How to Ace an Interview

Ceteris paribus, meaning other conditions remaining the same:

• Read a book or two on interview strategies.
• Watch a few video clips on dos and don'ts.
• Skim through several trend-setting articles subject.

This chapter by no means attempts to compete with them. Instead, it's strictly complementary. Having sat on both sides of the table, I will share my humble but slightly different take on interviews. However, I will describe my experience by combining both, i.e., how I used to approach interviews as a candidate and later what specific qualities I used to look for in candidates when I interviewed them.

1. Try Match Practice before Interviewing with the Targeted Companies. Just the way teams play several exhibition/warm-up matches before starting a major tournament, it's always healthy to interview with several second-tier companies within the industry before starting with the targeted companies. For instance, even if you target the central investment banks like Goldman Sachs, Morgan Stanley, Credit Suisse, JP Morgan Chase, etc., it's a good idea to start the interview process with several second-tier investment banks, followed by the actual targets. It will immensely enhance your confidence as you begin interviewing with your targeted companies. If the question comes up during the interview, make a generic statement like "I am focusing on investment banks only" or "Yes, I am interviewing with some of your competitors as well," etc., without making any specific name reference or categorization (1st-tier, 2nd-tier, etc.) whatsoever. 

2. Right at the outset, Ask the Interviewers if you could use your Notepad (or if you could Borrow one). FYI, the vast majority of interview questions have multiple parts, and it's generally by design. Simply put, they try to test that you can retain and answer them in the right sequence. By having a notepad in front of you, you can jot down the different parts of the questions and the sequence they are being asked, which will help you concentrate on the answers, without having to remember the various factors and juggle with the arrangements (which carry no extra points). Even if you disagree with any sequence, do not take the liberty to alter them. A candidate who does not write the questions down often expresses, "Let me start with the last part first" and rarely address the rest as they often fail to remember the last parts. Again, as a candidate, you have no right to alter the sequence. The interviewers are in charge, and you follow their instructions. There is no room for any arrogance.

3. Be Polite while answering the Opening Question, usually about yourself. Generally, the first question is about yourself (e.g., introduce yourself, describe your achievements, etc.). The interviewers typically throw the ball into your court, thus allowing you to "set the tone." Even if you had aced the SAT and then maintained straight A's in college, do not harp on that string. Instead, politely answer that you managed to "do well" in high school and college, moving on to your college major's specifics, leading to the thesis of your internship. Since your achievements are already bulleted in your resume, there is no need to double down on them. Instead, set a polite tone which will immensely impress upon them, so much so that it will have a serene carry-forward impact throughout the interview. Smart people try to minimize the use of the braggadocios' pronoun "I" and consider its overuse morally hazardous. 

4. Be equally Polite while addressing your "Strengths and Weaknesses". This tends to be a common question for new graduates. Instead of parroting a list of strengths from the Internet, politely specify a handful of diverse and meaningful (mostly related to this job) attributes saying, "These are some of the strengths that have been pointed out to me over the years" or another polite expression along this line. Do not makeup weaknesses to create an answer. Instead, politely and confidently say, "Nothing has ever been pointed out to me." If you make one up, the conversation will take a negative turn, often with a snowball effect. Remember, "Goods well bought are already half sold." The fact that you are being interviewed (and I'm talking about a real management interview, not just an HR interview) bumps your point of origin up to 50 -- it's not 0 anymore. So, continue to ride on the rising positive momentum, without the need for any negative emotions, which may only act to your detriment.

5. Show a very Positive Attitude while Describing your Knowledge and Impression of the Company. This is another general question for the new graduates. As a candidate, you must have this answer well-prepared and adequately practiced. Instead of spending too much time and effort on the company's headcounts, ultra-modern real estates, and global footprints, emphasize on what attracts you about this company: how the company became the best in class; its world-class training program; its perennial growth prospects; its cutting edge marketing initiatives; its top-of-the-line yet highly diverse workforce; its proven and consistent room for growth, etc., but staying away from the obvious like excellent salary, benefits, physical work environments, etc. Refrain from getting bogged down to balance sheet nitty-gritty, holding back all of your questions till the end or until you are asked to do so. Just focus on addressing their issues as politely, precisely, and thoughtfully as you professionally can.  

