What career advice do you have for today's female MBAs?

ROSLYN BRAEMAN PAYNE

Roslyn Braeman Payne (MBA 1970), president, Jackson Street Partners, San Francisco, California

A well-known saying attributed to Confucius identifies the essence of life's journey: By three methods we may learn wisdom: first, by reflection, which is noblest; second, by imitation, which is easiest; and third, by experience, which is bitterest. In your career, you will experience all three of these elements. When you receive your MBA, you will have completed an intense period of the first element: reflection. Learn to intellectually absorb and cultivate an ongoing awareness of what is going on around you. If you can reflect on the discord and energy of disparate views, you will have the resilience and insight necessary to be successful.

PAIGE ARNOF-FENN

Paige Arnof-Fenn (MBA 1991), Founder & CEO, Mavens & Moguls, Cambridge, Massachusetts

"Always be the most well-prepared person in the room. You will never regret it, and you'll build a strong reputation."

Linda Rossetti (MBA 1991), managing director, Golden Seeds; blogger, Novofemina.com, Boston, Massachusetts

I'd offer three ideas to female MBAs. First, take the time to understand your heart's passion and act on it. Don't be swayed if the fog of achievement and expectations has muted your passion's voice. If so, find opportunities within your overscheduled life to experiment. Keep at it until something inspires you. Second, integrate who you are into every aspect of your life. Dignify your broad roles by integrating them into your career choices. Be who you are everywhere. Finally, establish a female network and maintain it in spite of distance and demands on your time. When constructing this group, ensure that at least one member has the gusto to disagree with you. Why? As Jonah Lehrer observed in a New Yorker article titled "Groupthink," "Debate and criticism do not inhibit ideas but, rather, stimulate them." These ladies will help you generate ideas to navigate both the best and the worst events in the arc of your career and life.

Sue Schooner (MBA 1983), executive director, Girls Group, Ann Arbor, Michigan

Choose a career that feeds your soul and your mind. Embrace your career and proceed with passion. Build relationships with everyone, regardless of job responsibility, gender, age, race, etc. Engage with integrity at all times. Feel comfortable apologizing and accepting constructive criticism. Enjoy opportunities to travel and meet new people. Maintain a sense of humor and share your true self. Make sure you have close friends with whom you can brainstorm and complain in private. Be positive in the job environment, but be sure that you have a place to vent. Be eager to accept new responsibilities, even if the pay does not increase immediately. Advocate on your own behalf, but also find mentors who will advocate for you. Remember that to whom much is given, much is expected. Always take the time to mentor others. Thank those who have helped you. Be grateful. Leave each job assignment better than when you arrived.

Ginger Graham (MBA 1986), former president and CEO, Amylin pharmaceuticals, Boulder, Colorado

Approach your career as a life-building exercise: go where you can grow, treat everyone with respect, learn every day, and give back every chance you get. Build skills and relationships throughout your career. Early in your career, pick your boss, not your job. Seek those who give open and honest feedback, guidance, and support. Early success will help build confidence and competence. In the middle of your career, make an effort to contribute and build influence horizontally across functions, businesses, and your industry. Engage your peers to deliver solutions to real business problems. Know the customer and the competitor. When you are at the top, be a talent magnet and then build the next generation of leaders. Lead with purpose and celebrate the success of others. When things don't go as planned, remember to look in the mirror, and don't lose the learning. Leave everything better than you found it.

Leslie Hale (MBA 2001), CFO and sVP, RLJ Lodging Trust, Bethesda, Maryland

Take advantage of the fact that your MBA affords you the luxury to take risks early in your career. The inherent value of the Harvard MBA enables you to take game-changing risks that others might not be able to avail themselves of. You will always be able to find a "job." Therefore, when a chance is presented to take a role or an assignment that is larger than you ever imagined, is noticeably undefined, or is off the beaten path, take the opportunity and run with the confidence that you will always land on your feet and that you will be wiser for the experience, no matter the outcome.

Ilene H. Lang (MBA 1973), president and CEO, Catalyst, New York, New York

Tracking the careers of thousands of women and men MBAs, research by Catalyst finds that women are still placed in less-promising roles and at lower compensation from their first post-MBA job—and those gaps only widen over time. This means that today's MBA women have to start their careers in an organization where women have been successful, all the way up to the C-suite. Look for an organization with a truly flexible culture, where new ways of thinking are embraced. Women are most successful in work and in life when they build careers in companies that value differences and encourage talent from all backgrounds. Catalyst research has found that women who make their achievements known and build relationships with people who have clout will be offered more support, more sponsorship, and more opportunities to succeed and to benefit others.

As a trailblazer, how did you proceed when there was no established route to your goals?

ROBIN SMITH

Robin Smith (HRPBA 1962, MBA 1963), chairman, Publishers Clearing House. Tequesta, Florida

Given the times, my goals were modest; interesting work and a chance for advancement were foremost in my mind. Right after graduation, I married, moved to California, and became pregnant (in that order), so my first jobs were below the MBA level: market research at Carnation, then media at BBDO. When we moved to New York City, I was offered a position as an account executive at BBDO, but I heard that the previous woman in that job had left because she wasn't promoted. So when a Wellesley friend who was Nelson Doubleday's secretary suggested I talk to him, I was open to the idea, and he offered me a job in the research department for the same salary.

It was appealing to work in a company that was trying to hire MBAs and become more of a business during a time of educational expansion (President Johnson's Great Society); there were more opportunities for advancement. I soon became manager of the research department, then advertising manager of the book clubs division—Doubleday's largest and most profitable division. After that, I was product manager for the Literary Guild and other book clubs, then vice president of marketing, then president of the book clubs, and finally president of Dell Publishing—all before I turned 40. Direct marketing and book clubs is a pretty no-BS field in which results are easily quantified and attributed, and I loved trying to figure out what would make people join our clubs and buy our products. Plus, it became fashionable to promote women, and there I was with my HBS MBA.

Cathy Benko (MBA 1989), vice chairman and chief talent officer, Deloitte Consulting, Foster City, california

A career is an ever-changing calculus, so think "option value" by actively seeking out opportunities—lateral and diagonal moves, along with upward movement—that open up career paths not just now but every step forward. Continually mark-to-market yourself by taking inventory of your capabilities, experiences, and networks; assessing their market relevance; and positioning those elements as a portfolio that creates a compelling and persuasive impression.

Debby Farrington (MBA 1976), founder and cochairman, Starvest Management, New York, New York

When I graduated from college in 1972, I never thought about whether there was an established route to my goals. The financial services industry was just opening up to women, and I was on a mission to be one of the first to participate. I loved being a pioneer. I had my goals and was determined to achieve them. They were, and still are, to excel at what I did, control my own path and independence, and pursue my personal passions of women's economic empowerment and education. I began at Merrill Lynch, but in pursuit of independence, I eventually became an entrepreneur, founding and building a venture capital firm. I still enjoy learning from successful people I admire, as role models or mentors. They have a vision of how they want to live their lives, and I still try to emulate them. And HBS helped make it all possible!

BARBARA HACKMAN FRANKLIN

Barbara Hackman Franklin (HRPBA 1963, MBA 1964), former US Commerce secretary. President and CEO, Barbara Franklin Enterprises, Washington, DC

In my unique White House role in the 1970s, President Nixon's goal was to double the number of women in governmental policymaking jobs in one year. I was to find, recruit, and place these women. I had never done this, so I reached out to others who knew how and got their advice. I built relationships everywhere I could to help craft an action plan, identify job openings that were occurring, create new ideas to make this initiative known, and outwit or overcome opposition to the appointment of more women. Those alliances were crucial to our success. Then, I single-mindedly pursued the goal, executed the action plan, and monitored progress—with enthusiasm, charm (I hope), and fervor. Result: We beat the goal and tripled the number of women in high-level jobs in the first year.

Mamongae Mahlare (MBA 2004), marketing manager, SABMiller, Dar Es Salaam, Tanzania

For a journey that doesn't follow a beaten track, people often try to steer you toward seemingly easier alternatives "for your own good." But for those who would blaze a new trail, I suggest a three-pronged focus: Embrace self-empowerment. Knowledge is power, and preparation is key. Gather information about attaining the specific goal and understand the requirements, pitfalls, and potential routes involved. Seek a support structure and inspiration. Identify other groundbreaking achievers and understand their habits and skills. Connect with optimistic people who believe in you and your goal. Close off exit doors. It is critical that you know that your goal is absolutely the best one for you and that all other alternatives are not. Otherwise, it will be hard to stay the course as distractions will be plentiful. The most important aspect of being the first is that it helps others to follow in your path and take things to even greater heights.

KIYOMI SAITO

Kiyomi Saito (MBA 1981), president and CEO, JBond Totan Securities, Tokyo, Japan

In my day, college-educated women in Japan were not hired unless they had good connections and were nice-looking, a stated requirement in most job postings. Nikkei, a newspaper company, was an exception. Selected from 3,000 applicants, I learned that there is always a way if you never give up. A lack of role models did not bother me. I love doing things my way without being bothered by precedent. After HBS, I worked in an American bank's Tokyo office, where I was told that I would start my career at the level of a clerical worker. HBS had given me confidence, so I found another opportunity and left. Nobody will provide opportunities to women unless they initiate the move. Just sitting and waiting for changes to come is not an option for women.

What do you wish someone had told you at the start of your career?

NAINA LAL KIDWAI

Naina Lal Kidwai (MBA 1982), country head, HSBC India, director, HSBC Asia-Pacific, New Delhi, India

Keep your worst critic close to you. If you care to listen, you will at least be aware of the possibilities and implications before making up your mind. The input of others, coupled with intuition, are key—it's important to listen to one's inner voice even when analyzing and drawing on the advice of others.

Sonya Brown (MBA 2002), partner, Norwest Venture Partners, Palo Alto, California

It will be harder than you think; it will be easier for the men around you. Also, carefully consider your career choice, since some are easier to navigate than others, and all have different trade-offs. Finally, choose the right partner, limit your commute to seven minutes or less, learn how to delegate, and love what you do.

CATHERINE BOUVIER D'YVOIRE

Catherine Bouvier d'Yvoire (MBA 1982), financial advisor to governments, Paris, France

Use due diligence in assessing the "people" environment in which you will work: the culture of the company, the team you will join, and the seniors you will report to. Identify a mentor to guide you through it. Make sure the objectives you are expected to meet, the criteria under which you are evaluated, and the resources available to meet these objectives are consistent at all times. Do not overinvest in your work; to keep a balance between work and family, highlight far in advance on your calendar the key family events you do not want to miss. Being passionate about what you do gives you a competitive edge. A career may seem quite long, but it goes by extremely fast. Don't waste time doing what you do not enjoy.

Amrita Sen (MBA 1999), CEO, Vault Agency; creator, BollyDoll, Los Angeles, California

If you stay focused on something at which you're incredibly good, the odds are always going to be in your favor to succeed. That's the advice I would have wanted in the beginning. I believe that if you do too many things and change jobs too much, it's generally not going to work. There's a fallacy out there that you should try a bunch of things and broaden your horizons, but after having been in the workforce for almost 20 years now, I don't buy that anymore. I think getting an idea very early on of where your skills lie, and just hammering away at them with focus, is the way to be successful.

Daniela Barone Soares (MBA 1997), Chief executive, Impetus Trust, London, England

There are innumerable possible, equally rewarding career paths outside the more "traditional" ones. Success is an internally defined concept: External recognition is good, but true success is something you have to define, and measure yourself against accordingly. Learn quickly what your true "drivers" are—what really motivates and energizes you—and then pursue a career that is coherent with them. If you follow your passion with competence (heart) and discipline (head), you will be the best there is in your field.

Cynthia King Vance (MBA 1985), director, Advanced Strategies, New York, New York

Follow your instincts. Looking back, the decisions I made along the way make more sense now than they did back then. There are common threads that reflected my underlying interests, even though at the time all I saw was a disjointed series of industries and job titles. These threads have become my expertise, and the diversity of my experiences enables me to make unique and relevant connections.

Be prepared for change and embrace it. Few people experience the kind of linear career path that many initially en-vision, so don't beat yourself up when you divert from a clear trajectory. Expect dual-career decisions, children, and overseas or other unique assignments to likely come your way. Use your network. You already have it. Keep in touch with people and help them out—engagement with your network will reflect on you and make it easier to ask for aid from others. Build a definable set of skills and knowledge that add value to others. You will probably want flexibility at some point, and this is how you get it. Be concrete and document your talents. Aim for the top line. Too many women focus on being good operators or planners. That's fine, but there is more demand for people who can get results and make money for an organization. Maintain professional involvement if you decide to reduce your work commitments due to family. Keeping up a professional network, understanding current issues and language, and staying engaged in some way are intrinsic to sustaining both confidence and opportunities. Serving on meaningful nonprofit boards that deal with serious business issues is one good route. Part-time projects and consulting is another. Being on the PTA is not.

Anne Bonaparte (MBA 1988), president and CEO, Xora, Mountain View, California; founder and chairman, Deathwise, San Francisco, California

Mentors come into our lives in unexpected ways. As a young technology professional, I naively imagined that I could find some female mentors who "looked like me." I wish someone had shared with me the insight that mentors can come to you in many stripes and disguises. Looking back, my mentors did not appear on the surface to be similar but turned out to be invaluable. I realize now that it took some time to shed the fantasy that mentors would necessarily be women, or of similar backgrounds. Being more open to mentorship earlier would have been a gift. Now, being a parent, I see mentors for my children coming in all shapes and sizes. It is inspirational. Eyes, hearts, and minds open is a lesson that is valuable for all of us. In addition, opening up your personal as well as professional goals is permissible—a lesson no one taught me early in my career.

FLAVIA BUARQUE DE ALMEIDA

Cathy Benko (MBA 1989), vice chairman and chief talent officer, Deloitte Consulting, Foster City, California

First, someone who can help you think through what your personal brand says and means to others—and whether it's the brand proposition you want it to be. Second, someone who knows the difference between a mentor and a sponsor—someone with a seat at the proverbial table and that can advocate for you—and insists that you identify and cultivate a relationship with a sponsor.

Flavia Buarque de Almeida (MBA 1994), partner, Monitor Group, São Paulo, Brazil

It is a journey, it is an adventure, and it is a great ride. Even the difficulties and doubts are part of the journey, and the people you interact with and learn from along the way are precious. Value and nurture these relationships—not because of what you can gain from them, but principally because of how much you can learn. Enjoy the ride!

GEETA AIYER

Geeta Aiyer (MBA 1985), founder and President, Boston Common Asset Management, Boston, Massachusetts

There are many traits a woman must have in order to build a successful career—chief among them is the ability to multitask. However, of all the wonderful qualities a woman may possess, there is one key requirement for her career to advance: Recognition. We must learn to advocate for ourselves effectively, with confidence, without embarrassment or apology. Throughout our careers, we must be comfortable in recounting our strengths and accomplishments. It is also important to not restrict ourselves to only those efforts where we know we will perform perfectly. We cannot require ourselves to be perfect in all endeavors. It is important to become comfortable with the idea of failure. The only requirement we need make of ourselves is that we try.

What can men learn from women leaders?

Kate Paul (AMP 93, 1984), president and CEO, delta Dental of Colorado, Denver, Colorado

Women usually have strong participatory-management skills; we could all learn to do better at encouraging collaboration.

MEI ZHANG

Mei Zhang (MBA 1996), founder and chairwoman, Wildchina Travel, Beijing, China

The stereotype that women are "more orga-nized" or "bring balance" at times rings true, but I have seen too many exceptions to think this is always accurate. What is most important is for men and women to approach business relationships—and life—with an open mind and a readiness to learn from everyone.

Lisa Carnoy (MBA 1994), managing director, Bank of America Merrill Lynch New York, New York

Courage. Perhaps because we're not as bound by convention, we can take more risks. Multitasking. We really do get sh-t done! To ask bold questions. Yes, we are comfortable asking for directions. Empathy: We tend to see the full person, as well as the client or colleague. Perhaps this is most important of all. Enduring power in the workplace comes from inspiring your team. Every person you touch should be treated like the mother/son/ brother/aunt/neighbor that we all are. No matter how senior you are, you have lots to teach and even more to learn.

Linda Rossetti (MBA 1991), managing director, golden seeds; blogger, novofemina.com, Boston, Massachusetts

I've never particularly thought of leadership along gender lines. That said, the female leaders with whom I've interacted have often been better able to leverage creativity and out-of-the-box thinking—vital characteristics, given business's need for innovation and continual transformation. In addition, many of the woman leaders I've encountered have broad, almost intrinsic, relationship skills, critical to creating personal networks and to supporting the development of self and others.

Lisa Spinali (MBA 1990), FORMER President, San Francisco Education Fund, San Francisco, California

Women have a natural ability to connect with people. We possess an authentic desire to appreciate and understand others. Although this approach to connection can be time-consuming, it actually pays off in the long term. Everything one accomplishes is achieved through collaboration, so the stronger our relationships are with others, the stronger is our ability to achieve.

As I reflect on a career during which I worked across many sectors, I am now able to bring about change in the community through the relationships that I have forged over the course of 25-plus years. My advice to up-and-coming leaders is to always remember that it is your relationships that enable you to achieve results.

Cynthia King Vance (MBA 1985), director, Advanced Strategies, New York, New York

I have witnessed many leadership styles—including effective and dysfunctional leaders of both genders. Women still experience severe discrimination when it comes to being perceived as leaders, and at times even express reluctance to perceive themselves as leaders, feeling more comfortable in the number 2 or 10 spot.

Lynn Elsenhans (MBA 1980), former chairman and CEO, Sunoco and Sunoco Logistics, Philadelphia, Pennsylvania

The cliché is that women leaders are more compassionate and collaborative. If a woman has reached the C-suite to date, I doubt that these are the reasons she has been successful and effective. My guess is that it has had more to do with being ultra-prepared, highly persevering, and delivering results in situations that men didn't want to touch. Having said that, I think men could learn from women to show more vulnerability and humility. I wish I'd shown this more in my own leadership by emulating women in nonbusiness roles more than emulating men in business roles.

Debby Farrington (MBA 1976), founder and cochairman, Starvest Management, New York, New York

Men often seem to think that not having all the answers is a sign of weakness. It is not. No one person has all the answers in this rapidly changing world. Don't be afraid to reach outside for resources that broaden the knowledge base and can lead to better more informed decisions. Inclusiveness, often seen as a female trait, has a business benefit in complex situations: get more data, solicit more diverse opinions, draw on different types of talents, and then decide. Don't rush to judgment in order to appear decisive or tough. A well-thought-out decision with multiple inputs is better than a quick one. Women are often more inductive reasoners. They can bring more imagination and creativity to problem-solving, which distinguishes a great solution from a good one. Thinking outside the box is often a trait of female businesspeople because they have had to take the road less traveled.

Ilene H. Lang (MBA 1973), president and CEO, Catalyst, New York, New York

The key to men learning from women leaders is for them to work in organizations where women leaders flourish! There men will find more opportunities to work in diverse teams, which research confirms produce better results and more effective solutions to complex problems. Catalyst research shows that men who have had women mentors are more aware of workplace inequities and can become stronger leaders themselves by developing inclusive leadership skills that will serve them well in our increasingly diverse global marketplace.

Laura Liswood (MBA 1976), cofounder, secretary general, Council of Women World Leaders, Washington, DC

Having met and interviewed 19 women presidents and prime ministers, I have observed that the best have the most ample and varied skill sets. This enables them to respond to whatever kind of situation that may call for their leadership. At times, leadership requires collaboration and at other times command control. Historically, out-of-power groups often develop skill sets that include greater observation, knowledge, and awareness of those in power, which frequently equates to higher emotional intelligence about others.

GEETA AIYER

Women have learned the effectiveness of collaboration and ensuring that all are listened to and included. Their speaking styles may also reflect a more relational approach to others. Men have historically learned a more transactional approach, which might include a more hierarchical command-and-control style. The best women leaders I have met know which approach works best, given the challenges they are facing. They understand the balance between "male" and "female" styles of leadership.

Geeta Aiyer (MBA 1985), founder and President, Boston Common Asset Management, Boston, Massachusetts

Leaders should learn empathy and seek employees who bring greater empathy to their work. Social intelligence distinguishes a firm and leads to superior outcomes. Having diversity of perspectives expands this skill. At the investment firm I founded, we have built a team with diverse life experiences and viewpoints, and when we evaluate a company for investment, we prefer managements that place value on diversity in their leadership teams. We believe that by actively embracing diverse viewpoints, a company can more effectively understand and address its challenges, identify new opportunities, deliver empathetic client service, and build lasting advantage.

What are the responsibilities of a leader today?

ROBIN SMITH

Robin Smith (HRPBA 1962, MBA 1963), chairman, Publishers Clearing House, Tequesta, Florida

Given the times, my goals were modest; interesting work and a chance for advancement were foremost in my mind. Right after graduation, I married, moved to California, and became pregnant (in that order), so my first jobs were below the MBA level: market research at Carnation, then media at BBDO. When we moved to New York City, I was offered a position as an account executive at BBDO, but I heard that the previous woman in that job had left because she wasn't promoted. So when a Wellesley friend who was Nelson Doubleday's secretary suggested I talk to him, I was open to the idea, and he offered me a job in the research department for the same salary.

It was appealing to work in a company that was trying to hire MBAs and become more of a business during a time of educational expansion (President Johnson's Great Society); there were more opportunities for advancement. I soon became manager of the research department, then advertising manager of the book clubs division—Doubleday's largest and most profitable division. After that, I was product manager for the Literary Guild and other book clubs, then vice president of marketing, then president of the book clubs, and finally president of Dell Publishing—all before I turned 40. Direct marketing and book clubs is a pretty no-BS field in which results are easily quantified and attributed, and I loved trying to figure out what would make people join our clubs and buy our products. Plus, it became fashionable to promote women, and there I was with my HBS MBA.

Naina Lal Kidwai (MBA 1982), country head, HSBC India, director, HSBC Asia-Pacific, New Delhi, India

To be transparent or, to express rather than impress. We need to build sustainable businesses, and this can only happen by being a responsible player over the long run with all stakeholders—employees, shareholders, suppliers, society, and the environment.

Daniela Barone Soares (MBA 1997), Chief executive, Impetus Trust, London, England

A true leader makes a difference in the world, or at least in her world—her company, community, sector, or country. Although it sounds cliché, a true leader walks the talk and sets an example that others can follow. Leaders should not only be ethical but also be seen as ethical. Finally, a true leader thinks outside her personal "patch" to consider the broader implications of her work—the value chain beyond her individual company.

Susannah Swihart (MBA 1980), former vice chairman and CFO, BankBoston, Cumberland Foreside, Maine

As context, I come from a family dedicated to public service. After graduating from HBS, I spent 20 years at a (then) large bank (25,000 employees, strong international presence, etc.), rising close to the top (vice chair and CFO). During the past decade, I have structured my life in a more "balanced" fashion, making time for family, community volunteerism and leadership (chairing several nonprofits), and corporate board work.

While I have welcomed the ongoing successes of corporate America, I have been dismayed by the negative impact caused by the tendency to focus on quarterly earnings growth and the necessity to appeal to shareholders who are not long-term investors. These two factors have, in many cases, spurred short-term decision making and therefore long-term sub-optimization. They have also fueled consolidation, sometimes to great positive effect—but often to great collateral damage to corporate cultures, communities, and industries.

Lisa Spinali (MBA 1990), FORMER President, San Francisco Education Fund, San Francisco, California

Today's leaders need to: Take the long view. A good leader understands that decisions made today will have implications for many years to come. Think broadly. We need to think across political and sector boundaries. The better we are able to bridge the private, public, and social sectors, the more successful we can be. Connect strategy and execution. Leaders need to be able to connect their inspiring vision with the tenacity of follow-through to get things accomplished. Often, leaders are able to create big-picture ideas that engage people, yet their inability to execute these ideas has a counterproductive effect and reduces the motivation of others. As leaders, we need to dream it and do it.

BENNIE WILEY

Bennie Wiley (MBA 1972), principal, Wiley Group, Brookline, Massachusetts

Leaders must have a vision for what needs to get done and find a way to mobilize resources around executing that vision. Leadership is not defined by title or role, and exists at all levels within an organization and in all sectors of society. Leaders of any venture—whether a Fortune 500 corporation or a grassroots nonprofit—are responsible for articulating the vision for the organization in a way that sets its direction for the short and long term, aligns internal and external stakeholders around the vision, and mobilizes human and other resources in the execution of that vision. Equally important, a leader is responsible for establishing the tone, values, and operating style of the organization in order to form its culture and influence its brand and image—and ultimately its reputation. All other obligations flow from these primary responsibilities.

Sue Schooner (MBA 1983), executive director, Girls Group, Ann Arbor, Michigan

• Take a serious interest in the people who work for you. Mentor, support, encourage, and engage your employees and others with whom you interact. Have a clear vision, both short and long term, and articulate your vision in ways that excite others.
• Understand your personal privilege and give back to the community.
• Maintain your integrity, sense of humor, and commitment to others. Avoid bureaucracy and protracted meetings. Be capable of making decisions quickly, and spend your effort on implementation rather than on endless discussion.
• Be inclusive of everyone, regardless of department and rank. