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Warwick Business School Alumni Association magazine: summer 2011
NOW OPEN!
               Gather, learn and discuss
          the business issues that matter

        Book online at wbs.ac.uk/go/cafe


The Virtual Business Cafe
              Find out more on page 18 
3

Message from the Dean

                                             Over the past year or so, I have recruited    Contents
                                             some of the leading behavioural
                                             scientists in the world and created           In this edition of nexus we focus on
                                             our own Behavioural Science group,            Behavioural Science
                                             making WBS the first business school
                                             in Europe to have a dedicated facility        Staff news                        5
                                             to delve further into this field, with a      WBS news                          6
                                             superb set of behavioural scientists who      Hot off the press                 8
                                             are already beginning to collaborate
                                                                                           Instincts, motivations & choices:
                                             with our other top researchers across
                                             WBS and across the University, and to         Behavioural Science uncovered
                                             form applied partnerships with, among         Michael Prest                          10
                                             others, the Design Council and the            The bright marketing manifesto
                                             Institute for Practitioners in Advertising.   – seeing the business through
                                             As I write, our new Behavioural Science       the customers’ eyes
                                             lab is about to go live and we are well       Robert Craven                          14
Welcome to the Summer 2011 edition           on our way to becoming the premier
                                                                                           Happiness – a revolution in
of nexus. For this issue I have chosen       school for research, teaching, corporate
                                             engagement and media comment in
                                                                                           social science
to focus on Behavioural Science, a
                                                                                           Bruno Frey                             15
relatively new discipline which is having    this area.
huge impact across society and which                                                       The science of giving:
I believe will be hugely important in        I hope you’ll be excited by this new          what motivates charitable
taking WBS forward.                          venture and, to help you understand           giving?
                                             what it’s all about, in this issue you will   Christopher Olivola                    16
When I took on the role of Dean, I           find:                                         Personal & Career
decided to put WBS at the forefront of                                                     Development                            17
this particular cutting-edge research.       H Journalist Michael Prest talking to
                                                                                           The WBS Virtual Business Cafe          18
My experience as an asset manager              members of our new Behavioural
during the global crisis drove home to         Science group                               Get involved                           19
me that there are important forces at        H Professor Bruno Frey discussing the         Mentoring                              20
work in the financial markets, and in the      measurement of happiness                    Students and cohorts                   21
economy more generally, that just can’t      H Dr Christopher Olivola exploring the        Global networks                        22
be captured by analysing the world             motivations for charitable giving           Professional networks                  24
using traditional economic and financial     H Alumnus Robert Craven writing
                                                                                           WBS events                             25
models alone; to get to the heart of           about seeing your business through
human behaviour as it impacts on the           your customer’s eyes.                       Alumni news                            26
economy we need to cast our net more
widely.
                                             This is just one of several initiatives
Behavioural Science is an intrinsically      which will help us on our way to
interdisciplinary area, lying at the nexus   becoming Europe’s top university-based
of applied psychology, organisational        business school, keeping us at the
behaviour, neuroscience, sociology,          vanguard of new research, and allowing
management science, economics, and           us to offer new ways of seeing the world
finance. I believe we can leverage it to     to our students and graduates – ways of
improve our understanding of the world       looking at things differently.                 7
and to improve business performance.
It can help us understand the economic       Coupled with weaving creative thinking
decisions of both individuals and            through all our activities, I am confident
institutions – decisions which can have      that these initiatives will offer the WBS
massive effects on market prices, on         Community excellent returns on their
the returns on investment and on the         emotional and financial investments in
growth rate of the economy.                  us.



                                                                                            10                   26
4 nexus: summer 2011


Welcome to the Behavioural                                                                                       Throughout this edition, you will find
Science edition of nexus.                                                                                        many examples of alumni and students
                                                                                                                 contributing to, and benefitting from, the
With the focus this time on human                                                                                WBS community. These include:
behaviour – and in particular, what
motivates us and makes us happy – it                                                                               H our mentoring programme (page 20)
seems a good time to consider the WBS                                                                              H our active global and professional
community and the important role it                                                                                   networks (pages 22–24)
plays.                                                                                                             H event speaker slots (page 25)
                                                                                                                   H the Virtual Business Cafe (page 18).
There are of course all sorts of reasons
to stay in touch with us. You might want                                                                         The Alumni Executive (formerly the
to keep your skills updated through                                                                              Alumni Board) also plays a crucial role
embarking on further study, attending                                                                            in this community, leading our alumni
events or visiting the Knowledge Centre.                                                                         relations activity at the strategic level,
Or want to maximise your career success                                                                          acting as our most senior advocates, and
through our mentoring programme,                                                                                 progressing key projects.
careers services, and training
programmes.                                                                                                      Why don’t you join our growing team?
                                                                                                                 Pages 19 and 21 give you some ideas
But, for many of us, the motivation goes                                                                         on ways to get involved. New initiatives
much deeper. The WBS community                                                                                   include:
provides us with a sense of continuity, of
belonging, of pride. It is an opportunity                                                                          H our group for recent graduates
to keep in touch with old friends and                                                                              H our class representative network
colleagues, and to find new ones.                                                                                  H our pool of sector specialists, offering
It provides a connection to a global                                                                                  advice to current students.
network, many of whom we would feel
comfortable to call upon for advice or                                                                           We are also keen to find alumni in the
recommendation, simply because of that                                                                           finance sector to drive forward our
shared affinity.                                                                                                 Finance Professional Network.
                                                            The WBS community
For a rapidly increasing number of our                  provides us with a sense of                              I hope you enjoy this edition of nexus
alumni, this sense of affinity is also                                                                           and my team and I look forward to
driving a desire to give back to WBS. This
                                                        continuity, of belonging, of                             working with you.
might be financially, but many also give                pride. It is an opportunity to
generously of their time, knowledge,                                                                             Alison Bond
expertise and experience. They want
                                                        keep in touch with old friends
                                                                                                                 Head of External Relations
to contribute to WBS because it has                     and colleagues, and to find new                          e Alison.Bond@wbs.ac.uk
impacted on their lives, and they want to
use their own skills to make a difference
                                                        ones. It provides a connection to
to others.                                              a global network.


 contact details           Alison Bond                     Tracy Lynch                     Claire Stevens                  nexus is the magazine of the WBS Alumni
                           Head of External Relations      External Relations Officer      External Relations Assistant    Association T +44 (0)24 7652 4306
 The Alumni Association    T +44 (0)24 7652 4176           T +44 (0)24 7652 8487           T +44 (0)24 7652 8487
 Warwick Business School   E Alison.Bond@wbs.ac.uk         E Tracy.Lynch@wbs.ac.uk         E Claire.Stevens@wbs.ac.uk      The views contained in nexus are those of
 University of Warwick                                                                                                     contributors and not necessarily those of
 Coventry CV4 7AL          Kathryn Chedgzoy                Jen Young                       Renate Mason                    Warwick Business School or the University
 United Kingdom            External Relations Officer      Office & Events Co-ordinator,   External Relations Assistant    of Warwick
 t +44 (0)24 7652 2813     T +44 (0)24 7615 0515           External Relations              T +44 (0)24 7615 0371
                                                                                                                           Design by Morse–Brown Design
 f +44 (0)24 7652 3719     E Kathryn.Chedgzoy@wbs.ac.uk    T +44 (0) 24 7615 0171          E Renate.Mason@wbs.ac.uk
                                                                                                                           w morsebrowndesign.co.uk
 E alumni@wbs.ac.uk                                        E Jennifer.Young@wbs.ac.uk
 W wbs.ac.uk/alumni        Ann Jackson                                                     Emily Jamieson
                           External Relations Officer                                      External Relations Assistant
                           T +44 (0)24 7652 8197                                           T +44 (0)24 7652 2987
                           E Ann.Jackson@wbs.ac.uk                                         E Emily.Jamieson@wbs.ac.uk
staff news                       nexus: summer 2011                                                                      5


Academic appointments                                             Professor Bruno         group. Margit has published nine books
                                                                                          as author, co-author, or editor, and over
                                                                  Frey
                     Professor Steve                              An international        160 scholarly articles. She is Research
                                                                  and highly cited        Director of CREMA.
                     Brammer
                     A leading scholar                            researcher.
                     on what drives                                                                           Professor Daniel
                     an organisation’s                                                                        Read
                     social and ethical      Bruno is Distinguished Professor of                              World renowned
                     performance.            Behavioural Science at WBS, and is based                         for his work on
                                             in the Behavioural Science group. He                             intertemporal choice.
Stephen joined WBS in January as             retains the post of Professor of Economics
Professor of Strategy and Associate Dean     at the University of Zurich, Switzerland,
for Research, based in the Marketing &       where he has specialised in political
Strategic Management group. Previously       economy, non-market economics, and           Daniel has held positions at Carnegie
he was Professor of Business and Society     the theory of economic policy since          Mellon University, the London School of
at the University of Bath’s School of        1977. He is Research Director of CREMA       Economics and Political Science, Leeds
Management.                                  (Centre for Research in Economics,           University Business School and Durham
                                             Management and the Arts, Zurich).            University Business School, in addition
His research has been widely published       Bruno is author of over 600 articles in      to visiting positions at the University of
in leading journals such as the Strategic    professional journals.                       Illinois, Yale School of Management, and
Management Journal, the Journal                                                           INSEAD. He is Professor of Behavioural
of Management Studies, Financial                                  Professor               Economics based in the Behavioural
Management, and the Journal of                                    Graham Loomes           Science group.
Business Research.                                                A highly cited
                                                                  scholar and Fellow      Daniel’s work has appeared in journals
                     Professor                                    of the British          including Management Science. He
                                                                  Academy.                has written book chapters and reports
                     Graeme Currie                                                        and has been an Editor of the Journal
                     A late entrant to
                                             Graham joined WBS in February,               of Economic Psychology, and Associate
                     academia and now a
                                             as Professor of Behavioural Science,         Editor for Management Science.
                     leading international
                     academic in public      retaining his role as Professor of
                     management.             Economics in the University’s Economics                          Professor Richard
                                             Department. He has undertaken research                           Taffler
Graeme joined academia in 1996,              for a number of government bodies                                An authority
gaining his PhD from the University of       in the UK and elsewhere. Graham has                              on behavioural
Nottingham where he worked for 14            authored, co-authored and edited                                 finance, he relishes
years. For the last three years he was       numerous journal articles and books.                             his engagement
Director of an applied research institute.                                                                    with investment
His title at WBS is Professor of Public                          Professor Margit                             practitioners.
Management, based in the International                           Osterloh
Centre for Governance & Public                                   A scholar with a         Richard joined WBS in January 2011 as
Management. Graeme’s research has                                deep and practical       Professor of Finance and Accounting and
been published in a range of studies and                         understanding of         Head of the Accounting group.
journals, over 60 to date.                                       management issues.
                                                                                          He has published over a hundred
                                             Margit joined WBS in 2010 as Professor       academic and professional papers and
                                             of Management Science after holding          books, and is frequently quoted.
                                             a chair in Human Resources at the
                                             University of Lüneburg, Germany, and         Professor Taffler is currently helping to
                                             then a chair in Business Administration      develop the new paradigm of emotional
                                             and Management of Technology                 finance.
                                             and Innovation at the University of
                                             Zürich, Switzerland. She is based in the
                                             Marketing & Strategic Management
6 nexus: summer 2011                                                                                    WBS news

Rankings and                                 The first exchange of undergraduate
                                             students from Cornell University, USA,
                                                                                            The Lanner Group has awarded prizes to
                                                                                            WBS students on our MSc in Business
accreditation                                also took place, with the arrival at WBS       Analytics & Consulting for their excellent
                                             of Karl Delaroche and Nicole Wolski from       work in the Analytic Consulting module.
The Financial Times has ranked WBS fifth     Cornell’s Industrial & Labor Relations         Course Director Dr Mette Asmild
in the world, and second in the UK, in its   School. Nicole said, ‘I had always wanted      commented, ‘We are very grateful to the
first ranking of pre-experience Finance      to see England and Warwick gave me not         Lanner Group for their support for our
Masters programmes.                          only the chance to do that, but also to        students. The winning group’s report was
                                             study at one of the best schools in the UK.’   an excellent piece of work’.
For the WBS Undergraduate programme,
came the great result of second to Oxford    As the warm spring weather arrived,            A team of participants from the Warwick
in this year’s Guardian newspaper’s          WBS played host to doctoral students           Global Energy MBA won the WBS
University Guide. The Financial Times        from Oxford’s Saïd Business school and         MBA Student of the Year Award. John
ranking of customised executive courses      Cambridge’s Judge Institute taking             Armstrong, Brent Brough, Shawn Le
saw WBS rise two places in the world         part in in the fifth annual ‘Woxbridge’        Maitre, Gage Garner and Juergen Ritzek
and hold its place in the UK – no mean       doctoral conference. The two day               were chosen because of an investment
feat in the current economic climate and     conference enables doctoral students           club they set up to track the progress
competitive market.                          and academics in training to present           of companies studied on their course,
                                             their research.                                enabling their class to monitor the
WBS remains in the elite group of                                                           performance of their investments.
business schools worldwide who
hold the sought-after triple-crown
                                             Student awards
gold standard in business education
                                                                                            External recognition for
                                             A team of five undergraduate students
after achieving full five year EQUIS
                                             beat off competitors from other top            WBS academics
reaccreditation.
                                             UK universities, including Oxford and
                                             Cambridge, to win the Royal Bank of            Emeritus Professor John Benington was
Programme news                               Scotland (RBS) Indian Summer Challenge.        awarded a CBE for public service in the
                                                                                            UK’s New Year Honours List. This honour
                                             After a series of challenges and fund-         was followed by Keith Hoskin’s nomination
Two new finance masters courses will
                                             raising activities, the Warwick team won       as the Distinguished Academic of 2011
launch this September. The MSc in
                                             a three-week all expenses paid trip in         for the British Accounting and Finance
Accounting & Finance and the MSc
                                             September to India where they will help        Association. Temi Abimbola was invited
in Finance with Behavioural Science
                                             the RBS community project SUPPORT and          to present at the annual Harvard Africa
join the four established courses in our
                                             spend time in the RBS Global Banking &         Business Conference.
finance suite. Dr Elisabeth Dedman,
Academic Course Director, commented          Markets Mumbai offices.
‘Recent events have revealed the need
for a new breed of financiers who think      WBS undergraduates also won, and were
more critically and who are prepared to      highly placed, in the British Council’s
challenge theories.’                         UK Shine! 2011 competition for overseas
                                             students, and the Warwick Advantage
                                             Awards, where no less than 23 of our
                                             undergraduates won awards.