6. Avoid any Negative Talk/Opinion about your Current or Prior Employers and Bosses. If you completed an internship or held temp/part-time jobs during the college years, do disclose all of them in your resume. If you are asked to talk about them, try to keep the narrative as positive and perfect as possible. Smart people do not enjoy negative talks or tones. If you do, they may sympathize with you superficially, but rest assured you will be pushed down to the list's bottom. We all know life is not a bed of roses, so smart people do not waste time dwelling in the past; they move on and work towards a brighter tomorrow. At an early age, I learned from Lord Buddha to live in the present, which always helped me stay positive and focused. Positive people are inherently more productive and tend to make great corporate leaders. Their positive energy helps create very positive work environments. No doubt, it's a real blessing to work with a perennially upbeat boss.

7. While answering the Main Questions, try to Walk Away from the Herd. Remember, for two or three openings, the shortened list may still comprise twenty to thirty highly qualified candidates. So, while answering the main questions, use your knowledge (depth) and intelligence (ability to get to and stick to the real issue) to narrow the competition. In doing so, whenever you can, try to walk away from the herd, so you stand out -- in addition to conventional thinking, present outside-of-the-box solutions, preferably with the help of some real examples from your internship, work/study programs, etc. Soon, you will be solving enterprise-level challenges, so make an emphatic case in front of them that you are capable of rising way above the occasion and, thus, you rightfully belong there alongside those brilliant minds. 

8. Save the Best for Last. Show off your Mettle with some Awe-inspiring Questions. The primary interview has ended. Now, it's your turn to ask them some questions. Remember, this is the only part of the interview you will control, so it's your time to show off your Mettle. Bang away with questions they have never heard of. Bang away with items that will leave them wanting more. Bang away with things that they will ask one another later. Bang away with questions that will prove you are the super-human they have been waiting for. Anything less will significantly reduce your chances. Whatever answers you get, accept them politely. It's impolite to ask them follow-up questions; instead, move on to the next question. Again, this is not the forum to ask any HR questions. Even if the topic comes up, politely decline it by saying, "If I have any HR questions, I will later contact the HR Department. Thank you anyway." 

9. Rejections must Inspire you to Prepare harder and smarter for Future Interviews. While you should take rejection as a passing show, it must also inspire and impel you to prepare better for future interviews. Steve Jobs used to say, "You can't connect the dots looking forward; you can only connect them looking backward." Every time I was rejected (after having interviewed), I told myself I was not prepared enough to get the job. Then again, I knew quite well the mistakes I made and promised myself I would not repeat them. Of course, one of the best ways to reduce the incidence of classic or run-of-the-mill errors is to allow yourself some meaningful match practice (#1 above). A rejection is not a let-down, rather a reminder of better opportunities ahead, taking advantage of which requires slightly better preparations. You are almost there!

A few years ago, I was (phone) interviewing an overseas candidate for a Senior Analyst position. I was so impressed with the answers that I had to give him a perfect 10. Then it was his turn to ask me some questions. The first question he asked pertained to his work hours. I had no choice but to mark the one off his score. The point is, when you are interviewing for a career job that might lead you to be the future CEO of the company, the last thing you should think about is your work hours. When you are starting in the labor force, you have to be flexible. If you are looking for an 8 to 5 job, you need to redevelop that Mettle.

-Sid Som, MBA, MIM

homequant@gmail.com

Link to the Book

Turning LinkedIn into an Effective B2B Marketing Tool

LinkedIn is the most influential business social today, undoubtedly rising head and shoulder above the competition. Whether one is seeking a new job opportunity or is looking to connect with other industry professionals or business leaders, one needs to have a decent presence on LinkedIn. Given the fast-changing marketing landscape, LinkedIn could be a handy B2B marketing tool as well. So, how does one turn it into a useful marketing tool? Here are the considerations:

1. Choosing Contacts – You must evaluate and select the LinkedIn contacts very carefully (no room for family and friends here), especially zeroing in on the decision-makers. For example, if you are currently offering services to banks and other financial institutions, learn to constrain your research and the resulting search to the decision-making vertical, i.e., VP-SVP-EVP, etc., leaving out the non-decision making universe as they would not be much help in your endeavor.

