HBX Live is our new virtual classroom and one-of-a-kind digital environment that collapses geography and allows participants worldwide to interact in real-time with one another and a faculty member.

We recently held an HBX Live session for some members of our July cohort of HBX CORe and two students, Chris and Saurabh, volunteered to discuss their experiences on the platform. 

Chris is a United States Marine stationed at Camp Pendleton in California who is transitioning to business school next fall. In his spare time, he volunteers for The Wingman Foundation. Saurabh is an Operations Business Analyst who enrolled in CORe to perfect the analytical skills and strategies that will allow him to both advance to a senior position and to obtain an MBA.

What was it like logging into HBX Live for the first time?

Chris: When I first logged in, I didn't know what to expect. When I saw everyone's face on the wall, I was shocked. Quickly I realized that HBX has created the best virtual classroom I have seen. The wall reminded me of students sitting in an auditorium listening intently to the professor. I felt like I was in class. The ability of the instructor to look at you, call on you, and hear your response made me nervous, but also made me engage in the virtual classroom much more than I otherwise would. I expected much less and was blown away by the innovative setup.

Saurabh: It was amazing! I was excited to be a part of such a great initiative. The entire experience was immersive, and seeing myself on the wall with others and faculty members was pretty impressive. I guess the only time I have been a part of anything remotely close to this was in a video conference, but HBX Live was at a different level.

How did Live compare to a real classroom?

Chris: Live was the closest thing to a real classroom environment without actually going to class. In fact, one could argue that Live improves on the classroom experience because you can learn from the comfort of anywhere in the world. Since students can login anywhere around the world, the diversity of the students is a big advantage to foster collaborative thinking.

Saurabh: The Live experience was very engaging compared to a real classroom. Discussions and participation were just amazing. The only part that was distracting me was the chat. I too participated in chat but was more interested in what was happening in front of me than following chat. I did participate whenever I was given a chance. No complaints there at all!

What was your favorite part of the experience?

Chris: My favorite part of the experience was meeting [Ace Ticket founder] Jim Holzman and asking him questions about his business experience. In true case study form, each student had the opportunity to learn from Jim by engaging with him on business decisions. I have sat in a case study class offered at a business school, and Live captured the exact same environment. The students were able to ask Jim any question.

Saurabh: I could name many, but the most favorite part was when I could see the faculty member as well as Jim Holzman from Ace Ticket live on stage sharing their experiences. Seeing and listening to the business owner about whom we studied so much was definitely worth an applaud. He not only shared his experiences but took constructive feedback from many of the HBX participants and responded genuinely.

Do you have any other insights or advice for people?

Chris: I would suggest signing up for Live and HBX CORe. The course has been amazing because I am learning the same concepts and am able to discuss the concepts with students who are taking similar courses at other prominent business schools. I have discussed HBX during my job search, and every employer has been very impressed with my knowledge of business analytics and financial accounting. As Live grows and becomes a larger part of the HBX CORe, the course will only get better.

Would you want to participate in another Live session?

Chris: Yes!

Saurabh: ABSOLUTELY!

To learn more about HBX CORe or Live, visit hbx.hbs.edu!

In the digital age, businesses have access to extensive information about their customers. This information can help businesses personalize offerings and reach consumers in a way that reflects their individuality. Advances in analytics make it easier to combine information about things like preferences, shopping patterns, and sensitivity to price into useful templates for suggesting products. This seems like a win-win for both marketers, who can identify those who are most likely to want their products, and end users, who receive communications tailored specifically to them.

However, privacy is a major issue when it comes to using customer data. As more and more people share information online and breaches become more common, the importance of protecting individuals’ identity has grown. Despite trying to preserve the privacy of their customers, companies sometimes run into problems when using customer data in their marketing and advertising.

Protecting Customer Privacy is Paramount

In October 2006, Netflix offered $1,000,000 dollars to any individual or group who could figure out a way to improve its DVD recommendations to subscribers by 10% or more. It released historical data from hundreds of thousands of users (with identifying information removed) about the grades they’d given to various movies.

