Essay 3
Describe the most significant lesson you have learned in your full-time employment and how this influenced your personal development and career aspirations. (500 words)
The most significant lesson that I have learned during my career is that while there may be no substitute for experience, for a person to reach his or her full potential an advanced education is mandatory. Learning by experience is an excellent way to learn, but many mistakes that are made along the way could be prevented through the study of business theories and case studies in a top-notch MBA program.
In 1999 I was given the assignment of project leader for establishing a “special selling store” for Legend after the successful introduction of the first such store in the Computer Products Center Market in Shenyang. I proposed that we open the second store in the Science and Technology Park of the largest comprehensive university in our province, which was the cultural center of the north part of Shenyang. I had previously established good relations with the vice-president of the university and the university showed great interest in the project. I developed a project feasibility report that analyzed the local computer products market environment, the purchasing power of local consumers, the financial and operational capabilities of the potential partner and the potential profitability of the project. Legend approved the project and an agreement was signed with the partner.
After only six months, the store was in desperate trouble with sales of only 50 computers per month whereas we had projected sales of 150 computers per month. To rescue the project, Legend sent a senior marketing manager to assist, as well as issuing a 500,000 RMB interest-free loan. All efforts failed and the store closed after only one year of operation. Fifteen employees lost their jobs and together both partners lost 600,000 RMB. Although we had looked at the purchasing power of local consumers, we did not look at the buying behavior of the consumers before opening the store. The new store was located far from the large central electronic and consumer products market where most customers shopped and purchased. There they had the ability to directly compare the quality and prices of many different brands in one central location; therefore they had no reason to visit our far away location. An MBA education could have prevented this oversight.
In the fall of 2000, Legend Group was looking for five people from the company to operate a new joint venture in the United States with AOL Time Warner. I applied for an administrative management position and formulated a thorough business plan. I made it to the final round of twelve finalists, but was not selected because I lacked international business experience and had no systematic management training compared with my rivals. Three of the five selected had MBA degrees. I had previously considered MBA study but I believed that my working experience was enough to give me the competitive advantage. Since that time, I have realized that to reach my career goals and fullest potential, I must strive to earn an MBA degree from a top business school such as Ivey.
