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Archive for July, 2012

Cheshire professors write about successful local entrepreneurs in their new book, ‘Small Business Management in the 21st Century’

Starting this fall, college students studying entrepreneurship in business schools across the country will have an opportunity to learn real-world lessons from six successful businesses in New Haven County. 

David T. Cadden, a professor of management in the School of Business at Quinnipiac University, and his wife, Sandra L. Lueder, an associate professor emeritus at Southern Connecticut State University, are co-authors of the textbook, ”Small Business Management in the 21st Century.”

 “Small business is where the action is,” Cadden said. “It accounts for more than 50 percent of private-sector jobs and is a major driver of innovation, but it’s also the bastard at the family reunion who never gets the recognition it deserves.”

 Cadden and Lueder are determined to change that perception.

For their book, the 20-year Cheshire residents spent countless hours researching the topic and interviewing Connecticut business owners, including  five in Cheshire, The Notch Store, Cheshire Package Store, Elegant Touch, R.W. Hine and Consolidated Industries. They also included chapters on Simione Consultants of Hamden, SoBe Beverages of Norwalk, Westbrook Lobster of Wallingford, and the New Britain Rock Cats. They wanted to learn how these entrepreneurs built each of these businesses into the successes they are today.

 “It was so interesting to speak to each business owner to learn what their experiences were – both good and bad,” Lueder said. “You don’t get those insights when you read traditional textbooks on small business. I call them ‘big business light’ texts.”

Cadden said successful entrepreneurs understand the importance of customer value, cash flow and digital technology and the e-environment. 

“The entrepreneurs we interviewed understand that customer value is critical to the survival of their businesses,” Cadden said. “Providing customer value can have a tremendous impact on a firm’s cash flow. You can go bankrupt if you don’t manage your cash well.” 

The authors also stressed the importance of customer relationship management (CRM), a service approach that looks to build a long-term and sustainable relationship with customers, in a digital world.

 Cadden said knowing how to make the most of social media is another essential skill a successful entrepreneur must have. “Social media and technology are becoming more and more prevalent in small business,” he said. “Something as simple as a restaurant that offers discounts to customers who text their orders in is a way of building business using technology.

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The MBA students participating in the Executive Experience in Paris this summer enjoyed an excellent and informative visit to the Banque of France on 10 July 2012. The visit included an overview of the bank’s current operations and its rich and varied history and current role in the EU. Although normally closed to the public, the group was invited to visit the “Golden Gallery” or “Gallery D’Oree”, the heart of the Banque and the setting for many of the highest level policy meetings there. For more information on “The World’s Most Beautiful Bank” and the Grand Doree, please see the recent report on these from Bloomberg Businessweek at http://www.bloomberg.com/video/89292341-inside-the-world-s-most-beautiful-bank.html

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The Executive Experience in France visited the Chanel flagship/concept store on the Avenue Montaigne–the most expensive street in Paris–to learn more about the unique French approach to luxury marketing. The store honors many Chanel traditions, including those originated by Coco Chanel, the fashion house’s namesake. For example, it is all done in black and white; client (not customer!) service is the company’s most critical focus and all of the furniture and objets in the store are of the very highest quality, reflecting the discerning nature of Chanel’s clientele. Pearl displays of all kinds abound, reflecting Coco’s love of these and of the lion, the sign under which she was born. It was an amazing insight into the highest echelons of the luxury market.

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  The group traveling on the Executive Experience in France spent the morning of 11 July at the headquaters of Microsoft France.  They were treated to a visit to the organization’s “experimental apartment” where everything runs on a Microsoft platform, including X-box games, simulated tennis, and kitchen applications, among others.  In addition, senior leadership shared with the group  the Microsoft France strategy and how this ties into the company’s overall global view and goals.   Below, is the group inside the corporate lobby, from left to right: Chelsea LaManna, Julia Nuara, Brian Foran, and Ross Bennett.

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PRSAMBA

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Left to right: Chelsea LaManna, Ross Bennett, Brian Foran, Julia Nuara at Cite Universite before visiting Versaille Palace

Dr. Susan McTiernan, Associate Dean for Graduate Programs, and Associate Professor of Management,  takes MBA students to France.  The students began their excursion with a visit to Versaille Palace on Sunday, July 9th. While in  Paris, students will participate in an executive study trip that enables them to explore a variety of industries and companies in the City of Light.  Some of these companies and industries include:  Danone, the Banque of France, Microsoft France, Chanel, GDF Suez, and the Paris Stock Exchange.

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 Eight MBA students and two faculty members embarked on an Executive Study Abroad course in China from May 25 through June 7th.  The trip included academic focused programs, company visits, and cultural experiences in Shanghai, Xi’an and Beijing, China.  While in China, the students had the opportunity to experience the business environment and visit many multi-national companies, small business ventures and even tour manufacturing facilities.   Lectures highlighting the US State/National role and discussion topics, including marketing and promotions, were an integral part of the itinerary.  When the students weren’t visiting with businesses or engaged in academic pursuits, they had the chance to immerse themselves in the culture and sights of the country.  Students were able to climb the Great Wall, explore The Forbidden City, tour the Ancient “water towns” and visit the Terra-Cotta Warriors and Soldiers Museum in Xi’an.

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