Although they stripped names and ID numbers from the data, many Netflix customers also used other ratings sites, such as IMDB. Comparing ratings on IMDB with those in the shared Netflix database allowed researchers to accurately determine the user’s identity. This ultimately led to an expensive legal settlement, and Netflix never implemented the winning algorithm.

It was later found that Netflix could have invested in data masking technology to avoid the issues with anonomizing the customer data. This would've cost about $50,000, a tiny amount compared to their expensive legal settlement.

Want to read more?

• Wired: Netflix Spilled Your Brokeback Mountain Secret, Lawsuit Claims
• Forbes: Netflix Settles Privacy Lawsuit, Cancels Prize Sequel

Content That's Too Targeted Can Miss the Mark

In 2010, Target implemented a new algorithm looking at changes in customers’ buying habits to identify women who were newly pregnant. Target was able to reach out to these women and offer them products that would be useful to them. Because pregnancy and its associated changes happen quickly, a rapid algorithm was valuable.

However, the company found itself in the middle of a scandal when it sent ads for baby products to a teenage girl living with her parents, whom she had not yet told about her condition. This story exploded over the news and social media.

How Target figured out that a teenage girl was pregnant before her father did: http://t.co/bcGYQ0CHfi #forbesgreatesthits

— Forbes (@Forbes) May 26, 2013

Allow Users to Opt In

On Black Friday in 2011, two malls used a new mobile technology to track shoppers as they moved through the mall, allowing them to send location-specific alerts to customer’s phones. In addition to helping marketers target the right people, monitoring the flow of shoppers through the mall would help stores determine how to staff during the busy holiday season. Unfortunately, this was done without the knowledge or consent of shoppers.

Not only were mall visitors upset about marketers’ use of their phone, but Senator Chuck Schumer (D-NY) denounced the practice at a press conference. Both malls cancelled the program, which was intended to run though New Year, within a week.

Get ready to get stalked: Malls track shoppers' cell phones on Black Friday http://t.co/vkgmk7GH

— CNNTech Gadgets (@CNNTechGadgets) November 22, 2011

This example highlights the importance of allowing customers to opt-in and voluntarily provide their data to preserve their right to privacy. Rather than technology that collects data from any mall visitor who hasn’t turned off their phone, some stores are now using a similar technology, but only with customers who choose to install an app on their phone.

Key Takeaways

Customer data is a powerful tool that companies can harness to inform every facet of their business. But as the saying goes, with great knowledge comes great responsibility.

Companies must do everything they can to preserve customers' privacy, keep them informed of how their data is being used, provide consumers with options to opt in or out, and walk the fine line between serving up relevant, targeted content and turning into Big Brother.

How long are you willing to wait in line for a meal at your favorite restaurant? Would you be willing to pay $30 to skip the line? How about $10?

Most people wouldn’t feel comfortable slipping money to a maître d’ at a restaurant to jump the queue, but a new app is testing whether patrons would be willing to donate the same amount of money to charity in order to be seated faster.

CharityWait is a feature from the restaurant hosting service app SmartLine that sets aside a few tables each night at restaurants that are designated “CharityWait tables”, making them available to parties who donate on a first-come, first-served basis. This way, not only can patrons avoid the wait, but there is also a reduced social stigma against paying to jump the line since the money goes to charity.

This strategy of allocating tables based on price, instead of the more typical restaurant seating model where tables are allocated through a queue system, is an interesting concept. In this scenario, all customers who are willing to wait in line will eventually get a table. However, customers who are willing to pay the fee will get seated faster.

This new app lets you skip to the front of the line at your favorite restaurant: http://t.co/08uCKw2gbc pic.twitter.com/7uXl7rKSkr

— Eater (@Eater) August 1, 2015

It may be too early to say if this two-pronged approach will be a success in the restaurant industry, but other businesses have used it with good results. Take, for instance, Disneyland. You can pay the standard admission price and get access to all the park’s attractions. However, in order to experience everything, you’d have to stand in lines - lots of lines. But, by paying extra for Disney FASTPASS Service, you can bypass the queue and greatly reduce your wait time between rides.

