Earlier this month, the McCombs School of Business hosted the National Energy Finance Challenge, and for the third consecutive year a Texas MBA team took first place and the $10,000 prize. The 8th annual business case competition took place October 4-5. It is focused on real financial issues in the energy industry, and is designed to put first- and second-year MBA students from top business schools across the country in contact with energy industry executives and recruiters. This year, the Texas team represented a multinational integrated oil and gas company, Integra, and negotiated an exploration and production farm-out agreement with an independent, mid-cap exploration and production company, Explora. Their winning strategy involved opening with an offer and negotiating until reaching a deal that met their objectives. The judges were representatives from the event’s sponsors, Chevron, Deloitte, EMC, ExxonMobil, Phillips 66, Schlumberger Business Consulting, and Wood Mackenzie.

A week before the competition, the competitors were given three days to create their strategies and submit their final presentations. Solutions were presented to the judges in Austin. Texas MBA team member Chase Machmehl says the most challenging aspect of the competition was sorting through the intensely detailed information without knowing how the other teams approached the situation or what the judges expected.

“We knew we had to put our best effort on the table,” Machemehl said. “Whatever the outcome, we were proud of the opportunity to represent McCombs on the national level against such strong business programs.”

The Texas MBA team was made up of second-year students Machemehl, Chris Stanton, and Matt Walters, first-year student Mark Marmolejo, and Dilin Naidoo, an exchange student from McCombs’ partner school in Johannesburg, South Africa, the Wits Business School. Sixteen teams from across the country competed, and in the final round the Longhorns defeated the University of Michigan’s Ross School of Business. The third and fourth places went to teams from the University of Pennsylvania’s Wharton School of Business and the University of Virginia’s Darden School of Business, respectively.

Machemehl says that the team was motivated by the high caliber of their competitors and their desire to continue Texas MBA’s successful legacy.

“Following two consecutive wins was intimidating,” Machemehl said. “Continuing the legacy of excellence in energy finance at McCombs was a huge opportunity, and I’m grateful for our achievement.”

Reposted from McCombs Today

According to Don Knauss, the simplest definition of a leader is someone who has the ability to inspire and rally people towards a better future. The Clorox CEO, who was awarded the Jackie Robinson Foundation’s ROBIE award for exceptional efforts towards workplace diversity, spoke about leadership on October 11th as part of the Undergraduate Business Council’s Distinguished Speaker Series.

Knauss divided the idea of leadership into two categories: thought leadership and people leadership. Knauss says that at Clorox, thought leadership involves three “D”s—creating strategies that build consumers’ desire for their brand, impacting their decision making to include Clorox products, and finally delighting the consumer with quality product.

As for people leadership, Knauss listed five traits that students should remember when in the workplace.

1. Integrity.“Your personal integrity is the foundation of trust. It’s basically the spinal cord of your character, at the end of the day. It builds trust, and it enables things to happen…Stand up for what you believe in and always tell the truth.”
2. Curiosity.“Ideas drive organizations. World class leaders are world class learners, and your curiosity is at the very center of your own effectiveness. A desk is a dangerous place from which to watch the world—you have to get out there and really see what is going on around you.”
3. Optimism.“Any leader worth their salt leads from optimism because pessimism doesn’t engage anybody. Optimism is rooted in reality, and looking at the facts with a prevailing sense that you can win this thing.”
4. Compassion.“Compassion isn’t something you hear a lot about in a business context, but it is the glue that holds organizations together. It’s a fundamental respect for each other. Life isn’t fair, but if you’re given authority and power, you can try and make it fairer.”
5. Humility.“Humility is about being approachable and accessible. In my four-and-a-half years in the Marine Corps, I remember giving one order. It isn’t about subordinance; it is about getting things done. There always has to be an hierarchy, but if you make it more informal, information can flow. Don’t ever think of yourself as indispensable. The cemeteries of the world are full of indispensable people. If Ghandi can be humble and change the course of the world, I suppose we can all use a little bit of humility.

To conclude, Knauss reminded students that business is all about progress.

“When you sum it all up, the real leaders out there are taking the assets and the people entrusted to them and making them more productive,” Knauss said. “Change is certain, but progress is not. Leaders that live those five traits can inspire people to capture that vision.”

Reposted from McCombs Today