Luke Behnke, MBA ’11

Entrepreneurship vs. Getting a Job

I came to MIT to focus on entrepreneurship and still am focused on starting a company as a life goal.  But I refuse to start a company just to start something, and nothing has grabbed my interest enough to go all-in just yet.  And frankly, I have a ton of school debt.  This is a big problem for a lot of my classmates, and one which the MIT Entrepreneurship Center needs to better understand and address -- but that is a topic for another post.  So anyway, over the last few months I have been busy searching for a full-time job.

I decided to look for a role at a start-up.  Some people say the return really isn't there to "join" a start-up.  You get little of the credit, take on greater risk, the financial upside is limited compared to the founders, and in the mean time salaries are usually a bit lower.  

I disagree with this fundamentally.  This is esspecially true when making a major career transition like I am.  Before MIT Sloan, I was a mechanical engineer working for a defense contractor.  While at MIT, I became infatuated with web and software, an area where I have a lot to learn.  I think spending time in a start-up will give me important experience and credibility, as well as allow me to prove myself.  Additionally, it will be a great chance to build a network in the industry, beyond what I was able to build here at MIT.

I think starting a company is one of the most challenging, beautiful, and exciting things someone can do.  Put it is important that the time, fit, and team is right.

Final week of classes

Well, after almost two years here at MIT, the experience comes to an end this week with the last week of classes.  I have one final exam next Tuesday, then I will officially be done.

I am surprised to say that I am ready to go.  I have loved the experience here and have learned so much -- literally more than I thought I ever could -- but simply put, I am ready to get back to work.  I consider myself a "do-er", so I am ready to put all that I have learned into practice and begin the next part of my life.

That said, I will miss MIT a lot.  Getting the opportunity to attend a school like this was once in a lifetime, and was really special.  I will miss just walking around campus, meeting so many interesting people, and getting the opportunity to focus on learning and self-development.

But more than anything, I will miss my classmates and MIT friends.  Probably the most unexpected and profound part of this program has been the learning that took place through my classmates.  Through endless group work, real-life projects, and extra-curricular activities, I have gotten a chance to meet so many smart and talented people, each of which helped me learn so much.  

I think this is a lesson for everyone -- surround yourself with people who are smarter than you and have complimentary skills, and more importantly, be open to learn from them.  This may sound obvious, but I think in practice it happens much less than it should.

Goals

When I first started here at MIT Sloan, I wrote a blog about some goals I had for the experience.  Since I am almost done here, I think it is fitting to grade my progress towards those goals.  So here goes:

• Become a better salesman.  Grade: B.  I have made a lot of progress towards this one, and am really happy with how much I have learned and grown.  I think MIT Sloan focuses a good deal on this.  That said, I feel that I have a ways to go, and most importantly look forward to the experience of actually carrying a sales quota sometime soon.

• Learn to truly trust my teammates and colleagues on important projects.  Grade: A.  If I have learned one thing here at MIT Sloan it is that when there is a lot to do, it is absolutely impossible to do it alone.  And in fact, the output of teamwork is much better than solo work, just about all of the time.  I have also learned more from my classmates here than I ever expected I would.  This one was accomplished.

• Become a more confident, natural networker.  Grade: C.  Still not the best at this one, to be honest.  I still feel that accomplishments speak for themselves, and "forced" networking just doesn't accomplish much.  Throughout the course of my career, if I work hard and produce results, the network will come naturally.  However, I do realize you cannot rely on this.  Networks can be a huge determinant of success, and must be sought out.  Still have some work to do here.

• Balance, balance, balance. Grade: B.  I have actually been pretty good at this lately.  But going forward this will continue to be a challenge.  However, I have certainly learned a lot about myself and about tools for achieving balance while here at MIT Sloan.

Final Semester... ever

Well, the final semester of classes I will ever take in my life started this week.  The two years have gone fast, as everyone warns you when you are starting out.  It is certainly true.