Pricing allocation isn’t always popular, though. A good example is Uber, the car service app that connects users and drivers with the touch of a button. It is often praised by its users as a cheaper, more convenient alternative to taxis, but frequently draws criticism for its use of surge pricing. This practice incentivizes more drivers to come online and pick up fares when demand for rides is at its highest, like during rush hour, a blizzard, or after a sporting event gets out, by raising ride prices exponentially.  

Uber introduced surge pricing during the Sydney hostage siege, then quickly backtracked http://t.co/NcaBxgSbzm

— Mashable (@mashable) December 16, 2014

Despite its clear purpose and seemingly sound economic model, this form of price allocation tends to leave a bad taste in peoples’ mouths. But what if Uber didn’t gouge prices and supply was kept constant in the face of increased demand? The users willing to pay for faster service would still be left waiting in the queue.

What do you think – will CharityWait do for the restaurant industry what the FASTPASS did for Disneyland? Or will it be like Uber and face allegations of price gouging?

Want to hone your business skills to help you advance in your career and feel more confident contributing to conversations about finance, economics, and business analytics?

On Monday, Google announced the formation of a new parent company, Alphabet, which will serve as the umbrella for all of its business units. 

Google has clearly recognized that several of its business units are fundamentally different in nature, with each requiring a different management of its resources, processes, and profit formulas (“RPP”). Perhaps Alphabet will bring the autonomy that these individual units need, and therefore, empower these units to manage their own disruptive paths.

Managing several different innovative and disruptive businesses is a common challenge that many organizations face. Too often, organizations try to nurture an emerging business alongside a core business, and the results can be disastrous. 

In order to grow and thrive, disruptive businesses must be given the opportunity to develop their own resources, processes, and profit formula. Each business unit needs to feel free to make the best decisions for their own situation.

For more on Google's restructuring and the formation of Alphabet, check out the following articles:

• Google Goal in Restructuring as Alphabet: Autonomy
  via the New York Times
• What is Alphabet, Google's new company?
  via Business Insider
• Google Launches New Parent Company Called Alphabet
  via National Public Radio

Interested in learning more about how to position your company to avoid disruption and harness new growth opportunities in an interactive, online class?

As a captain for American Airlines, former USAF pilot, and veteran, my entire career focus has been on perfecting the skills and knowledge that would make me the best pilot I could be. After upgrading to captain, I decided to make an assessment of how I fit into the larger picture of my company and how I could contribute to other areas of the operation.

The results were a wakeup call: I had a solid background in the technical aspects of my profession, but my knowledge of airline economics, American’s financial performance, and how we forecast and plan for the future was thin. I realized that if I wanted to broaden my career, I would have to step up my game and approach these areas with the same rigor as I took to flying.

But how could I find time for an MBA with a flying schedule that changes monthly and sends me to different cities across the USA, Canada, and Mexico?

Unfortunately, most of the online classes I looked into were more theoretical in nature and followed the usual format of lecture, homework, and exam. I wanted something that would be real-life, not theoretical. Being a fan of HBS’ case study method, I visited their website and learned of a new program called HBX CORe. I signed up before the ink was dry.

Finding A Work/Life Balance

My biggest challenge was trying to fit HBX into my daily schedule while balancing time with my family and the challenges of my job. As an airline pilot, I am usually away flying at least half of the month. Trips usually have erratic hours, include long duty days, and require me to cross multiple time zones, which can make studying difficult.

Using a whiteboard, I identified what pilots refer to as “threats,” or obstacles interfering with accomplishing my goal and ways around them.

Next I used a mission planning format from my USAF days and came up with a plan to fit HBX into work and family life:

• Organize & Prioritize: Identify deadlines for quizzes and writing assignments, paying particular attention to “max effort” weeks with multiple deadlines.
• Execute: Allocate “hard” study hours per day. Attempt to fly trips that keep you on a normal body clock. Put a pad between each module’s targeted completion date and the quiz deadline. Stay focused and remember there is no “freeze” button once HBX starts—the clock is always running.
• Assess your progress: Are you meeting your goals?

While I was away a lot, a big plus was our layover hotels: they’re quiet, have a stable internet connection, and offer a good desk. My big takeaway from this aspect of the course is that with the right plan, you can find the time to devote to coursework.

Adjusting to a New Way of Learning

HBX is a revolutionary approach to education and several aspects of it are definitely worth sharing with any prospective student, especially if you have been out of college several years or are well established in your career. First, it’s essential you “wrap your arms around” the inductive learning model. While I’m not an educator, many of us learned from the deductive model—which is structured around concept, examples, and application. However, in the inductive model it’s the other way around: you’re presented with examples and have to derive the concept. Since one person can’t see as many relations between examples as a group, inductive learning is supercharged when you form a team of learners.

The HBX platform’s peer-to-peer help or peer messaging features will help you build a team and better understand concepts—use it! Another important aspect of the class is to be what pilots refer to as a “good wingman.” Seek and give help freely. And don’t have thin skin—welcome honest feedback from your classmates. The end of module reflections are a great opportunity to fill in gaps in your knowledge and offer constructive comments to classmates that have a great take on a concept.

Remember: HBX is a collaborative learning experience, not a season of Survivor.

Without a doubt, HBX has exceeded my expectations for learning. The platform is easy to navigate and well organized. The video, graphics, and interactive exercises will bring life to important concepts in an unforgettable way. You’ll get to sit in the seat of analysts, managers, and accountants and solve real world problems—it’s like practicing your flying in the simulator before you go out on the line. And most importantly, it takes subjects like Business Analytics, Economics, and Accounting and presents them at the customer-product level. That’s where a business either wins or loses.

What's on the Horizon

Now that I’ve finished HBX, I am looking at a variety of ways to apply what I have learned to help make American Airlines a better company. One example is American’s Fuel Smart initiative. Created during the great fuel price spike of the last decade, this program looks at ways to save incremental amounts of fuel on every flight (consistent with safety, of course!). With over 2,500 flights each day, small savings on each flight add up to big savings over the long haul. And there is a greater good to this program as well—a portion of the savings goes to aid wounded veterans. Fuel Smart also helps reduce American’s carbon footprint, too.

Another program that interests me is the Aviation Safety Action Program, or ASAP, for short. ASAP is a safety improvement program jointly administered by the Federal Aviation Administration, American Airlines, and the Allied Pilots Association—the professional association representing our pilots. Under the ASAP program, events or conditions that affect flight safety are “self-reported” by pilots to the program. This information is analyzed and recommendations are made to improve procedures, purchase equipment or upgrades, or correct conditions that affect flight safety. By the way, ASAP is probably the biggest contributing factor to the drastic reduction in aviation accidents or incidents in recent years.

Finally, both American and the Allied Pilots Association need individuals to work on contract initiatives that are a win-win for both sides. By seeking creative contract initiatives, my company can differentiate itself from the competition and create a competitive advantage. While these programs (there are more) aren’t apparent to you as you board your flight, they allow American to operate more efficiently and deliver a safer, more reliable product to the customer at a better price.

Although Fuel Smart, ASAP, and contract negotiations are from different ends of the management spectrum, they all represent a practical use of what I learned at HBX. Statistical analysis, hypothesis testing, budget forecasting, relative cost analysis, and product differentiation are just a few areas where HBX will help me make a big contribution. And I’m sure that other adult learners that are established in a career will see similar opportunities in their fields. My recommendation: expand your horizons, you’ll be glad you did. When I was a new-hire flight engineer almost twenty-four years ago, a senior captain gave me this admonishment: leave the profession better than when you started in it. I hope to do so.

One final note: thank you to Professors Hammond, Anand, and Narayanan as well as the HBX staff for a great experience. Also thank you to my February 2015 classmates for your insight and camaraderie. 

Want to hone your business skills to help you advance in your career and feel more confident contributing to conversations about finance, economics, and business analytics?

Think SoulCycle’s secret to success is all loud music and loads of sweat? Think again.

With an 85% loyalty rate among its riders, SoulCycle is a prime example of a company that’s perfectly nailed its customers’ “job to be done,” built all the right experiences around that "job", and then let its marketing and branding follow suit. In doing so, the company elevated itself into a “purpose brand," resonating with consumers and turning one-time riders into “soul” advocates.

A look at SoulCycle, by the numbers, as it preps for its IPO http://t.co/PAbDd2X2fi pic.twitter.com/Yyw4JwWAH6

— ForbesInvesting (@ForbesInvestor) July 31, 2015

The jobs-to-be-done framework was developed by Harvard Business School Professor Clayton Christensen to explain why people make the consumption choices they do. What makes this idea so powerful is that the job to be done pinpoints exactly what actually causes consumers to purchase one particular product or service over another under a given circumstance.

Consider for a moment what job health consumers are really trying to solve: most health clubs and fitness studios would probably tell you that it’s to get more fit. Sure, this may be true. However, it's not the full story. For some consumers, gyms are “hired" for their social and emotional aspects - the feeling of being a part of something bigger, or of having that moment of catharsis when you know you've pushed yourself to the limit. When viewed in this context, it may not just be another gym you are competing with to fulfill this job; alternatives might include running a marathon, joining a book group with friends, or even a night out at the club.

SoulCycle wants to change your life...and file for an IPO http://t.co/SDRpxHHAgi pic.twitter.com/EmV6uMifDe

— CNNMoney Investing (@CNNMoneyInvest) July 31, 2015

In discovering this job to be done, SoulCycle was able to tailor its product in an entirely differentiated way and then integrate all the right experiences around it. From the moment of check-in until the end of the ride, the SoulCycle experience is designed to deliver on aspects of community, atmosphere, emotion, storytelling, and most of all, being part of a movement that is bigger than yourself (not to mention providing a pretty darn good workout).

Haven’t we learned by now? You simply should not lie about any numbers that appear on your financial statements. Even if you somehow manage to get away with it in the short run, the truth will eventually come out. And when it does, the implications will be far, far worse than whatever deficiency you were initially trying to cover.

Take for instance Toshiba, the 140-year-old Japanese tech giant, that recently came under fire for overstating revenues by approximately $1.2 billion over the course of five years. Since the news broke, stock prices have dropped by more than 30%, and eight of the company’s senior executives, including CEO Hisao Tanaka, have resigned.

So why didn’t Toshiba learn from other companies like Enron, Tyco, or Adelphia that have gone through similar scandals in the past? Why did they feel such pressure to overstate profits?

Toshiba CEO resigns over $1.2 billion accounting scandal: http://t.co/MEeKD1aXSo via @sophia_yan pic.twitter.com/Y7h9qTR5kB

— CNNMoney (@CNNMoney) July 21, 2015

As any basic accounting class will tell you, one of the most common ways to evaluate a company is by its profitability: stakeholders use profit margin to evaluate a company’s ability to turn sales into net income, which is important for a variety of reasons. Potential stock owners want to make sure the profit margin is high in order to receive the greatest possible dividends, while lending institutions evaluate profit margin to determine their chance of being paid back on a loan.

This logic is pretty straightforward, but what else could be making senior executives want to overstate profits? There are a plethora of reasons, but it’s important to note that more often than not, executive compensation is tied to profits.

Apart from the sheer size of the cover-up, perhaps most newsworthy aspect of the Toshiba scandal is the attention being given to overall corporate governance practices (or lack thereof) in Japan. Internal controls, external auditing, and non-biased boards are not commonly found, but it seemed like Japan was making a move in the right direction when Prime Minister Shinzo Abe established a rudimentary corporate governance code a couple of months ago. Now many are wondering if this move was a "too little, too late" situation. It will be interesting to see how the governance landscape in Japan changes as the Toshiba scandal turns more and more company stakeholders into financial detectives.

Toshiba scandal sheds harsh light on Japan's corporate governance http://t.co/RreAMF72Jv

— Guardian Australia (@GuardianAus) July 21, 2015

A word of caution—enhanced corporate governance has its advantages and disadvantages, and just as Toshiba should have learned from the actions of executives in the American scandals of 2001, it should also study the effects. The introduction of Sarbanes-Oxley in 2002 greatly improved governance in America, but misstatements still occur. It seems that people will always find a loophole. Additionally, some would argue that the costs of compliance have changed the landscape of business, with more companies choosing not to ‘go public’ or changing from public to private in order to avoid the expenditures.

Will Toshiba be able to recover? How will Corporate Governance evolve in Japan?

Price goes up, and demand goes down. It’s one of the most fundamental relationships in economics. If the price of a cup of coffee increases, demand for coffee, all else equal, will fall. For example, if your regular Starbucks drink order were to double in price overnight, you might reconsider indulging in your daily fix of caffeine.

But does this inverse relationship between price and quantity demanded always hold? No - and for many reasons.

Anyone who has taken Econ 101 can cite some famous exceptions to the so-called “law” of a downward-sloping demand curve. For example, demand for a luxury good, like a sports car, might actually be greater with a higher price. For some car buffs, a high price may be a signal of superior quality, and more Lamborghinis would be demanded the steeper the price tag.

On the flipside, demand for some other goods (so-called “Giffen” goods, named after Scottish economist Robert Giffen), may fall with price. When the price of a cheap commodity, such as rice, falls, the average shopper might feel just a little bit wealthier and buy the quinoa this week instead.

So that's how it works with consumer goods - but what about services? That's a trickier question and yet an even more important one to answer.

As workers throughout many cities in the U.S. and Europe continue to demand a higher minimum wage (many protestors in America are looking to double the $7.50 base wage), the question of whether the law of demand applies to labor markets is becoming increasingly important to politicians, policymakers, and businesses.

A business perspective

How can we think about this issue of higher wages from the point of view of a firm, or a manager? And what conclusions can we draw for our business?

Let’s first look at it from a purely economic perspective: In theory, a hike of the federally-required minimum wage should depress the demand for labor. If companies must pay each worker more, the law of demand predicts that they will hire fewer workers. The minimum wage sets a floor under which businesses and potential employees cannot contract, even if both sides are willing. Based on price alone, the number of jobs available to all in the labor force should theoretically fall.

If that's the case, nationwide cries for better compensation for minimum wage earners would then only benefit those employees who still have jobs after the policy change. Less-skilled workers, whose hourly output may be valued by companies at less than $15, might be laid off, and those who are already out of work may find it even harder to get a job.

Businesses are getting steamrolled on the minimum wage. Here’s why. http://t.co/pMIR2MIM67

— Washington Post (@washingtonpost) July 25, 2015

What’s more, as technology becomes more sophisticated, it becomes increasingly more attractive for firms to switch from humans to labor substitutes such as robots, drones, and self-service machines. A construction worker or maid, whose skills are hard to imitate, may still be able to find a job at a higher minimum wage. A permanently pricier cashier or secretary with little experience might not. Increasing the costs of workers would very likely expedite the process of automation (which is already moving forward at a staggering pace).

Fewer people working and greater incentives to invest in job-stealing cyborgs... economically at least, it appears to be an inappropriate moment to be raising the price of workers.

Is it that simple?

However, as we saw in the case of goods, economics is often far from cut and dry. True, an increase in the price of labor may decrease firms’ demand for workers—but again, we must add that pesky “ceteris paribus” or “all else equal” clause to the end of any conclusion we can draw. That is, a minimum wage boost would decrease the demand for workers, assuming the policy change affects nothing else. Yet this is not often the case; other variables may matter. And these variables may matter a lot for your business.

For example, maybe an increase in wages would boost employee morale and actually increase productivity, creating more value for your company. Or maybe better-paid employees value their jobs more, and staff turnover is reduced because of the change. Any number of factors could play a role and, indeed, managers must take into account more than just the cost of a worker before deciding to hire or fire.

VIDEO: Seattle restaurant that raised minimum wage to $15 ahead of schedule reports success: http://t.co/zDCFFauNLG

— The Associated Press (@AP) July 31, 2015

The law of demand, and more generally the field of economics, is often far more nebulous than textbooks make it out to be. Will an increase in wages be beneficial to the cities and countries that are considering such a measure? It's hard to tell. But, for managers and policymakers, a basic understanding of economics can provide a useful framework for making decisions and understanding the possible impacts of such a change. 

What do you think will happen?

Allie O'Hanley

As a museum professional with an academic background in Art and Art History, I never focused much on business in school. My career in curation and exhibition design didn't require me to make many business decisions, so when I heard about HBX CORe last year, I applied with the vague thought that expanding my business knowledge might be useful in the future.

Well, the future came pretty quickly. Less than a year after completing CORe, I founded my own company, Rxhibition, a non-profit organization that curates, designs, and installs art exhibitions in chemotherapy treatment areas. Research has shown the positive effects that art and music have on the physical and psychological health of people undergoing chemotherapy, and we hope to encourage further research so that engaging healing environments become the new hospital norm. 

The Rxhibition team at our first pitch and planning session with the pilot host hospital

The idea came suddenly, and within two months we were incorporated, pending tax-exempt status, finalizing a deal for our pilot exhibition with a major hospital, had secured two significant sponsorships, and had reached over 1,000 supporters in 62 countries!

There is no way I could have brought Rxhibition to this point without the skills I gained from CORe. From the start, Economics for Managers proved to be immensely helpful in forming the business plan. The range of sample scenarios that were woven into the curriculum provided a great foundation for key things to look out for when building a marketing strategy as well as ways to differentiate and perform a thorough competitor analysis.

The skills I gained in Financial Accounting and Business Analytics became more important once the organization was up and running. Because we are still a small organization, I am responsible for all of our accounting and budgeting. While the HBX program is centered on for-profit business, these skills are vital in non-profit management as well. While our financial statements look slightly different, the methods of entry and forecasting procedures covered in CORe have been essential as we plan our budgets both for our own operating purposes as well as for various grant applications.

ChromaStones, the tactile art component. 

In my opinion, CORe delivered on its promise to provide a strong business foundation for those with a non-business background. Oftentimes, many people in highly specialized industries such as art, music, or even medicine don’t realize how critical this foundation is to their career aspirations.  CORe is ideal for someone like me who doesn't have the time nor the needs to warrant enrolling in an MBA program. We don’t need an in-depth study on all things business and economics, what we need are the basics. CORe provides a complete overview of the fundamentals which we can then apply to our own specialized industries.

After completing the program, I was able to confidently compose a sound business plan and present our strategy to many constituents including sponsors, hospitals, and grantmakers. This was a large factor in our success so far, as each constituent became confident in my ability to manage the company. CORe played a direct role in this by offering me the necessary tools to present, converse, and field questions about the specifics of my organization. I am now working full time as the director of Rxhibition and have built a team that possesses the distinctive skills necessary for this unique endeavor. 

Photo by Rxhibition artist KEOH

We are working with donated artworks from independent artists, musicians, and composers from around the world, many of whom are creating pieces specifically for our exhibitions. In addition to benefiting the hospital community, our unique constituency allows Rxhibition to serve as a platform to donor artists looking to reach new audiences and broaden their following.

To learn more about the organization, visit Rxhibition.org.

The origins of disruption theory lie in Clay Christensen’s research around why so many successful companies, run by seemingly competent managers, cannot sustain their success over time. Almost 90% of the companies present on the Fortune 500 List in 1955 are no longer on that list today.

Clay explains that the reason it is so difficult to sustain success over long periods of time is that the forces of low-end and new-market disruption are constantly at work, and incumbent businesses are incapable of responding to them. Because of this, disruption is often seen as a sort of “roadmap” for smaller organizations that wish to unseat the industry leader and thus is either regarded with fear or denial from the incumbent.

Many people are quick to label disruption as a threat to their organization, but in this video clip from our HBX Disruptive Strategy course, Clay provides a different perspective:

Simply put, disruption doesn’t necessarily have to be viewed as a threat to incumbent businesses. True, disruption eventually comes to every organization in every industry, but before it becomes a threat, it is also an opportunity. Clay says that the key for organizations wishing to harness disruption is timing.

So what is the best way to stay ahead of the curve and remain relevant in your industry? Clay shares his advice:

Want to learn more about Clay's theories and how you can apply them to capitalize on emerging opportunities and solve your organization's toughest strategic challenges? Enroll your team in HBX Disruptive Strategy with Clay Christensen, a new online program from Harvard Business School.