Owl Have You Know

Brad Olsen '06 joins host Christine Dobbyn to talk about how his philosophy background makes him a great investor, how education translates into the real world and where he sees the energy transition fitting into his business.

Subscribe to Owl Have You Know on Apple Podcasts, Spotify, Youtube or wherever you find your favorite podcasts.

Why did you choose Rice Business?

I choose Rice business for several reasons: 

• The entrepreneurship program was number 1 in the nation. It was imperative that I choose a program that would not teach me how to be a great employee but rather a successful, innovative and empowered entrepreneur! I was certain Rice could do that for me. 
• After my multiple visits and interactions with the staff (admission’s team and more), I truly felt like the people at this school (in this tight-knit community) truly cared about ME and my success! 
• My existing company is in the energy industry. I planned on continuing to build the company, and Rice is in the best geographical place for such an industry!

What are you most proud of from your time at Rice Business?

I am most proud of the knowledge I have gained and the network (family) I was able to build. The professors and students have a wealth of experiential knowledge that is invaluable. I am proud to be in the company of such excellence. 

How has your Rice helped you in your career?

My career is an entrepreneurial journey. Therefore, everything I learn, from soft skills of how to manage a team to the hard skills of 10K review are invaluable. 
The Lilie Lab also provides resources to help entrepreneurs. I look forward to “Round Tables,” a group of Rice alumni entrepreneurs getting together to vent, learn and grow with each other. 

What advice would you give prospective students who are considering an MBA?

I tell prospective students, “Know what you want/know your goal. Rice has everything you need to achieve your goals; the people who don’t achieve them did not know what they wanted. If you don’t know, Rice can also help you figure it out. My main point is Rice has all of the tools to make you successful.”

What do you think organizations should do better to build a diverse, equitable and inclusive environment?

First, someone must CARE. DEI is a “hot topic” and as a result organizations are taking notice. However, a “plan” for DEI needs to be more than a section in the employee handbook; someone needs to champion the cause. 
I recommend intentionality, best practices and actually doing what they say they want to do. 

What suggestions do you have to work with allies within the workplace or at school?

Do it. 
Talk and tell your truth, tell the stories that highlight the experiences of the minority. 
Use discernment to determine a true ally versus someone who is “supporting” in word only.

Do you have any other comments or anecdotes you would like to share?

I have been blessed to be at Rice. I have had a goal of creating generational wealth for black and brown communities. My continued education and experiences while here will propel me to make this goal a reality. 

Updated from original post that was published on 01/21/2022.

The Rice Business MBA program has a reputation for lifting our students up while preparing them for success in the business world. Now is your time to take the next step toward your future as a woman in business, make meaningful connections with other like-minded women, and grow your business network.

Why Women Choose the Rice MBA

At Rice Business, we’re committed to you and your goals. We want to see you fulfill your potential as an innovative thinker, a leader in the workplace and a problem solver in the community. With 39% of the full-time class made up of women and 29% of faculty, enrolling at Rice means you’re automatically in good company. From trailblazers in entrepreneurship to mentors in the C-suite, you’ll have the open door treatment and support you need.

MBA Student Opportunities

The Women in Leadership Conference is a student-led event that empowers women in numerous industries. You and your classmates plan and present one of the largest events at the school as part of our flagship recruiting event, Women Preview Weekend. Join the student government or a case competition to make your mark. Learn more about the opportunities and resources we offer to make you feel at home at Rice Business.

Let some of the rich stories of our students and alumnae illuminate your own. We can’t wait to share yours. Get started and talk to a recruiter today or reach out to our women student ambassadors today.

Owl Have You Know Podcast

Listen to episodes of Owl Have You Know, a podcast by Rice Business Alumni, to learn about more trailblazing women from Rice Business.

Featured Episodes:

SEASON 2, EPISODE 3

Abbey Donnell '17

Abbey Donnell discusses how Rice Business empowered her to start her own company, the women entrepreneurship environment in Houston and how service providers can pivot through the pandemic. 

SEASON 2, EPISODE 1

Patra Brannon-Isaac '11

Patra Brannon-Isaac discusses the process of being admitted to Rice Business, the impact her MBA has had on her career trajectory, and her involvement in diversity, equity and inclusion efforts at the school.