I have a pretty good schedule, I think.  Over the past three semesters, I have taken most of the "core" MBA classes (Data/Models/Decisions, Marketing, Accounting, two levels of Finance, Microeconomics, Organizational Processes, Comm, Negotiation, etc.) and numerous Entrepreneurship and Innovation focused classes (Innovation Strategy, New Enterprises, Dilemmas in Founding New Ventures, Early Stage Capital, G-Lab, Business Law).  

So this semester I decided to take some different classes to round out what I hadn't yet taken.  I am taking two Macro-Econ classes that I think will be really interesting.  Both with rockstar professors.  I am also taking Tech Sales - which so far has been great.  Sales is an often over-looked MBA career, but I am really interested in it.  I am also taking two great classes where we get to meet real CEOs and hear their stories: Managing in Adversity, and CEO Perspectives.  In the latter class we have Dan Akerson (CEO, GM), Meredith Whitney (CEO, Meredith Whitney Advisory Group), Dan Hesse (CEO, Sprint), Leo Apotheker (CEO, HP) -- to just name a few -- coming in to talk to the class.  It should be great.

But the biggest job I will have this semester is finding a job.  I will be doing a lot of informal job searching, since I am looking into smaller companies.  I am excited for the process and even more excited for the outcome.  Looking for jobs in tech / start-ups always happens later in the school year, right down to the wire, so we'll see how it goes.

Global Entrepreneurship Lab (G-Lab)

One of the quintessential MIT Sloan courses is Global Entrepreneurship Lab (G-Lab).  G-Lab is a semester long class focused on entrepreneurship in emerging markets: from South America, to Asia, to Africa, to the Middle East.  

It is no secret that emerging markets are where major growth in the world will be over the next 10-20 years.  G-Lab was set up 10 years ago to help connect MIT students with companies in these emerging markets.  The class consists of a semester long project with a start-up company, usually working with them on a strategy issue, i.e. how should they enter a new market?  But the project really gets interesting over IAP in January, when the company flies the MIT team to their site for a 3-week full-time internship on the ground in the country.

My team worked with a great start-up in Buenos Aires, Argentina, called Conexia (www.conexia.com.ar) a healthcare IT company that is expanding throughout Argentina, and looking to expand beyond.  They brought us in to help them codify and improve their new project implementation process - so that as they expand and grow, they continue to deliver a quality product.

The experience was, without a doubt, a defining moment of my experience here.  Not only did I learn a lot about software development and IT (very relevant experience for my future work interests) and learn a great deal about the culture of Argentina, but my team and I had an absolutely amazing time.  MIT preaches the policy of Mens et Manus (mind and hand) virtually ad nauseum.  And I am consistently amazed by how they back this up.

We had a ton of fun too... my team made a promise to go out and experience Argentina every night in order to make the most of the experience.  We also travelled a bit - one weekend to Punta del Este, Uruguay, and after the internship finished we headed down south for a 6 day hike through Patagonia.  Some pics:

The MIT $100K Elevator Pitch Contest

The MIT $100K Entrepreneurship Competition Elevator Pitch Contest took place October 25-27th and was a huge success.  It was definitely one of the defining moments of my time here at MIT.  Here is the finale show in full:

For some quick background - the MIT $100K is MIT's business plan competition - where students with great business ideas and cutting-edge technology come to display their ideas, and win some seed funding in the process.  The competition is made up of the Elevator Pitch Contest in the fall, the Executive Summary Contest in the winter, and the big one - the Business Plan Contest - in the spring.  

The event is 100% student led - from raising the hundreds of thousands of dollars that are given out each year, to the logistics of coordinating the events/judges/competitors/etc.

I had the honor of leading the Elevator Pitch Contest (EPC), which meant recruiting this year's volunteers (we had a record 80 students), organizing them, and then overseeing the two-month planning effort.  I had the opportunity to work with so many talented and creative MIT students - it was really a ton of fun.

