The Prague Post Online: Careers: Making an impact

July 7th, 2008

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Making an impact

Student-run consultancy gaining momentum

By Curtis M. Wong
For The Prague Post
December 5th, 2007 issue

Jan Přerovský/THE PRAGUE POST

Students at the University of New York in Prague are putting their studies into practice with Impact, which, as reportedly the nation's first student-run consultancy business, is "creative and intellectually demanding."

BIG business

What: Student-run
consultancy group
Mission: The aim of the organization is to give
university students real-world business consulting experience
More information: www.impact-os.cz

Alex Raiman is no stranger to self-sufficiency. Raised in Hanover, Germany, as the son of Czech immigrants, he served in the German military for two years before returning to his native Prague in 2004 to begin his university studies.

While his days as an officer are behind him, Raiman, 25, says he’s ready to apply that disciplined work ethic to his latest role as the president of Impact, reportedly the nation’s first student-run consultancy business, which launched last year.

“I wanted to start a student-run business that was both creative and intellectually demanding,” says Raiman, a senior majoring in business administration and international European economic studies at the University of New York in Prague (UNYP). “I wanted to be able to take our classroom theories and get hands-on practice. … It’s basically entrepreneur boot camp.”

In an effort to gain real, firsthand knowledge of the business world — something textbooks can’t provide — Impact members have gotten a running start on their careers while still attending university classes. Students say they hope Impact will provide them with the experience and contacts necessary to land that all-important first job after graduation.

“You can learn so much from working with others on a team,” says Petra Bartáková, 22, Impact’s public relations representative and an international European economic studies major. “We’re a small team, and we are able to get our hands on things directly. We are able to practice a variety of skills — communication and negotiation — that will prepare us for our future careers.”

Comparing his role as president to writing a thesis paper, Raiman says the intellectual process of running a business isn’t actually much different.

“When you write a term paper, you search for a problem, you formulate a thesis, and you support it with an argument,” he says. “If I have a sales problem, for example, I like to make it a similar procedure. Of course, you also have to be open to options, see all the options and, most importantly, follow up.”

Important benchmarks

After hearing of a similar firm based in Mannheim, Germany, from a colleague, Raiman began developing the idea with nine other UNYP students in November 2006. Calling itself Impact, the new enterprise took on its first client — an Italian entrepreneur specializing in food delicacies who was interested in breaking onto the Czech market — in January, conducting a series of market research studies.

While that venture never materialized, Raiman says it was an important benchmark for Impact, and prospective jobs followed. Though the group is keen on keeping the identities of its clients under wraps until all project details have been finalized, members say they have completed a Web presentation and three market research assignments for one client so far. Currently, they’ve begun work with a small company that’s hoping to launch a local publication.

Finally, they are considering a joint venture with another student-founded organization based in Milan for an Italian beverage corporation hoping to enter the local market. The group says it is also working alongside a UNYP business professor who’s interested in establishing a management training firm.

Currently the group relies heavily on word-of-mouth marketing, although other methods are being considered once more funding has been allocated, according to Raiman.

A student initiative

Although a student’s grade point average is not really a factor when joining, all Impact applicants must be at least sophomores who demonstrate an interest in business consulting, Raiman explains. Each candidate is interviewed and must pass English, logic and problem-solving tests, Raiman notes, adding that the final task is a 24-hour interdisciplinary project, in which every applicant is given a day to complete a mock assignment. Impact consists solely of UNYP students at the moment, but Raiman says the group is open to recruiting from other universities.

Members meet weekly, and, on average, the group schedules between eight and 12 hours of work per client. Project duties are divided among members based on personal expertise and skills. Usually, a leader is selected, who then chooses team members who work together until each project is completed.

While some business owners might be wary of entrusting their consulting needs to university students, it’s the group’s enthusiasm and free thinking that may actually be its biggest asset.

“While experience is usually a big advantage in business, it can potentially make you single-minded and limited to the available options,” Raiman says. “Of course, it’s necessary to have critical thinking skills and be able to work independently, but as students, we’re not yet spoiled by corporate culture. We’re open to a broader range of options.”

Adding to Impact’s competitive advantage is its budget-friendly cost. While most professional consultancy firms in Western Europe reportedly charge an average of 1,100 euros for one day of work, Impact charges its clients between 80 and 160 euros for its entire set of services. But members cite professional experience as the group’s top priority and say earning money for their work is merely a bonus.

“The main objective is to be active and get together with like-minded people, and to start an organization that will carry on into future generations,” Raiman says. “It’s about enterprising students who can do real and competitive business. I’d say that goal has been achieved, and [money from clients] is simply a positive validation of our efforts.”

Europe-wide network

Although it’s a first for Prague, there are more than 200 similar student-founded consultancy firms based throughout Western and Central Europe, according to Raiman. Impact representatives presented their firm at a student enterprise conference in Brussels in October. Now comprised of 13 members, the team received praise from their Paris and Vienna-based counterparts, and will also be on hand for a second networking event in Belgium in March.

With members majoring in subjects ranging from business to communications to sociology, the group allows for an array of perspectives. The goal, says Raiman, is to maintain Impact’s close-knit feel, with a maximum of 20 students. Keeping it small, members say, will ensure the group’s future sustainability both as a business and a career-networking tool.

“Impact is not only an opportunity for business but a business with opportunity,” says Jan Felt, 19, a communications major who joined the group’s public relations team in June. “I see it not only as a junior enterprise but also as one of the best business training grounds available. It really gets our creative juices flowing.”

Curtis M. Wong can be reached at specialsection@praguepost.com

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