Students Expect 24/7 Access

Building on their successful Open CourseWare Program, MIT’s Sloan School of Management provides extensive audio and video recordings for free to students and the public at large. And last month the London Business School made plans to implement a comprehensive class capture program. Their MBA students will soon be able to access recorded lectures from anywhere in the world.

MIT and the London Business School are by no means alone. Service provider Mediasite now helps students from more than 600 colleges and universities bridge the gaps of time and distance. They coordinate and automate webcasting and content management systems for the capture, management, delivery and search of rich media presentations (audio, video and graphics) for live or on-demand viewing.

Russell Altendorff, Director of Information Systems for London Business School described the need for the online component of business education.

“All major business schools are coping with an insatiable demand, primarily student-driven, for video and podcasting. The demographics of our students are changing. We see an increasing volume of Executive MBA students who are highly mobile, and with our new centers in Dubai and Hong Kong, over the last two years we increasingly have a whole cohort of students taught abroad and as a result we need to deploy more distributed learning.”

The London Business School had already been making filmed lectures and events available to students, but the new system will automate the process so that they can provide even more. This leader among business schools sees the online content as an addition to their already rich MBA program content.

“…we can not only provide online content as a service to our customers, but also as an adjunct way to support the learning process, so learning can occur not only through reading, reflection and face-to-face teaching, but also can be reinforced through access to instruction online.” said Altendorff.

Educational Benefits of Captured Classes

When students have access to recorded lectures it enables them to access class anytime. Complex concepts can be reviewed on demand until the message is clear. In that respect it’s almost like having the instructor on call. Also, knowing that lecture material is available later means students don’t necessarily have to take notes. While many students learn well by taking notes in class, others learn better when they can focus their full attention on listening.

Class capture provides the confidence that nothing will be missed. Everything the professor says and presents is stored for later reviewed. And some proponents believe that having a backup of the live presentation frees students to engage with each other and the instructor in a more meaningful way.

Business education is catching up with simulated business models where students get to apply classroom learning to a set of real world variables. With virtual workplace scenarios and computer-based simulations, students practice choices they’ll have to make in the real world. By some estimates, more than half the business schools accredited by AACSB are using online business simulations.

What’s a Business Simulation?

The case study has long been used in business school to simulate real business situations and illicit practical responses from students. Online simulations allow students to oversee operations management of a virtual factory and network with other executives. They apply theory to a virtual workplace. The game aspect of business simulations stimulate even more competition among students. And what’s B-School without some cutthrouat competition?

Samuel Wood left the Stanford Graduate School of Business to lead Responsive Learning Technologies, whose Littlefield Technologies creates for students virtual factory in which to practice business decisions. It’s all about getting practical experience.

“You can read about bicycles, but you won’t be a good cyclist until you start riding one,” said Wood.

Professors Embrace Biz Sims

Virtual business simulations engage students. They are more realistic than than lectures and theory. They force students to apply what they’ve learned in a textbook to a real life scenario.

Business decisions are monitored by professors who use students’ choices to calculate grades, fine tune instruction, and provide feedback on specific skills. Moves executed in the ‘game’ provide jumping off points for class discussion. Actual examples serve to motivate students. There their mistakes can be corrected and successes celebrated together, breeding cameraderie.

Simulations are highly variable and customizable. They can take up one class period, or comprise a semester long project. Alfred West Jr. Learning Lab is helping professors at Wharton create online simulations that are tailored to their specific courses. Professors can start from scratch, or turn an existing case study into a simulation. After using the simulation for a semester, they can adjust it for student needs or new information.

The Case Study Goes Virtual

Critics of the traditional case study argue it can be too tidy, effectively spoon feeding students answers before they’ve adequately struggled over possible solutions. Virtual business sims can incorporate far more variables. Not only that, but instructors are able to track student’s decision processes in real time as they work through the situations.

Critics of online business simulations complain that by having students work on a computer, they miss out of the interaction with other students, thereby miss learing key skills. Business simulations are also more expensive to develop compared to traditional paper case studies.