The EPC is (in my opinion) the most fun contest of the year.  It is all about getting your idea across in just 60 seconds, in front of a huge audience.  Finalists were chosen over two nights of prelims, and on October 27th we had the finale show.  Members of our $100K community were out in force, from past winners like Jonathan Seelig of Akamai, to current sponsors from law firms and VC funds.

The contest went off without a hitch, a testament to the great work of the team.  Some pictures are below from the final event, where we were honored with the presence of Cynthia Barthart, the interim Dean of Engineering at MIT, and Bill Aulet, the Managing Director of the MIT Entrepreneurship Center.

Fall Semester in Full Effect

The semester has kicked in in full.  I finally got my classes all sorted out, which took a while.  At Sloan, we use a bidding process to pick our classes, and I bid nearly all of my points to get into Global Entrepreneurship Lab - a great class and great experience here at Sloan.  This meant that I didn't get into some of my other top choices.  Instead, I was on the waitlist for 3 of them.  So I did what I did last year and just showed up the first day.  I completed the first homeworks as usual, and luckily for me, was able to get into all of them that I wanted.  I have found this process to work quite well - if you are really committed to the class, you will very likely be allowed in.

I am taking G-Lab, Business Law, System Dynamics, and Power and Negotiation.  I am really pumped about these classes.  In addition, I have started TAing Economics, which has been pretty cool so far.  Preparation is key when teaching.  I have to be one week ahead of the students, and I can't let myself slip at all.  It is demanding, but so far rewarding.  OK, back to work!

Thoughts on the New MIT Sloan Building

Today I had the privilege (along with my good friend Erdin Beshimov) of getting a sneak peek tour of E62, the new MIT Sloan Building opening in a few days.  

Here are my thoughts:

The building is beautiful.  Really something I am proud of.  The walls and stairs are made of German limestone that is thousands of years old.  You can literally see fossils in the panels.  The rest is very open and airy, with super modern, clean lines of glass and metal.  What a great gift from Professor Ed Roberts and E*Trade founder Bill Porter, as well as others.

The building is collaborative.  This building is just what our great school needed to continue to improve.  Professors and students have incredible and much needed shared space to collaborate and share ideas.  There are 35 group study rooms for students, which is a huge improvement from the handful we have now.  This will keep students on campus to do group work, increasing collaboration and friendship.  Professors have a shared lounge and numerous meeting areas for the first time.  A 200 person cafeteria sits overlooking Boston and the Charles River.  The new cafeteria will serve lunch and dinner, and snacks in between.  This is an amazing improvement to the current set-up.

The building is green.  Living roof, natural light, automatic sensing everywhere, and an aggregate of recycled beer bottles for a floor.

Finally, like all buildings here on campus it is completely unique.  It is easily the most elegant building at MIT.  I feel lucky to get to spend a year in the new building and look forward to coming back there in years to come.  For the class of 2012 and beyond, you have an amazing building to complement the strong curriculum here at Sloan.

4 Tips for Applying to Business School

Two years ago this time, I began filling out applications to business school.  I didn't really know how to begin the experience, what to expect, and what the admissions committees wanted.  I am sure there are a lot of people out there feeling the same way, so hopefully this post can answer some questions.  Here is some advice, in no real order:

Figure Out What You Want

What are you looking for in a school?  For me, I didn't fully understand this until later in the process.  I personally had a hard time differentiating many of the schools from one another, but came to MIT Sloan for a weekend and really felt different here.  That is when I knew this was the place for me.  For you, it may not be MIT Sloan, but find that for yourself.

Really Connect to Your School(s) of Interest

The best piece of advice I can think of is to deeply connect with the schools you are most interested in.  Have you been to events in your area?  Have you gone and visited your favorite ones?  Does anyone in admissions know your name or recognize you while you are applying?  This takes a lot of effort.  You probably only have enough time to do this for 1-2 schools you really like.  The more you can connect to the school before applying, the better.  Use these opportunities to be yourself and get to know the school better.  No need to bring a binder with your accomplishments to show them (this shows up in your essay) but make yourself memorable... in a positive, non-annoying way.  Get them to ask you questions.  Engage them.

