INSEAD Blog by Zanat0s the INSEAD(er) @ Tokyo ! The Biggest among INSEAD MBA blogs. Insead is over, blogging not.

The amicable fool or the Obnoxious Genius? Make your pick!

The importance of being Likeable

I would like to point your attention to the American presidential elections. At the Republican party we had 5 candidates : Mccain, Romney, Huckabee, Gulianni and Thompson. There is no question who is going to be the nominee. But I will take a look at all the candidates. Gulianni lost because of his ultra stupid strategy. Thompson was just irrelevant and Romney didn’t connect with the people. All three of them had another common characteristic; They were not likeable enough, none of them. Romney may be a great administrator and Financier but probably his people skills need tweaking. Thompson is still irrelevant and Giuliani is one definition for obnoxious. On the other hand you see this guy(who believes evolution didn’t happen- maybe it left him behind) out of nowhere with no financial backing coming as a strong Nr2. What is wrong here? No rational person(at least in my perspective) would vote for a guy who has said that “bumblebees fly but we never ask why!”. It seems there are a lot of non-rational people out there. But huckabee is likeable, he can crack a joke, he can connect with people. If you read articles even non huckabee supporters like his way of behaving(playing the guitar) he is more relax more genuine when he is surrounded by common people. The same can be said for Mccain. Mccain is not so likeable but people like him because they see a trait in him they do not usually meet: Honesty and consistency.

Turn our attention to the democratic party. Mr. Obama a young guy has mesmerized half the county. Even his opponents(the republicans) cannot assault him because he is extremely likeable. I mean the more they try to attack him the more they damage themselves(Clinton included). Clinton on the other hand is one of the most polarizing figures in this election. She is an amazing woman, with probably the best chance to improve this country and revive the “Clinton years”, but at the same time she is hated by 50% of the populations. Obama a new kid on the block is loved and hasn’t attacked anyone yet. Obama support has to do a lot with his optimism. If you listen to him you get the idea of a better future and a better life(unlike the republicans who evoke fear and isolation). To my Greek readers let me remind you Karamanlis the Elder Vs Papandreou the womanizer. Who won? The 2^nd guy, why? Because he was full of shit!

Maybe if obama wins he may end up even worse than Bush. This though doesn’t change how likeable he is. People like to listen to him, to be associated with him(more or less like JFK). Now to the main point.

It is better to be the amicable fool rather than the obnoxious genius. In every social setting whether it is work, school, social activities people want to hung out with nice guys. Think about it for a moment. Remember at school? Probably you had a schoolmate who was a genius but at the same time he got on your nerves(not because he was better than you, just because he was a prick). What about work? All of us had to work with the genius person who could do anything in half the time,but would give you twice the headaches.  On the other hand I bet that most of you remember some guys who were just cool to spend time with(regardless of how skilled they were).

For the ones now going to INSEAD. Nobody likes the smart guy. Who is the smart guy you may ask; The one who is trying non-stop to prove that he has knowledge. If you have a guy at your class who is trying to answer every single question you know what kind of types I am referring to. Be friendly to your classmates do not see them as competitors who are after the same opportunities. When questions are asked do not try to show that you have all the answers. Believe me you may think that you are the cleverest person in the room but from a statistic viewpoint there is a 50% chance you are below average(deal with it). You will be surrounded by clever people. Show to them that you are wise

Knowledge must be like a pocket watch. Always in standby and taken out only when ones asks for the time.

Students should try to make connections with each other. Avoid the 2 most common mistakes. One cannot make friends with everybody. If ones tries then he has a problem and needs to see a doctor and fast on top of that. On the other hand people who never talk to anybody and are focused 105% to their reading these are to be avoided. They believe that success comes form books and readings. They miss the necessary people skills(probably one of the most important traits humans should aquire). The loners will never speak to other in class sand will go straight to the library. I remember that during INSEAD at my promotion we had a guy who NEVER spoke during class. It is telling that when we changed seating charts in P2 a greek friend of mine came to me and asked: Has the class changed? Who is this new guy? What is he doing here?

The sad part? He was right. The “ghost” had never participated in anything.

I would like to close this blog entry by letting you know that one should try to strike a balance, make some good friends and then keep connections with the rest of his ecosystem.

Zanat0s Out!

Gadget List! what i want to buy..

I have to make a confession. I am a gadget freak. Yes I admit it. I love gadgets and I like surrounding myself with the best the technology has to offer. Since dreams are nice to have I have compiled a list of gadgets I would like to posses at this time. One should not forget that technology changes quite quickly and this list may be obsolete by the end of the summer.

