The Business Lab Challenge
One of the experiences that I was looking forward to the most pre-MBA was the core subject that I am going to be taking up this semester—the Business Lab Challenge. The subject started with a choice among a plethora of firms and companies that had come to us MBA students to work with us and help them solve a problem as a strategy consultant for their firm.
It all started in December, when we were divided into groups of 4-5 people based on our personalities and had to take a very thorough test of our instinctive drives.It had been ensured that we all formed a diverse team with different personalities, cultures, and work experiences so that we, as a team, could bring more value to the table. We chose our top 4 firms of interest during the beginning of the semester, and we were lucky enough to get our second choice of firm.
It is exhilarating to experience firsthand the workings of a company by going through the data provided and looking for clues to solve a problem presented to us. The structure of the subject is cleverly divided in such a way that we stay on top of things. For example, one of the very first items that we were required to submit to the client was a team charter clearly stating our understanding of the problem presented. Next, we are required to present a letter of engagement and a project proposal document that contains timelines of our deliverables along with the work breakdown structure such that it gives us and the clients a clear and concise idea of exactly what and when to expect. It also gives us a framework of deliverables and lets everyone know whether we are on track.
We all meet with our clients on a biweekly basis and keep them updated on our progress. Currently, we are in the analysis phase of our project, where we are conducting market research, analyzing financial data, and assessing the competitive landscape. Our final deliverables in the form of a viable solution will be due in April, and we are all very excited to come up with a solution. At the end of it, this will certainly have been a great journey, and we will have made some amazing contacts along the way. We are all geared up and looking forward to this rewarding experience.