My interest in this course was sparked after speaking with
one of my friends who had already registered for this class. That is why
although I joined the class a few days late, it was something I know I wanted
to pursue this semester. The two concepts of organization and entrepreneurship
is what really geared me into taking this course after speaking with my friend.
These are two things that go so hand-in-hand in the business world and it is
something that I wish to broaden my knowledge on before beginning my career
next year as a consultant. It is interesting because growing up I always saw
myself as a doctor. Little did I know that throughout my high school and
college career I would choose to pursue a career In business. Through economics
I have been able to understand so much more than just how the economy works. It
has given me the exposure and answers to many different things in a variety of
industries. After studying abroad in South America and being exposed to my
father’s businesses I have gained an interest for true entrepreneurial skills and
concepts. Being involved in Illinois Business Consulting (IBC) here at the
University and working directly with my clients also exposed me to many
different approaches one should take as a consultant. Thus, with my interest
and future career goals as a consultant an one ay opening my own firm, I think
a class such as this has much to offer me. A good consultant has to be able to
know the background of the industry they are working in, figure out the main
outcome they are working towards, and be able to effectively break down any
smaller problems to fix the overall problem for the client. Thus, by learning
about different policies, being exposed to different problems and relating it
back to economics will allow me to successfully do that in my career. Furthermore,
after reading through the syllabus, I particularly saw myself drawn to the idea
of “establishing a framework.” I think this is a skill that can be helpful in
solving any problem. I look forward to exploring how business and economics
work together to create a framework in different industries and in a variety of
ways through this course. Thus I am looking forward to learning more about the microeconomic
principles in this class rather than the macroeconomic principles. Knowing the
behind the scenes work and the minor details that go into the final production
of a product or service is so more than flow- ins and flow outs. It takes time
to see trends and apply them directly to current stats and trends. The entire
process from start to finish is something that can be very beneficial in
knowing and learning about. Although, I
registered for the class a few days late and was unable to attend class, I
really am looking forward to this class and all it has to offer. I have only
heard good things about the first day and I can really see myself learning a
lot and getting exposure to new concepts while at the same time being able to
relate old concepts with new ones.
It is an interesting question whether knowledge of economics can help you with consulting work and further if that can happen in just one course or if it takes a bit of a career in economics before it can be well applied. For myself, I can report truthfully that economics thinking infuses all of my work, such as when I was an administrator in CITES. For example, circa 2002 or 2003, we were supporting multiple systems that were similar in function but that had different strengths, effectively segmenting the user base. The users were happy with this but the new Banner Student System was coming on and integrating what we were supporting with Banner would be costly. So we chose to go to a single system, for that reason, an economies of scale argument, if you will. But as it turns out, we only dropped the other commercial systems we supported. We continued to support a home grown system, Mallard, where there was no licensing cost, because the users demanded it. Continuing to support Mallard was not in the plan, but we could never see our way into phasing it out, so continued to do so long after I had left CITES. This tension between customizing for different segments and achieving robust scale economies persists, and it is not just in IT. An economics lens is helpful for thinking about the issues.
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