                                             In the classroom, the Association
                                             of Corporate Treasurers gave prizes
                                             for the tenth year running to WBS
                                             undergraduates.                                             John Benington CBE
          IIMA MBA students at WBS
                                                                                            Simon Collinson has been appointed as a
In the depths of winter, 18 executive                                                       member of the influential Economic and
MBA students from the Indian Institute of                                                   Social Research Council and Chair Professor
Management, Ahmedabad, braved the                                                           at Zhejiang University for a period of three
weather at WBS to gain an                                                                   years. Paul Marginson, Director of the
understanding of business in Europe and                                                     Industrial Relations Research Unit, was
the challenges facing British businesses.                                                   invited to present a webinar organised by
                                                                                            the UK’s Chartered Institute of Personnel &
                                                    Winners of the Lanner Group prizes
                                                                                            Development and Unilever.
WBS news                         nexus: summer 2011                                                                          7


The Royal Shakespeare Company announces plans for
the Centre for Teaching Shakespeare at Warwick
Royal Shakespeare Company                    partnership between a cultural
(RSC) Executive Director Vikki               organisation and a university. It’s a bold
                                             new initiative which is entirely in keeping
Heywood, Warwick’s Vice-                     with a business school that looks at
Chancellor Nigel Thrift, Dean of             things differently’.
WBS Mark Taylor, and Professor
of Creativity Jonothan Neelands,             The event was attended by over
                                             130 guests including Members of
have announced plans for the                 Parliament, peers from across the house,
RSC/Warwick Centre for Teaching              representatives from funding bodies,
                                                                                             Mark Taylor talking to Michael Boyd (RSC)
Shakespeare.                                 donors, teachers, students, board
                                             members and representatives from the
The announcement was made at an              University of Warwick.
event, organised by Liberal Democrat
Peer Baroness Sally Hamwee, to celebrate     It included many young voices: a hip-hop
the RSC’s inspirational education work       response to Shakespeare from emerging
at an event at The House of Lords on         spoken word artist Toby Thompson; a
Tuesday 10 May.




                                                                                                                                             Photography by RSC/Ellie Kurttz
                                                                                             Jonothan Neelands



                                                                                            ‘Of the teachers who have worked with
                                                                                            us, 43 per cent have gone on to receive
                                                                                            promotion. We’re delighted that more
                                                                                            of this work is going to be available to
                                                                                            teachers across the world through our
                                                                                            new partnership with Warwick.’

                                                                                            Michael’s message to government
                                                                                            is ‘We want to get closer to the
 A young performer takes centre stage
                                                                                            curriculum, not further away from
                                                                                            it. Words like assessment and
                                           talk from two members of the RSC’s Young         standards and attainment don’t
The unique collaboration between the       Company about their relationship with            frighten us. Shakespeare is both a
two organisations will offer online and    Shakespeare; and an extract from King            cultural entitlement and a curriculum
residential courses to teachers in the     Lear, performed by students from Isleworth       requirement for students. We want to be
UK and across the world. The centre        and Syon Boys School and directed by RSC         an active collaborator on the curriculum
will open in 2012 with the ambition        ensemble member Kelly Hunter (Goneril            and the assessment of the teaching
of transforming the school learning        in the company’s current production of the       and learning of Shakespeare in order
experiences that young people in           play).                                           to play our part in ensuring that every
the UK and across the world have of                                                         single child in this country can choose to
Shakespeare’s plays.                       Artistic Director, Michael Boyd said, ‘We have   develop a life-long relationship with his
                                           already created a postgraduate certificate       work.’ w tinyurl.com/3blsr7t
Professor Mark Taylor, Dean of WBS         in the teaching of Shakespeare with the
said, ‘The new Centre for Teaching         University of Warwick, and 97 per cent of          For more information the Royal
Shakespeare will be developed within       teachers who take the course complete              Shakespeare Companys’plans for
WBS. This is a unique adventure for all    it. This can be compared to a national             Teaching Shakespeare at Warwick see
of us, and we think a very innovative      average completion rate for postgraduate           w tinyurl.com/3blsr7t
approach to developing a long term         qualifications of around 40 per cent.’
8 nexus: summer 2011                                                                                          hot off the press

                         Contesting the                                   Philosophy and                                    Metaphors we lead by.
                         Corporation: Struggle,                           Organization Theory.                              Co-edited by André
                         Power and Resistance                             Jointly edited by                                 Spicer. Published by
                         in Organizations.                                Professor Hari                                    Routledge. Seeking to
                         Co-authored by                                   Tsoukas. Published                                understand the faith
                         Professor André                                  by Emerald Group                                  we place in leadership,
                         Spicer. Published by                             Publishing Limited.                               the authors draw on
                         Cambridge University                             What is the                                       studies of managers. It
                         Press. This book                                 relationship between                              presents six metaphors
                         counters the view that                           philosophy and                                    for the leader: as
                         the power of large                               organization theory                               gardener, cosy-
                         organisations goes                               (OT)? Papers in this                              crafter, saint, cyborg,
unchecked by showing they’re driven by            volume explore connections between several          commander and bully, offering insights into
political struggle, power plays and attempts      streams in philosophy and OT. The central           how leadership does and does not work.
to resist control. Each chapter illustrates a     question explored is: ‘what does a particular       w amzn.to/iplrwZ
different dimension of workplace struggle         philosophy contribute to OT?’
through studies relating to sexuality,            w amzn.to/jmpXg6                                                            Public Value:
cynicism, social movements and trade                                                                                          Theory and Practice.
unionism.                                                                                                                     Co-authored by
                                                                            Offshoring Strategies:
w amzn.to/keqF5x                                                                                                              John Benington.
                                                                            Evolving Captive Center
                                                                            Models. Authored by                               Published by Palgrave
                        Global Strategic                                    WBS Associate Dr Ilan                             Macmillan. This text
                        Management. Jointly                                 Oshri. Published by                               provides a concise
                        authored by Professor                               MIT Press. One mode                               and internationalised
                        Kamel Mellahi.                                      of offshoring has                                 restatement of the
                        Published by Oxford                                 continued to grow                                 public value approach,
                        University Press. This                              despite economic                                  an assessment of its
                        text provides a global                              turmoil: the captive                              impact to date and
                        perspective on strategy                             center, subsidiaries or   its relevance to the challenges of public
                        covering traditional                                offices that provide      management in a time of crisis and austerity.
                        management as well        the parent company with services. This text         w amzn.to/m0QwBD
                        as new topics such as     examines the evolution of the captive center
corporate social responsibility. This second      identifying basic models and examining                                       Key Concepts in
edition features global case studies, a new       strategies pursued by Fortune Global 250                                     Critical Management
chapter on knowledge and innovation and is        firms. It offers case studies that illustrate six                            Studies. Jointly edited
supported by an online resource centre.           models.                                                                      by Professor Martin
w amzn.to/jgzkxc                                  w amzn.to/muZret                                                             Parker. Published by
                                                                                                                               Sage Publications Ltd.
                         Promoting Social                                 Organizing Health                                    This text with over 50
                         Cohesion: Implications                           Services (Organising                                 entries, from Actor
                         for Policy and                                   and Managing Public                                  Network Theory to
                         Evaluation. Edited                               Services). Jointly edited                            Utopianism, explores
                         by WBS Principal                                 by Professor Graeme                                  and explains essential
                         Research Fellow Ines                             Currie. Published by                                 concepts used within
                         Newman and Peter                                 Sage Publications Ltd.      the field of critical management studies
                         Ratcliffe, Professor                             The research of public      today.
                         of Sociology at the                              services organisations      w amzn.to/jDaJ6A
                         University of Warwick.                           is an expanding field.
                         Published by Policy                              This four-volume set
                                                                                                                              The Oxford Handbook
                         Press. This book                                 brings together papers
                                                                                                                              of Strategic Sales and
makes a case for a shift in policy focus from     spanning research and practice, bridging
                                                                                                                              Sales Management.
‘community cohesion’ to social cohesion. It       the gap between organization studies and
                                                                                                                              Co-edited by Professor
is a valuable source for practitioners and for    literature more specific to the sociology of
                                                                                                                              Nigel Piercy. Published
those studying theory-based evaluation and        health and illness, social policy and health
                                                                                                                              by Oxford University
areas including housing, intergenerational        services research.
                                                                                                                              Press. This text is
issues, the recession and education.              w amzn.to/mjblyj
                                                                                                                              structured around
w amzn.to/lqpkQd
                                                                                                                              four topics. It
                                                                                                                              explores the strategic
                                                                                                                              positioning of sales,
                                                    For more information about WBS faculty,                                   sales management,
                                                    disciplines and publications                      customer relationships and the composition
                                                    w wbs.ac.uk/faculty                               of sales within the organisation, and
                                                                                                      highlights how ‘sales’ responds to the
                                                                                                      environment. w amzn.to/lQ9RZq
10   nexus: summer 2011 behavioural science
     Nick Chater, Professor of Behavioural Science at WBS
Feature

Instincts, motivations and choices:
Behavioural Science uncovered
Michael Prest interviews our leading academics to demystify the
discipline that is shaping the teaching at WBS.

You know the feeling. It’s Friday afternoon and your     Warwick Business School is tackling these essential
friends are gathering for their end of week drink. But   questions head on. The idea that behaviour is
you are still in the office. How do you decide when      more complex than is suggested by economists’
to leave? You half-remember an economics lecture         broad aggregates has been around for a long
on utility: basically, the appeal of something to you    time. A whole branch of economics, behavioural
– in this case, sneaking out of the office early. With   economics, has grown up over the last 20 years or
the help of a program discreetly downloaded from         more. But the financial crisis threw into doubt long-
the Economists 4 Sloth website you work out exactly      standing notions of rationality such as the perfect
the value of labouring on relative to the value to       market hypothesis which approximately states that
be gained from hastening to the bar, and therefore       you cannot achieve returns in excess of average
what time to leave: 6.13!                                risk-adjusted market returns for long because prices
                                                         reflect all publicly available information. Dean Mark
But of course you don’t make any such calculation.       Taylor was convinced that it was ‘time to ditch old
You instinctively make a guesstimate which includes      ideas about rationality that don’t work in the real
other considerations of a quite different sort: not      world and get out of the academic silos’.
letting your friends down, the weather, the feeling
that you’ve contributed your pound of flesh this         WBS is therefore setting up a Behavioural Science
week– in short, what you think is right and will         group which is drawing together leading experts from
make you happier. As individuals, we all know            the disciplines constituting behavioural science and
that is generally how we make decisions, even            from economics. Headed by Professor Nick Chater, a
when specifically financial questions are under          psychologist and Professor of Behavioural Science at
consideration.                                           WBS, the group intends to be the biggest of its kind
                                                         in Europe. ‘The aim of the group is to help build a
This is the central insight of what has become known     bridge between what people know, and what studies
as behavioural science: the utility function does        confirm about human behaviour, and the standard
not fully, or perhaps mainly, explain why we make        economic model. We have to move to new methods
the decisions we make. Bringing together many            for understanding aggregate behaviour, departing
disciplines which study human behaviour, such as         from those used by conventional economics, to take
psychology, evolution, neurology and sociology,          account of the behavioural factors which seem to be
behavioural science raises fundamental questions         so important that they can no longer be ignored’,
about how economists have conventionally                 Professor Chater said.
described our world and our behaviour. And the
implications are profound. If financial incentives       Another prominent member of the group is
– prices – are less important to the choices we          Professor Bruno Frey, a Professor of Economics at
make than economics has tended to assume, do             the University of Zurich and Distinguished Professor
governments and companies need to change how             of Behavioural Science at WBS. Professor Frey has
they deal with citizens and consumers? If so, what       published extensively on behavioural economics.
might those changes be?                                  ‘I never believed that people are wholly motivated I




