Class comments: Deeper understanding, more submerged in culture, more detached from “real world” means you are more “into” the place, and less connected to previous biases
Increasing your potential International IQ, Travel + careers
Homework In your own words, tell me 5 reasons that international experience is important for your career. (“international experience” could be = travel, or internships, or study abroad, etc) Class discuss...
Highlighted Student responses: Be a better Entrepreneur New Business Ideas: “When traveling around the world we see different things, business, ideas that may be transferable business ideas and this could be the beginning of a small business or a huge empire.” Roberta Spotting business opportunities “You can identify opportunities all around the world, or thing that you’ve seen in one place that would work in another.” Luiza
Remember… (from the 3 questions framework): #2: “What is the trend? “ Requires: Awareness of global trends, global business models #3: “What is great locally or abroad?” Requires: International IQ + global awareness
Highlighted Student responses: Building your network “Get to know more people, especially in different places of the world. Increasing your friend network. “It’s very important to maintain contact, because in the future this person can either be you business partner, work for you, or call you to work for him, introduce you to other people….
Build your network Nothing is more important for an international profession than their network. Most international opportunities arise because of you word-of-mouth exposure into the international market.
Highlighted Student responses: “Connect-the-dots between different markets and various boundaries.” Arthur
Quotes – famous quotes about the benefits of travel Career, Travel + International
Benefits of travel (famous quotes) “I met a lot of people in Europe. I even encountered myself.” – James Baldwin, American novelist, writer, playwright, poet, essayist and civil rights activist
Benefits of travel (famous quotes) “The world is a book, and those who do not travel read only a page.” – Saint Augustine
Benefits of travel (famous quotes) “Don’t tell me how educated you are, tell me how much you have traveled.” – Mohammed
Personal Development Skills enhanced by global travel
Gaining Independence: Travel will make you more capable, mature and able to look after yourself. “It was only after hopping on flights across the globe and hunting around for hotels on my own that I stopped calling my Dad at the first sign of trouble. I started to solve my problems myself. Novel!" - 5 (Less Obvious) Reasons Why Travel is Good for You | Travel Blog - Tripbase
Why travel abroad? exposing yourself to an international lifestyle. learn to be curious about international places, people, cultures, businesses, events, politics, etc.. Increase your international IQ every day!
Other Skills you develop traveling: Greater perspective on how others live, leading to humility, generosity... traits which are attractive to potential employers Teamwork – as you travel the world, you learn to work with others Decision making – traveling solo in different parts of the world, you learn how to make decisions quickly in unfamiliar circumstances
Other Skills you develop traveling: Initiative – the act of going out to see the world on your own is taking initiative, and as you travel you will find that daily acts of initiative will build your skills in this area Communication - what better way to develop your communication skills than to travel the world and encounter cultures of people who speak other languages, and have different communication styles? Money management, budgeting, planning – going off to travel the world will improve your financial skills as you learn to live within your budget, plan for future travels, negotiate hotels, trans, air flights and more
Other Skills you develop traveling: Negotiation skills – traveling the world on a budget will force you to become a great negotiator. These skills of negotiation will definitely benefit your career after the trip is done. Adaptability – While traveling you will need to learn to be flexible and accept changes quickly, which are important skills to develop to an ever innovating world Interpersonal skills – solo travel is lonely if you don't quickly develop a knack for interacting with people from different cultures. Traveling is one of the best means to developing interpersonal skills
Other Skills you develop traveling: Cross cultural leadership – as you travel the world, your skills in cross cultural communication and leadership will be tested to the max. What you learn in daily life traveling is beyond what you could learn in MBA school classrooms or in cross cultural training seminars. Self reliance, independence, confidence, responsibility are all skills you will develop while traveling Language skills – as you learn phrases for surviving daily life in other countries, you will develop a talent for how to learn languages, and how to communicate non-verbally with people from other cultures.
Using international travel to boost your career – Career benefits
1. Travel to raise your “potential” international IQ Personal Understand international news (not just hear it) Expand your world view Create global awareness Develop international outlook, and global mindset. Develop a greater appreciation of other cultures and of different economic and political environments Professional Enhance your resume Break out of your academic routine Build your network of friends from around the world Develop leadership skills
Work abroad + salaries $$$ “The salary of an executive who will live abroad (which varies according to location and the company he works for) increases, on average, about 20%. “ Extra $$$$
From an employers perspective: "A professional with international experience it is easier to develop corporate culture and motivate people, since he is usually very motivated,“ Marcos Ramos, newly named president of Alcoa Europe.
Easier to hire: “Young people now need to shift the so-called global mindset, a skill set that consists mainly of understanding, communicating up and manage people of different origins. It is a decisive experience in deciding to hire a person." Marcos Ramos, newly named president of Alcoa Europe.
Quotes: McKinsey - A culture of moving: "Half of our partners and more than 20 percent of our associates have worked outside their home region. Each year, more than 200 consultants take short- or long-term transfers. And last year, 42 percent of non-partners relocated on an engagement loan. They’re rewarded with experiences that enrich their career." - Live and work around the world | Global | Travel | McKinsey Careers
Need to be global (to be ready) "In the past, it was the experience that left a professional ready to go abroad. Now the logic is the opposite…he needs to go overseas to get ready.“ Prof. Brooks, a professor of the Graduate School of Advertising and Marketing (ESPM, Sao Paulo Brazil)
Careers - ARE YOU READY (for global prime-time)? Skills enhanced by global travel
Are you ready (for an international career): More than eight years of adulthood administrator Sao Paulo Rodrigo Aires were spent abroad. At 24, he moved to Mexico. Then lived in Puerto Rico and Spain. He now lives in Hong Kong. With 17 countries in the curriculum and only 32 years old, Aires represents a generation that goes around the five continents with the same ease of one who takes a taxi. These are called global executives, professionals with the potential to assume leadership positions are invited to spend periods in other countries, periods that can last from few months to several years.
Skills needed in the economy economic and geographical knowledge, cross-cultural communication skills, analytical skills, flexibility, an understanding of and familiarity with local customs, an ability to adapt to new circumstances, language skills
Skills for a resume: Who thinks international experience (travel, study abroad, etc) is beneficial to: 1. Vision 2. Passion 3. Purpose 4. Adaptability 5. Leadership Skills 6. Networking Savvy 7. Determination 8. Positive attitude
Your Resume (CV) needs to stand out "Darwinian war for talent" is now so keen that the gap year - once a straightforward mark of distinction - now has to be absolutely extraordinary to single a graduate out. Straightforward canoeing up the Amazon is no longer enough. The graduate has to have paddled backwards. http://news.bbc.co.uk/2/hi/uk_news/magazine/3530906.stm
Resume (CV) tips See my blog posting on how to include study abroad experience on your resume here: http://forumnexus.wordpress.com/2009/10/29/resume-cv-building-with-study-abroad/
Career Options(for global travelers) Question: If you already have invested in your International IQ…. And if you int’l IQ is already HIGH… then what career options might you consider? What careers might be open to you (that might not be open to others)? Some ideas…. International business Import / export, Global Entrepreneur Diplomat Int’l Journalist / reporter Work at United Nations as Politician / Mediator International Lawyer Political activist Teacher (history, geography, etc) Economist What else??
Career Options(for global travelers) Strategy consultant /management consultant - Examples: McKinsey, Bain, Boston Consulting Group, etc Global Macro trader: Hedge funds, Ex: Jim Rogers (see below) Some interesting career options you MIGHT NOT have considered….
Management Consultant: What is it you do? Consultants sell knowledge, and the skill and expertise of their employees. Basically, consultants are hired by a company, government, or a nonprofit…to: help assess its problems, plan its future, or improve operation efficiency and profits. see more: from Vault. com
International Career Option – Management consulting
unique career that offers the chance to work within many industries and companies, Work directly with CEOs, and travel throughout the country and the world. see more: from Vault. com
International Career Option – Global macro (hedge fund) investor
International Career Option – Global (macro) investor More about investors + the benefits of global travel will be discussed below (see section on “3 steps” + how to benefit from increased international IQ by investing. see more: http://globotrends.pbworks.com/global-macro-hedge-funds
3 steps : process to boost actual international IQ + benefit from it How to
Using international travel to boost your career – 3 steps Increase “Potential” Int’l IQ Increase “Actual” Int’l IQ Benefit from your increased International IQ
Using international travel to boost your career – First 2 steps… Increase “Potential” Int’l IQ Much like “potential GDP” in economics which sets the constraints for how much the economy can grow Can be increased with: Travel, Study abroad*, Volunteer abroad, Work abroad, Language lessons, more… Increase “Actual” Int’l IQ Much like “actual GDP” of an economy which may be below (with room for growth), at equilibrium, or above the potential GDP (causing meltdown) Can be increased by: Reading Economist magazine weekly, watch BBC, international news, etc… *(could increase BOTH potential & actual IQ @ same time)
1. Increase your “Potential” international IQ Travel Long-term travel: Open your mind, learn about politics, geography, history, culture, “what’s going on?”, etc… Work Abroad Study abroad (increases BOTH potential & actual IQ) Get a masters from another country Short term – get a certificate Volunteer abroad Peace corps, etc
Travel + potential Int’l IQ Benefits of LONG-TERM (around the world) travel: Defined as 3 months or more Why do around-the-world extended travel? Rather than short trips (many). What are the advantages of doing one LARGE round the world travel instead of many short 1 week travels? Class discuss…
Travel + potential Int’l IQ Short-term travel is likely short-distance travel. Because the world is so BIG, that short-term travelers will likely never travel to Thailand, Laos, Malaysia, Indonesia, etc. (unless they are from that part of the world!) So, when news from the other side of the globe hits, she will have no travel-reference to relate the news back to her personal experiences.