The solution may lie in new simuluations designed in conjuction with case studies that are used together with the more traditional method. Harvard Business School Publishing is getting in on the action with online simulations designed to compliment its best-selling case studies.

Business Simulations As Recuiting Tools

In the future, it’s possible that employers will be able to look at simulation performance to verify that MBA students can apply their classroom learning. Business simulations could become a powerful tools for recruiters who need to predict how a potential candidate will react to real world circumstances.

Will there come a day when the interview process will include ‘testing out’ of a complex scenario? Could business acumen be tested as accurately as typing is today? We’ll see. What we know is that online business simulations provide a new world of possibility for today’s business students.

In this interview I ask Paul Edmonson how he knew he was on to something and what prepared him to go out on his own.

LD: What gave you confidence that HubPages would be successful.

E: We thought if we made a great product and built a community that people would use the service. We had a simple plan. To try things. To do more of the stuff that worked and to stop doing the things that didn’t. Nearly 6 million people visited HubPages.com last month. One of the things we did well was monetize Hubs, so we introduced a new ad optimization product called YieldBuild that served nearly 200 million ads last month as well.

LD: What in your education prepared you to run this type of business.

PE: There’s the education I received in school that helped get me started in the software industry. I started playing with computers in the fifth grade and making simple programs at school. In college I took programming classes that gave me enough skills to write software, and design databases. School is part of the education, but so much of what I learned to start this business is more about getting after it, asking questions and good old fashion trial and error.

LD: What in your experience working for others prepared you to go out on your own?

PE: My time at Microsoft was a very helpful learning ground. I’m always trying to learn new things and when I see someone do something effective, I try and incorporate into my skill set. Whether it’s about customer support, how to build a product, or even how to give feedback to an employee these are all skills that get developed with experience.

LD: What do you wish you’d learned in school to support your entrepreneurial efforts?

PE: I think part of being entrepreneurial is learning what you need to get the job done from all sorts of sources. School is good for broad strokes, but I think you really have to do it to learn it, at least for me.

LD: What has been the biggest surprise since you started HubPages?

PE: It’s incredibly challenging to build a great product or service, to hire talented people, to manage the finances and grow the business. While I knew it would be an incredible challenge, I didn’t really know how tuff I really am. I think the adversity that you go through with a new business teaches you about yourself in a way you would never know.

LD: What is the biggest myth about raising capital and getting funding for a new venture?

PE: I heard from several people that if five people pass on your pitch, it isn’t fundable. If I gave up after five people told me no, then we wouldn’t be funded. I think it’s important to keep trying, listen to the feedback and then refine your pitch. If five people say no, keep asking.

LD: Do you have any advice to young entrepreneurs?

PE: Start you own company. Today. Just get out there and start doing it.

LD: What is the most striking difference about working for yourself vs. working for someone else?

PE: Ahhh, the hours. Working for a company you start is an incredible commitment. While I’ve always been game to put in extra time when needed, when it’s your own company, almost everyday and weekend require extra time…But it’s worth it.

Now that Americans have some extra stimulus package cash coming, retailers are hoping you’ll feel flush. Consumers this year are expected to demonstrate their love in a bigger way than ever before. According to the National Retail Federation’s 2008 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch, average consumers expect to spend $122.98 on Valentine’s Day, up from $119.67 last year. This adds up to over $17 billion spent on Valentine’s Day. And this is just one of the many holidays American’s traditionally celebrate.

Success In The Cards
The old standbys – candy, flowers and jewelry – are making way for fresher options like gift cards an nights out. But cards are still the top choice, accounting for 60% of Valentine’s Day spending. At just a few dollars a card, that’s a lot of paper. In a 2006 study by the International Mass Retail Association estimated the number of valentines exchanged in the U.S at over a billion.