Essential Gadgets

Phone: Right now the phones on offer are not something extraordinary. A lot of people would go crazy with the iphone but not me. A phone should be a personalized item, an extension of one’s shelf. My pick would have to be at the moment these 3 for different puposes

Design wise: The Prada phone! Sleek, sexy and pre iphone! Unfortunatley form a business standpoint is not the best one. No windows software no 3rd party support. Doesn’t work around the world(remember the countries like Japan and USA where they use strange technology

Multimedia platform: Nokia N96! A multimedia powerhouse. Forget the Japanese, they are a century behind in mobile phones. Nokia has found the path. Nokia N96 is amazing but due to my uses I would go with
HTC TYtN II: the best workphone(even better than blackberry). It has windows Mobile 6.0, outlook sync and stuff. The combination of an added GPS sweetens the deal!

For the future though I will try to acquire ASAP Sony’s Xperia, the dream phone coming alive. SONY and Microsoft creating a truly superior phone

Mp3 player: Unfortunately here I will have to say the ipod touch is unbeatable. Maybe the zune can compete in the future but not now.

Mobile Video player: The ipod touch here loses by default. It doesn’t support a lot of formats and its limited space is a big drawback. COWON A3 is a great competitor to Archos 605 but not enough. ARCHOS has an amazing interface that makes browsing quite easy.

Mobile gaming Device: I am not a Nintendo fan . PSP is a mobile powerhouse and more flexible than Nintendo DS. Ds has games for children. PSP is great for a ton of things and always gets upgraded.

Gaming machine: I would say PS3 but it doesn’t have any games. At the moment I will give the title to PS2! The undefeated champion of console sales. It is still selling after 6 years. 100+ million sales.

Ultra PC: I wish I could have an Alienware home PC! They are ultra customized handmade pcs that are built to perfection. They cost a fortune but their value proposition make them worth it. I would get the Alienware Double SLI with water cooling and the Quad Core extreme overclocked processor. Unfortunately I know this will never happen.

Laptop: one word! Dell XPS M1730. The ultimate portable machine. My dad would always criticize me for my laptops for being bigger than they should be. I do not care. I want big screens with a lot of computing power. There are other laptops out there but the XPS has the best design.
Home Theater gadgets

Big TV: No, not an LCD! A Plasma Kuros by Pioneer. I have been saying that plasma is still the way to go and KUROS proves that. The best image one can possibly imagine. LCDs cannot still master the black color.

Dvd Player: Sony blu ray.
Home theater: difficult one, a never had one.

Laptops @ INSEAD

There was a discussion online concerning laptops. People were asking for advice what kind of laptop will they need to purchase if they don’t have one. Or whether one should upgrade their machine.

All of you must understand that your laptop during your insead year, especially if you are in Singapore is going ot be your most important helper and device. The laptop will accompany you everywhere, especially during weekend trips in SE Asia.

So how are most people going to use their laptop so one can make a good assessment of what characteristics are important and make a correct decision. Here we go. First of all the students will use laptops during class(which I do not recommend for taking notes, but this is me), laptops in the library or in the cafeteria and generally at school. Other than that laptops will be used at home or by the pool(assuming that in Singapore all condos offer one). It has to be light so it won’t be difficult to carry with, Singapore has wi fi all over the place so a strong signal is welcome. Battery life needs to be able to go the distance and surprise everybody. All the laptops now come with processing power that can satisfy any computer student. Durability and customer service support is something no one should forget to value.

I would like to start talking about customer support. According to a classmate of mine avoid HP laptops since my friend’s saga is discouraging. HP support(I do not know if they changed) is at best appalling. Dell laptop have a better customer support on-site but unfortunately their laptops appear to break down more than the average pc. Hm let me change the format to this one

HP: All right laptops but the customer support in Singapore is to be avoided. Affordable

Dell: Cheaper, worse quality, known for breaking down more than ever. Cheap alternative

Vaio: Best design(windows based PC category), amazing customer support, but pricey! In my opinion the best screens.

Samsung: A good value for money but personally I wouldn’t get a Samsung PC! It just doesn’t feel right. I have bought their UMPC Ultra Q1 and it s below par.

Toshiba: Their qosmio line up is great but not what a student needs.

Fujitsu-siemens: Incredible built quality!

Acer: Due to my bad experience I would never recommend them, cheap though

Asus: A rising company. They manufacture also Vaios therefore it gets my vote

Apples: amazing machines but I am a windows fan(my whole life runs around windows, although I have an itouch)

Now let me make a simple point! At insead the people who use Mac is steadily increasing and you will be amazed by their market share(individually right now they are the second biggest laptop seller). Having said that the only reason I do not use Apple is that I do not like the way apple is creating their ecosystem(only open to apple). Let me add that apples are not good for games either. I would gladly though buy an imac though.

A student if he decides to buy a new laptop should go for either a Dell( as a cheap choice) and fujitsu Siemens as something that can hold its own against the hardships on the way. Students though should delay any purchases until they go to Singapore. First of all they will get better newer models at cheaper prices and secondly you will receive local/international warranty.

I hope this helped. I bought my own Vaio at Sony Gallery and it hasn’t let me down till now. I love the screen, but the battery sucks bigtime!

Cheers!

Insead Fees! What is happenning? Increase non stop. Sponsored and individuals get the same treatment?

Insead Fees

I received a message by a current Insead admit(class of July 2009) who is complaining regarding the INSEAD fees and he wants me to publicize his issue. This blog is about dissipating information not for campaigns. But I thank you for giving me a good idea for a post. Insead Fees is an issue I have never touched before.

First of all Insead students have to pay Insead in Euros while they may end up getting paid in dollars. Tough luck for them right? If they come from the states they face an hidden tax called expensive exchange rates. Having a strong euro has some pros and cons. Personally I want the euro to be as strong as possible. Most students especially non Europeans would rather have a cheap euro. Since students have no control over exchange rates or any other issue having to do  monetary policy they should ignore it and go on. It is not Insead’s fault that the euro is going up(which is a good thing). Insead has its costs in Euros therefore it want to have its revenues in Euros too.

Now about the fee itself; Insead has the highest fee per academic year: 50K Euros. True, BUT! Insead is 1 year program, students therefore not only save one year from their life, they go to school one less year, they start working faster and the economic pain lasts shorter. Therefore the NPV (Net Present Value) these 50K offer is quite high. Other schools require fees for 2 years. 2 years with no ability for one to make a living plus high living expenses.  Now for a bitter truth. If you thing that the money you will have to pay insead is a lot wait till you start the program. EVery MBA offers a lot of events that require money. Trips around the world will require cash,  new clothes everything. It was said that a  harvavd MBA’s fees consist only 33% of the money spent during the MBA……………

I also learned that the fee for sponsored students went down. Maybe.. so? I mean believe me there are a lot of corporations who send their students there but without having to pay the extra charge. Also a lot of corporations didn’t want to send their people there since they are going to lose them. Also it is unfair for a corporation having to pay more for a sponsored student. This is unfair. A higher price should command a better service or something extra. A higher price tag is unfair to the corporations.

This goes not only to new admits but also to alumnis. Insead you have to remember is only a business school, it is not a university with deep pockets. It is not Harvard or Wharton! It is a business school with no wide name recognition. These institutions can get a lot of money from their alumnis. This is a difference between Europeans and Americans. Americans like to give back, Americans as individuals are very active in charities and giving back to the society. In Europe unfortunately this is neither enforced nor common. Insead has this problem, not a big alumni base neither a giving one. You may think that running a school and charging 50K per person is a profitable endeavor. Unfortunately it is not. According to an anonymous source Insead makes a loss on every MBA student, however they can balance the books by the revenues from EMBA.

MBA students require a lot of teachers who have to teach a lot of hours compared with other teachers in different schools. Insead runs/maintains 2 campuses which form an economic viewpoint is not the most efficient resource planning. On top of that Insead has no sources of funding whether public or private so it only relies on school fees

The fee when I studied was 45.000 Euros. Now the price has been increased to 50.000, anincrease of 12.5%. True I do not understand why there has been a hefty increase. I guess it has to do that insead is growing and growing and they need cash to burn. I know the careers team grew in Singapore, new stuff is coming in.

Another issues has been using the facilities like the gym and the print shop. True insead should be offering a free meal and free access to the gym. But I guess they are just being Singaporean; There is no free lunch and we(Singaporeans) will try to take every penny you have on you.  I hope this post will begin a nice discussion and do provide me with feedback so more light can be shed on this case.

If you think you can manage INSEAD better and make it more profitable do apply, post your MBA :P

Zanat0s out!

Singapore VS Tokyo Round 2!

Singapore VS Tokyo Nr2.

Having your blog syndicated on Facebook means one will receive more pair of eyes than he otherwise would. My last blog entry was about Tokyo nightlife and my disappointment with it. People here tend to believe or support that Tokyo Nightlife is great etc.

For the ones who read my blog on steady basis(I hope they are enough of you out there) you should read my opinion about subjective and objective views. I am not saying that I am right or wrong in my eyes and what I expect are different from other people. The things I value and the kind of night life I like won’t agree with everybody. If it did then there would be something wrong. Everyone is unique.

The values and characteristics are dissimilar among groups of people and that is the way it should be. So get ready for another bout of Tokyo bashing. One may thing that Tokyo is a big city it is! But at the same it is so small you cannot imagine. People do not like change, they like getting used to some things. One of them is going out to the same place over a period of time. The night life is extremely fake.

Tokyo defenders then use the same old argument that Singapore is boring, small and that is had no culture. The first argument is based on nothing but pure grumping moods. Singapore is not boring. There are a lot things one can enjoy very easily and accessible. Brunches in Singapore are a pleasure with world class food. Sentosa is a paradise on earth. I mean it is so close and people can go there and unwind on weekend as well as on weekdays. Clarke quay and boat quay are definitely NOT boring. Yes there are not a lot of places to go out but the quality and size are great. Moreover Singapore being very concentrated means these places are fool every day from Wednesday to Saturday. In Tokyo I still haven’t found good places where a lot of people go out on weekdays). So boring Singapore is not (hoho! That sounded like Yoda!).

The second is more difficult to refute; Singapore is small. But this is a blessing and a curse. For people like me who value convenience and efficiency it is great. I mean I normally do not travel within a country rather go for overseas travel. Therefore Singapore is great for me. On top of that Singapore-Thailand is faster than Tokyo-Narita. If one wants to go to the Narita Airport he has to take a train that takes exactly 95 minutes to the airport. Singapore – Thailand is less than 100 mins. Talk about wasted time.

Where I completely agree with my critics is the culture issue. Singapore + culture are 2 words that cannot appear together. Singapore has a 40 year history and they are starting to become a city of millionaires and neo rich. The population mix is mixed… Therefore the government tried to do the really unsuccessful campaign called Uniquely Singapore. What is unique? The sheer number of malls? But do not forget that Singapore is a new country. The culture will emerge( Singlish is something they are trying to preserve along with their craziness about food).

So here it was Tokyo  Vs Singapore = 1 – 2!  Let the rounds go on and on! As for me I am enjoying that. I need to grumble about something in public(since this is a public blog). Grumbling about Tokyo nightlife is safer than other acid subjects.

Subjective or Objective

The fish and the bowl: Human nature has it flaws. Humans cannot be nor perfect nor omnipotent. One cannot be aware of everything. Life is too complicated and with parallel situations maturing. According to psychological studies, humans have a tendency to prefer knowns over unknowns. We try to see only what we are informed of. Choices are determined by what lies in our subconscious minds.

Comparisons are grounded on the basis of one’s information and background. Comparisons are there limited and relative, Limited because nobody can be virtually cognizant about all options and alternatives. Imagine whether one can be possibly compare or at least know all the perfumes available. Therefore comparisons become relative and subjective. A person rates and bases his comparisons on the available data-set he has formed. Data-sets differ between different individuals. Let’s see Person X and Person Y. If they are asked to grade/rate a random product V they will have to give an objective rating. The individuals are going to rate the products by comparing them to the other alternatives. Person X is evaluating the product V by contrasting it to the following dataset ( A, B, C, D ,E & F). Person Y will use a different measure (A, D, E, H, K, L, & T).

As one may perceive comparisons cannot be relied upon. There can never be objective or absolute comparisons, only defective, subjective and relative. Two other shortcomings have to do with how people rate and what determines their ratings. Modern statistics have come up with tools and methods which are supposed to blur the boundaries and erase or at least minimize any personal prejudices. The above Person X may rate product V with a grade 8 (on a 10 grade scale 1-10) while also Person Y may use the same rating. Does this deduce that they hold the same opinion about the product? No! Person X may consider grade 8 a very high rating since he is a “strict” judge. On the other hand Person Y may be very munificent with grades and therefore he may hold a lower opinion about the product than one may presume. Now, research methods can evaluate how a person rates by balancing his/hers rating history.

The second shortcoming is what determines the rating process and outcome. Imagine 2 guys are discussing about a random woman. They may have the same opinion about her but for different reasons. The first one likes her smile more and without being aware of this fact give a high rating. The second guy is fond of her ears. While both of them may concur that they find her attractive, both of them see a different version of beauty. Perhaps this illustration may help the readers. Think of the woman or anything you want as the center of a circle. Everybody then can take a place on the circumference and look at the center. This is what people call a different angle, a different viewpoint. A person can only be aware of what he sees and perceives. He is not aware of the viewpoint others are occupying.

Even a simple concept where most people agree on, colors may be totally subjective. Can you define color red? You may think colors can be defined but in reality that is neither practical nor feasible. Users familiar with computers and image processing programs know that colors are categorized by their number. There is no RED color. There are different shades which get “named after a series of numbers and letters. A color can be something like #FFF04C. Red means nothing. Computers have helped the human race to start obtaining standards which can be accepted by anybody. How many times have you used the words, fast, tall, short, fat, heavy. There are no standards uses for these words. What about the most common example. “I will call you later”. What does later mean? Tomorrow? In 5 minutes? In a day?

Our time for today is near its end. Next time think before you make a judgment. Does the other person or the one it is intended for share the same mental upbringing like you? Do the words you use be interpreted like you intend to? Do not hurt or insult other when it is not your intention to do so. Learn how to make your point across various audiences. Value systems will become more clear when you align your senses with the outer world.

A brief description of Tokyo nightlife. What am I missing?

Tokyo Vs Singapore Nightlife

This is an indirectly INSEAD related topic(but only limited to Singapore campus since fonty has no nightlife). I have been in Tokyo for quite some time and my opinion regarding nightlife has been formed.
When one person, especially young one, compares different cities regarding work one of the most important factor is the quality and availability of Nightlife. All work no play makes john a dull boy(did I get this correctly?). Nightlife includes places to go and enjoy a dinner, bars to talk, clubs to drink and everything else that belongs to the night.Most people suggest that Tokyo has one the best nightlife if not in Asia then in the world. Maybe! I personally I do not agree. I think Singapore and Hong Kong is better in this section. Lets start by discussing Tokyo.

Tokyo first of all is a very big city, but most places are small, or the big ones are outside Tokyo(like Ageha). An overview of available places to go out in Tokyo include: Bars, Clubs, Specialised bar, Hostess clubs, red light places and karaoke. The major areas to go out are: Roppongi, Shibuya, Shinjuku-Kabukicho and others which I do not know.

Roppongi is close to where all the bankers/foreigners work. It is a sleazy place with a lot of people trying to lure you to their bars. There are a lot of places where foreigners go after work. Heartland and A971 are the most known ones. Roppongi is also full with hostess clubs or other kind of specialized bars. Like S&M bar, Geisha bar, Schoolgirl Bar. Everything can get what he or she wants. There were also some clubs in Roppongi but they were closed down. I do not know why. In Roppongi a lot of bars close at 05.00 AM on weekends but some go up until 08.00 AM. For most foreigners the first time they visit Roppongi bars or clubs they will think they are in the western world(with so many foreigners going there, hard to miss it). Of course there are also a lot of advertisers with tities bar or special "bars". NEVER go there they will skin you alive.

Shibuya is more Japanese oriented with a lot of love hotels(places to meet somebody better for a short time), Clubs who are focused on trance and go on until 10.00 AM, bars to enjoy drinks and more pink places. The crowd is younger and more unique. Shibuya is full with shibuya-girls; the Japanese girls with orange/dark blond hair girls who love getting an artificial tan and wearing ultra low skirts/shorts. There is a club next to my place where sometimes I go have a drink after work on my own so I can clear my head and relax. While I am going there regularly I feel like the SUPER outsider. I am the only non-japanese in that place and believe me it feels VERY strange.
Shinjuku is a crazy place. This is where all the crazy things happen. Though I have never been there that is what I have heard. The red light district is there and is supposed to cater to any kind of desire a human being may harbor.

SO what is unique to Tokyo? Japanese love to get drunk. If you think the british and Irish drink wait till you meet Japanese. One expat once told me Japanese drink because they need to escape their daily life. Who knows? Definitely though if you walk after midnight you will bump into the salarymen getting drunk all around Tokyo. Karaoke places are a very famous choice to go out and have a good time. It is not my cup of tea so I will go to the main point immediately.

Hostess clubs. Hoestess clubs are places where mostly guys go and women come and talk to them. By the way it is freaking expensive, one hour may cost 100 Euros and more per person(not including drinks, which are overpriced). Women come and talk with the clients, mostly listen to them. Laugh to what they have to say and keep them company. No there is NOTHING else included, Nothing. Japanese seem to love this kind of entertainment. Me, being a foreigner, I do not understand why I have to pay to talk with somebody while she Is getting paid to make me feel better. That is fake and shallow. But that is just me. They do not cater to me. The client is a Japanese salary man(sometimes older). The same clubs exist for women called Host clubs. I once had an offer to become a host(that is a compliment meaning I am good looking!). I should have accepted that hour if one takes into account the hourly earning a good and interesting host can make just by laughing and smiling.

Members clubs/bars are places where mostly guys go and pay an entrance fee, a service charge, a table charge and the price for a drink. I did that only once and It was my mistake I didn’t ask for all the details in advance. A drink at a members’ club cost me 7200 Yen, just a drink! As I learned to my detriment negotiating in Japan doesn’t work. At those places you can be introduced to other women(they will say they are single but most probably employed by the bar). If they introduce women to you, you have to buy them at least 2 drinks. I have never done this before but I am more than certain that they are “directed” to order/select the most expensive drinks on the menu. Personally I do not want to find out.

Going out in Tokyo can be very painful. I am lucky since I am situated “close” to the places I go out. My cab fare is no more than 1500 Yen to 2400 Yen. Those not very lucky, who live where only the train has access to(unless they want to splurge on a taxi) have to stay out until 5.00 AM when the subway starts running again. The first month when I was living outside Tokyo I had to crush at peoples’ places unless I wanted to party non stop. One time specifically I went home at 08.00 AM since my first train started at 07.00 and it took around 1 hour to reach my door.

I have found some places in Tokyo where mostly foreigners go and I join them for a drink, other than that Tokyo is not my Cup of tea when it comes to nightlife.

Singapore & Hong Kong are amazing on the other hand. First of all the weather makes the people more willing to go out. There is a charge that Singapore is too small and not enough of places. That is not true there are many places and they are concentrated; Clarke quay and Boat quay, Suntech, Mohammed Sultan! Yes there are limited places compared to Tokyo but they are bigger and closer to each other, better atmosphere, bar hoping is feasible, not so sleazy(with the exception of Attica). Easy to meet people and friends there since it is so much concentrated. Sentosa is one of the best places to go which I will do ASAP as I visit Singapore. HK is a more elite place. It is very small so all the nice places are members clubs mostly to avoid regulations and to have a loyal crowd that makes a strong community. My HK experience is a bit limited, I will try to update after my next trips.

That was a long post! I hope I will start enjoying Tokyo nightlife more in the near future. And that is a brutal FACT!

Zanat0s out!

Zani @ a luxury dinner! Report provided!

Last evening after work was done and had Japanese class I attended a dinner hosted by the FCC where the main subject was about affluence and trends in the APAC countries. The speaker was the President of AMEX Japan. American express is different than VISA and MASTERCARD. It is not so widespread but more targeted. They target HNWI *High Net Worth Individuals” with a lot of cash to spend. Basically in this case not cash but plastic.

Before the speech started the president of the FCC made some observations regarding marketing and digital marketing. Did you know that a commercial on Superbowl costs around 300 Million? That is an amazing amount. Other interesting subjects were that People watch more TV and more commercials than ever, a worldwide phenomenon. 11 minutes more than 1990 or 1998 I do not remember the exact year. Online advertising in social network sites is definitely not working, 4 out of 10.0000 people click on advertisements(not the best ROI). Apple loses around 240 million by people who buy iphones and they do not activate them with AT&T.

What will be even more interesting is that there are more female users on the internet and these statistics may be telling: Women online do more shopping, dating and parenting information search. Men search for more adult content, games, Healthy living(that is a surprise), news reading and active participation in communities. Ads targeted to men are supposed to be more effective( not sure though if I got this correctly). There is a backlash toward social network since now people have created their own communities and they do not want to be bombarded with advertisements any more(cue to Facebook and myspace).

After we heard this small report it was time for the main course. I wished I h ad taken notes but unfortunately I thought the presentation would be available to all of us. It seems it is company restricted though. I hope my memory is one of my strong points and I will try to recite what I learnt yesterday. First of all APAC accounts for the around 38% of the worlds’ HNWI and it is forecast to grow more than 40% till 2015. Of course this number may appear small if you consider that China, Singapore, HK, India are bustling with hot money but I suppose that also the definition of HNWI will also change. In today’s world HNWI are people who have financial assets(excluding first residence) of more than 15 million dollars.

Japan accounts for the highest number of HNWI in APAC, china a close second(proving the fact that although China is a poor country, still, the inequalities are rising). Singapore has the highest percentage of HNWI per population, affirming the charge that Singapore is by far a city for millionaires and their money. Hong Kong has also a big percentage. India is on the map but it gets dwarfed by the countries mentioned above. Though one has to say the middle class is growing the fastest in India. India middle class according to the presentation is about 5% of total population but is the fastest growth segment.

The luxury industry according to some estimates is about 80 billion USD per year and there are a lot related industries that have sprung, like luxury consultancies, premium services, new crafted products and anything else that appeals to the affluent. The major spenders in luxury are not the “old” rich, but the neo-rich. People who either grew in poverty or acquired money too fast. They want to have the extravagant and most new item. They believe that with money they can buy access to experience they couldn’t get otherwise. Like a fantastic private chef. Even if they do not understand his cuisine subtle tastes they feel satisfied with the fact that they can taste it and afford it.

AMEX’s research categorized luxury spenders in 4 categories: Meditative, Authoritative, Inquisitive and Acquisitive. The last one Acquisitive has to do with people who like to spend just to spend. They want the newest, the most expensive. Their purchases offer no functionality. EG one will buy a new car every year just because a new model is out, not because the new model offer anything else. China and India fit in this category. People spend money to feel better about themselves. They believe that with money they get respect.

On the other hand Singapore is on the inquisitive side. Singaporeans also care about the experience for exampling sampling a nice bottle of wine. It is more about the experience money can buy. Hong kong and Australia according to AMEX are authoritative consumers. They seek authenticity on what they do. It is more about authenticity that distinguishes the individual. They like mass luxury but avoid it if possible.

Japan now and Most of Europe are on the meditative site. For Europeans consumers and Japanese now spending a lot of money on luxury is not because they need to show to others they have money or that they are successful. It is about self fulfillment. These are people who are mostly mature, had money thought their life, grew up in an affluent society. Luxury must not be screaming “LOOK AT ME” but rather be understated and sublime. Some of the quotes were really telling. A woman who lets say can buy any kind of shoes, goes to a specific store in omotesando since it is the only one that offers her custom made shoes with very high heels. They are not branded by the big companies but to her it adds more value.

Value, that it is all about! Value and how we define it. Another person wanted to enjoy a nice dinner on Christmas but wanted to avoid the trouble of going to crowded restaurants. AMEX arranged for him, his family and friends a special treat. They brought to his house a world-renowned Chef, who prepared a special dinner for them(according to their requirements), live music was included. What a special experience. For people who want something for their inner self and do not need to show off, value means unique and personal. There are a lot of business getting built around this concept. Hotels which offer rooms designed by different architects, personal jet services, specialized sake, custom made clothes(especially suits).

What I enjoyed mostly was a quote form a successful silver era person who bought a huge field in Japan to prepare his own labeled sake for him to enjoy. Another person goes only to one restaurant(it wasn’t specified how many Michelin star it has) and where he is treated like a king and pampered. Of course There are the apprentice affluents, who although may not have the economic flexibility to afford luxury but they do in any case. Case in point japan where you are NOBODY unless you own at least one LV bag.

I liked the presentation although ti didn’t offer any new specific knowledge other than reaffirmed my concept that Japan is a cash society, where credit card transaction represent only 8% of all transactions. People are not afraid to carry cash, A LOT of CASH, since Tokyo has virtually no muggers. Another point is that people who have money do not care to buy what others consider good or “IN”, but they follow their own desires. For example art spending is going through the roof. That doesn’t mean the quality of art is increasing, rather than just people are willing to pay a higher price and artist oblige. Moreover since art is subjective, the price doesn’t reflect general value, but the value the individual assigns to the art object.

There were a lot of questions which I didn’t really remember. One in case was about the affluent giving back to society and charity. This had to do with the Meditative concept. From the feedback I got this is all talk. Other questions had to do with the Japanese market. I would like to close this report by reminding you that not everything that glitter is gold

Brutal Facts out!

Drinking at Work

It is quite late but today I feel the need to blog. For an unspecified reason I am in a great mood. Nothing happened today, on the contrary it wasn’t the best day but I feel awesome. I feel like grabbing books lying on my bed and start reading, like the bookworm I am.
During Insead a lot of students will understand what hardcore reading/studying means when they will have to prepare 3 cases for the next day, do a presentation, have an interview and some prereading. It sounds fun doesn’t it? The truth is that reading is important and nobody has enough time to do a crazy thing like, read all the books ever published. So one must prioritize among titles to read.
Not all books are the same. Freedom of speech is granted automatically to every citizen, but so is writing. On many right things that may “embarrass” others, there should be a limit mostly to keep order.
Back to the subject; reading. Reading can be fun or boring. Most textbooks are boring, while the interesting ones are the one who study the past and transfer to the future. Books should help everybody expand its mental horizons and explore new opportunity.
I guess a lot of Insead admits must be asking themselves what books they should read before the beginning of the class. This depend on what one wants to do after Insead; consulting.
PS the next part will be posted on Wednesday.

