LB.jpgLifebushido MBA Virtual Intern Program FAQs
Answers to all your frequently asked questions.
Version: 3/20/11 by Steve

Big Picture of Lifebushido MBA Virtual Intern
Compensation and Benefits to MBA Intern
Internship Specifics
Planned Work and Business Ventures
Qualifications to be accepted as an MBA Virtual Intern
What are the main benefits to me of participating in the Lifebushido MBA Virtual Intern Program?

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What are the main benefits to me of participating in the Lifebushido MBA Virtual Intern Program?

  • You will get hands-on, real life experience in launching all aspects of a microventure in 10 weeks. You won't be stuck doing some useless intern tasks.
  • You will quickly find out if you've got what it takes to be a successful entrepreneur.
  • You will learn the fundamentals of taking a business from concept to reality, knowledge you will need soon in starting your own business.
  • You will be exposed to, and work with, teams of bright MBA students from other schools, other areas of the US and other countries - a network you can use as you build your own company in the future.
  • You will report directly to Steve Kantor, an established successful entrepreneur, and will be able to discuss with him any career or business ideas you may have. Where else will you have the opportunity to talk directly to somebody who has already achieved a high degree of success?
  • You will quickly find out whether you can tolerate ambiguity, which is critical for entrepreneurship.
  • You will be in an environment where we take action quickly, rather than going through "paralysis by analysis." There is no time wasted in committee meetings. If you like working at a place where you see results quickly, this is the internship for you.
  • You will work with a global workforce of people in the US, India, Philippines and other countries.
  • Lifebushido is setting the standard for the virtual workplace of the future. You will be at the forefront of this exciting paradigm shift.
  • In the long-run, you will be a step ahead of your MBA peers because you will already have the skills and experience needed to start your own business venture.

What are the Qualifications to be Accepted as an MBA Virtual Intern?

  • What could I contribute to Lifebushido?
    • We believe in the wisdom of crowds, crowdsourcing, and serendipity. We know that out of 100 potential interns who read about this unique project, the few who apply and are accepted will have a set of unique talents to help us achieve our goal of launching multiple microventures in 10 weeks.

  • What kind of skills are you looking for in the MBA students who apply to this program?
    • We are searching for MBA students or recent graduates who have a passion for entrepreneurship and a desire to start their own business within 1,000 days. Most functional skills are needed with a heavy emphasis on such skills as marketing, sales, technology, social media, business model development, operations, and client relations.

  • How do I know if I have what it takes to be an entrepreneur?
    • Take a self-assessment skills inventory and decide whether you have what it takes. Use the ideas below and add your own. If you answer YES to most of these, you might be an entrepreneur!
      • Tenacity: Can you stick with a project until it's completed?
      • Street Smarts: Do you know more about how business works than just what you have learned from books?
      • Ambiguity: Can you deal with situations that may be unclear and help to find the way out?
      • Adaptability: Can you change directions quickly, based on new information?
      • Durability: If you get knocked down, do you get back up and try again?
      • Work Ethic: Are you willing to put in the hard hours to get the job done?
      • Tolerance for Risk: Can you start something without being 100% sure there will be a benefit?
      • Detail-Oriented: Do you pay attention to the "small stuff?"
      • Openness: Are you willing to listen to ideas from others?
      • Competitiveness: Do you always carry the belief you can do something better than others?
      • Decision-maker: Can you take responsibility and make the tough decisions?
      • Integrity: Do you have a strong moral compass?
      • Delegation: Can you let go when necessary and allow others to help you?

  • Who will be participating as interns?
    • Lifebushido is recruiting MBA students from around the world. We already have a global presence including MBA students from the USA and India, and will likely have other countries soon. Our focus is on MBA Year 1 students, but we are open to Year 2 MBA students and MBA graduates.
    • Serious undergraduate students in business school entrepreneurial programs will be considered after completing additional application screening steps.

Planned Work and Business Ventures

  • How does Lifebushido define a microventure?
    • A microventure is an entrepreneurial venture which goes from idea to launch with 100 work hours.
    • Lifebushido microventures use open source business model design and crowdsourcing.
    • Lifebushido is creating a radical innovation called Microventures to quickly develop and launch entrepreneurial projects with a virtual global business model leveraging our Lifebushido platform, resources, and unique Lifebushido Triangle group model.

  • What are some of the current Lifebushido projects/microventures you might assign to the MBA Virtual Interns?
    • Lifebushido currently has 10 microventures including expanding our Best Agent Business; Vertical 2, which includes services performed by Lifebushido for $100k-$1m businesses for $995/month; Orange Passion, a project Lifebushido will be launching to address customer-driven innovation; and Social Media Jumpstart, which will help businesses get started with a blog, Facebook, LinkedIn and Twitter for $99 and provide ongoing services for $99/month.
    • Tasks to be completed by the MBA intern teams will include branding, naming, domain name selection, template website creation, PayPal subscription service, Google SEO and PPC efforts, affiliate marketing, marketing materials, sales call scripts for our callers, lead management, public relations, and client operations.
    • Teams involved in these microventures will be able to leverage Lifebushido's existing 100+ part-time staff and teams to execute their action plans.

  • How do I know who is working on which microventure?
    • Each intern will be provided a list of all other interns in the program, along with their contact information. Interns are encouraged to communicate with each other as you wish across microventures and skills teams.

  • Are these actual companies the students will be working on or merely an experiment?
    • They are actual ventures and businesses which are at various stages of development. This is for real. We plan on taking 3-10 microventures from concept to launch to revenue in 10 weeks. This will expose interns to all aspects of a start-up.

  • Will these companies require any kind of capital investment?
    • Not now. Because they are already in development, these companies have the capital they need to grow to the next step. Each MBA intern team will be given a small budget to implement the marketing and communication programs they recommend for that microventure.

  • What happens to the microventure and any customers it may have acquired after the internship is completed?
    • It depends on how far the MBA intern team has gotten with the growth of the microventure. If further development is required, it may be assigned to a subsequent team. If Steve Kantor is satisfied with the progress that has been made, it will be folded into the daily business practices of Lifebushido.

  • Can I propose a business venture of my own?
    • Yes! Although most microventures will be Lifebushido projects, students will have the opportunity to present their entrepreneurial ideas directly to Lifebushido president, Steve Kantor, and together you will decide if it could be an appropriate opportunity to pursue as part of your MBA internship with us.

Internship Specifics

  • What time commitment will be needed?
    • The initial test period time commitment is 5-10 hours to work together and determine if there is a fit right away in the first week.
    • If there is a fit, and you are interested and accepted, the next step is to work together to determine the following:
      • Do you want to work solo or in a Lifebushido Triangle group of three fellow interns?
      • Do you want to provide centralized services using a functional skill across all the Lifebushido microventures? Do you want to take ownership of one Lifebushido microventure to design and launch? or Do you have a microventure concept you want to propose directly to Steve Kantor?
      • If you decide you want to take ownership of one of the Lifebushido microventures, we will discuss the 10+ options that are available to determine which one is the best fit for you.
    • Once we have defined what you will be doing, you will define the hours you want to work within the internship over the 10 week period. We can have interns work from 5-40 hours per week. Those hours may scale up or down. We understand interns may need days or weeks off for other personal needs/vacation.
    • Interns who commit to a minimum of 100 total hours will be allowed to take leadership roles on microventures.

  • How can someone work only 5-10 hours per week on an internship and be productive?
    • This is a key, amazing point about Lifebushido. We have many people working only 5-10 hours per week and it is a win/win situation for both parties. We have created an organizational structure that reduces management overhead and transaction costs so part-time people can phase in and out of business as teams provide overall backup.

  • Can I work more than 10 hours per week?
    • Yes! If a student wants to work 20, 30 or 40 hours per week, the learning process can be accelerated by working on multiple microventures at once. That could be exciting because you would be working with multiple small groups and topics.

  • Where is the work location?
    • Anywhere in the world you want to work. Lifebushido is 100% virtual.
    • If you are based in Washington, DC or visit Washington, DC, Steve Kantor, President, would be happy to have weekly or bi-weekly coffee/lunch meetings in Bethesda, MD with interns.

  • If you were me, why would you participate in this internship?
    • If you look deeply at today's economic trends, you will see the business model of Lifebushido is positioned to flow with a number of trends and revenue potential that would make it a candidate for VC funds down the road.

  • Will I have co-workers or supervisors?
    • We anticipate accepting between 10-20 interns per quarter. You will be grouped into a Triangle of three interns, and three Triangles will create a Circle. As much as possible, work will be self-managed, peer-to-peer production. Overall, you will report directly to Steve Kantor, and he will be available via email and phone calls if desired.

Compensation and Benefits to MBA Intern

  • This is a non-paid internship.

  • Will there be any opportunities for equity?
    • No. However, our goal is one or more of the microventures started will gain traction and start to generate revenue flow and some nominal profits. If this happens, the interns who worked on that microventure will likely be offered paid part-time work to continue the project. If a venture really has potential, there is the possibility of a full-time job offer in the future.

  • Are there prospects for receiving letters of reference or certificates of completion?
    • Yes. All interns who complete more than 100 hours of work and contribute successfully to the Lifebushido microventures will receive a letter of reference or other documentation which is appropriate for your country/culture/needs. If you rank in the top 10% of interns in terms of impact and contribution, that will also be noted. Certificates will be issued as desired by the candidate to suit the requirements of B-Schools.

  • What are the prospects for full-time employment with Lifebushido?
    • We anticipate that 10-20% of the 10-20 MBA Vitual Interns each quarter will be offered a part-time paid position with Lifebushido to continue the work they have started on a microventure. Of those, 5-10% may be offered full-time positions with Lifebushido in the future.

Big Picture of Lifebushido MBA Virtual Intern

  • What does Lifebushido do?
    • Our core revenue is Best Agent Business. We have about 60 clients who are paying $995/month on a subscription basis to receive 50 hours of virtual assistant services each month. We help our real estate agent clients with all non-sales aspects of their business.
    • We perform a variety of services for other clients including graphics design, marketing planning and research, public relations planning, web site development, and presentation support.
    • We have a part-time staff of over 100 people who were hired from over 1,800 job applicants since 2006.
    • In 2008 our revenue was $300,000 and we had 40% growth. In 2009 we had 40% growth. In 2010 we had 70% growth. Our goal for growth in 2011 is over 100% growth.
    • We have about 10 other active or planned business, creative, or social entrepreneur ventures.
    • Our business is B2B for revenue, and some B2C for non-revenue.

  • Does Lifebushido have any full-time employees? If yes, do they work from home also?
    • Lifebushido is a pioneer in the field of the virtual workforce and currently only has part-time staff, working from 5-30 hours per week. This is a unique aspect of our business model. The company is dedicated to the concept of helping people utilize their unique talents from wherever they are.
    • All work is done remotely, from home or the beach or the library or the mountains.
    • Steve Kantor, President, has only met 5 of the people currently working for Lifebushido.

  • What is the funding behind Lifebushido?
    • Lifebushido was capitalized by Steve Kantor, founder, who sold Gnossos Software to Vocus in 2004. The company has not taken on any angel investments or other capital. Once the company reaches a target size and profit margin, it will consider angel/VC capital to accelerate growth into other vertical markets.