                                                                                                                 11
by money. It was totally different from the way                      research suggests that we are poor at comparing
the world looked. But I didn’t know how to find                      small amounts and large amounts. Assume a
the difference between economic theory and the                       large and small gamble. The large one is £10,000
world’, he said.                                                     for certain vs a 50–50 chance of winning either
                                                                     £0 or £25,000. The small one is £10 for certain vs
Precisely because there was a difference,                            a 50–50 chance of winning either £0 or £25. The
economists made some heroic assumptions in                           sums are very different, but in practice people
their models, for example that we have a well-                       treat the gambles as roughly the same and will
defined utility for each good or service. The                        probably avoid both risks in roughly the same
tendency grew as the profession became more                          proportions.
mathematical from the mid-twentieth
century on. ‘Economists started to                                         The reasons for our being local thinkers and
believe their own propaganda. They
                                             Bringing together many        risk averse for small stakes are buried deep
believed their models. But models strip disciplines    which study         in the evolution of our brains. Essentially,
away the richness of human behaviour human          behaviour, such        we cannot easily compare apples and
and lose that dimension of analysis’ said                                  oranges. We do not have an underlying
Professor Graham Loomes, Professor of     as psychology, evolution,        mental ‘currency’ to convert options into
Behavioural Economics at the University neurology and sociology,           directly comparable terms. Our brains are
of Warwick and WBS.                                                        therefore forced to operate by using ‘local’
                                            behavioural science raises     comparisons. Assessing how light a patch
In more theoretical terms, that analysis    fundamental        questions   of grass is depends on local comparison
can be explained like this. Classical                                      of the number of photons from that patch
economic theory makes several demands
                                            about how economists have      with adjacent patches. In other words, we
of its agents when they take decisions:     conventionally described       are fairly insensitive to overall changes of
extensive       knowledge,      enormous    our world and our behaviour.   scale.
calculating power, consistency and
utility optimisation – all in all, making   And the implications are        The way we think has consequences at odds
the financially most profitable choice. By  profound.                       with conventional wisdom. Experience is
contrast, behavioural science suggests                                      highly respected. But research into medical
that we operate very differently. Our calculating                    diagnoses suggests that we do not necessarily
capacity is limited; we are unsure about our                         make better judgements by virtue of repeating
preferences and indeed surprisingly flexible                         tasks. Equally intriguing, there is evidence that,
about them; we prefer the status quo; we are                         for some types of decision, snap judgements may
what the jargon calls ‘local thinkers’; and we are                   be better than those much pondered on.
risk averse for small stakes.
                                                                     Our behaviour can also be viewed from another
Let’s take the last two points. Being a local                        angle, intrinsic and extrinsic motivation. Intrinsic
thinker means two things. We tend to compare                         motivation is behaviour derived from some
similar items and to compare them reasonably                         internal norm or sense of what is right. Professor
close together in time. If petrol prices go up, we                   Frey cites the example of a Swiss commune which
make the comparison with what prices were last.                      was asked to accept a nuclear waste processing
If they go up again, we compare them with what                       plant. The commune agreed. But when the
they were recently and not a long time ago. The                      commune was offered money to take the plant
principle may even refer to physical locality. We                    it refused. The offer of money had changed the
compare the price of a cappuccino at a posh sea                      game and broken unspecified norms in which
view café with a similar establishment, not with                     the commune believed. The clearest example of
the price of cappuccinos worldwide.                                  extrinsic motivation is money but, Professor Frey
                                                                     notes, the case of the commune shows that ‘you
It might sound counter-intuitive to say that we                      cannot just use money to motivate people’.
are risk averse when the stakes are low. But




12                                                                nexus: summer 2011 behavioural science
Here the question of behaviour merges into that
of happiness. The evidence is that there is only a
weak correlation between income and happiness
for societies and individuals. It seems, for instance,
that work is an intrinsic motivation. Unemployed
people appear to be less happy than employed
people even when their incomes are identical.
Recognising that happiness has not increased
commensurately with prosperity, and that greater
happiness may lead to greater prosperity as well as
being a desirable end in itself, the UK government       About the author
is exploring how to measure ‘gross national
happiness’.

There are other public policy implications. Utility
tariffs, such as for electricity or mobile phones,
have a tendency to proliferate and distort
competition. Behavioural science’s description
of us as local decision makers could help to
redesign utility companies’ price information
so consumers are better able to compare apples
with apples instead of apples with oranges. It can
also have implications for firms. It seems they, like
individuals, are risk averse for small stakes. Yet if
you take many small risks the chances are high
that you will do better than if you avoid those risks.   Michael Prest is a
Oddly, however, supposedly risk averse firms are         national newspaper
often willing to take major risks on huge decisions,     journalist with thirty
where risk-aversion would be entirely appropriate –      five years’ experience
which may partly explain the financial crisis which      of business and
occurred despite close regulatory supervision.           economics writing.
                                                         He specialises
As with all intellectual developments, however,          in the business
there are difficulties associated with behavioural       school sector
science. Worthy though an official search for            and has written
happiness is, governments have a strong incentive        for publications
to manipulate methodology and its outcome.               including The
Under the then Mrs Thatcher’s administrations,           Independent and
the way unemployment was counted was revised             The Times. Michael
repeatedly – and strangely each time reduced the         also worked in
jobless count below what it would have been using        Washington DC for
the previous method. If companies understand             five years as a speech
more fully how their customers behave they will be       writer to Presidents
tempted to game the system to their advantage.           of the World Bank.
That said, there can be no doubt that behavioural
science has the capacity radically to challenge          For more information
deep-rooted assumptions in economics. You no             contact e mprest@
longer need to feel guilty on Friday afternoons. G       blueyonder.co.uk




                                                                             13
14 nexus: summer 2011 behavioural science



The bright marketing manifesto – seeing the
business through the customers’ eyes
Robert Craven
                                                                                                        the author in               minute
All businesses want to get closer to their          The Manifesto
customers. They want their marketing to             reminds us of the                                                        Robert Craven
influence consumers to the point where              fundamentals and                                                         MBA (Warwick) is
they make the positive decision to buy a            rattles that cage of                                                     a keynote speaker
product or service.                                 corporate myopia                                                         and author of the
                                                    that mesmerises so                                                       best-selling business
After ten years of working to make big              many companies                                                           books Kick-Start
businesses more entrepreneurial (or                 and kills any                                                            Your Business and
make entrepreneurial businesses more                sense of action                                                          Customer is King.
businesslike), a manifesto has been                 orientation. It puts                                As MD of The Directors’ Centre, the
developed. Using entrepreneurship as                the customer (and,                                  consultancy for growing businesses, he
the starting point, it challenges how               as a result, profit)       You can buy Robert’s     works with ambitious directors to break
you do marketing. It acts as a wake-up              back at the centre of        book from here:
                                                                                                        through constraints on business growth.
call for tired (and often lazy) marketing           your business focus.         w bit.ly/brightm
                                                                                                        For further information, contact Robert
departments that wonder why they don’t                                                                  Craven on 01225 851044,
seem to be getting the results they used            In no particular order, consider the list of        e rc@directorscentre.com.
to get.                                             23 statements below. How could you use,
                                                                                                        See his blog at
                                                    say, four of the most relevant ones to get
                                                                                                        w Robert-Craven.blogspot.com
                                                    closer to your customer?




THE MANIFESTO                                       8. What the customer thinks matters more          16. Create a money and time budget for your
                                                    than you can imagine. Talk to them... do a        marketing activity. And focus on results.
1. If there’s a choice between being better         customer survey, now.
or different then different wins every time.                                                          17. Spend time with weird people. You don’t
Ideally you should be different and better.         9. Blow your customers away with your             get great ideas staring at your computer
                                                    legendary service. Or they will leave you in      screen.
2. Why should people bother to buy from you         droves.
when they can buy from the competition?                                                               18. Work the 80:20 Rule. Get effective by
What makes you different from the rest?             10. Select your target customers and focus on     concentrating on the Law of the Vital Few
                                                    them and what they want and need. Ignore          and the Law of the Trivial Many – sack
3. Marketing is not a battle of the product;        the rest.                                         20/30/40/50 per cent of your customers.
marketing is a battle for the mind of the
customer. How will you win this battle?             11. Work the expert model. Become the             19. Ask for the business. If you are not
                                                    leader rather than a follower in your field/      asking for it then I am pretty sure that
4. You get known for what you do. So what           marketplace.                                      your competitors will be!
is it that you are known for? Is it the right
stuff?                                              12. Feel the fear and do it anyway. You won’t     20. Make it easy for people to buy from you.
                                                    die.                                              Make it as easy as possible.
5. Infect your customers and staff with your
passion and excitement for your business.           13. Don’t compete on price. There’s always        21. You are too much in love with your
They are your ambassadors!                          someone out there who can do it cheaper           business. Get a grip on it!
                                                    than you
6. Selling is everything. Most businesses think                                                       22. Remove your self-limiting beliefs. What’s
their product/service is pretty cool so what’s      14. Understand and work your sales pipeline.      holding you back?
the problem?                                        How can you convert leads into clients faster?
                                                                                                      23. Stop procrastinating. It’s easier to
7. Put your prices up, now. 95 per cent of people   15. Do the maths. Small changes in the right      ask for forgiveness than it is to ask for
do not buy on price, despite what they say.         places have a massive impact.                     permission. Take action.
nexus: summer 2011 behavioural science 15



Happiness – a revolution in social science
Bruno Frey

We are in the midst of a revolution. We      that National Income per capita is not an       The government should create the right
are turning away from material aspects       adequate indicator of well-being. Higher        political conditions. In particular, it’s
of life towards well-being. The way to       income does not have much effect on             important to increase citizens’ rights in
measure well-being is happiness.             happiness.                                      terms of political participation. There
                                                                                             is now strong evidence that citizens
I would like to make two propositions.       The Human Development Indices and               involved in politics are more satisfied
Firstly, although National Income and        other social indicators are not very good       with their lives. Another condition that
Social Indicators are good indicators,       either. Take life-expectancy. It is great       improves public satisfaction is political
happiness, or life satisfaction, are much    to live a long time, but what if your last      decentralisation. People are more at ease
better. Secondly, we must be very careful    ten or fifteen years are unhappy? School        with local political decision takers at the
not to do the wrong thing. Although                  enrolment is also often used as         local level.
government should make it possible                            a Social Indicator, but it
for people to be happy, they                                      is not an output. We       The conclusion is: Happiness is a
should not try to maximise                                           know from PISA          wonderful concept and can be used to
happiness.                                                              and other studies    make better policies. It should be used by
                                                                         that there are      governments to enable people to achieve
With respect to the first                                                  many countries    their own personal happiness in their own
proposition, I have                                                        where a lot of    way.
some good news. Most                                                        inputs go into
people are happy. It’s                                                      schools, but
not true that we live                                                       the children       the author in               minute
in a terrible world and                                                     do not learn
should lament all the                                                      much and                                  Bruno Frey is
time. Statistically we                                                    they are not                               Distinguished
know most people are                                                     very satisfied.
                                                                                                                     Professor of
very happy.
                                                                                                                     Behavioural Science
                                                                    I would now like to
                                                                                                                     at WBS, Professor
We have many ways to measure                                     consider the second
                                                                                                                     of Economics at the
happiness. The most important are                          proposition. ‘Assuming that
                                                                                                                     University of Zurich,
surveys. Experience Sampling is when         we can measure happiness in a satisfactory
                                                                                                                     Research Director
you are asked randomly how happy             way, what do we do with this information
you feel just at this moment, which is       at the political level?’                          of CREMA and Managing Editor of
then aggregated up. Then, even more                                                            Kyklos. He seeks to extend economics by
scientifically, one can do brain scanning.   Governments should not jump to the                including insights from other disciplines,
                                             conclusion that because we can measure            including political science, psychology
I won’t go into a critique of national       happiness it should be maximised.                 and sociology. w bsfrey.ch
income as a well-being measurement.          Once the happiness indicator is seen as
I just want to mention one aspect.           important, governments will manipulate
Roughly 50 per cent of National Income       it. We should not be naïve. We know that          on the knowledge centre...
is attributed to government activity.        in the wake of the financial crisis several
Government activity is measured by           countries manipulated their deficits and                           Watch Bruno
input, in the form of materials and          level of public debt. They will find it even                       Frey deliver the
work. You can immediately see that it        easier to present a happiness indicator                            first in a series of
has nothing to do with welfare. So GNP       influenced in their favour.                                        Inaugural Lectures
is great as a business cycle indicator; it                                                                      by WBS professors
measures productive capacity but not         Another reason why governments should                              entitled Should
well-being.                                  not try to maximise happiness is that it is      Government Maximise Happiness?
                                             not the only thing that should matter for        w tinyurl.com/6eqfg5s
Per capita income is sometimes used          politics. There are other important aspects
as a Social Indicator but econometric        of life such as justice, responsibility and
happiness research has demonstrated          solidarity.
16 nexus: summer 2011 behavioural science