2. Limited Success at the Beginning – Expect minimal effectiveness at the beginning, say 20-30%. Of course, it could be higher or lower, depending on mutual interest and compatibility. Regardless, try to align with the decision-makers, remembering quality is better than quantity here. In other words, 20% effectiveness from the universe of decision-makers would be far better than 50% effectiveness from random bankers.

3. Content is King – Content is king, so do not waste time on unrelated issues or themes; instead, stick to your area of expertise, business, or the competition. For instance, instead of sharing or re-publishing news or articles from various news agencies, place your pieces and commentaries, so your offering or business stands out. The originality is greatly rewarded. The frequency is also critical in maintaining proper visibility, so try to contribute frequently, preferably daily.

4. Avoid Direct Marketing – Unless specifically requested by your contacts, it's better to avoid direct marketing. It would be harikari to spam contacts with un-solicited literature. It's a severe turn-off to the busy business people. All such marketing must be indirect via meaningful posts and articles, allowing contacts to be self-enticed to reach out to you. When they reach out to you, it's already half-sold. The adage – goods well-bought are already half-sold – applies quite well here.

5. Target Population – Define the target population you would like to achieve within a specified timeframe. A high-water mark is critical. Again, quality is more important than quantity; for instance, 1,000 vertical-level decision-makers (quality) are more valuable than 2,000 random bankers (just quantity), mostly non-decision makers. Set a timeframe, say within six months, to achieve this goal. Spend an hour each night – religiously – reviewing candidate profiles and sending out invites.

6. Increased Marketing – As liquidity increases, you need to intensify your marketing efforts. It's a numbers game: 1 to 2% effectiveness becomes significant when the underlying population is large and impactful. In other words, if you have a contact population of 3,000 decision-makers, a 1% response rate (or 30 leads per day) is quite significant – at least initially. As the population increases, you will get increasingly more requests to join your network, boosting your population faster.

7. Automated Campaign – Considering it's a 100% targeted platform, the use of mechanical or impersonal campaigns must be minimized. For instance, instead of placing a marketing flyer in front of your contacts, write a meaningful introductory piece, followed by a set of links pointing to your flyers. It's good to understand that the business leaders can smell automated campaigns (a.k.a., bots) from far away, so all costs must avoid them. Of course, when the leads are self-enticed (after having read your piece), they are far more result-oriented.   

8. Keep the Base Growing – Just the way you would grow your own business, keep your LinkedIn base growing. The growth pattern must be collinear, meaning they must grow in tandem (as they complement each other). As the base grows, your percentage of success will grow at a much faster rate as the mutual interest grows. Similarly, you will receive a much higher volume of requests. Remember, it's your business, so do not unnecessarily relax your acceptance rules. On the contrary, now that your base is liquid, try to tighten it a bit. For example, roll up your original VP-SVP-EVP vertical to SVP-EVP-FVP now.

9. Some Exceptions Worth Considering – Lastly, here is an optional consideration – an exception (to the stringent acceptance rule) that many follow. For example, now and then, when I receive requests from certain rule-breaking yet deserving candidates like the mothers trying to return to work, veterans entering the labor force, new STEM graduates looking for jobs, etc., I wholeheartedly welcome them into the network.

At any rate, LinkedIn has grown into a business social powerhouse, so it must be used as a marketing platform to complement other marketing efforts. B2B professionals should use it as one of the primary marketing tools, but building a good deck is the key to such success.

-Sid Som, MBA, MIM
homequant@gmail.com

Link to the Book

How to Pre-launch a B2B Start-up

"I have been toying with a B2B concept for a while. I think it has great potential. How do I take it forward?"

As an entrepreneur, I often get this question from budding entrepreneurs.

First off, a B2B Service is one of the most challenging segments to penetrate. Consider these steps to pre-launch a B2B start-up:

1. Conducting a Pilot – If you have a good job, do not jump ship. Instead, take some time off and try out a pilot "live." If your concept/invention pertains to the same industry you are currently employed, have an attorney review your employment contract for "conflict of interest" and "no compete" clauses. Since start-ups do not qualify for SBA loans, hire a qualified consultant to review your financials (both business and household), type of business formation (S, LLC, C, etc.), liability insurance, etc.  

