Journey to Business School: MLT said YES!

4 years I perused the website. 
3 years I spoke about the program.  
2 Years I tried to complete the application. 
This year I decided to take action! 

I knew it and I made sure the world knew it too. I wanted an MBA from a top Ivy League institution and I was going to do whatever it took to get it. Well, I was going to take action as soon as I could connect all the dots in my mind. Now many of you know how long it can take for us to connect the dots in our mind when we are consumed with "what-ifs" and "hows". It can take years or decades to start moving. Sometimes we never move. We realize we may not be able to do it alone. What you may not realize is that YOU DO NOT HAVE TO DO IT ALONE.

Have you heard about Management Leaders for Tomorrow (MLT)? If you haven’t, you will now!  Trust me, your interest will increase and you will be captivated by the transformative curriculum, networking, and business confidence that MLT provides. I have more great news for you. The MLT MBA Prep 2017 Application is Open! 

                                     95% of MBA Prep Fellows attend a Top 25 Business School. 

MLTers Visit the University of Michigan for UpClose Weekend 

MLT Founder, John Rice, announced the opening of the 12^th application cycle for MLT’s MBA Prep Program two weeks ago. MLT's MBA Prep Program offers Black, Hispanic, and Native American young professionals disciplined, proven guidance for the rigorous business school application process  and time - tested strategies for maximizing the business school experience and accelerating your post - MBA career. MLT was started to change the trajectory of young people in this nation. As a student at Harvard Business School, John recalls sitting in class wondering why there weren’t more people of color on paths similar to his. So he created MLT. Now, he has the opportunity to witness how MLT’s winning career playbook combined with superior coaching ultimately leads to opportunities for thousands of underrepresented minorities to gain access into America’s top business schools and corporations.

MLT Founder, John Rice, delivering the welcome address at Duke University in March 2014

In September 2013, I started the application with a fierce determination to finish the application. I was required to submit essays, transcripts, letters of recommendations, and a video. This process was more intense than the business school application process! But I kept going. As I continued to read the application requirements, a four letter acronym left me shaking: GMAT! Noooooooo......was there any way that I could avoid interaction with the GMAT? Before the age of 26, I became a Certified Public Accountant, Certified Fraud Examiner, and Project Management Professional. Surely those intense hours of mental preparation counted for something and would allow me to bypass the GMAT requirements. No! There way no way around it. In order to apply to MLT, I had to provide sample GMAT test scores above a 500. Well that should be easy, right? I wish! My previous exam experiences did not prepare me for the GMAT. I could not use the same strategy in order to score high on this exam. So what was I going to do? Stop the application process once again? No way! So I enlisted a GMAT success team and worked my tail off. It was tough but I knew I was tougher. I had to keep telling myself, "I can do this!". Unfortunately one week before the exam, LIFE HAPPENED. I thought about canceling my exam. But if I didn't take the exam, I would be forced to allow one more year to go by without applying to MLT. There was no way I was going to allow that to be my destiny. I was going to take that exam. SO I took the exam. My eyes popped out of my head. The numbers on the screen had to be wrong. I felt like I received the lowest score in GMAT history. Talk about a confidence thief! This meant I would have 45 days to improve my score in order to be eligible for MLT. YIKES! 

Three weeks after my horrific GMAT encounter, I received an email from an MLT interviewer stating that I had been selected for a phone interview. I remember the moment vividly. I was at work validating a securities line item for a regulatory schedule when I dropped everything and ran to the restroom. I started jumping up and down screaming like I had won a million dollars while simultaneously praying that no one was in the bathroom stalls witnessing my dramatic excitement. I emailed the interviewer within 3 minutes to provide her with my availability. Since none of the times worked, she asked "Are you available NOW?" I can be! I could not believe I was about to do an interview on the spot! Well, I wanted this opportunity for over three years so I should be able to articulate why I wanted to be a part of this program. 

During the interview, the interviewer asked what was I willing to sacrifice in order to be successful in MLT’s rigorous program. I honestly replied, “EVERYTHING”. I know that statement is a bit extreme, okay VERY extreme, but I knew MLT was my ticket to creating a better life for my family and community. I’ve had my eyes set on MLT since 2010 when my NABA colleague recommended that I research the program. It was love at first sight. The moments between the interview and the acceptance letter were filled with a strong desire and hope. I even engaged my family members in the MLT process by reviewing the rules of the GMAT with them. Yes! It was that serious. 

