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If you want to hire someone with strong business skills to help solve a short-term problem at your company, consider calling a nearby university to see if they have MBA students who are willing and able to do the job.
Increasingly, universities will say yes, because hands-on experience is good for their students. And the arrangement can be beneficial for your company because the students might have more knowledge than people you can afford to hire.
Some of the advantages of this arrangement:
Most MBA students aren't kids. Graduate schools generally require that applicants to business programs have at least a couple of years experience working in a business environment.
They come steeped in the most current management theory and usually bring enthusiasm and valuable insights to the job. They¹ll be carefully supervised by experienced faculty members.
Best of all, the price you¹ll pay for the whole deal — students and their professors — is very little.
For instance, at UCLA's Anderson School of Management, faculty-led teams of graduate students take on more than 80 consulting projects a year at companies all over the country. The companies pay approximately $2,500 for the service. For that price, they get six months of in-depth attention, including at least two on-site visits and a 40-page final report. The report provides a strategic analysis of the company, its industry and markets, and an analysis of the problem under consideration, including potential causes and strategic options.
Here is some advice if you are interested in hiring student consultants:
Start by calling a local university or your alma mater. While some nationally focused graduate schools take on projects far from home, you're more likely to get help from a school in your region or one to which you have a connection.
Define and focus what you need to have done. The time available is usually relatively short. You'll be more satisfied with the results if you don't spread the students too thin.
Get to know the faculty supervisor and be readily available to answer questions and provide information. In return, ask that the supervisor provide you with regular status updates.
Make time to participate in creative brainstorming sessions. Listen to the students' ideas and suggestions. Even when they seem off-point, they can be offering valuable feedback.
If it's not offered, ask for a written report that you can refer to later.
Push for clear, actionable results. Don't let students get away with being too theoretical or impractical. If that's the result, neither of you will benefit.
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