2. Implementing Marketing Plan – Make sure you implement your marketing plan (from the actual business plan) to promote the pilot (as if it were the real launch!). It's better to have an average concept backed by a super-duper marketing plan (recipe for success) than a super-duper concept supported by an average marketing plan. Therefore, a significant amount of time and effort must be paid to developing the marketing plan. Ideally, it should also be reviewed by a marketing expert or a social media consultant, thus ensuring that the bases are amply covered.

3. In the Case of Local Service – If it is a local service, some meaning networking is critically coupled with several live campaigns (with real money) to get a good reaction for the future clients' actual outcome. When campaigns are launched or conducted without real money, they could lack the kind of intensity that is generally needed to get the right feel for the market. For instance, if the product or service relates to the real estate valuation market, it is critical to network with the local appraisers, assessors, realtors, social media consultants, etc.

4. In Case of National Service – If it is a national service, it's essential to mobilize the marketing Rolodex (LinkedIn, FB, Instagram, etc.), with an announcement that you are open for business. Before promoting national service, it's essential to understand the industry trend, especially any emerging trend. It's good to visit one or two seminars or conferences where national vendors display their products at the exhibit hall. While attending such conferences could be expensive and time-consuming, the resulting rewards generally far exceed the associated costs.  

5. Campaigning on Twitter – Campaigning on Twitter is more specialized than other social vehicles, so it's crucial to simultaneously implement the marketing campaigns. The campaigns need to fine-tune, and rerun (or re-implemented) based on Twitter Analytic, which could often be an iterative process to optimize the marketing plan, and short-cut could lead to an inefficient strategy. It might be a good idea to even consult with a well-known Twitter expert to iron out any hidden inconsistencies. The point is, the marketing plan must virtually back the product or service being promoted.

6. Advice from the like-minded – Seek advice from the like-minded B2B entrepreneurs – both successful and struggling – to avoid reinventing the wheel. It will save you many trips to the ER, so to say. Locally, it complements networking and, nationally, it saves a ton by not having to attend some vital industry seminars. As long as the product or service is not directly complete with theirs, most would welcome and satisfy your curiosity by sharing their road to success, critical in developing self-confidence.

7. Publishing the Underlying Concept – If you have already written a book highlighting the invention's underlying concept, it might be a good idea to join the Amazon Marketing Service to beef up its sale, bolstering "indirect" marketing before the actual pre-launch. The Kindle version alone is not enough; the Paperback is equally essential. Additionally, Twitter and other social campaigns need to be developed with direct links to the book. Ideally, the book's publication should coincide with the pre-launch of the actual product or service to intensify the marketing efforts without having to split the advertising and marketing costs.

8. Business IT Concept – If it is a Business IT concept, it's imperative to copyright it, leading to patenting; otherwise, the market protection would be virtually absent. While it's costly to patent it in a host of other countries at the outset, it is prudent to start the process here, gradually followed by the nations as they would be penetrated. The filing of the US copyright and provisional patenting will, at least, prevent the foreign companies from doing business here from directly infringing on yours. The provisional patent application will buy you 12 months to prepare for and submit the actual application (during which time "patent pending" could be added).

9. Analyze the Pilot Results – Analyze the results from the pilot as they come in, preferably in direct collaboration with a well-known marketing consultant, and seeking analytical help from a consulting data scientist could make sense as well. If you find that the results far exceeded your (and your consultant's) expectations, work on initiating a much larger pilot with the updated service coupled with a vastly upgraded marketing plan, adequately factoring in the initial pilot's inputs. If the follow-up growth curve is exponential (at this point, linear growth is not good enough!), you are "on to something."  

As indicated above, a pre-launch is a critical interim stage that must not be ignored. Far too many budding entrepreneurs make the mistake of launching the product/service without a meaningful pilot, thereby depriving them of the market knowledge, a priori, to face the competition.

-Sid Som, MBA, MIM

homequant@gmail.com

Link to the Book

Bully Boss – What You Must Know!

-Sid Som, MBA, MIM

President, Homequant, Inc.

homequant@gmail.com

Link to the Book

How does an Investor Analyze a Housing Market? – A Philly Case Study

The Single Family Housing Market

(Click on the image to enlarge)

The Philadelphia Single family Housing (“housing”) market demonstrated a linear growth in median prices between 2016 and 2018, rising from $175,000 ($129/SF) to $194,900 ($149/SF). However, after having peaked in 2018-Q2 and registering a solid 16% growth off 2016-Q1, it has been on a downward trajectory ever since.

Of course, the 2019-Q1 does not include the March sales, so it could be an aberration at this point.

Since the housing market in the US is highly seasonal (May through August are considered peak months), the quarter-over-quarter median sales analysis – though the industry standard – could be deceptive. Therefore, the seasonally adjusted quarters like 2016-Q2 ($138/SF) vs. 2017-Q2 ($143/SF) vs. 2018-Q2 ($149/SF) are more comparable in establishing the market trend and, in turn, the time adjustment factors for automated valuation modeling (AVM).

Moreover, the Price per SF (SPSF) is a more meaningful metric for the investors than the traditional Median Sale Price (SP) considering it is normalized, thus ironing out the variations in sizes (in our example, the quarterly Median Living SFs).

When an extended time curve (twelve quarters in this case) is analyzed, the statistically smoothed trendline is a better indicator of the market. For example, the rapid rise in 10-year bond yield in early 2018 forced many buyers sitting on the fence to promptly return to market, spiking the 2018-Q2 prices. The bond yield steadily declined since 2018-Q3, stabilizing the market. The smoothed trendline is therefore more meaningful for the investors as well.

The Condo Market

(Click on the image to enlarge)

Since the condo market is often the leading indicator of the local housing market, investors try to take a little longer term view of the condo market. That is why the yearly performance of the condo market since the last recession is depicted above.

First off, the condos are significantly pricier than the comparable single family homes. Two reasons contribute to the higher pricing: Age (newer properties – Median Home Age of 1930 vs. Median Code Age of 1970) and the Type (mostly high-rise buildings in expensive locations).

While the Assessor's office lagged in capturing the impact of the recession on the market – Tax Roll Value/SF continued to front-run the market i.e. SP/SF until 2014 – they have been on the defensive since the market peaked in 2016, meaning Assessor values have been significantly trailing the market. Of course, one has to be careful in case of the statutory fractional assessments, requiring value equalization to avoid having to compare apples with oranges.

Needless to say, when the Assessor values front-run the market, they tend to encourage unnecessary appeals (of course, if that had occurred in this particular instance is unknown), thus forcing them to be on the defensive the next time around.

Investors tend to follow the Assessor's actions closely while buying or selling portfolios. Obviously, the prospective sellers become a bit nervous when the tax roll values start to trail the market. Conversely, it makes the potential buyers more aggressive while negotiating.

Again, a longer term perspective is critical in dealing with any condo market.

-Sid Som, MBA, MIM

President, Homequant, Inc.

homequant@gmail.com

Link to the Book

Protecting Small Businesses from Unscrupulous Foreign IT Vendors

You are a small business owner ("you" "owner"). You have successfully used the web in marketing your services, but the cost of your IT services keeps growing 30-40% each year, despite the much-needed switch to a Cloud platform.

You keep hearing how others have been saving a ton by off-shoring web development/maintenance services, leading to all of their IT services. Yes, even smaller outfits have been outsourcing to vendors in emerging countries ("vendor") for a while. And one can anecdotally confirm that a well-researched exercise could save owners some decent money as well. But, as an owner, what you may not necessarily hear is the negative ("dark" is more appropriate) side of off-shoring IT services. Here are some of the negative issues, usually unreported, you must be aware of:

1 . Quality – When dealing with a small vendor, you are practically dealing with engineers and other technical graduates from 2nd and 3rd-tier (mushrooming and mostly export-oriented) schools. Given this axiom, you are getting significantly lower quality products and services from the get-go. By the time you figure this difference out, it might be a day too late, meaning you might be stuck with them for a while. Have you ever seen a Harvard MBA working for a local butcher? If you ever see one working for the butcher, he is probably developing a global franchise. The point is, do not expect to work with superstars there. Of course, the crooks may use a superstar to close the sale, but nothing more! 

2. Communication – Though they are all English-speaking, you will be lucky to understand every third word (over the phone), if not every third sentence. And, with their inferior telecommunication system, you are faced with the proverbial unintended consequences. Your primary business quickly turns into pleasing ("begging" is more appropriate) to get them to do something, however substandard the quality might be. The stress will continue to mount, but you will be in denial that things would get better.