I will never forget the day that I received my MLT Welcome email. It was my birthday. As I was heading to my birthday celebration on Friday, February 7^th, 2014, I started screaming with joy and jumping with the utmost excitement. I received a congratulatory welcome email that stated the following: 

“Dear Charlene, 

On behalf of the MLT staff, congratulations on your acceptance to MLT’s MBA Programs Class of 2015! Year after year, we receive far more applications than we have spaces available. In a highly competitive applicant pool, your professional and academic achievements stood out. We believe you will make an excellent addition to the talented class, and we predict great success for you in business school and beyond. “

The welcome email is not where the story ends. In order to be official, I had to submit a gmat score over 500 by February 28, 2014. It may be easy for the average Joe but not for me. It was going to take dedication and focus in order for me to make it happen. I had 3 weeks to make it happen or I would have to kiss my MLT dream good bye. So I studied day and night. I had to keep telling myself "You Can Do it!" and counting on my amazing co-worker, Ashley T., in order to keep me motivated.  I took a week long vacation in order to have more time to focus on the most challenging areas. My week long study vacation turned into a trip to UCLA for a Women's Leadership Conference. Really Charlene? That's what everyone was yelling in my ear. But I realized that I couldn't overcrowd my mind with GMAT facts because I would probably explode the day of the exam. So I attended the conference in order to clear my mind. I promised myself that I would take a practice exam while in LA. So I did. I broke another world record. My score was lower than my lowest scores. This could not be happening. Two days before show time and my GMAT competence was decreasing. I started to panic. I started to think about the exam. I started to think about how far I had come. I started to think about how bad I wanted this. I started to PRAY. I had studied as much as I could and there was nothing else I could do at this point. Much to my surprise, I took the actual exam and scored 150 points above my previous score. I scored higher than I had ever scored on any practice test. THANK YOU GOD! It was official. I was about to embark on a life changing journey with 250 other ambitious leaders as a member of the MLT MBA Prep Class of 2015.

Was the sacrifice worth it? It sure was! I would do it all over again. Receiving the MLT welcome email was an unforgettable birthday present that gave me clarity about my goals, strengths, and future potential. There is nothing like the feeling of connecting all the dots and gaining exposure to the options around you.  Due to the personalized coaching that I received, my focus became less about the income and more about the impact. I could do what I was naturally talented at and still be successful. What an eye opener! My coach, Wendy Dukes, helped me to discover my core strengths and values.  During our coaching calls, I was forced to relive my childhood days and explore what mattered most to me. I have always enjoyed taking individuals and organizations from where they are to where they want to go. Coach Wendy Dukes unleashed a career option that changed my vision for the future. She introduced me to the world of Human Capital! Due to those insights I went from California to Boston to Michigan to New York in order to explore my graduate options for human capital.  This was an experience that I will never forget. I will share more MLT highlights soon. But I am beyond grateful for my coach Wendy Dukes, MLT Alum, and my MLT cohort for helping me get one step closer to my dreams. Thank YOU! 

The Vision (from the Desk of John Rice):

AS I look into the future, I see 1000 MLT senior leaders and a pipeline of 10,000 coming from behind them who are transforming our institutions, our communities, and our nation. We are seeking young people who are talented, ambitious, hardworking, and scrappy – people who have a sincere desire to change the world. MLT’s MBA Prep program is your next step journey toward senior business leadership.

More than 4,500 high potential minorities have benefited from MLT programs. Last year, 98% of MBA Prep Fellows entered a Top 25 Business School.

MLT Cohort at Duke University in March 2014 

Important Dates

July 15 - MBA Prep Application Opens

September 15 – Round 1 Deadline

November 1 – Round 2 Deadline

Apply Online! http://www.ml4t.org

If you have questions about the application process, the MBA Prep Program or MLT, please visit our website, email us at mbap-recruiting@ml4t.org, or call our MBA Prep hotline from 10am – 5pmat (202) 793-8551.

Keep Creating Endless Opportunities,

Ms. Corporate America

MBA Prep 2015

Dear Future CEO, 


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Business Considerations for Single Ladies and Partnership Seekers

What do you want? Yes. You! What do you really want in a relationship? I’m not asking what you want from the other party but what do you want? Do you want full control? Do you want someone to contribute to the pie? Do you want to share your income? Before you get into a relationship, you have to find out what you want at this point in your life. I'm here to let you know the pros and cons of being single versus taking the leap to form a partnership in business. Yes - It can be complicated. So do your RESEARCH before making your move.

Sole Proprietorship 

If you want to be an independent woman, a sole proprietorship is the business structure for you! This is a business run by one individual for his or her own benefit. It is the simplest form of business organization but beware of what it takes to be fully independent. There is risk involved. 100% risk to be exact! Whatever happens to the business will impact you personally. The liabilities associated with the business are the personal liabilities of the owner. The proprietor undertakes the risks of the business to the extent of his/her assets. So if you want it ALL, you can have everything as a sole proprietorship. You are entitled to ALL profits and are responsible for ALL of your business’s debts, losses, and liabilities.  Because you have it all, everything dies when you die. Proprietorships have no existence apart from the owners. So the business terminates upon the proprietor’s death. YIKES! So if you want to leave a legacy and have a company that prospers beyond your contributions, you may want to invest your time and money into a different type of relationship.

So how do you become a sole proprietorship? Well if you have not filed the legal papers in order to be married as a partner, LLC, or Corporation, you are listed as a sole proprietorship by default. That’s right! You do not have to take any formal action to form a sole proprietorship. As long as you are the only owner, this status automatically comes form your business activities.   When I received my DBA, I automatically became a sole proprietorship.  What’s DBA? Let me break it down so that it can forever be broken.  If you choose to operate under a name different than your own, you will most likely have to file a fictitious name (also known as an assumed name, trade name, or DBA name, short for “doing business as”). You must choose an original name. It cannot already be claimed by another business. So when the idea popped in my head to create CEO Unlimited in 2013, I completed all of the necessary work in order to obtain exclusive rights to use that name in business. 

So what about the money? What do I need to know about taxes? Great question! Because you and your business are one and the same, the business itself is not taxed separately. The sole proprietorship income is YOUR income.   You report income and/or losses and expenses with a Schedule C and the standard Form 1040. The “bottom-line amount” from Schedule C transfers to your personal tax return. If you want to learn more about personal taxation, you can take a FREE basic business course during tax season! If you prefer to be in a classroom setting, all volunteer tax organizations such as Ladder Up, Center for Economic Program, and Vita offer training to all volunteers seeking to be certified for the tax year.

Questions to Consider for Single Ladies

So what are you thinking? Are you leaning towards sole proprietorship or do you want to explore your options? Here are a couple of questions to consider when determining if you should continue to be single or get in a relationship.

1) Do you want complete control? If you are a sole proprietorship, you have complete control over all of the decisions. No one can tell you what to do. You wear the pants each and every day! 

2) Will you need to raise money from external sources? It’s tougher to raise money as a sole proprietorship. Banks are also hesitant to lend money to a sole proprietorship because of the perceived lack of credibility when it comes to repayment if the business fails. Can a sole proprietor issue stock?  Sorry to be the bearer of bad news but you can’t sell stock in the business. 

Now some of you are probably thinking, “I like the idea of a sole proprietorship but I don’t want to take on 100% risk”.  No worries. There are more options! You don’t have to settle.  EVER.

Partnership 

If you are ready to give up your single card, you may be interested in a partnership. A partnership is a single business where two or more people share ownership. What’s the key word? SHARE. That means you have to eliminate the mentality that “it’s your way or the high way” and adopt the mantra that “teamwork makes the dream work”. Each partner contributes to all aspects of the business. This includes money, property, labor or skill. In return, each partner shares in the profits and losses of the business. Your level of engagement in the partnership will be based on the type of partnership arrangement you are involved with. There are three general types of partnerships: General Partnerships, Limited Partnerships, and Joint Ventures. What’s the difference? We will have to save that for a different date and time. My goal is to help people overcome their initial relationship concerns in this blog. 