Travel + potential Int’l IQ Without the experience of traveling across, you miss the context of place: Short term travelers, if they do happen to travel long-distances, likely only see a pin-point on a map, and you lack the context of moving from one place to another across the map In my experience: driving across the border from Malaysia to Thailand, or Laos to Thailand was more educational than … the tourists that just flew into Phuket and went directly back to England (and lacked the transition / context of the changing landscape, people, religion, etc)
Benefit of increased Potential: ability to make sense of Global News Increased potential… means that when you DO come across international news… it will make more sense to you Previously having traveled somewhere…Makes it easier to understand (later) when you read news about that place For example…
Questions (about headline) How close (geographically, culturally, economically) are Phuket + Bangkok If you had traveled there, you would know… This is about your POTENTIAL
Its FAR (distance, culturally + physically) About 900 km- “are you talking of a hire car and driving yourselves, if so you would be mad, roads are crowded and traffic is hectic. The best thing is to fly from Bangkok to Phuket, there are all sorts of cheap fares, and you would get there alive.” Trip Advisor
Using international travel to boost your career – 3 steps Increase “Actual” Int’l IQ Much like “actual GDP” of an economy which may be below (with room for growth), at equilibrium, or above the potential GDP (causing meltdown) Can be increased by: Reading Economist magazine weekly, watch BBC, international news, etc…
Using international travel to boost your career – 3 steps After Traveling (or Studying Abroad, Working Abroad, etc)… to increase your Potential… The next step is to increase your ACTUAL international IQ…. How? For this you need to read, read, read…
Subscribe IN PRINT (not online!) Note: it takes about 5 hours to read it per week. Invest 1 hour per weekday to raise your “ACTUAL” international IQ up to your “potential”
Step #3 Invest to - Benefit from increased International IQ
Step #3 Invest to - Benefit from increased International IQ Invest in career advancement Invest in new job Take advantage of opportunity as entrepreneur Trend (get ahead of it), Transferrable idea (from abroad) See import / export opportunity Invest in stock market, commodities, currency, countries (or bet against them)… the so called “global macro” strategy of investing… as outlined below…
The adventure Capitalist – success investing globally Rogers co-founded the Quantum Fund. During the following 10 years the portfolio gained 4200% while the S&P advanced about 47%. It was one of the first truly international funds. Co-founded with George Soros In 1992, the lead fund, Soros's Quantum Fund became famous for "breaking" the Bank of England, forcing it to devalue the pound. Soros had bet his entire fund in a short sale on the prediction that the British currency would drop in value (it did), a coup that netted him a profit of $1 billion.
The “Adventure Capitalist” Between January 1, 1999 and January 5, 2002, Rogers did another Guinness World Record journey through 116 countries, covering 245,000 kilometers with his wife, Paige Parker, in a custom-made Mercedes. The trip began in Iceland, which was about to celebrate the 1000th anniversary of Leif Eriksson's first trip to America. On January 5, 2002, they were back in New York City and their home on Riverside Drive. His route around the world can be viewed on his website, jimrogers.com. He wrote Adventure Capitalist following this around-the-world adventure. It is currently his best selling book.
The “Adventure Capitalist” He is quoted as saying: "If you were smart in 1807 you moved to London, if you were smart in 1907 you moved to New York City, and if you are smart in 2007 you move to Asia."
The “Investment Biker” From 1990 to 1992, he traveled through China again, as well as around the world, on motorcycle, over 100,000 miles (160,000 km) across six continents, which was picked up in the Guinness Book of World Records. He tells of his adventures and worldwide investments in Investment Biker.
Summary Travel to - Increase “Potential” Int’l IQ Read to - Increase “Actual” Int’l IQ Invest* to - Benefit from increased International IQ *take benefits of your hard work: Invest in career advancement, Invest in new job, Take advantage of opportunity as entrepreneur - Trend (get ahead of it), Transferrable idea (from abroad), See import / export opportunity, Invest in stock market, commodities, currency, countries (or bet against them)… the so called “global macro” strategy of investing… as outlined above…