The number of cards given at Valentine’s Day is second only to Christmas. Because cards are such a big piece of the business, Hallmark wants to make sure you find just the right thing to say. That’s why they offer over 2,000 Valentine’s card designs.

Getting Women To Spend
Historically, men have spent more on Valentine’s Day. This year’s predicted average is made up of and average amount spent of $163.37 for men and $84.72 for women. But Valentine’s Day is not just for lovers. Women will likely by the cards children give to classmates. Additionally greeting card companies are creating more and more cards specific to children and other relatives.

Then there are our new babies. Blame it on those cute mini-dogs in the arms of all the socialites, or give credit to savvy marketers, but pets are hot. When it comes to expressing sentiment on holidays, pets are no exception. Consumers are expected to spend $367 million on pet valentines this year.

Industries Most Affected
Restaurants – Valentine’s Day beats out every other day of the year except for Mother’s Day. Over 45% of Americans plan to dine out, either as a couple or with the whole family.

Candy – Walk down the candy aisle at your local grocery store and you’ll see how sweets suppliers are cashing in on every holiday with specialized packaging, including holiday specific wrap and bundling products together in a basket-like offering.

Flowers – It is easier than ever to make sure you never forget a holiday. And convenient to order online. To help, sites like BigDates.com and American Greetings ask for key relationships and important dates and then send reminders for every possible gift giving opportunity.

“Valentine’s Day is a great time to get creative with gift options,” said National Retail Federation President and CEO Tracy Mullin. “Most people agree that it’s the thought that counts, but shelves will also be filled with traditional gifts for those who want to celebrate the old-fashioned way.”

Yeah right, the thought. That’ll make your girlfriend happy. Play it safe and buy the card.

It’s your first day on the job. You have mad skills. You’re armed with the latest technology. And you’re dressed to impress — clad in jeans, an unbuttoned shirt and crocs. Sound too good to be true? It’s not, if you have an Master of Business Administration in Digital Media.

The MBA in Digital Media is your all-access past to the entertainment world. Film, music, gaming, television and interactive media — you name it. You’ll build a solid foundation in business theory and concepts. And you’ll also take your education outside the classroom with internships, projects and industry events.

Learn to Speak Their Language
You have the latest idea. It’s going to revolutionize how movies are distributed. Or it’s going to save the ailing recording industry. If you could only get someone to take you seriously. That’s where the MBA in Digital Media comes into play. You’ll learn how to speak the language of business. You’ll be able to join in the conversation.

Get Back in the Game in Two Years
Technology changes overnight. That’s why you need a graduate business program that gets you back in the industry as quickly as possible. With a Digital Media MBA, you can take daytime or online classes, or sometimes both. Whatever the format, the outcome is the same — shortening the time you’re in the classroom.

MBA in Digital Media programs are offered at schools such as the University of Phoenix, St. Edward’s University, Colorado Technical University and more.

Discover the Coolest Internships
Are you ready for the coolest internship you’ve ever had? As an MBA in Digital Media student, you’ll complete internships with serious media-based companies. It’s not about being someone’s gopher — it’s about gaining access to the digital media world. During your internship, you’ll meet and network with industry professionals in areas such as:

• Digital marketing
• Entertainment management
• Festival and event production management
• Film and music production
• Film and music distribution

Take it to the Next Level
You can be the next leader in the entertainment industry. There’s nothing holding you back. You just have to be ready to move forward like University of Phoenix MBA alumnus Lars Christianson.

As a working screenwriter and producer in Austin, he couldn’t find anyone to help him build a presence for his film work on the Internet. He taught himself how to build HTML web pages followed by the ins and outs of digital video editing. To take himself to the next level, he enrolled in Phoenix’s MBA in Digital Media program. Two years later, he’s a recent graduate and fully exploring the growing digital film scene in Austin, Chicago and Toronto.

“This was the right decision for me,” Christianson says. “There’s a huge market for digital managers and executives around the country. My future is really wide open.”

Your future is open too. If you’re willing to take the next step and get the tools you need to succeed in the world of business.