Back to School

After a lot of deliberation, I decided to accept the University of Chicago Graduate School of Business' (hereafter, GSB) offer for admittance to their MBA Class of 2009. While I received offers from the University of Virginia and Oxford, the choice really came down to either the GSB or London Business School (LBS, although people there hate the acronym).

Several factors informed/muddled my decision.

They are both great programs, and I believe most people would argue they're both in the top ten internationally. Chicago was actually #1 in Business Week's latest rankings, and it's consistently top five or ten in all others. LBS is similarly ranked and certainly the best program in the UK.

They both offered me the exact same financial aid package, although LBS said I could have all the money right away, which would have been nice. The GSB's package is split evenly over the two years.

How they differ:

Chicago allows you to select all (but one) of your classes, which is rather revolutionary in the world of business education. Most programs, including LBS, have a required packet of classes all first years have to take, usually in a cohort with the same students. The GSB only has one required class, five or six required categories of class (e.g. you pick one of four financial accounting classes), then a bunch of electives from which you build your concentration(s). LBS allows you to pick your own classes the second year, for the most part.

When visiting the schools, I got a rather different vibe from each program. Chicago seemed to be more about independence and customization with staff support to make sure you don't wander off and get a JD on accident. LBS was rather more nanny-like in its approach, which was sort of annoying. I almost expected them to tell me about curfew and required meals.

The students at LBS seemed more well-rounded and sort of unique, but that might just have been because I spent some time outside of class with them getting drunk off surprisingly strong Belgian beer...I was done after four or five pints. The GSB's rep over the years has sometimes included social awkwardness and extreme nerdiness, but any program with a Thursday Night Drinking Club (TNDC), weekly free-booze events called Liquidity Preference Functions (LPF), and a gambling club (creatively named the Risk and Gaming Club) can't be too bad, people-wise.

Each school's living experiences differed significantly, and living in London would have certainly been a more unique "experience" than Chicago. Chicago is a great town as well, though, as I understand. Many students from both programs chose to stick around after they graduate.

Chicago's brand is more powerful in the US and Asia, while London is well-recognized in Europe. However, I feel that an MBA from Chicago would transfer better to the EU than one from LBS to the US.

Finally, Chicago's Polsky Center, which runs all its entrepreneurial activities, hosts several competitions each year and really seems to put a lot of effort into helping its students either get their businesses off the ground or invest in someone else's.

In the end, I think LBS might have been a more "fun" choice, but the GSB will better prepare me to become a ninja assassin businessman. And if all fails, I can find my own fun in Chicago.

2/1/2007: Edit: I just received the "why didn't you come here" survey from London. It was quite lengthy, but I have included some of my selected answers below (my choices in bold):

1.4 Please indicate how you think we compare with your chosen school
Brand/Reputation: Worse
Cost of programme: Similar
Cost of living: Worse
Availability of student housing: Similar
Scholarships: Similar
Length of programme: Similar
Class size: Similar
Curriculum content/electives: Worse
Language requirement (In addition to English): Better
Quality of faculty: Worse
Career placement: Worse
Admissions service: Much Worse Facilities - IT/Library: Worse

March Madness

It's a little early to start hyping up the NCAA Basketball tournament, but as a UCLA (finished second last year, ranked #5 at the moment, and a huge basketball legacy) alum, I get up for the event every year.

I am tinkering around with the idea of running a promotion on my site where applicants and current employees can sign up and enter a bracket. The winner might get something like a free six month subscription, some career-advice books, or whatever. Plus, this gives me an excuse to enter another bracket (did I mention I picked GMU to make the Final Four last year?).

In order to enter the contest, users would have to register with the site, upload a resume, post their company, etc, all of which are free. Next up, Fantasy Kentucky Derby or Fafarazzi?

Equity and Adult Supervision

Browsing through the Chicago GSB admitted students forum the other day, I came across several blogs and such that deal with tech in Chicago, various start-ups by current MBA candidates and the like. I'll post them once I have a more comprehensive list.

Until then, I'd like to mention a program/opportunity I stumbled upon in the process. TechStars is a group of entrepreneurs in Colorado who are starting what might be best described as a summer camp for entrepreneurs. They are going to choose ten founders (or groups of founders) to come spend the summer in Colorado, where they will provide incubation, mentorship, some classes, a bunch of networking opportunities, and in the end a small amount of seed money in exchange for equity: $5K per founder (up to $15K) for a non-voting 5% stake in your company.

In my opinion, $5-15K in exchange for 5% of your equity isn't a great trade off, but it's the other services they provide that really make it worth it. The incubation includes free legal help (including incorporation), shared office space, phone, internet, conference rooms, and other office-like amenities. This in addition to the speaker series they run, all the other entrepreneurs you'll meet, access to venture capitalists, angel investors, private equity types, etc, and all the fresh new ideas and perspectives you'll be introduced to (to which you'll be introduced? I hate dangling participles). Who knows if someone you meet there, an idea you generate, or whatever could be the catalyst that really gets your (my) business moving? It's certainly worth a look.

On another note, I think they have a great business model. They essentially get a slew of business plans to choose from, pick the ten best, lay out between $5-15K each, and get 5% equity in all of them. I obviously don't have access to their finances, but I can make some rough assumptions:

• 10 groups x 3 founders each x $5K per founder = $150,000
• Rental of office space, utilities, furniture, etc amortized each year = $250,000
• Speakers and mentors = probably free
• Legal help = free
• Servers = free
• Random Stuff I didn't think of = $100,000

So they lay out about $500K each year in exchange for a 5% share of what they consider to be excellent ideas/start-up companies. This is obviously a gross simplification, but if one of their sponsored enterprises gets acquired for $10M each year (or two for $5M, etc), they make their money back. I get the feeling they'll do quite well with this while helping a lot of people out. Win win, just like Referral Union (hopefully).

At any rate, I filled out their relatively painless 28 question application and sent it in. I'll keep you posted on our status....

In the meantime, check out their blog. It's full of interesting info, answers, and pretty pictures. Here's another take on the entrepreneurial boot camp.

Great Success!

I had the pleasure of speaking with two great candidates for the internship position I posted last week. I have decided to offer them both positions, and I have no doubt there will be plenty of interesting work for them. I will be working with them to develop both my current marketing strategy and other great ideas they come up with. Once they get up and rolling, you can look forward to blog entries from both Oana and Terence.

Further, I was introduced to an interesting resource yesterday, www.internzoo.com. This site allows employers to post internships for free and college students presumably peruse the postings and apply. It seems like a good idea, so I signed up and posted my internship on the site. I'll keep you posted on how well it works.

Free (or very cheap) Stuff for my Business

Buy.com has a deal for free (after rebate) 512MB thumb drives through tomorrow (limit two). You'll be charged for the $27 each up front, but you can reduce that by five bucks if you order $50 worth of stuff through this link. Just click on the Hot Deals tab once you get to the site.

So, assuming I actually send in the rebate forms (somewhat iffy...), I actually make $5 on the deal, minus postage, and I get 49 miles on my credit card.

Another inexpensive vendor I've found is http://www.vistaprint.com/, which does all sorts of business cards, magnets, calendars, etc. Their posted prices aren't great, but if you get on their mailing list, they'll send you emails with ridiculous discounts pretty frequently. I think I got 250 business cards for like $4, including shipping. Use this link for 30-60% off. Beware, they send three or four emails a week, so if you don't want them clogging your inbox, use a spam account.

1/31/07 Edit: I received an email from Buy.com today saying my stuff shipped even though the site said they were out of stock when I ordered...

2/1/07: Edit: The items came in the mail today. Success! There's another one available here.

Priming the Pump

Now that I've had a fair number of current employees register, I need to start looking at ways to build up the applicant database. I'm going to start with college campuses in the DC area, since that's where the majority of current employee pre-registrants work. Some of these schools include Georgetown (where I earned my MA), The George Washington University, American University, Catholic University, George Mason University, Howard University, University of Virginia, University of Richmond, Marymount University, James Madison University, and a few others.

Some helpful resources within each school might include: The Panhellenic Associations and the InterFraternity Councils (which govern greek life on campus), various professional clubs, career services, and good-ol' fashioned flyer-posting. These all sound excellent tasks for my intern(s).

There are also various national and regional governing bodies for both greeks and clubs. Most of them put on conferences where companies can host a booth for between $500-1000. These might be good events to attend in the future.