The Process is About You

Most people at info events I attended asked the question to recruiters "what kinds of things do you want to see in the essays?"  And the answer they give is always the same - "just be yourself."  "Yeah right", you say to yourself, "there has to be some specific formula."  After meeting the 375+ students in my class, I can say that there is no formula.  None of us wrote the same essays, and none of us had the same experiences.  While there may be (and are) some kids who had a 4.0 GPA, were president of 5 clubs in undergrad, were Navy Seals -- all while delivering water and food to sub-saharan Africa -- all you can be is you.  No need to embellish (you will be found out eventually) but just find out what makes you interesting and great, and write about it.

Keep it Simple

I can remember writing one essay about how I wanted to change the world, blah blah blah.  Great!  So does everyone else... NEXT.  What I found worked best was to just keep it simple.  What specifically have you done so far, and what do you want to do next?  Be pragmatic and specific, but don't be boring.  Just tell the committee who you are, and why you will succeed at B-School and beyond.  In the end, they are looking to admit people who will have the highest chance of achieving success (and eventually give $$ and recognition to the school!).

The app process is very time consuming and at times stressful.  But don't forget that it is just applying to school, and is relatively arbitrary in the end, so if it doesn't work out, try again next year.

Good luck to you all!  Hope to see you guys here next Spring for admitted students weekend.  (And no, I have no ability to influence whether you get in).

~Luke

e-mail: lkbehnke[at]mit[dot]edu

Twitter: @lukebehnke

My Summer at Currensee

This is the last week of my summer internship at Forex social network Currensee (www.currensee.com), so I thought I’d write down some reflections on the experience.  I have to admit I had no idea what to expect when coming here way back on June 1st.  I was hoping for a great first experience into the start-up world, more particularly into the world of internet software start-ups.  What I got was just that: a fun, fulfilling, and interesting experience at this growing start-up.  Here is the pic of the team:

I was a Product Management Intern for the summer, working for the director of Product Management.  In most companies, product management means owning all aspects of the product, tracking and prioritizing features and bugs, and generally working with engineering, marketing, and management to set a vision and direction for the product.  At Currensee, all that is true.  But because we are a start-up operating with a relatively small staff, there was so much more to do!  Added in was helping to qualify and solidify business relationships for a major upcoming product launch, recruiting partners for our product marketplace (where we sell 3rd party products), doing random tasks at a frantic pace when the CEO or founder needed something, a whole lot of statistical data analysis, and just being ready to take on anything if it came up.  Phew!  And all that in just 10 weeks!

My main summer project was performing a detailed analysis of trader behavior.  I really got to “geek out” on this one.  Nothing but Excel pivot tables, correlation, regression, and just plain fun statistical analysis.  We ended up with a ton of great information to help Forex traders become more profitable, and to help us at Currensee better understand our customers. And we even will be publishing the results in a white paper and releasing the information in forthcoming blog posts, so stay tuned.

On a personal note, it was great getting to know everyone here.  Everyone gets along well, yet each person is totally unique in their own way.  It is amazing how many personalities coexist within this little 20 person start-up.  And, with six other interns this summer, it got pretty crowded in here!  In the large cubicle area where I sat, there were up to 10 of us at any one time, sitting around any open desk space we could find.  But we always were laughing and enjoying our time together.

I really am grateful for the experience here, and I have high hopes for what Currensee will become.  The start-up world is challenging, fast-paced, and rewarding.  It was a lot of fun, and also great to see my work appreciated.

Last but not least, the free snacks in the kitchen and frequent cupcake pickups from Lulu’s will be greatly missed!

We had fun too - here is a pic of a bunch of us running the JP Morgan Corporate Challenge race in July: