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SEPTEMBER 2002 MBA JOURNAL: INTRODUCTION Valerie Frazee: Who I Am, and Why B-School Is for Me "I have designed processes and workflow. I have created a corporate culture. And I have supervised staff in turbulent times. I have been an effective implementer. Now, I'm ready to be a strategist." After a few years as a writer, I'm not surprised I get a thrill out of creating something from nothing. Stringing words together across a blank page can be immensely satisfying. I was surprised, however, to discover that launching companies can be exciting in exactly the same way. Until I was in the middle of my second startup experience, I was unaware of the creative process involved in putting together a new business. Had I known in undergrad what I know now, I might have been a business major. Since I graduated from Ohio State, I have participated in five startup teams. I worked on three of these projects from launch to shutdown. With my degree in English and a career in the publishing industry, it makes sense that all five startups were content-related businesses. The first two were magazines. The last three were Web sites. Three of the five were focused on international business issues. The first time it happened, I thought it was an anomaly. The publisher of Registered Representative (a trade magazine for stockbrokers) offered me a chance to switch from RR to a new project. I happily signed the agreement stating my employment was contingent on the success of the new publication. I was an editorial assistant, eager to absorb new experiences. My managing editor shared insights along the way, so I understood why the business failed a year later. I was laid off. I moved on. Then it happened again. In fact, four more times I left a safe position so I could be part of building something new. By the time a former colleague invited me to help launch my fourth startup-a Web site for expatriates-I was hooked. It was clear from the beginning that building that site would require Herculean effort, and I led that crusade. We designed a $50,000 prototype followed quickly by the real thing -- a Web site with 2,500 pieces of content in a $2.3 million platform. I'm still reeling from the sudden end of this venture. But I wasn't surprised. I saw the signs, and I knew things were off-track. We were doing the best we could to navigate. But we didn't quite make it. One great thing about being in your thirties is you have enough anecdotal evidence to recognize which events in your past were isolated accidents and which were things you intentionally (though sometimes unconsciously) brought about. I believe it's those repeat experiences that tell you--fundamentally--who you are. The trends in my life are glaringly apparent. I live to travel. I was born to fly. And I thrive in unstructured, high-risk, high-variety work environments. My career is nothing close to the "Five-Year Plan" I described to my counselor, but it is very clearly of my own design. The expatriate Web site was a blast because it involved four of my passions: content, global issues, the Internet, and startups. As it shut down, I spent a great deal of time reflecting on what made that job important to me. I asked myself which one quality I would pick if I had to give up the other three. The answer was clear. I can hardly wait for the next opportunity to launch a new product or company. Being an entrepreneur is my top priority. Why business school? I have spent the last few years as the can-do right arm of senior executives. I have hired bright people and learned what motivates them. I have designed processes and workflow. I have created a corporate culture. And I have supervised staff in turbulent times. I have been an effective implementer. Now, I'm ready to be a strategist. I plan to spend the next segment of my career launching new projects or new businesses. I would like to do this with a better understanding of the risks involved and what it takes to succeed. I want to learn how to assess market potential and return on investment, and how to recognize faulty assumptions so I can add greater value in the planning stages. I want more experience crafting value propositions and writing business plans. I am also returning to school to build my quantitative skills. I am curious about finance and venture capital, and I want a broader exposure to accounting than the basic budget experience I've had. And finally, I'm excited about being in an academic environment again -- meeting many intelligent people and seeing the world through their perspectives. I believe the Marshall School of Business at the University of Southern California will be an ideal environment for seeking answers to my questions. I applied there because it is so highly regarded in the area of entrepreneurial studies. And I accepted because a fellowship offer made Marshall affordable, and it felt like home when I visited. My background is a little non-traditional for full-time MBA programs. With ten years of work experience by the time school starts this fall, my stats are more in sync with part-timers. But I never doubted that full-time was the right environment for me. I am a high-energy person, easily obsessed by projects I believe in. I commit fully to jobs I love. That commitment would distract me from the clear focus I want to have when I return to school. Sure, it's a little daunting... the thought of being back in the classroom after ten years in offices. But I keep telling myself it's just another adventure-like trips I've taken to Mali or Uzbekistan. Living in Los Angeles will be a kick, and studying can't be any harder than working a gazillion hours a week for Internet startups. Can it? We'll see...  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