Because it’s not all about you in a partnership, communication is key. In order to maximize communication, you should discuss a variety of issues upfront and develop a legal partnership agreement. This agreement should document how future business decisions will be made, including how the partners will divide profits, resolve disputes, change ownership (bring in new partners or buy out current partners) and how to dissolve the partnership. Although partnership agreements are not legally required, they are strongly encouraged. 

How do you form a partnership? You must register your business with your state. This is generally done through your Secretary of State’s office. As a partnership, you have to discuss the almighty name. That’s right. We all know how much a name can mean. Women, we have to make this decision all of the time. Are we going to take our husband’s last name or operate under a dual last name? For partnerships, your legal name is the name given in your partnership agreement or the last name of the partners.  Once your business is registered, you must obtain business licenses and permits. If you are hiring employees, get ready to read more literature.  Read more about hiring employees in the federal and state regulations for employers compliance book. 

Now I know you are eager to hear about taxation for partnerships. Here it goes!  I will try my best to explain this without scaring you with all of the tax terminology. Generally, the IRS does not consider partnerships to be separate from their owners for tax purposes. That's why partnerships are considered "pass-through" entities. All of the profits and losses of the partnership "pass through" the business to the partners. The partners pay taxes on their share of the profits or deduct their share of the losses on their individual income tax returns. For partnerships, paying taxes also involves understanding difficult terms like "distributive share", "special allocation," and "substantial economic effect". I am not about to go that deep into partnerships but we all know there is more to consider when you add another party to the table. 

What to Consider before Entering a Relationship 

1) Who is paying the bills? Should we split profits and losses 50-50? An equal distribution of payment may sound like fair compensation at the start, but will you resent your partner if you find yourself putting in more work or effort. A partnership goes beyond money. Decide from the outset the roles and responsibilities each player will have and how disagreements will be resolved. 

2) What is your vision? Make sure you and your partner are on the same page. What do you want in a relationship? Where do you see the relationship a year from now? 5 years later? Each party should have a vision for how the business will grow and expand over 5, 10, or more years. This is probably not the best conversation to have on Date 1. But you do want to ensure that you have a shared vision before you give your heart away. 

3) What is the exit plan? What happens if the partnership is not what I expected? Let's face it. We are so in love and sometimes forget to do our due diligence. Even after we do our research, it still doesn't turn out as we expected. What are our options? Divorce? I am not an advocate of divorce but this is something that needs to be discussed. A business, like certain marriages, requires a prenup. You need to determine what will happen when you decide to go your separate way. Prepare in advance. Determine what will happen when one or more people leave the relationship. How will they be compensated? How will the business and clientale be divided? What resources will be given to each party? Talk about it now. You would rather be safe than sorry! 

Single Versus Relationship 

There are pros and cons to being a sole proprietorship versus a partnership. You may encounter some extremists who think that a sole proprietorship shouldn't even exist but it all comes down to doing what is best for YOU.  Relationships are complicated. Even the relationship with yourself! Don't rush any relationship. Explore your options and create the best plan for you. You also shouldn't be afraid to pool your talents and go into business with someone else. You may have been hurt before but don't allow a past experience to sour your present possibilities.  Life is an experiment. If at first you don't succeed, try again! The best part about business entities is that you have multiple options. I will discuss other relationship options in future blogs. Do your research and consult the experts in order to save you time and money. You do not want to make a costly mistake so think before you go to the deep end.  Take calculated risks and enjoy your journey as an entrepreneur! 

Keep Creating Endless Opportunities, 

Ms. Corporate America 2015 

Dear Future Executive and Rising CEO,

Are you ready to become the CEO of your life? Follow these steps in order to prepare for the executive lifestyle that you have always dreamed of. 

  1)  Like the CEO Unlimited facebook page 

  2)  Purchase your CEO Unlimited Shirt– I am the CEO of my life shirt (email me at   Charlene@charlenerhinehart.com). Shirts are available in size SMALL - XXXL. A portion of the proceeds will support the Alain Locke Fundraising goals for the Associate Board. 

  3)  Let's keep in touch! If you enjoyed this blog post, please share and subscribe to the Ms. Corporate America blog by submitting your email address at the bottom of the page. Visit   www.charlenerhinehart.com to sign up for CEO Executive updates. 

  We want to help you create endless opportunities so that you can fall deep in love with your dreams.