3. Time Difference – It's a huge issue, particularly if you are planning to outsource to Asia. For example, after returning from lunch with a prospective client, you are ready to place a call to your Asian vendor to discuss a few changes to the existing client profile. As you are prepared to speed-dial, you realize that its midnight there. Now you have to wait 12 hours to make the call. And, if you happen to hook up with a crooked vendor, you are now unimportant to them. Email communication (you'll receive replies once in a while) is the only way out. Though you got an excellent deal while signing up with them, it now costs you an arm and a leg for every simple change you ask for. That's how the crooks operate. If you ever question them about the skyrocketing pricing, you will get tons of mambo jumbo – all structured talks from different sites where thieves of the world unite.

4. Due Diligence – It's challenging to conduct any meaningful due diligence of small vendors in emerging countries. While there are many ways to check the standing of a small vendor in the US - from D&B to BBB to Licensing boards to Trade organizations to local Chamber of Commerce, etc. - there is hardly any such reliable source there, making it almost impossible to separate the honest from the crooks. It may so happen that due to change in ownership, the honest ones are not-so-honest anymore. Moreover, the vast majority of thieves maintain fake references (and fake/shared sites) in the US. Clients may not stand by old recommendations either.

5. Hidden Cost of Apps – To identify and separate the real ones from the crooks, you must try to zero in on the accurate pricing. If the first project entails developing a website, you must ask if the site would be mobile-friendly. Nowadays, most small business sites, including e-commerce sites, are mobile-friendly without developing a set of separate iOS and Android Apps. When a vendor insists on keeping them separate, you must be a bit careful. The crooked vendors often offer very attractive pricing on the initial website, followed by exorbitant pricing on the Apps. However, if the separation makes business sense, you must ask for the vertical pricing (site + apps), in writing, and upfront (must be valid for at least twelve months), to be in the know before signing any contract. 

6. Update Capability – All other factors remaining constant, you must also insist on having the full capability and flexibility to update and upload news, data, video, etc. on to your new site. "Send us the changes, and we'll take care of it" is a serious red flag. There are no free lunches, so you must not walk into this trap. The cooked vendors use this trap to churn owners, and it gets exponentially worse over time. Even if the vendor is honest, owners must realize that it's not a workable solution, as no business is all-proactive; they need to promptly and intelligently react to momentum situations as well (and this is where the trouble starts, generally resulting from the time difference, frequency of updates, immediate availability of right personnel, etc.).

7. Employee leasing – And this goes hand in hand with #6 above. Unlike here in the US, most emerging markets do not have clear-cut laws regarding temporary staffing and employee leasing. To create a round-the-year income stream, the crooked vendors try to own/retain the update capability. Later, citing frequent and volume updates, they try to promote employee leasing. They package and market the very ordinary kind at the prevailing rate (with fake resumes, etc.) and simultaneously lease them to multiple clients. Therefore, it is critically important that the owners retain the full update/upload right from the get-go, without which it could pose serious trouble, just a matter of time!

8. Local Legal System – It is not easy to fight the crooks in their territory; they know all the tricks to play the legal system. When I played soccer, I did believe in 'it ain't over till it's over,' but this concept does not necessarily work for a small business. Sometimes when the writing on the wall is abundantly clear, it's better to cut the losses short and call it a day. It could be a defeat emotionally, but a real victory intellectually. Smart business owners understand there is a better use of the R & D capital than wasting it on fighting some crooks overseas. Alternatively, this could be a boon or a silver lining to bring the business back home and try out a real engineer who is smarter and inherently more ethical.

9. Tip of the Iceberg – You must strictly keep the relationship at the business level, meaning the vendor should be treated as a professional services vendor; anything more personal than that will cause trouble down the road. Suppose the relationship becomes friendlier than that, one sunny morning, you may get a call or email (one of those rare occasions!) from the principal of the vendor firm indicating (actual email quote follows), "I have got a personal medical emergency in my family, and looking to arrange [$$] ... If you could help me in providing [$$], I can arrange (to pay it) back before 10th of the next month." This event could be the tip of the iceberg. If you become emotional and fall for this type of ploy, it will be the end of your business relationship with them. Forget about the loan; they will walk away from all unfinished projects, leaving you in a real lurch. It's not all that green on the other side!

-Sid Som, MBA, MIM

homequant@gmail.com

Link to the Book