The science of giving:
what motivates charitable giving?
Christopher Olivola

Our planet is plagued by problems in                                                             Going forward, research will uncover
need of solutions. Citizens of wealthy                                                           social scientific principles that will help
industrialised nations are in a unique                                                           charities raise money, help donors to
position to help address many of these                                                           contribute and derive greater well-being
issues through donations of money, time,                                                         from doing so, and help those in need,
and other resources. Charitable giving                                                           who depend on charity for support or even
is a large and growing industry; total                                                           survival. The results, quite simply, should
private giving in the US alone more than                                                         make the world a better place.
doubled between 1996–2006, reaching
£185 bn annually. These donations                                                                References
provide essential aid to the world’s poorest                                                     Liu, W., & Aaker, J. (2008). The happiness of giving:
countries. Therefore, understanding the                                                          The time–ask effect. Journal of
factors that motivate charitable giving has                                                      Consumer Research, 35, 543–557.
enormous benefits.
                                                                                                 Oppenheimer,
                                                                                                 D. M., & Olivola,
Fascinating research by psychologists and                                                        C. Y. (Eds.)
behavioural economists has begun to               Willingness to donate increases when there’s   (2010). The
uncover the factors that drive people to                       suffering involved!               Science of Giving:
donate.                                                                                          Experimental
                                               of their time to a cause, compared to when        Approaches to the
                                               they are asked to imagine giving money to         Study of Charity.
Did you know?                                                                                    Psychology
H Giving to others often makes people          the same cause.
                                                                                                 Press.
  happier than spending the same sum
  of money on themselves                       The more pain, the more gain                      You can buy
H People donate more when they see             My own research has examined the                  Chris’s book
  that others like them have made              popularity of fundraising that involves           here:
  contributions                                pain and effort on the part of participants,      w amzn.to/
H We are more moved by a single photo          such as marathons and bike-a-thons, or            kohBEQ
  of a person in need (eg a hungry             even events that involve walking barefoot
  child) than we are by the same photo         over hot coals or broken glass!
  combined with statistics detailing the                                                           the author in                   minute
  extent of the problem (eg the number         Although most theories of human
  of malnourished children worldwide)          motivation and behaviour would predict                                    Christopher Olivola
                                               that making the fundraising process                                       is a Royal Society
How people contribute                          difficult and painful should deter donors,                                and British Academy
Researchers are also identifying factors       we find that willingness to donate                                        Newton Fellow in
that influence charitable giving decisions,    increases when people anticipate that                                     the Behavioural
discovering that emotions, social norms,       they, or a friend, will have to suffer to raise                           Science group at
and simple cognitive strategies play           money for a cause, compared to when the                                   WBS. He received
important roles in governing whether,          fundraising process is easy and enjoyable.                                a joint-PhD in
when, and how much people are willing to       In one study, participants contributed              Psychology and Policy from Princeton
contribute.                                    more when doing so required that they               University, and a BA in Psychology from
                                               keep both hands immersed in near-
                                                                                                   the University of Chicago. He studies
Another important variable is how people       freezing water for one minute! In addition
                                                                                                   the psychology of human decision-
contribute. That is, the fundraising process   to explaining the popularity of painful-
                                                                                                   making, experimental philosophy, and
itself impacts donations. Research by          effortful fundraisers these studies reveal
                                                                                                   behavioural economics. He is co-editor,
Wendy Liu and Jennifer Aaker has shown         that human motivation is much more
                                                                                                   along with Daniel Oppenheimer, of
that willingness to donate increases after     complex than previously thought.
                                                                                                   The Science of Giving: Experimental
people are asked to imagine giving some                                                            Approaches to the Study of Charity.
17                                                                                                                                    17

Personal & Career Development
Salary negotiations
‘Money’, is one of the most daunting questions                        your figure. Assume you’ll be negotiated down so allow room
you’ll face during interviews and reviews. But, it                    for manoeuvre; remember the organisation will be trying to
                                                                      secure the best deal too.
doesn’t need to be uncomfortable if you remember
that money is a natural part of the job negotiation                   The full package
process.                                                              A benefits package is not restricted to salary, so analyse the
                                                                      details before rejecting what may seem a like a low offer!
After all, if you can’t negotiate over your own pay packet what       Additional benefits can equate to 40 per cent of your basic
does it say about your abilities as an employee? These tips from      salary, for example bonus schemes, company shares, training,
Leon Richards, Recruiter Relationships Manager at WBS, will           holiday, medical benefits and travel expenses.
help you to use your influence to get the best deal.
                                                                      Think!
Preparation                                                           Don’t make rash decisions. If you’re made an offer be positive
Without knowing your value you’re in a weak position. Research        but ask for time to respond. This allows initial emotions to
the salaries commanded by others in similar roles. Sources of         subside and space for analysis of the package on offer. If you
information include: w vault.com, glassdoor.com and                   feel an offer is below par, express your concerns when asking for
salary.com. If you’re still struggling, use your network and          time to consider. You’ll quickly find out if there’s any flexibility!
careers team. Once you have a salary range in mind be
prepared to use this during negotiations.                             Set in stone
                                                                      Once you’ve accepted an offer, get it in writing. HR
What motivates your boss?                                             departments can be slow sending out paperwork so, if you’re
If you’re negotiating within your existing role or company            moving to a new company ask for a confirmation email at the
find out what motivates your boss. Do they have concerns or           least before handing in your notice.
projects you can help them with? If you can add value and help
them to reach their goals, then they’ll be more inclined to make      Just say no!
you a competitive offer.                                              If you decline a job or pay offer be polite and honest. You never
                                                                      know who you’ll come across throughout your career so don’t
How low will you go?                                                  burn your bridges.
It seems obvious but many people don’t take the time to
work out what their bottom line is. How much do you need
to live, how much are you hoping to earn and what is your               on the knowledge centre...
compromise position? Think these issues through and practice
how you will react in different scenarios. Work with a friend                              How often do we
and ask them to provide feedback on your performance and                                   examine the risks we
influencing skills.                                                                        take in our own careers?
                                                                                           Or examine the talent
Sell yourself                                                                              risk that may develop in
In any negotiation, affirming your position is paramount… and          our own organisations? Chris
that means selling. Have a clear argument ready as to the value        Beer, UK Managing Director of
you will/do add to this role.                                          Merryck & Co, examines risk
                                                                       from a career and leadership
                                                                       perspective.
Show me the money?
                                                                       w tinyurl.
The art of negotiation lies in not revealing your hand until the
                                                                       com/3c9da3c
last minute. If you’re negotiating over a new role it’s wise not to
discuss numbers until you’ve had an employment offer. A polite
holding tactic is to say you’d be happy to talk about salary
once you have learned more about the role. In any situation,
if you’re pressured to reveal your financial expectations,
resist. If you’re specifically asked to name a
number select a calculated odd number.
This will make it more difficult for the
organisation to knock even
chunks off
18
 18

The WBS Virtual Business Cafe
Now open!
The Virtual Business Cafe is the free online space               Q: What’s your vision? I’d like the Virtual Business Cafe
where the WBS community can gather to listen to                  to become the place for the WBS community to discuss
                                                                 the business and career issues facing organisations and
experts discuss topical business issues... without               individuals globally. I believe it will support the vision of WBS
leaving the comfort of their own homes or offices!               being the best university-based business school in Europe.

So many business meetings now happen in cafes and using          I hope individuals will suggest ideas and topics to grow the
our virtual meeting room, wbsLive, we can now bring that         cafe and that other WBS professional networks will host their
environment to you.                                              own events.

Every ‘meeting’ ends with a Q&A session with the presenter,      Q: What’s coming up? We’ve got some great meetings
all of whom are alumni of WBS.                                   scheduled over the next six months. Experts will discuss
                                                                 subjects ranging from leadership and the importance of
Nigel Brownbill, Virtual Business Cafe innovator, took five      collaboration to transformation and change management.
minutes to discuss his motivations and vision for the project.
                                                                 Tuesday 6 September        Chris Beer, CEO, Merryck & Co
Q: How did you come up with the idea of the Virtual
Business Cafe? I thought it would be a great idea to mirror      Wednesday 5 October        Andy Cole, CEO – Bliss
today’s practice of having business meetings in cafes so                                    Marwa Bouka, Resources Manager,
students and alumni could engage with each other, hear                                      UN World Food Programme
current thinking and gain practical business and career          Thursday 3 November        John Pendleton, President and
development knowledge.                                                                      COO, HP Pelzer
                                                                 Thursday 1 December        Iestyn Evans, Head of Business
Q: Why is it important to you? My motivations are varied.
                                                                                            Development, Lloyds Banking
Past students have achieved so much, both in the profit and
                                                                                            Group
non-profit sectors. Many are executives and CEOS of global
organisations and I want to showcase that. WBS is lucky to       Tuesday 10 January         Nigel Brownbill, Chairman,
have passionate and proud alumni who want to give their                                     Advanced Corporate Concepts
time and share their experiences.                                Thursday 2 February        Shubhendu Mathur, Senior
                                                                                            Consultant, Elix-IRR
I also think it’s essential that students and alumni are
enabled to engage with this vast network of skills and talent    For more information visit w wbs.ac.uk/go/cafe
as it adds value to their WBS experience.

Q: How is the cafe different to a lecture? This is an easy       About Nigel
one! You’re sitting in your own home, alone or with friends,     Nigel Brownbill MBA (Warwick) is Lead Ambassador to
relaxing with a cup of your favourite latte, cappuccino or       the Strategy & Consulting Network. Founder and Executive
macchiato listening to a business leader discuss a topic         Chairman of Advanced Corporate Concepts he has over
relevant to today’s global economy. It might be leadership,      22 years’ strategy, leadership and talent management
strategic alliances, managing turnarounds and change, or         experience. Nigel is author of Be the Best in Business and
linking strategy with talent management, but whatever it is      writes for w bethebestinbusiness.blogspot.com
you’ll have opportunity to question and participate.

Q: Why should people come along? They’d be crazy not to!
Why wouldn’t a student or experienced professional who
is developing their career want to build their competitive
advantage in today’s tough job market? I mean, who
wouldn’t want to learn from and talk to business leaders? I
don’t think other business schools offer access to executives
in such an innovative way, so I’d encourage everyone to take
full advantage of it.
19                                                                                                                                   19

Get involved...
Help us to make an impact on our students from                        Sharing the Warwick experience
their first point of contact through to building a
                                                                                                        Matt Stocker (BSc
lasting and beneficial relationship with WBS.
                                                                                                        Management) spoke to
                                                                                                        prospective students at the
Why not:
                                                                                                        WBS Undergraduate Open
 H offer a project or placement to a WBS student
                                                                                                        Days on 16 February and 2
 H join the conversation w wbs.ac.uk/conversation
                                                                                                        March 2011.
 H recruit a student
 H speak on a programme or at an event
                                                                                                        Since graduating, Matt has
 H buddy a new student
                                                                                                        set up his own consultancy
 H support a recruitment fair or open day
                                                                                                        business
 H mentor a student or recent graduate
                                                                                                        w mattstocker.com
 H run or join a global or professional network
 H work with us on a project.                                          Matt Stocker                    Professor Peter Corvi,
                                                                                                       Associate Dean of the WBS
If you’re interested email e alumni@wbs.ac.uk to arrange a
                                                                      Undergraduate Programme, said ‘Matt described how he had
time when we can call you to discuss how you’d like to get
                                                                      found not one but two of his jobs via the Warwick Careers
involved. For information on all the ways to get involved, visit
                                                                      Service and also how he had met his wife here!’
w wbs.ac.uk/alumni/givingback.cfm
                                                                                                        Christopher Cole (BSc
Volunteering with the Cranfield Trust                                                                   Management) also took centre
                                                                                                        stage to speak to prospective
In the spring edition of nexus                                                                          undergraduate students at
we introduced our partnership                                                                           the University Open Day on
with the Cranfield Trust, a                                                                             Saturday, 7 May.
not-for-profit organisation
providing free consultancy for                                                                         Christopher is an analyst for
charities and social enterprise                                                                        the Royal Bank of Scotland.
groups. Charlotte Brown MBA                                                                            During a joint presentation,
(Warwick) works for the Royal                                           Christopher Cole               with Nicola O’Day they
Mail and volunteers with the                                                                           described what they gained
Cranfield Trust.                                                      from the course, and how it helped to prepare them for their
                                                                      future careers.
Charlotte says ‘Volunteering has proved a very good fit with my
life demands as I am able to manage the volunteer activities          WBS is extremely grateful to all its undergraduate alumni
around work and family. The forms were straightforward to             event volunteers. If you’d like to get involved in undergraduate
complete and they approached my references very quickly.              recruitment events, contact e Oliver.Walmsley@wbs.ac.uk

Within a short space of time, I was approached with a potential
                                                                      Who’s been joining the conversation?
volunteer assignment. I was given time to assess the assignment
to determine if I had the skills and time to take it on.
                                                                      Abimbola Olufore – Abimbola talks about her MBA, how the
                                                                      Warwick MBA programme helped her focus on the important
The team at the Trust gives you all the background information
                                                                      things in her job, and how its flexibility was fantastic.
you require for a potential assignment, and then provides you
with the key contacts for you to make direct arrangements for
                                                                      Steve Hales – Steve is CEO of Sapien Innovations Ltd, a
your volunteer activities.
                                                                      company supporting early stage business development. He
                                                                      talks about how his experience at WBS shaped his career.
What I really enjoy is the space you’re given to support
the charity. I’ve been privileged in shaping a key piece of
                                                                      Join the conversation:
work, knowing that the outcome will play a key role to that
                                                                      w wbs.ac.uk/conversation
organisation’s future funding needs.’

If you’re interested in volunteering with the Cranfield Trust visit
w cranfieldtrust.org
20
 20

Mentoring
Entrepreneurship pilot mentoring scheme launches
‘More support and guidance in terms of personal                     opportunity. That person provides a sounding board in what
and professional development’ is what you asked us                  is, really to be honest, one of the loneliest places because when
                                                                    you run a small business you run it more or less on your own.’
for last year. We responded with the launch of the
entrepreneurship pilot programme on Tuesday 17
                                                                     Could you be a mentor?
May.                                                                 The main WBS mentoring programme is now in its second
                                                                     year and recently took on another 70 participants and 26
The pilot is sponsored by the London Chamber of Commerce
                                                                     mentors, bringing the total number of volunteers to 90.
and Industry Commercial Education Trust, and will support
eight mentees through the first year of their new business
                                                                     We’ll be recruiting mentors for the 2012 programme
venture using one-to-one mentoring, an online toolkit and
                                                                     (March start) from September. We’re specifically looking for
specialist training seminars.
                                                                     individuals with a minimum of 15 years’ industry experience
                                                                     who have set up their own businesses or are based within
Increasing success
                                                                     the finance and banking sectors.
Chair of the Steering Committee and pilot project manager,
Steve Martin MBA (Warwick) commented, ‘statistics for new
start-ups show that only one in four make it past 18 months         Steering committee welcomes new member
without a business mentor, whereas four out of five do succeed      The WBS Mentoring Steering Committee is delighted to
when an experienced business mentor is actively involved.           welcome alumna Alison Watts, Managing Director, Icendris Ltd.
Whether you believe the statistic or not, having someone            Alison is a member of the Alumni Executive and her role on the
who has been there and done it can certainly help new               committee will be to work with the steering group to develop
entrepreneurs understand the pitfalls and provide a sounding        plans to look at the routes for women in industry to reach senior
board and guiding hand during this high risk stage – this           board level.
is what this new pilot scheme is all about – improving your
chance of success.’

Dean Mark Taylor said, ‘the commitment to giving back to WBS
shown by this group of volunteer alumni is truly outstanding
and I am delighted with the progress and momentum gained
by not only this pilot but also the main WBS mentoring
programme, which has doubled in size again this year.’

The pilot has the backing of senior faculty members who
attended the launch, presenting research and case studies.
Delegates were also impressed with external practitioners who
volunteered to come and talk about their own start ups.

There was a real feeling of excitement at the launch as pilot
mentees delivered their elevator pitches, revealing their
motivations and unique selling points.

A different perspective
Mentee Fiona Williams said, ‘I’m excited about the pilot
because I’ll get a different perspective, a sounding board –
someone to essentially check what I am doing –I’ll then go
away and decide what the right direction is for me’. Mark
Broome another mentee commented, ‘It’s definitely going
to be useful to have a mentor to bounce ideas and concepts
off because they’ve got the experience of what is and is not a
valuable idea.’

Mentor Mark Payton said ‘I founded my own business and have
just led a buy out of another business. The thing that I’ve found
extremely useful is having a confidant, a mentor who you can
call and say I have got this particular challenge, problem or                      Entrepreneurship pilot participants
Nexus - Summer 2011
Nexus - Summer 2011
Nexus - Summer 2011
Nexus - Summer 2011
Nexus - Summer 2011
Nexus - Summer 2011
Nexus - Summer 2011
Nexus - Summer 2011

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Nexus - Summer 2011

  • 1. 1 Warwick Business School Alumni Association magazine: summer 2011
  • 2. NOW OPEN! Gather, learn and discuss the business issues that matter Book online at wbs.ac.uk/go/cafe The Virtual Business Cafe Find out more on page 18 
  • 3. 3 Message from the Dean Over the past year or so, I have recruited Contents some of the leading behavioural scientists in the world and created In this edition of nexus we focus on our own Behavioural Science group, Behavioural Science making WBS the first business school in Europe to have a dedicated facility Staff news 5 to delve further into this field, with a WBS news 6 superb set of behavioural scientists who Hot off the press 8 are already beginning to collaborate Instincts, motivations & choices: with our other top researchers across WBS and across the University, and to Behavioural Science uncovered form applied partnerships with, among Michael Prest 10 others, the Design Council and the The bright marketing manifesto Institute for Practitioners in Advertising. – seeing the business through As I write, our new Behavioural Science the customers’ eyes lab is about to go live and we are well Robert Craven 14 Welcome to the Summer 2011 edition on our way to becoming the premier Happiness – a revolution in of nexus. For this issue I have chosen school for research, teaching, corporate engagement and media comment in social science to focus on Behavioural Science, a Bruno Frey 15 relatively new discipline which is having this area. huge impact across society and which The science of giving: I believe will be hugely important in I hope you’ll be excited by this new what motivates charitable taking WBS forward. venture and, to help you understand giving? what it’s all about, in this issue you will Christopher Olivola 16 When I took on the role of Dean, I find: Personal & Career decided to put WBS at the forefront of Development 17 this particular cutting-edge research. H Journalist Michael Prest talking to The WBS Virtual Business Cafe 18 My experience as an asset manager members of our new Behavioural during the global crisis drove home to Science group Get involved 19 me that there are important forces at H Professor Bruno Frey discussing the Mentoring 20 work in the financial markets, and in the measurement of happiness Students and cohorts 21 economy more generally, that just can’t H Dr Christopher Olivola exploring the Global networks 22 be captured by analysing the world motivations for charitable giving Professional networks 24 using traditional economic and financial H Alumnus Robert Craven writing WBS events 25 models alone; to get to the heart of about seeing your business through human behaviour as it impacts on the your customer’s eyes. Alumni news 26 economy we need to cast our net more widely. This is just one of several initiatives Behavioural Science is an intrinsically which will help us on our way to interdisciplinary area, lying at the nexus becoming Europe’s top university-based of applied psychology, organisational business school, keeping us at the behaviour, neuroscience, sociology, vanguard of new research, and allowing management science, economics, and us to offer new ways of seeing the world finance. I believe we can leverage it to to our students and graduates – ways of improve our understanding of the world looking at things differently. 7 and to improve business performance. It can help us understand the economic Coupled with weaving creative thinking decisions of both individuals and through all our activities, I am confident institutions – decisions which can have that these initiatives will offer the WBS massive effects on market prices, on Community excellent returns on their the returns on investment and on the emotional and financial investments in growth rate of the economy. us. 10 26
  • 4. 4 nexus: summer 2011 Welcome to the Behavioural Throughout this edition, you will find Science edition of nexus. many examples of alumni and students contributing to, and benefitting from, the With the focus this time on human WBS community. These include: behaviour – and in particular, what motivates us and makes us happy – it H our mentoring programme (page 20) seems a good time to consider the WBS H our active global and professional community and the important role it networks (pages 22–24) plays. H event speaker slots (page 25) H the Virtual Business Cafe (page 18). There are of course all sorts of reasons to stay in touch with us. You might want The Alumni Executive (formerly the to keep your skills updated through Alumni Board) also plays a crucial role embarking on further study, attending in this community, leading our alumni events or visiting the Knowledge Centre. relations activity at the strategic level, Or want to maximise your career success acting as our most senior advocates, and through our mentoring programme, progressing key projects. careers services, and training programmes. Why don’t you join our growing team? Pages 19 and 21 give you some ideas But, for many of us, the motivation goes on ways to get involved. New initiatives much deeper. The WBS community include: provides us with a sense of continuity, of belonging, of pride. It is an opportunity H our group for recent graduates to keep in touch with old friends and H our class representative network colleagues, and to find new ones. H our pool of sector specialists, offering It provides a connection to a global advice to current students. network, many of whom we would feel comfortable to call upon for advice or We are also keen to find alumni in the recommendation, simply because of that finance sector to drive forward our shared affinity. Finance Professional Network. The WBS community For a rapidly increasing number of our provides us with a sense of I hope you enjoy this edition of nexus alumni, this sense of affinity is also and my team and I look forward to driving a desire to give back to WBS. This continuity, of belonging, of working with you. might be financially, but many also give pride. It is an opportunity to generously of their time, knowledge, Alison Bond expertise and experience. They want keep in touch with old friends Head of External Relations to contribute to WBS because it has and colleagues, and to find new e Alison.Bond@wbs.ac.uk impacted on their lives, and they want to use their own skills to make a difference ones. It provides a connection to to others. a global network. contact details Alison Bond Tracy Lynch Claire Stevens nexus is the magazine of the WBS Alumni Head of External Relations External Relations Officer External Relations Assistant Association T +44 (0)24 7652 4306 The Alumni Association T +44 (0)24 7652 4176 T +44 (0)24 7652 8487 T +44 (0)24 7652 8487 Warwick Business School E Alison.Bond@wbs.ac.uk E Tracy.Lynch@wbs.ac.uk E Claire.Stevens@wbs.ac.uk The views contained in nexus are those of University of Warwick contributors and not necessarily those of Coventry CV4 7AL Kathryn Chedgzoy Jen Young Renate Mason Warwick Business School or the University United Kingdom External Relations Officer Office & Events Co-ordinator, External Relations Assistant of Warwick t +44 (0)24 7652 2813 T +44 (0)24 7615 0515 External Relations T +44 (0)24 7615 0371 Design by Morse–Brown Design f +44 (0)24 7652 3719 E Kathryn.Chedgzoy@wbs.ac.uk T +44 (0) 24 7615 0171 E Renate.Mason@wbs.ac.uk w morsebrowndesign.co.uk E alumni@wbs.ac.uk E Jennifer.Young@wbs.ac.uk W wbs.ac.uk/alumni Ann Jackson Emily Jamieson External Relations Officer External Relations Assistant T +44 (0)24 7652 8197 T +44 (0)24 7652 2987 E Ann.Jackson@wbs.ac.uk E Emily.Jamieson@wbs.ac.uk
  • 5. staff news nexus: summer 2011 5 Academic appointments Professor Bruno group. Margit has published nine books as author, co-author, or editor, and over Frey Professor Steve An international 160 scholarly articles. She is Research and highly cited Director of CREMA. Brammer A leading scholar researcher. on what drives Professor Daniel an organisation’s Read social and ethical Bruno is Distinguished Professor of World renowned performance. Behavioural Science at WBS, and is based for his work on in the Behavioural Science group. He intertemporal choice. Stephen joined WBS in January as retains the post of Professor of Economics Professor of Strategy and Associate Dean at the University of Zurich, Switzerland, for Research, based in the Marketing & where he has specialised in political Strategic Management group. Previously economy, non-market economics, and Daniel has held positions at Carnegie he was Professor of Business and Society the theory of economic policy since Mellon University, the London School of at the University of Bath’s School of 1977. He is Research Director of CREMA Economics and Political Science, Leeds Management. (Centre for Research in Economics, University Business School and Durham Management and the Arts, Zurich). University Business School, in addition His research has been widely published Bruno is author of over 600 articles in to visiting positions at the University of in leading journals such as the Strategic professional journals. Illinois, Yale School of Management, and Management Journal, the Journal INSEAD. He is Professor of Behavioural of Management Studies, Financial Professor Economics based in the Behavioural Management, and the Journal of Graham Loomes Science group. Business Research. A highly cited scholar and Fellow Daniel’s work has appeared in journals Professor of the British including Management Science. He Academy. has written book chapters and reports Graeme Currie and has been an Editor of the Journal A late entrant to Graham joined WBS in February, of Economic Psychology, and Associate academia and now a as Professor of Behavioural Science, Editor for Management Science. leading international academic in public retaining his role as Professor of management. Economics in the University’s Economics Professor Richard Department. He has undertaken research Taffler Graeme joined academia in 1996, for a number of government bodies An authority gaining his PhD from the University of in the UK and elsewhere. Graham has on behavioural Nottingham where he worked for 14 authored, co-authored and edited finance, he relishes years. For the last three years he was numerous journal articles and books. his engagement Director of an applied research institute. with investment His title at WBS is Professor of Public Professor Margit practitioners. Management, based in the International Osterloh Centre for Governance & Public A scholar with a Richard joined WBS in January 2011 as Management. Graeme’s research has deep and practical Professor of Finance and Accounting and been published in a range of studies and understanding of Head of the Accounting group. journals, over 60 to date. management issues. He has published over a hundred Margit joined WBS in 2010 as Professor academic and professional papers and of Management Science after holding books, and is frequently quoted. a chair in Human Resources at the University of Lüneburg, Germany, and Professor Taffler is currently helping to then a chair in Business Administration develop the new paradigm of emotional and Management of Technology finance. and Innovation at the University of Zürich, Switzerland. She is based in the Marketing & Strategic Management
  • 6. 6 nexus: summer 2011 WBS news Rankings and The first exchange of undergraduate students from Cornell University, USA, The Lanner Group has awarded prizes to WBS students on our MSc in Business accreditation also took place, with the arrival at WBS Analytics & Consulting for their excellent of Karl Delaroche and Nicole Wolski from work in the Analytic Consulting module. The Financial Times has ranked WBS fifth Cornell’s Industrial & Labor Relations Course Director Dr Mette Asmild in the world, and second in the UK, in its School. Nicole said, ‘I had always wanted commented, ‘We are very grateful to the first ranking of pre-experience Finance to see England and Warwick gave me not Lanner Group for their support for our Masters programmes. only the chance to do that, but also to students. The winning group’s report was study at one of the best schools in the UK.’ an excellent piece of work’. For the WBS Undergraduate programme, came the great result of second to Oxford As the warm spring weather arrived, A team of participants from the Warwick in this year’s Guardian newspaper’s WBS played host to doctoral students Global Energy MBA won the WBS University Guide. The Financial Times from Oxford’s Saïd Business school and MBA Student of the Year Award. John ranking of customised executive courses Cambridge’s Judge Institute taking Armstrong, Brent Brough, Shawn Le saw WBS rise two places in the world part in in the fifth annual ‘Woxbridge’ Maitre, Gage Garner and Juergen Ritzek and hold its place in the UK – no mean doctoral conference. The two day were chosen because of an investment feat in the current economic climate and conference enables doctoral students club they set up to track the progress competitive market. and academics in training to present of companies studied on their course, their research. enabling their class to monitor the WBS remains in the elite group of performance of their investments. business schools worldwide who hold the sought-after triple-crown Student awards gold standard in business education External recognition for A team of five undergraduate students after achieving full five year EQUIS beat off competitors from other top WBS academics reaccreditation. UK universities, including Oxford and Cambridge, to win the Royal Bank of Emeritus Professor John Benington was Programme news Scotland (RBS) Indian Summer Challenge. awarded a CBE for public service in the UK’s New Year Honours List. This honour After a series of challenges and fund- was followed by Keith Hoskin’s nomination Two new finance masters courses will raising activities, the Warwick team won as the Distinguished Academic of 2011 launch this September. The MSc in a three-week all expenses paid trip in for the British Accounting and Finance Accounting & Finance and the MSc September to India where they will help Association. Temi Abimbola was invited in Finance with Behavioural Science the RBS community project SUPPORT and to present at the annual Harvard Africa join the four established courses in our spend time in the RBS Global Banking & Business Conference. finance suite. Dr Elisabeth Dedman, Academic Course Director, commented Markets Mumbai offices. ‘Recent events have revealed the need for a new breed of financiers who think WBS undergraduates also won, and were more critically and who are prepared to highly placed, in the British Council’s challenge theories.’ UK Shine! 2011 competition for overseas students, and the Warwick Advantage Awards, where no less than 23 of our undergraduates won awards. In the classroom, the Association of Corporate Treasurers gave prizes for the tenth year running to WBS undergraduates. John Benington CBE IIMA MBA students at WBS Simon Collinson has been appointed as a In the depths of winter, 18 executive member of the influential Economic and MBA students from the Indian Institute of Social Research Council and Chair Professor Management, Ahmedabad, braved the at Zhejiang University for a period of three weather at WBS to gain an years. Paul Marginson, Director of the understanding of business in Europe and Industrial Relations Research Unit, was the challenges facing British businesses. invited to present a webinar organised by the UK’s Chartered Institute of Personnel & Winners of the Lanner Group prizes Development and Unilever.
  • 7. WBS news nexus: summer 2011 7 The Royal Shakespeare Company announces plans for the Centre for Teaching Shakespeare at Warwick Royal Shakespeare Company partnership between a cultural (RSC) Executive Director Vikki organisation and a university. It’s a bold new initiative which is entirely in keeping Heywood, Warwick’s Vice- with a business school that looks at Chancellor Nigel Thrift, Dean of things differently’. WBS Mark Taylor, and Professor of Creativity Jonothan Neelands, The event was attended by over 130 guests including Members of have announced plans for the Parliament, peers from across the house, RSC/Warwick Centre for Teaching representatives from funding bodies, Mark Taylor talking to Michael Boyd (RSC) Shakespeare. donors, teachers, students, board members and representatives from the The announcement was made at an University of Warwick. event, organised by Liberal Democrat Peer Baroness Sally Hamwee, to celebrate It included many young voices: a hip-hop the RSC’s inspirational education work response to Shakespeare from emerging at an event at The House of Lords on spoken word artist Toby Thompson; a Tuesday 10 May. Photography by RSC/Ellie Kurttz Jonothan Neelands ‘Of the teachers who have worked with us, 43 per cent have gone on to receive promotion. We’re delighted that more of this work is going to be available to teachers across the world through our new partnership with Warwick.’ Michael’s message to government is ‘We want to get closer to the A young performer takes centre stage curriculum, not further away from it. Words like assessment and talk from two members of the RSC’s Young standards and attainment don’t The unique collaboration between the Company about their relationship with frighten us. Shakespeare is both a two organisations will offer online and Shakespeare; and an extract from King cultural entitlement and a curriculum residential courses to teachers in the Lear, performed by students from Isleworth requirement for students. We want to be UK and across the world. The centre and Syon Boys School and directed by RSC an active collaborator on the curriculum will open in 2012 with the ambition ensemble member Kelly Hunter (Goneril and the assessment of the teaching of transforming the school learning in the company’s current production of the and learning of Shakespeare in order experiences that young people in play). to play our part in ensuring that every the UK and across the world have of single child in this country can choose to Shakespeare’s plays. Artistic Director, Michael Boyd said, ‘We have develop a life-long relationship with his already created a postgraduate certificate work.’ w tinyurl.com/3blsr7t Professor Mark Taylor, Dean of WBS in the teaching of Shakespeare with the said, ‘The new Centre for Teaching University of Warwick, and 97 per cent of For more information the Royal Shakespeare will be developed within teachers who take the course complete Shakespeare Companys’plans for WBS. This is a unique adventure for all it. This can be compared to a national Teaching Shakespeare at Warwick see of us, and we think a very innovative average completion rate for postgraduate w tinyurl.com/3blsr7t approach to developing a long term qualifications of around 40 per cent.’
  • 8. 8 nexus: summer 2011 hot off the press Contesting the Philosophy and Metaphors we lead by. Corporation: Struggle, Organization Theory. Co-edited by André Power and Resistance Jointly edited by Spicer. Published by in Organizations. Professor Hari Routledge. Seeking to Co-authored by Tsoukas. Published understand the faith Professor André by Emerald Group we place in leadership, Spicer. Published by Publishing Limited. the authors draw on Cambridge University What is the studies of managers. It Press. This book relationship between presents six metaphors counters the view that philosophy and for the leader: as the power of large organization theory gardener, cosy- organisations goes (OT)? Papers in this crafter, saint, cyborg, unchecked by showing they’re driven by volume explore connections between several commander and bully, offering insights into political struggle, power plays and attempts streams in philosophy and OT. The central how leadership does and does not work. to resist control. Each chapter illustrates a question explored is: ‘what does a particular w amzn.to/iplrwZ different dimension of workplace struggle philosophy contribute to OT?’ through studies relating to sexuality, w amzn.to/jmpXg6 Public Value: cynicism, social movements and trade Theory and Practice. unionism. Co-authored by Offshoring Strategies: w amzn.to/keqF5x John Benington. Evolving Captive Center Models. Authored by Published by Palgrave Global Strategic WBS Associate Dr Ilan Macmillan. This text Management. Jointly Oshri. Published by provides a concise authored by Professor MIT Press. One mode and internationalised Kamel Mellahi. of offshoring has restatement of the Published by Oxford continued to grow public value approach, University Press. This despite economic an assessment of its text provides a global turmoil: the captive impact to date and perspective on strategy center, subsidiaries or its relevance to the challenges of public covering traditional offices that provide management in a time of crisis and austerity. management as well the parent company with services. This text w amzn.to/m0QwBD as new topics such as examines the evolution of the captive center corporate social responsibility. This second identifying basic models and examining Key Concepts in edition features global case studies, a new strategies pursued by Fortune Global 250 Critical Management chapter on knowledge and innovation and is firms. It offers case studies that illustrate six Studies. Jointly edited supported by an online resource centre. models. by Professor Martin w amzn.to/jgzkxc w amzn.to/muZret Parker. Published by Sage Publications Ltd. Promoting Social Organizing Health This text with over 50 Cohesion: Implications Services (Organising entries, from Actor for Policy and and Managing Public Network Theory to Evaluation. Edited Services). Jointly edited Utopianism, explores by WBS Principal by Professor Graeme and explains essential Research Fellow Ines Currie. Published by concepts used within Newman and Peter Sage Publications Ltd. the field of critical management studies Ratcliffe, Professor The research of public today. of Sociology at the services organisations w amzn.to/jDaJ6A University of Warwick. is an expanding field. Published by Policy This four-volume set The Oxford Handbook Press. This book brings together papers of Strategic Sales and makes a case for a shift in policy focus from spanning research and practice, bridging Sales Management. ‘community cohesion’ to social cohesion. It the gap between organization studies and Co-edited by Professor is a valuable source for practitioners and for literature more specific to the sociology of Nigel Piercy. Published those studying theory-based evaluation and health and illness, social policy and health by Oxford University areas including housing, intergenerational services research. Press. This text is issues, the recession and education. w amzn.to/mjblyj structured around w amzn.to/lqpkQd four topics. It explores the strategic positioning of sales, For more information about WBS faculty, sales management, disciplines and publications customer relationships and the composition w wbs.ac.uk/faculty of sales within the organisation, and highlights how ‘sales’ responds to the environment. w amzn.to/lQ9RZq
  • 9.
  • 10. 10 nexus: summer 2011 behavioural science Nick Chater, Professor of Behavioural Science at WBS
  • 11. Feature Instincts, motivations and choices: Behavioural Science uncovered Michael Prest interviews our leading academics to demystify the discipline that is shaping the teaching at WBS. You know the feeling. It’s Friday afternoon and your Warwick Business School is tackling these essential friends are gathering for their end of week drink. But questions head on. The idea that behaviour is you are still in the office. How do you decide when more complex than is suggested by economists’ to leave? You half-remember an economics lecture broad aggregates has been around for a long on utility: basically, the appeal of something to you time. A whole branch of economics, behavioural – in this case, sneaking out of the office early. With economics, has grown up over the last 20 years or the help of a program discreetly downloaded from more. But the financial crisis threw into doubt long- the Economists 4 Sloth website you work out exactly standing notions of rationality such as the perfect the value of labouring on relative to the value to market hypothesis which approximately states that be gained from hastening to the bar, and therefore you cannot achieve returns in excess of average what time to leave: 6.13! risk-adjusted market returns for long because prices reflect all publicly available information. Dean Mark But of course you don’t make any such calculation. Taylor was convinced that it was ‘time to ditch old You instinctively make a guesstimate which includes ideas about rationality that don’t work in the real other considerations of a quite different sort: not world and get out of the academic silos’. letting your friends down, the weather, the feeling that you’ve contributed your pound of flesh this WBS is therefore setting up a Behavioural Science week– in short, what you think is right and will group which is drawing together leading experts from make you happier. As individuals, we all know the disciplines constituting behavioural science and that is generally how we make decisions, even from economics. Headed by Professor Nick Chater, a when specifically financial questions are under psychologist and Professor of Behavioural Science at consideration. WBS, the group intends to be the biggest of its kind in Europe. ‘The aim of the group is to help build a This is the central insight of what has become known bridge between what people know, and what studies as behavioural science: the utility function does confirm about human behaviour, and the standard not fully, or perhaps mainly, explain why we make economic model. We have to move to new methods the decisions we make. Bringing together many for understanding aggregate behaviour, departing disciplines which study human behaviour, such as from those used by conventional economics, to take psychology, evolution, neurology and sociology, account of the behavioural factors which seem to be behavioural science raises fundamental questions so important that they can no longer be ignored’, about how economists have conventionally Professor Chater said. described our world and our behaviour. And the implications are profound. If financial incentives Another prominent member of the group is – prices – are less important to the choices we Professor Bruno Frey, a Professor of Economics at make than economics has tended to assume, do the University of Zurich and Distinguished Professor governments and companies need to change how of Behavioural Science at WBS. Professor Frey has they deal with citizens and consumers? If so, what published extensively on behavioural economics. might those changes be? ‘I never believed that people are wholly motivated I 11
  • 12. by money. It was totally different from the way research suggests that we are poor at comparing the world looked. But I didn’t know how to find small amounts and large amounts. Assume a the difference between economic theory and the large and small gamble. The large one is £10,000 world’, he said. for certain vs a 50–50 chance of winning either £0 or £25,000. The small one is £10 for certain vs Precisely because there was a difference, a 50–50 chance of winning either £0 or £25. The economists made some heroic assumptions in sums are very different, but in practice people their models, for example that we have a well- treat the gambles as roughly the same and will defined utility for each good or service. The probably avoid both risks in roughly the same tendency grew as the profession became more proportions. mathematical from the mid-twentieth century on. ‘Economists started to The reasons for our being local thinkers and believe their own propaganda. They Bringing together many risk averse for small stakes are buried deep believed their models. But models strip disciplines which study in the evolution of our brains. Essentially, away the richness of human behaviour human behaviour, such we cannot easily compare apples and and lose that dimension of analysis’ said oranges. We do not have an underlying Professor Graham Loomes, Professor of as psychology, evolution, mental ‘currency’ to convert options into Behavioural Economics at the University neurology and sociology, directly comparable terms. Our brains are of Warwick and WBS. therefore forced to operate by using ‘local’ behavioural science raises comparisons. Assessing how light a patch In more theoretical terms, that analysis fundamental questions of grass is depends on local comparison can be explained like this. Classical of the number of photons from that patch economic theory makes several demands about how economists have with adjacent patches. In other words, we of its agents when they take decisions: conventionally described are fairly insensitive to overall changes of extensive knowledge, enormous our world and our behaviour. scale. calculating power, consistency and utility optimisation – all in all, making And the implications are The way we think has consequences at odds the financially most profitable choice. By profound. with conventional wisdom. Experience is contrast, behavioural science suggests highly respected. But research into medical that we operate very differently. Our calculating diagnoses suggests that we do not necessarily capacity is limited; we are unsure about our make better judgements by virtue of repeating preferences and indeed surprisingly flexible tasks. Equally intriguing, there is evidence that, about them; we prefer the status quo; we are for some types of decision, snap judgements may what the jargon calls ‘local thinkers’; and we are be better than those much pondered on. risk averse for small stakes. Our behaviour can also be viewed from another Let’s take the last two points. Being a local angle, intrinsic and extrinsic motivation. Intrinsic thinker means two things. We tend to compare motivation is behaviour derived from some similar items and to compare them reasonably internal norm or sense of what is right. Professor close together in time. If petrol prices go up, we Frey cites the example of a Swiss commune which make the comparison with what prices were last. was asked to accept a nuclear waste processing If they go up again, we compare them with what plant. The commune agreed. But when the they were recently and not a long time ago. The commune was offered money to take the plant principle may even refer to physical locality. We it refused. The offer of money had changed the compare the price of a cappuccino at a posh sea game and broken unspecified norms in which view café with a similar establishment, not with the commune believed. The clearest example of the price of cappuccinos worldwide. extrinsic motivation is money but, Professor Frey notes, the case of the commune shows that ‘you It might sound counter-intuitive to say that we cannot just use money to motivate people’. are risk averse when the stakes are low. But 12 nexus: summer 2011 behavioural science
  • 13. Here the question of behaviour merges into that of happiness. The evidence is that there is only a weak correlation between income and happiness for societies and individuals. It seems, for instance, that work is an intrinsic motivation. Unemployed people appear to be less happy than employed people even when their incomes are identical. Recognising that happiness has not increased commensurately with prosperity, and that greater happiness may lead to greater prosperity as well as being a desirable end in itself, the UK government About the author is exploring how to measure ‘gross national happiness’. There are other public policy implications. Utility tariffs, such as for electricity or mobile phones, have a tendency to proliferate and distort competition. Behavioural science’s description of us as local decision makers could help to redesign utility companies’ price information so consumers are better able to compare apples with apples instead of apples with oranges. It can also have implications for firms. It seems they, like individuals, are risk averse for small stakes. Yet if you take many small risks the chances are high that you will do better than if you avoid those risks. Michael Prest is a Oddly, however, supposedly risk averse firms are national newspaper often willing to take major risks on huge decisions, journalist with thirty where risk-aversion would be entirely appropriate – five years’ experience which may partly explain the financial crisis which of business and occurred despite close regulatory supervision. economics writing. He specialises As with all intellectual developments, however, in the business there are difficulties associated with behavioural school sector science. Worthy though an official search for and has written happiness is, governments have a strong incentive for publications to manipulate methodology and its outcome. including The Under the then Mrs Thatcher’s administrations, Independent and the way unemployment was counted was revised The Times. Michael repeatedly – and strangely each time reduced the also worked in jobless count below what it would have been using Washington DC for the previous method. If companies understand five years as a speech more fully how their customers behave they will be writer to Presidents tempted to game the system to their advantage. of the World Bank. That said, there can be no doubt that behavioural science has the capacity radically to challenge For more information deep-rooted assumptions in economics. You no contact e mprest@ longer need to feel guilty on Friday afternoons. G blueyonder.co.uk 13
  • 14. 14 nexus: summer 2011 behavioural science The bright marketing manifesto – seeing the business through the customers’ eyes Robert Craven the author in minute All businesses want to get closer to their The Manifesto customers. They want their marketing to reminds us of the Robert Craven influence consumers to the point where fundamentals and MBA (Warwick) is they make the positive decision to buy a rattles that cage of a keynote speaker product or service. corporate myopia and author of the that mesmerises so best-selling business After ten years of working to make big many companies books Kick-Start businesses more entrepreneurial (or and kills any Your Business and make entrepreneurial businesses more sense of action Customer is King. businesslike), a manifesto has been orientation. It puts As MD of The Directors’ Centre, the developed. Using entrepreneurship as the customer (and, consultancy for growing businesses, he the starting point, it challenges how as a result, profit) You can buy Robert’s works with ambitious directors to break you do marketing. It acts as a wake-up back at the centre of book from here: through constraints on business growth. call for tired (and often lazy) marketing your business focus. w bit.ly/brightm For further information, contact Robert departments that wonder why they don’t Craven on 01225 851044, seem to be getting the results they used In no particular order, consider the list of e rc@directorscentre.com. to get. 23 statements below. How could you use, See his blog at say, four of the most relevant ones to get w Robert-Craven.blogspot.com closer to your customer? THE MANIFESTO 8. What the customer thinks matters more 16. Create a money and time budget for your than you can imagine. Talk to them... do a marketing activity. And focus on results. 1. If there’s a choice between being better customer survey, now. or different then different wins every time. 17. Spend time with weird people. You don’t Ideally you should be different and better. 9. Blow your customers away with your get great ideas staring at your computer legendary service. Or they will leave you in screen. 2. Why should people bother to buy from you droves. when they can buy from the competition? 18. Work the 80:20 Rule. Get effective by What makes you different from the rest? 10. Select your target customers and focus on concentrating on the Law of the Vital Few them and what they want and need. Ignore and the Law of the Trivial Many – sack 3. Marketing is not a battle of the product; the rest. 20/30/40/50 per cent of your customers. marketing is a battle for the mind of the customer. How will you win this battle? 11. Work the expert model. Become the 19. Ask for the business. If you are not leader rather than a follower in your field/ asking for it then I am pretty sure that 4. You get known for what you do. So what marketplace. your competitors will be! is it that you are known for? Is it the right stuff? 12. Feel the fear and do it anyway. You won’t 20. Make it easy for people to buy from you. die. Make it as easy as possible. 5. Infect your customers and staff with your passion and excitement for your business. 13. Don’t compete on price. There’s always 21. You are too much in love with your They are your ambassadors! someone out there who can do it cheaper business. Get a grip on it! than you 6. Selling is everything. Most businesses think 22. Remove your self-limiting beliefs. What’s their product/service is pretty cool so what’s 14. Understand and work your sales pipeline. holding you back? the problem? How can you convert leads into clients faster? 23. Stop procrastinating. It’s easier to 7. Put your prices up, now. 95 per cent of people 15. Do the maths. Small changes in the right ask for forgiveness than it is to ask for do not buy on price, despite what they say. places have a massive impact. permission. Take action.
  • 15. nexus: summer 2011 behavioural science 15 Happiness – a revolution in social science Bruno Frey We are in the midst of a revolution. We that National Income per capita is not an The government should create the right are turning away from material aspects adequate indicator of well-being. Higher political conditions. In particular, it’s of life towards well-being. The way to income does not have much effect on important to increase citizens’ rights in measure well-being is happiness. happiness. terms of political participation. There is now strong evidence that citizens I would like to make two propositions. The Human Development Indices and involved in politics are more satisfied Firstly, although National Income and other social indicators are not very good with their lives. Another condition that Social Indicators are good indicators, either. Take life-expectancy. It is great improves public satisfaction is political happiness, or life satisfaction, are much to live a long time, but what if your last decentralisation. People are more at ease better. Secondly, we must be very careful ten or fifteen years are unhappy? School with local political decision takers at the not to do the wrong thing. Although enrolment is also often used as local level. government should make it possible a Social Indicator, but it for people to be happy, they is not an output. We The conclusion is: Happiness is a should not try to maximise know from PISA wonderful concept and can be used to happiness. and other studies make better policies. It should be used by that there are governments to enable people to achieve With respect to the first many countries their own personal happiness in their own proposition, I have where a lot of way. some good news. Most inputs go into people are happy. It’s schools, but not true that we live the children the author in minute in a terrible world and do not learn should lament all the much and Bruno Frey is time. Statistically we they are not Distinguished know most people are very satisfied. Professor of very happy. Behavioural Science I would now like to at WBS, Professor We have many ways to measure consider the second of Economics at the happiness. The most important are proposition. ‘Assuming that University of Zurich, surveys. Experience Sampling is when we can measure happiness in a satisfactory Research Director you are asked randomly how happy way, what do we do with this information you feel just at this moment, which is at the political level?’ of CREMA and Managing Editor of then aggregated up. Then, even more Kyklos. He seeks to extend economics by scientifically, one can do brain scanning. Governments should not jump to the including insights from other disciplines, conclusion that because we can measure including political science, psychology I won’t go into a critique of national happiness it should be maximised. and sociology. w bsfrey.ch income as a well-being measurement. Once the happiness indicator is seen as I just want to mention one aspect. important, governments will manipulate Roughly 50 per cent of National Income it. We should not be naïve. We know that on the knowledge centre... is attributed to government activity. in the wake of the financial crisis several Government activity is measured by countries manipulated their deficits and Watch Bruno input, in the form of materials and level of public debt. They will find it even Frey deliver the work. You can immediately see that it easier to present a happiness indicator first in a series of has nothing to do with welfare. So GNP influenced in their favour. Inaugural Lectures is great as a business cycle indicator; it by WBS professors measures productive capacity but not Another reason why governments should entitled Should well-being. not try to maximise happiness is that it is Government Maximise Happiness? not the only thing that should matter for w tinyurl.com/6eqfg5s Per capita income is sometimes used politics. There are other important aspects as a Social Indicator but econometric of life such as justice, responsibility and happiness research has demonstrated solidarity.
  • 16. 16 nexus: summer 2011 behavioural science The science of giving: what motivates charitable giving? Christopher Olivola Our planet is plagued by problems in Going forward, research will uncover need of solutions. Citizens of wealthy social scientific principles that will help industrialised nations are in a unique charities raise money, help donors to position to help address many of these contribute and derive greater well-being issues through donations of money, time, from doing so, and help those in need, and other resources. Charitable giving who depend on charity for support or even is a large and growing industry; total survival. The results, quite simply, should private giving in the US alone more than make the world a better place. doubled between 1996–2006, reaching £185 bn annually. These donations References provide essential aid to the world’s poorest Liu, W., & Aaker, J. (2008). The happiness of giving: countries. Therefore, understanding the The time–ask effect. Journal of factors that motivate charitable giving has Consumer Research, 35, 543–557. enormous benefits. Oppenheimer, D. M., & Olivola, Fascinating research by psychologists and C. Y. (Eds.) behavioural economists has begun to Willingness to donate increases when there’s (2010). The uncover the factors that drive people to suffering involved! Science of Giving: donate. Experimental of their time to a cause, compared to when Approaches to the they are asked to imagine giving money to Study of Charity. Did you know? Psychology H Giving to others often makes people the same cause. Press. happier than spending the same sum of money on themselves The more pain, the more gain You can buy H People donate more when they see My own research has examined the Chris’s book that others like them have made popularity of fundraising that involves here: contributions pain and effort on the part of participants, w amzn.to/ H We are more moved by a single photo such as marathons and bike-a-thons, or kohBEQ of a person in need (eg a hungry even events that involve walking barefoot child) than we are by the same photo over hot coals or broken glass! combined with statistics detailing the the author in minute extent of the problem (eg the number Although most theories of human of malnourished children worldwide) motivation and behaviour would predict Christopher Olivola that making the fundraising process is a Royal Society How people contribute difficult and painful should deter donors, and British Academy Researchers are also identifying factors we find that willingness to donate Newton Fellow in that influence charitable giving decisions, increases when people anticipate that the Behavioural discovering that emotions, social norms, they, or a friend, will have to suffer to raise Science group at and simple cognitive strategies play money for a cause, compared to when the WBS. He received important roles in governing whether, fundraising process is easy and enjoyable. a joint-PhD in when, and how much people are willing to In one study, participants contributed Psychology and Policy from Princeton contribute. more when doing so required that they University, and a BA in Psychology from keep both hands immersed in near- the University of Chicago. He studies Another important variable is how people freezing water for one minute! In addition the psychology of human decision- contribute. That is, the fundraising process to explaining the popularity of painful- making, experimental philosophy, and itself impacts donations. Research by effortful fundraisers these studies reveal behavioural economics. He is co-editor, Wendy Liu and Jennifer Aaker has shown that human motivation is much more along with Daniel Oppenheimer, of that willingness to donate increases after complex than previously thought. The Science of Giving: Experimental people are asked to imagine giving some Approaches to the Study of Charity.
  • 17. 17 17 Personal & Career Development Salary negotiations ‘Money’, is one of the most daunting questions your figure. Assume you’ll be negotiated down so allow room you’ll face during interviews and reviews. But, it for manoeuvre; remember the organisation will be trying to secure the best deal too. doesn’t need to be uncomfortable if you remember that money is a natural part of the job negotiation The full package process. A benefits package is not restricted to salary, so analyse the details before rejecting what may seem a like a low offer! After all, if you can’t negotiate over your own pay packet what Additional benefits can equate to 40 per cent of your basic does it say about your abilities as an employee? These tips from salary, for example bonus schemes, company shares, training, Leon Richards, Recruiter Relationships Manager at WBS, will holiday, medical benefits and travel expenses. help you to use your influence to get the best deal. Think! Preparation Don’t make rash decisions. If you’re made an offer be positive Without knowing your value you’re in a weak position. Research but ask for time to respond. This allows initial emotions to the salaries commanded by others in similar roles. Sources of subside and space for analysis of the package on offer. If you information include: w vault.com, glassdoor.com and feel an offer is below par, express your concerns when asking for salary.com. If you’re still struggling, use your network and time to consider. You’ll quickly find out if there’s any flexibility! careers team. Once you have a salary range in mind be prepared to use this during negotiations. Set in stone Once you’ve accepted an offer, get it in writing. HR What motivates your boss? departments can be slow sending out paperwork so, if you’re If you’re negotiating within your existing role or company moving to a new company ask for a confirmation email at the find out what motivates your boss. Do they have concerns or least before handing in your notice. projects you can help them with? If you can add value and help them to reach their goals, then they’ll be more inclined to make Just say no! you a competitive offer. If you decline a job or pay offer be polite and honest. You never know who you’ll come across throughout your career so don’t How low will you go? burn your bridges. It seems obvious but many people don’t take the time to work out what their bottom line is. How much do you need to live, how much are you hoping to earn and what is your on the knowledge centre... compromise position? Think these issues through and practice how you will react in different scenarios. Work with a friend How often do we and ask them to provide feedback on your performance and examine the risks we influencing skills. take in our own careers? Or examine the talent Sell yourself risk that may develop in In any negotiation, affirming your position is paramount… and our own organisations? Chris that means selling. Have a clear argument ready as to the value Beer, UK Managing Director of you will/do add to this role. Merryck & Co, examines risk from a career and leadership perspective. Show me the money? w tinyurl. The art of negotiation lies in not revealing your hand until the com/3c9da3c last minute. If you’re negotiating over a new role it’s wise not to discuss numbers until you’ve had an employment offer. A polite holding tactic is to say you’d be happy to talk about salary once you have learned more about the role. In any situation, if you’re pressured to reveal your financial expectations, resist. If you’re specifically asked to name a number select a calculated odd number. This will make it more difficult for the organisation to knock even chunks off
  • 18. 18 18 The WBS Virtual Business Cafe Now open! The Virtual Business Cafe is the free online space Q: What’s your vision? I’d like the Virtual Business Cafe where the WBS community can gather to listen to to become the place for the WBS community to discuss the business and career issues facing organisations and experts discuss topical business issues... without individuals globally. I believe it will support the vision of WBS leaving the comfort of their own homes or offices! being the best university-based business school in Europe. So many business meetings now happen in cafes and using I hope individuals will suggest ideas and topics to grow the our virtual meeting room, wbsLive, we can now bring that cafe and that other WBS professional networks will host their environment to you. own events. Every ‘meeting’ ends with a Q&A session with the presenter, Q: What’s coming up? We’ve got some great meetings all of whom are alumni of WBS. scheduled over the next six months. Experts will discuss subjects ranging from leadership and the importance of Nigel Brownbill, Virtual Business Cafe innovator, took five collaboration to transformation and change management. minutes to discuss his motivations and vision for the project. Tuesday 6 September Chris Beer, CEO, Merryck & Co Q: How did you come up with the idea of the Virtual Business Cafe? I thought it would be a great idea to mirror Wednesday 5 October Andy Cole, CEO – Bliss today’s practice of having business meetings in cafes so Marwa Bouka, Resources Manager, students and alumni could engage with each other, hear UN World Food Programme current thinking and gain practical business and career Thursday 3 November John Pendleton, President and development knowledge. COO, HP Pelzer Thursday 1 December Iestyn Evans, Head of Business Q: Why is it important to you? My motivations are varied. Development, Lloyds Banking Past students have achieved so much, both in the profit and Group non-profit sectors. Many are executives and CEOS of global organisations and I want to showcase that. WBS is lucky to Tuesday 10 January Nigel Brownbill, Chairman, have passionate and proud alumni who want to give their Advanced Corporate Concepts time and share their experiences. Thursday 2 February Shubhendu Mathur, Senior Consultant, Elix-IRR I also think it’s essential that students and alumni are enabled to engage with this vast network of skills and talent For more information visit w wbs.ac.uk/go/cafe as it adds value to their WBS experience. Q: How is the cafe different to a lecture? This is an easy About Nigel one! You’re sitting in your own home, alone or with friends, Nigel Brownbill MBA (Warwick) is Lead Ambassador to relaxing with a cup of your favourite latte, cappuccino or the Strategy & Consulting Network. Founder and Executive macchiato listening to a business leader discuss a topic Chairman of Advanced Corporate Concepts he has over relevant to today’s global economy. It might be leadership, 22 years’ strategy, leadership and talent management strategic alliances, managing turnarounds and change, or experience. Nigel is author of Be the Best in Business and linking strategy with talent management, but whatever it is writes for w bethebestinbusiness.blogspot.com you’ll have opportunity to question and participate. Q: Why should people come along? They’d be crazy not to! Why wouldn’t a student or experienced professional who is developing their career want to build their competitive advantage in today’s tough job market? I mean, who wouldn’t want to learn from and talk to business leaders? I don’t think other business schools offer access to executives in such an innovative way, so I’d encourage everyone to take full advantage of it.
  • 19. 19 19 Get involved... Help us to make an impact on our students from Sharing the Warwick experience their first point of contact through to building a Matt Stocker (BSc lasting and beneficial relationship with WBS. Management) spoke to prospective students at the Why not: WBS Undergraduate Open H offer a project or placement to a WBS student Days on 16 February and 2 H join the conversation w wbs.ac.uk/conversation March 2011. H recruit a student H speak on a programme or at an event Since graduating, Matt has H buddy a new student set up his own consultancy H support a recruitment fair or open day business H mentor a student or recent graduate w mattstocker.com H run or join a global or professional network H work with us on a project. Matt Stocker Professor Peter Corvi, Associate Dean of the WBS If you’re interested email e alumni@wbs.ac.uk to arrange a Undergraduate Programme, said ‘Matt described how he had time when we can call you to discuss how you’d like to get found not one but two of his jobs via the Warwick Careers involved. For information on all the ways to get involved, visit Service and also how he had met his wife here!’ w wbs.ac.uk/alumni/givingback.cfm Christopher Cole (BSc Volunteering with the Cranfield Trust Management) also took centre stage to speak to prospective In the spring edition of nexus undergraduate students at we introduced our partnership the University Open Day on with the Cranfield Trust, a Saturday, 7 May. not-for-profit organisation providing free consultancy for Christopher is an analyst for charities and social enterprise the Royal Bank of Scotland. groups. Charlotte Brown MBA During a joint presentation, (Warwick) works for the Royal Christopher Cole with Nicola O’Day they Mail and volunteers with the described what they gained Cranfield Trust. from the course, and how it helped to prepare them for their future careers. Charlotte says ‘Volunteering has proved a very good fit with my life demands as I am able to manage the volunteer activities WBS is extremely grateful to all its undergraduate alumni around work and family. The forms were straightforward to event volunteers. If you’d like to get involved in undergraduate complete and they approached my references very quickly. recruitment events, contact e Oliver.Walmsley@wbs.ac.uk Within a short space of time, I was approached with a potential Who’s been joining the conversation? volunteer assignment. I was given time to assess the assignment to determine if I had the skills and time to take it on. Abimbola Olufore – Abimbola talks about her MBA, how the Warwick MBA programme helped her focus on the important The team at the Trust gives you all the background information things in her job, and how its flexibility was fantastic. you require for a potential assignment, and then provides you with the key contacts for you to make direct arrangements for Steve Hales – Steve is CEO of Sapien Innovations Ltd, a your volunteer activities. company supporting early stage business development. He talks about how his experience at WBS shaped his career. What I really enjoy is the space you’re given to support the charity. I’ve been privileged in shaping a key piece of Join the conversation: work, knowing that the outcome will play a key role to that w wbs.ac.uk/conversation organisation’s future funding needs.’ If you’re interested in volunteering with the Cranfield Trust visit w cranfieldtrust.org
  • 20. 20 20 Mentoring Entrepreneurship pilot mentoring scheme launches ‘More support and guidance in terms of personal opportunity. That person provides a sounding board in what and professional development’ is what you asked us is, really to be honest, one of the loneliest places because when you run a small business you run it more or less on your own.’ for last year. We responded with the launch of the entrepreneurship pilot programme on Tuesday 17 Could you be a mentor? May. The main WBS mentoring programme is now in its second year and recently took on another 70 participants and 26 The pilot is sponsored by the London Chamber of Commerce mentors, bringing the total number of volunteers to 90. and Industry Commercial Education Trust, and will support eight mentees through the first year of their new business We’ll be recruiting mentors for the 2012 programme venture using one-to-one mentoring, an online toolkit and (March start) from September. We’re specifically looking for specialist training seminars. individuals with a minimum of 15 years’ industry experience who have set up their own businesses or are based within Increasing success the finance and banking sectors. Chair of the Steering Committee and pilot project manager, Steve Martin MBA (Warwick) commented, ‘statistics for new start-ups show that only one in four make it past 18 months Steering committee welcomes new member without a business mentor, whereas four out of five do succeed The WBS Mentoring Steering Committee is delighted to when an experienced business mentor is actively involved. welcome alumna Alison Watts, Managing Director, Icendris Ltd. Whether you believe the statistic or not, having someone Alison is a member of the Alumni Executive and her role on the who has been there and done it can certainly help new committee will be to work with the steering group to develop entrepreneurs understand the pitfalls and provide a sounding plans to look at the routes for women in industry to reach senior board and guiding hand during this high risk stage – this board level. is what this new pilot scheme is all about – improving your chance of success.’ Dean Mark Taylor said, ‘the commitment to giving back to WBS shown by this group of volunteer alumni is truly outstanding and I am delighted with the progress and momentum gained by not only this pilot but also the main WBS mentoring programme, which has doubled in size again this year.’ The pilot has the backing of senior faculty members who attended the launch, presenting research and case studies. Delegates were also impressed with external practitioners who volunteered to come and talk about their own start ups. There was a real feeling of excitement at the launch as pilot mentees delivered their elevator pitches, revealing their motivations and unique selling points. A different perspective Mentee Fiona Williams said, ‘I’m excited about the pilot because I’ll get a different perspective, a sounding board – someone to essentially check what I am doing –I’ll then go away and decide what the right direction is for me’. Mark Broome another mentee commented, ‘It’s definitely going to be useful to have a mentor to bounce ideas and concepts off because they’ve got the experience of what is and is not a valuable idea.’ Mentor Mark Payton said ‘I founded my own business and have just led a buy out of another business. The thing that I’ve found extremely useful is having a confidant, a mentor who you can call and say I have got this particular challenge, problem or Entrepreneurship pilot participants