IINSEAD and Family / Family @ INSEAD / Fathers & MBA !

IINSEAD and Family / Family @ INSEAD / Fathers & MBA !

I am biased, I did go to INSEAD and I am still praising it. I will do once again today. Most of them MBA applicants do take an MBA for various reasons but top of all is the ability to make a new, better(better paid) start. There are young people(not young anymore) who an MBA to jumpstart their career. Another cluster included the ones who plan for their family and their kids’ future. I didn’t have to think for anybody other than myself while I was at INSEAD. I knew my priorities and I knew what I had to do. Studying overnight, arranging long team meeting or going out with friends, or even chilling by the pool were easy choices for me, where the only parameter determining the result was the available time. Fathers do not have the same flexibility they need to attend to their families and also to their studies.

Before INSEAD I thought that people with families cannot adapt or pick up the challenge an MBA includes. I was proved 100% wrong footed. Let’s make clear in the start which kind of families one may meet at a general MBA program. Remember the average is 30 right? SO unless the applicant belonged to a culture where people have kids at their 18 then it is safe to assume that the average family at an MBA program is more or less a family with very young babies. Moreover a big portion of the families you meet at INSEAD are quite new with the babies born either during the program or just before that.

Statistics wise my promotion in Singapore became witness to 4 births within a month. Yeap 4 of my classmates became fathers(difficult to become a mother during an MBA for obvious reasons) while they were having the course. Honestly before INSEAD I thought that family and the MBA cannot go together. Kudos to all of my classmates who proved me wrong. Though I have to warn you it is not easy. The fathers have an extra challenge during INSEAD and that is called family time. Remember that I have already talked about the need to balance the mix: socializing, studying, job searching and networking? The fathers have a different mix with different priorities: socializing, studying, job searching, networking and family! More emphasis is put on job searching since they have to provide for one or 2 members. Socializing tends to be ignored but what I have seen are families at INSEAD socialize with its other which is truly amazing.
Now to the main question: “What about families at INSEAD?” . Before I begin let me state that my
experience and feedback is based on the Singapore campus but I will try to address the Fonty situation too.

I think Fonty will be easier to address though. FOnty campus is situated in a village outside paris within the idyllic French countryside. Families there can have a nice time and enjoy many garden or tea parties during the year, especially in summer. The Partners society is quite strong and since there are no other opportunities to do activities, partners organize themselves in small clusters where they visit each other or take up hobbies. FOnty’s boredom works to the partners advantage since they can communicate more often and they have the “need” to do something to make life more interesting. As for healthcare facilities or any other services a family may need I am not able to provide any information.

The Singapore campus on the other hand offers the partners a nice room with babysitters available, something like a small baby center. Most partners tend to visit the campus to be with their husbands and enjoy a cup of tea at the cafeteria; Partners also to tend to socialize with each other and have a nice time.
Note I am now continuing writing after 12 hours. I had some things to do so I left blogging unattended. The quality though has risen due to new information and more energy.

So what do fathers care about? Nannies of course. You are going to need some help with the kids. My promotion had a nice system to take care of their children. It was a voluntarily system where couples could volunteer to babysit other couples’ kids. Of course in these kinds of situations one must be fair and keep a balance otherwise the system fails. In my promotion it worked wonderfully. Nannies were used extensively by people whose wives were workings or who had just older children, more than 18 months old.

What about the projects and studying? One may be surprised to find out that studying will cause no problem. Fathers tend to be the most spirited and efficient when it comes to homework and projects. It is quite normal. Fathers need to get home ASAP or at least outsource project work home. Of course also the teammates take a softer approach since everybody understands that family time is PRIME. Groups who have parents tend to get better grades and finish earlier. How? Mr X. has a kid. During meetings Mr. X will focus the team to do the task at hand and not to waste time. After the important issue has been settled he can delegate the secondary work to teammembers and adjourn the meeting quite early.

My personal opinion is that INSEAD is extremely family friendly. It is not a huge campus and both of its location can offer a great family environment. It takes one year which makes it friendly to all kind of families. DO I also have to add that us students get so happy when we see young babies(especially the ladies)?