Think Long-Term: You cannot predict the future but you can prepare for it

Posted on April 29, 2012 by b4iapply

I didn’t have my first laptop or mobile phone until I was at university. Many things have changed during the past 20 years; many more will change over the next twenty years as we live in a rapidly evolving society. A profession that has provided good prospects until now might be redundant by 2025 (or even earlier). When you assess your career options, you need to use the lens of the future and not the past.

It is impossible, of course, to predict exactly what will happen but here are some expected trends:

  • We will live longer.
  • Our lifestyle will become increasingly digital (continuous access to internet).
  • The world will become even more integrated both economically and culturally (globalization).
  • Technology will replace jobs.
  • Knowledge will be the cornerstone of the global economy and there will be increased competition for high-potential individuals.
  • Virtualization and communication advances will allow more flexible employment. Atthe same time, there will be no clear boundaries between work and leisure.
  • Emerging economies will grow.

How will these trends affect you?

Think long-term

  • You will need to be able to differentiate yourself from the crowd so you should become an expert in a specific field. There is a move from generalists to experts. Employers are already looking for depth rather than breadth. Remember: you compete with talent around the world.
  • Your social network will be a very significant resource for you. You’ll need to take the time and effort to both develop and maintain your social capital both online and offline. Your mentor can help you a lot on this front.
  • Life-long learning will be necessary.  In the fast-moving society we live, you will have to become an expert in a new area every five to ten years. So, be prepared to continuously getting educated during the course of your working life. 
To become successful, you need to get prepared to adapt to the future realities of the labour market. This means that you have to be not only more knowledgeable of the trade-offs of the choices you face but also determined to make decisions and live with their consequences. 
 
Korina Karampela is the founder of b4iapply, author of 2 books, consultant and speaker. She has been a senior executive in the pharmaceutical industry and has an MBA from MIT Sloan. Her blog http://b4iapply.com is recommended by The Guardian for professional development.
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5 Harsh Realities about Higher Education

Posted on April 19, 2012 by b4iapply

Although you are a firm believer of the benefits higher education can offer, you are at the same time cautious about what advice to give to teenagers (especially your kids, nephews, nieces, God-children).

The reason is that you are aware of the following 5 harsh realities.

Here they are:

Harsh reality #1:  A university degree does not guarantee a job anymore

Gone are the days when having a degree meant you can get a job as long as you wanted to work. Nowadays, graduate unemployment is around 20%. This statistic says it all. At the same time, higher education has become a requirement for getting any decent job. It is a vicious cycle.

Harsh reality #2: Higher education is expensive

Tuition fees in most of the UK will increase from a max of £3,375 in 2011/12 up to £9,000 from 2012/13. Most students will take a significant student loan (up to £50K) to finance their studies. Depending on the career they choose, it may take them the rest of their working life to repay it.  With this in mind: do you advise young people to study a traditional academic subject or one that will make them more employable?

Harsh reality #3: Job prospects vary widely across subjects

There are more than 1,200 separate degree subjects and over 50,000 course combinations within the UCAS scheme.  In addition, the long-term career prospects for some are significantly better than others. Hence, the decision-making process can be quite complex and overwhelming.

Harsh reality #4: The quality of higher education varies significantly

There are 165 Higher Education institutions in the UK and the quality of education on offer is not the same across them. Given the imminent increase in tuition fees, students need to ensure that they get good value for their money.

Harsh reality #5: What worked well in the past might not work in the future

We live a very fast-changing environment. Technological advancements and globalization are the two major forces behind these changes. Many new professions appear all the time. Others disappear.  Warning: Advice based on our own experiences might not be up to date anymore.

These 5 Harsh Realities basically say that higher education will come at a significant price from now on.

So, it becomes even more important that young people choose a subject that is right for them and that will lead them to a career they love.

Is there anything you can do to help them?

Yes.

You can:

  • encourage them to explore their passions
  • help them understand their strengths, and
  • encourage them to think long-term.

It is important that we help young people make informed choices. We really don’t want them to end up with big debts and jobs they don’t enjoy.

If you know other people who might find this post useful, please share it with them.

Korina Karampela is the author of two books: the US edition ‘b4iapply to college‘ and the UK edition ‘b4iapply to uni‘.  She is a pharmaceuticals executive and has an MBA from MIT Sloan. Her b4iapply blog is recommended by The Guardian for professional development. This article was also published at Huffington Post.

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What can we learn from Bubba Watson?

Posted on April 11, 2012 by b4iapply

Bubba who? Unless you are a golf lover, you probably have not heard this name before. Bubba Watson is an American professional golfer. He just won the 2012 Masters Tournament after a wonder shot that many considered it ‘almost impossible’. It was his first major title.

Bubba is known for the length of his drives. He is one of the few people who can hit the ball over 350 yards (320 metres approx). He is also known for never having done any golf lessons in his life. He is entirely self-taught. He has never watched a replay of his swing on video either.

So what can we learn from him?

To answer this question, I’ll use the Head-Heart-Hands framework influenced by a book I read recently by Ken Blanchard et al.

Bubba is wearing the green jacket.
(Photo by David Cannon/Getty Images)

  • Head: After a very inaccurate shot, Bubba ended up in the trees. He didn’t lose his nerve though. ‘It was just a crazy shot I saw in my head’, he said afterwards. His objective has always been clear. ‘My goal, my dream has always been to have 10 wins. This is a step to the right direction.’
  • Heart: Bubba doesn’t need only to see the shot in his head but he also needs to feel it. He follows his own instincts. And when he does, he is great. He is also very passionate about golf.  He has fun with it too. Check his YouTube videos smashing lettuce heads and pumpkins with wooden clubs!
  • Hands: He started playing golf at young age. He has been practising all the time. Every time he goes out, he hits the golf ball as hard as he can. His technique is unconventional but it is working for him.

Bubba became very successful despite not having formal training in golf because he loves what he is doing, he knows what he wants to achieve and he is committed to do it.

In other words, it boils down to:

  1. Finding what you are passionate about,
  2. Knowing where you are heading to, and
  3. Working hard to make it happen.

What I like most about Bubba is that Bubba wants to be Bubba. He is authentic. He just wants to be himself.  In a professional sport with so much at stake, this might require more courage than we think. Well done Bubba!

Korina Karampela is the founder of b4iapply, author of 2 books, consultant and speaker.

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What are you prepared to lose to get a university degree?

Posted on April 5, 2012 by b4iapply

You read correctly. “What are you prepared to lose to get a university degree?”

I was at a convention last week where hundreds of students had the opportunity to talk to representatives of various universities. I talked to a number of teenagers. Here is a snapshot from a typical conversation:

  • What degree do you consider?
  • History.
  • Why?
  • I enjoy the subject.
  • Have you thought what career path you want to follow when you graduate?
  • Not a clue.

It is interesting to see that even during these highly uncertain times, we cling to the old formulas although there is clear evidence that they don’t work anymore as well as they used to.

We encourage young people to get a university degree (any degree irrespective of their strengths/passions/employment prospects) despite the high graduate unemployment rate and the increased tuition fees.

Why?

It is a matter of incentives. Schools will do anything to boost their league table position. Politicians want to ensure they get re-elected. Universities have places to fill to survive. The situation will only change when the right incentives are put in place.

So, what’s the conclusion?

It is very simple.

The responsibility about your future is shifted to you, dear student. It is up to you to think long-term and link your education with the career path you are dreaming of. This is great since you care about your future more than anybody else (including your parents).

As I said in a previous article called ‘Is it worth going to University?‘, there is no answer that fits all. Each of you has to consider your individual circumstances and make your OWN decision.

Investing in higher education is similar to investing in property. In principle, the benefits of both investments are many. However, a positive return on investment (ROI) will be achieved only if you invest in the right property.

Same principle applies for higher education. Prospects vary across subjects and universities. If you study a subject that you are passionate about and it has good future prospects, you will have a fulfilling career. On the other hand, if you get qualifications in an area that is not in demand, then you will have problems finding a job. Hence, you need to be selective about what to study and where you study.

A question that you also need to ask yourself is ‘What are you prepared to lose to get a university degree?’ Think of the worst possible scenario (not great job prospects and a big debt). Think also of the benefits of studying the subject you have chosen. Then, make your decision.

This is what successful entrepreneurs are doing; they have an idea of the maximum they can afford to lose when they invest in a new venture and they are happy to take the risk when the upside is significant.

Korina Karampela is the author of two business books for teenagers: ‘b4aipply to college’ and ‘b4iapply to uni’ for the US and the UK respectively. She also runs workshops to empower young people and their parents to make informed decisions about education and career choices.

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What Rory McIlroy and Serena Williams have in common?

Posted on March 29, 2012 by b4iapply

It seems that there are not many commonalities between Serena and Rory apart from the fact that both of them are top professional athletes. However, if we dig deeper, we will find out that their journey to success had similar ingredients.

  1. They both started the sport they excel at a very early age. Serena started playing tennis at the age of 5. Rory was introduced to golf at the age of 18 months!!
  2. They had a clear objective. They both wanted to be the #1 player in their respective sport.
  3. They had a plan how to achieve their objective and they worked hard to make it happen. They underwent countless hours of training and they played many tournaments. Nothing was left to chance.
  4. They also had a coach to help them become aware of their strengths and the areas they needed to develop. In the case of Serena, her father has been her coach. Whereas, Rory started his early training with Michael Bannon, who is his current coach and mentor.

If you ask any successful person in sports, arts, or business, he/she will tell you a more or less similar story. You may want to learn from them.

  • Be aware of your strengths as early as possible
  • Have a clear objective of what you want to achieve.
  • Make a plan and work hard to make it happen.
  • Get a mentor who can guide you and advise you.

One word of caution though. Andre Agassi did all the above and had an impressive performance as a tennis player. However, as he later revealed in his autobiography, he had always hated tennis.

So make sure you find an area you are passionate about. Being successful and happy is a great combination to aim for!

 

Korina Karampela is the founder of b4iapply, author of 2 books, consultant and speaker.

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