The Virtue of Vice

They say you'll never go wrong investing in vice. Apparently the maxim holds true even with affiliate programs. When I first posted about my affiliate partnerships, I placed links to each in the body. The two highest click through rates (CTR) were for The Wine Messenger and Frederick's of Hollywood at 9.52% and 7.55%, respectively.

If this is your bag, and apparently it is, check out some of my new affiliate partners:

Business Credit Cards

Over the past few months, I have applied for and received a few business credit cards. They are basically the same as personal consumer cards, but they typically have your business name on the front. You don’t have to own your own company to apply for these cards, and a lot of people choose to get them just because the credit check doesn’t count against your personal credit rating.

I decided to get them for a few reasons: (1) It’s a very simple way to separate personal and professional purchases; (2) Like most personal cards, the business cards I applied for offer different perks such as 0% APR for a year, cash back, or statement credits after your first purchase (or a pre-set minimum); (3) They typically provide small-business related suites of services that you won’t find with personal cards; and (4) If you find the right cards, you get a very low interest rate loan to pay for business expenses.

Of course, if you dig yourself into debt with these cards, you’re just as hosed as you would be with personal credit cards, so watch out.

I found two of the cards through www.mymoneyblog.com, which is a good blog that deals with various matters of personal finance. It’s one of the blogs I’m going to include in my “daily reads” once I get around to putting it together. Jonathan, who maintains the blog, has done a much better job of describing the different options, their upsides, downsides, etc that I could ever hope to do, so if you're interested in an overview, check out his posting here.

The three cards I acquired and the rationale behind each:

Citi Professional Cash MasterCard: This is going to be my primary business card. When I applied, they were offering 0% APR on all purchases for a year. Now it's 0% APR on balance transfers, which is still a good deal if you're carrying a balance elsewhere or want to try this. Also, I get cash back on all my purchases, which instantly adds a couple percentage points to my profit margin (or reduces my losses). Also, I like Citi's web-based interface, and there is a branch down the street from my apartment if I ever require in-person attention.

Chase United Airlines Mileage Plus Platinum Business: As a United Mileage Plus member, this was an attractive option. The offer waives the annual fee for your first year (typically a credit card deal breaker), 25,000 miles, some free travel options, and a couple other perks. It requires $250 in purchases before you get the miles, and I believe you have to keep the account active for six months. I'll close it after I get the miles.

American Express Platinum Business Premium Cash Rebate Card: This card offered a $250 statement credit after your first purchase, but unfortunately it looks like this deal is over. You still get 5,000 points with your first purchase, which is something. I've made my purchase and am waiting for my $250. I'll cancel as soon as I get it. Here are some other options for free cash.

Here is another good source for credit card deals if you're so inclined. Remember, just because it's a business credit card doesn't mean you're not held personally responsible.

Back to Work

I'm heading back to the US from London today after a quick trip across the pond to visit the London Business School's MBA program. For those of you who haven't had to deal with me over the last several months while applying for and visiting MBA programs, my decision is currently between the University of Chicago's Graduate School of Business and London Business School.

Both programs are great, and I think they would each contribute differently to the development of my site. The GSB would really strengthen it in the US, giving me access to all sorts of Venture Capital and Private Equity types, while LBS would open all sorts of doors to a more international market.

I'm currently looking into what the implications of living abroad while running this site might be (tax-wise, among other issues). If you happen to be an accountant and have some insight, feel free to leave a comment.

Craigslist, redux

Putting up the ad for an intern on the volunteer part of CL didn't really work out, so I gave in and posted it under the normal job listings. Since I'm looking for someone(s) with a variety of abilities and interests, I put it up in two categories at $25 each: business/mgmt jobs and marketing/advertising/PR jobs.

I'm not really happy that I had to spend money on this, but so go the costs of doing business. The irony of having to pay to post a listing on a job site while constructing a job site myself is not lost on me.

This is just one more thing I never really thought about in the past. In my mind, Craigslist was always a free, easy way to find roommates, sell something, or whatever. I suppose they need to make money somehow too, and they get their revenue from job postings.

AdSense, etc

I've decided to sign up for Google's AdSense despite some misgivings on how it sometimes uglies up a site. I'm going to try it out on the blog here to see how it works then decide if I want it on the actual site.

Signing up is pretty painless and really just requires a valid website and an address. It takes a couple days for them to approve/disapprove your account, then you're ready to go once you fill out some easy tax info and verify your bank account (unless you want your money sent in check form, in which case this isn't required).

There are a few options once you sign up:

• AdSense for Content, which allows you to put text ads on your site with a few different options, including lists of ads or boxes of them


• AdSense for Search, which places a Google search dialog box on your site. You get paid when people search and go to particular sites.


• Referrals, which work in pretty much the same way as an affiliate program

I don't really know how much sites make for AdSense, since their payout schedule is double top secret, and their terms of service don't let me disclose any of that once/if I make any money.

According to one resource I read about this, Google has a "heat map" of where readers' eyes go, which is therefore the best place to put up ads. Makes sense if you think about "above the fold, on the left" theories of newspapers, movie posters, etc.

So feel free to poke around the blog here and leave feedback on how you think things look with the ads. If I determine the cost (site uglitude)/benefit (cold hard cash) ratio is sufficient, I'll use them on the Referral Union site. Otherwise, I'll canx them.

For more info from someone who actually knows what he's doing, click here, here, or here.

Pre-registration going well

The pre-registrants continue to come in, and I'm happy to say employees of some top firms have signed up.

Here's a sampling:

Rolling the (free) dice with Craigslist

In order to fulfill a couple of my needs, I have looked to another useful internet networking site, www.craigslist.org, to find an intern (or two) and to solicit more pre-registrants. CL charges $25 per category for job postings, so I put the internship ad up under the volunteer tag, which is free. Also, I wasn't entirely sure which category was the best for soliciting pre-registrants, so I picked the financial services category under small biz ads. I'm a little skeptical, but we'll see how it goes.

Do you want to be my intern? Apply!

Feedback from Last Night's Email

Apparently there is some maximum number of recipients allowed by Outlook, so it took about 45 minutes to get the email out to everyone last night. Ten people at a time is no way to email a large group.

The response, though, was encouraging. A couple people signed up right away and more streamed in through the evening and into the morning. Also, a few people signed up who were not on the original distro list, which means the email is getting passed around to some degree. I'm glad people are taking advantage of the chance at a free six-month subscription for pre-registering.

Further encouragement came in the email responses I received from friends and other well-wishers. A couple excerpts to toot my own horn a bit and show how encouraging friends can be:

"Very impressive! I like the concept and the presentation, I think you've got a great thing here."
"You know, this is actually a good idea...."
"Wyatt... pretty cool idea man! Good luck!"

Less encouraging were the Out of Office and Mailer-Daemon emails indicating I've lost touch with some people.

One interesting point I noticed among those who signed up for more information: everyone who ticked the box as a current employee also ticked the box as a potential applicant.... It looks like everyone is always looking for new opportunities.

Affiliate Programs

As part of www.referralunion.com's revenue plan, I am looking into using affiliate programs to offer users useful products or services they might want to direct their new found windfalls toward.

For example, if someone receives a $1000 referral bonus, he might look into buying a nice bottle of wine, sending his mom flowers, or spending the money in other interesting ways. Through the site, I want to offer him (or her) some ideas on what to do with the cash. Affiliate programs offer a certain commission to sites that send customers their way, typically between a few percent to almost 100%.

LinkShare.com has helped me find several dozen potential partners and has been very easy to use. Once you sign up, all you have to do is browse through their categories and select the affiliate programs to which you would like to apply. Some approve you right away, some decline you right away, and the rest get back to you within a day or so.

As of now, I have been accepted by the following vendors. Their commissions are listed as well:

	10%-12%
	7%
	4%-12%
	1%-2.5%
	20%
	12%-15%
	11%
	6%
	0%-7%
	6%-10%
	10.5%-15%
	15%-20%
	8%-12%
	3% or $2.00-3.00 flat fee
	$1.50 flat fee
	10%
	75%
	$1.00-7.00 flat fee
	13%-15%
	10%-12%
	0%-7%
	3%-7%
	20%-25%
	8%-10%
	5%-10%
	10%

Of note, Ford, Best Buy, ProGolf.com, and Dell declined my application, so feel free to never purchase anything from them again. Alternatively, click away on the merchants above...