SEASON 1, EPISODE 16

Pranika Sinha '04

Pranika Sinha, Managing Director of Diversity, Equity, Inclusion & Organizational Development at Greystone joins host David Droogleever. Pranika talks about what stops her from hitting the snooze button in the morning, how a sense of belonging factors into diversity and inclusion, and what unconscious bias is and how to recognize it.

Explore the Rice MBA

Based on research by Vikas Mittal

In the 1970s, policymakers routinely cited a widely accepted figure that New York City heroin addicts stole between $2 billion to $5 billion worth of property a year, committing half of all property crimes. City funding was allocated with this figure in mind.

Public policy analyst Max Singer thought those numbers seemed inflated, and in a 1971 paper, “The Vitality of Mythical Numbers,” he sought to debunk them. Singer pointed out that New York City at the time only reported $300 million in theft annually. Some $100 million was auto theft, a crime not typically committed by drug addicts.

Taking into account factors including the number of addicts in New York City, the types of crimes they typically committed and the average dollar value of those crimes, Singer estimated that actual theft by heroin addicts was likely ten times smaller than the oft-cited figure. He lamented that people would “pass on as gospel numbers that have no real basis in fact” and encouraged people to question these so-called “mythical numbers.”

Mythical numbers tend to be of epic proportion and unknown origin — but are accepted as a given. For business leaders, believing in these numbers can be dangerous. When leaders cling to mythical numbers during strategy planning and then use them justify major decisions, including budgeting and spending, they’re doing their business a disservice. Mythical numbers often greatly disrupt the strategy planning process. Yet many executives use them to support their intuitive leaps.

Take, for example, a school district that made a large investment in extracurricular activities. To justify their decision, they cited a study showing that students who participated in sports and music are four times more successful than those who don’t. They claimed that 10 minutes of music a day can improve students’ SAT scores by 15 points and increase their lifetime wages by $800,000. Leaders leaned in to mythical numbers to justify their argument.

While extracurricular activities may indeed be valuable, at the same time, the school failed to meet the minimum academic standards for seven years running. Funds that could have been used for academics were diverted to extracurriculars. Yet leaders continued to use mythical numbers to argue that extracurricular investments would make students more successful. 

In a separate example, an oilfield services company executive latched on to a figure that the oil and gas industry is seven times more likely to have a safety incident than all other leading industries. The executive used that mythical number to make the case for additional safety investments. In reality, however, the company had a good safety record, and company data did not support the additional safety investment. The biggest driver of customer value for that company was after-sales service, something that executives continued to ignore.

The executive team of yet another company wanted to support a core value of employee engagement. To support a new employee engagement initiative, the team presented a mythical number — that more than 80% of CEOs of successful companies believe employee engagement is an organizational imperative. The company pushed ahead with an engagement plan based on that number, incorrectly believing those efforts alone would lead to widespread success.

Mythical numbers typically originate from flashy news headlines and splashy consulting studies. They’re meant to illuminate trends or give a snapshot of an industry. While some mythical numbers can be traced to a specific source, and may even be accurate, others aren’t. Either way, the problem with mythical numbers for executives is that these inflated numbers don’t automatically apply to all businesses. 

All too often, leaders accept mythical numbers as a given and believe they apply to their business. Executives use these numbers as irrefutable evidence to justify their actions without thinking about the numbers’ plausibility or applicability. Blindly following mythical numbers leads to poor strategy planning and bad business decisions and outcomes.

To be successful, executives must counter their tendency to base strategy on mythical numbers. One way to do so, and to improve strategy planning at the same time, is to engage in counterfactual thinking. This type of thinking is a logical approach that involves considering the alternatives and looking at numbers from all possible vantage points. 

Take “More than 80% of CEOs of successful companies believe employee engagement is an organizational imperative,” for example. An executive who comes across this inflated figure might ask themselves: How were companies rated as being successful? How many CEOs were included in the study? And are there successful companies where employees aren’t engaged? 

Upon further analysis and counterfactual thinking, the executive might find that making a larger investment in employee benefits or in marketing or sales, instead of in employee engagement, could in fact result in greater financial success.

To be successful in strategy planning, executives first need to take a step back and put mythical numbers in perspective. Then they must collect and analyze data for their own company rather than assuming that a large number automatically applies to them. Business leaders who can shatter the myth of the mythical number will find their strategy planning is stronger and business outcomes are greatly improved.