washington DC or Atlanta. What you need to be doing in each market is very different. In Atlanta, there is a very large African-American population and a very large Jewish population. In San Francisco, there is a large Asian population. The marketing and how you embed yourself in the community is going to be very different from one city to another.

E-Commerce vs. “Brick and Mortar”

EA: I think it is fair to say that “brick and mortar” stores will always be a relevant part of this business (retail). How are you approaching the new business model of e-commerce?

SS: It used to be viewed as a separate business and it has been a very successful one. We saw 35% growth (in e-commerce revenue) in the first half of the year. I think that the channels are merging – customers are shopping both channels. I look at thi (brick and mortar and ecommerce?) Not solved totally yet. Customers should be able to shop both channels. Customers want to be able to get products anytime and anywhere that they want. We now have the data about our customers’ shopping behaviors across channels. We are moving towards a position where we can share inventory, so that [customers] can buy [products] online and pick it up in the store. We want to be able to get more efficiency out of inventory. I think that there is a lot to be learned in terms of the best way to manage [these channels]. In the future, you will probably see a lot more sharing, whether it is in planning, allocation, or in marketing…, but you don’t want to [hurt] the emerging indirect [channel].

Customer Trends

EA: I read an article in the Wall Street Magazine on the menswear market, which accounts for 20% of the total luxury market. Different online strategies have emerged – one on the premise that male customers know exactly what products they want… and another approach suggesting that male purchasers need some style assistance. Do you have any Insights on menswear as a future opportunity?

SS: Menswear is in the 15% to 20% range. It is growing very nicely. Some men are self-serve; and some need a lot of assistance. What we do is appeal to both [types of male consumers] with an online presence as well as [in the stores].

Career Advice

EA: What is your career advice to people (especially MBAs) who want to get into luxury goods? I have heard you say that MBAs are not the prime target [for hiring at Saks].

SS: MBAs are not the prime target. We have some MBAs… in planning and strategy, but it is not the same as going into a consumer goods company where MBAs go into a training program. Our merchant training program tends to be [occupied] more by people out of undergraduate schools, with a liberal arts background. You are more likely to see MBAs [at Saks] in planning, strategy, and finance. We don’t have a lot of MBAs in our organization.

EA: What do you look for in an applicant resume that stands out to you?

SS: When [I] talk to people, [I] look for intellectual curiosity; people who are well-rounded and love to interact. I like people who have been in leadership positions or have been very engaged in whatever they have done. I don’t [know] if you can find [those qualities] on a resume.

Balance

EA: How do you manage your time?

SS: It’s tough. Running a multi-billion dollar company is a 24/7 job, and you are always tied to [the business] in one way or another. There are different constituencies – whether it is Wall Street, your stores, your merchants, or your vendors. You want to say “yes” to everything, but you can’t. You have to be able to balance your time wisely… and figure out where you can add value. One of the things you learn as a CEO is: if you wanted to, you could jump into every [issue], but you don’t have the time.  The most important thing you do is pick the right people and give them freedom to do their [jobs].

EA: What is your favorite pastime?

SS: Golf and reading.

EA: Thank you for your time Mr. Sadove.

SS: Thank You.

Wednesday, September 28^th, Steve Madej, an account representative from Bloomberg held an open training session on the use of Bloomberg Terminals to the reception of too few William and Mary business students.  These special keyboard and monitor sets enhance the Bloomberg experience by allowing business professionals to access all of Bloomberg’s features using simple keystrokes tailored to the program.  Knowing how to use these terminals before even breaking into the financial field is definitely an asset.

Since I can remember, I have watched my father, a worker in the financial world, scan through spreadsheets of incomprehensible numbers, glue his eyes to CNBC and constantly plug in acronyms in Bloomberg. While I may not be the most knowledgeable person about stocks or bonds I can confidently say that Bloomberg software is one of the most useful tools found in the financial sector today.

Bloomberg is a multimedia corporation, but its professional software provides the best information on equities, futures, commodities, among other assets, and is especially important when looking at fixed income markets. Its largest strength lies in its extensive database, which proves useful for analytics and stock comparisons.  In addition, Bloomberg is a live data stream with a constant feed of quotes, prices, and news.  With such up to date information it allows for informed trading and also has a platform for trading within its software.

When asked to describe why Bloomberg is so important, my dad gave me a simple analogy: Bloomberg is like Facebook for the financial sector. My first comparison to draw from this angle was that each stock has a page that shows its prices and history, like how each person on Facebook has a profile.  However, more importantly, Bloomberg provides a networking tool so that users can share and act rather than just simply accessing this essential information.  While watching the changing markets via the data stream or a synthesis of new sources, users can chat and message one another via their Bloomberg account names.  In this way, Bloomberg provides the complete platform for immersion in the financial markets and creates a status of professionalism and legitimacy with its use.

Bloomberg, an ever-changing and expanding company will surely be around for years to come. The McLeod Business Library has two working Bloomberg Terminals where users can gain a certification through a series of steps and tutorials.  While, the opportunity for the training session with Mr. Madej has passed, students, especially those interested in finance, should take advantage of these Bloomberg resources to boost their résumés with this skill.

Prior to coming to the Mason School of Business MBA program, I had never heard of Patagonia, a Ventura, CA based clothing company specializing in outdoor apparel and gear. As the president of the Luxury and Retail Club at the Mason School of Business, Patagonia is one company, with which business students should become acquainted. What’s even more exciting is that W&M students will have the opportunity to interact with the company on October 26, 2011.

I heard about Patagonia while learning about sustainability in Professor Ram Ganeshan’s class on Design/Control of the Operations Function (BUAD560). He presented Patagonia as an example of a company that was using its business as a tool for global good. More importantly, he showed us how people can be successful by simply pursuing their passions.

Patagonia was founded by Yvon Chouinard in 1972. Not your ordinary entrepreneur, Mr. Chouinard simply started the company as a way to fund his passion for activities such as mountain climbing and surfing. At the outset of what was to become a globally admired company, Mr. Chouinard simply made gear for himself and his friends. As such, the utmost attention to quality and functionality was woven and hammered into every piece of equipment he made. Over time he had to hire staff because his products were in high demand. Today Patagonia is the foremost expert in the development of equipment for silent sports such as alpine climbing, fly fishing, hiking/trekking, rock climbing, ski/snowboarding, surfing, trail running, travel, and yoga. In each of these sports, “reward comes in the form of hard-won grace and moments of connection between us [the user] and nature” (Patagonia.com).

In April, 2011, I traveled to Harvard Business School to attend their annual Retail and Luxury Conference. There were several panel discussions highlighting modern issues in retail and luxury, but one of the most exciting and somewhat counterintuitive experiences came from attending the “Success in Social Enterprise” panel. Among the panelists was Tetsuya O’ Hara, Director of Advanced Research and Development at Patagonia.

He discussed many issues including the company’s role in influencing other companies to adopt sustainable practices; Patagonia’s public acknowledgement of its effects on the environment; and its efforts at educating its customers to consume with consideration for the planet. In hearing him speak, you could tell he lived the Patagonia’s mission every day, in every way:

Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.

Some facts that really baffled me are:

• Patagonia is the only company (which I know of) that encourages customers to buy less of its products because of the effects unnecessary consumption can have on the environment;
• The company does not want to grow fast. Unlike what most academic literature will espouse as good financial performance, Patagonia does not want to grow its business more than 5-7 percent a year. They believe that growing too fast does not afford them the ability to offset some of the damage that its products would cause to the environment; and
• Since 1985, Patagonia has pledged 1% of sales to the preservation and restoration of the natural environment. This certainly would not appeal to many investors in today’s business environment. However, this company is free to pursue its own agenda because it is 100% privately owned.

As an MBA student with sales and marketing experience in the hospitality industry Patagonia intrigues me because its sustainability practices can actually do more to drive demand for its product and cause its brand to become a fashion “must have”. After listening to Mr. O’ Hara, I wanted to hear more about Patagonia, and so I invited him to speak to students at William and Mary, who are passionate about businesses that embrace the ideal of community in every way possible.

On October 26, 2011, the Luxury and Retail Club at the Mason School of Business will have the esteem pleasure of entertaining Tetsuya O’ Hara, Director of Advanced Research and Development at Patagonia. He will deliver a presentation entitled “Sustainable Competitive Advantage” in Brinkley Commons of Miller Hall, from 12:30pm till 2pm. As our collaborators from the Net Impact Club have stated, “it is guaranteed to share cutting-edge strategic insight that budding leaders can’t afford to miss”. See you there.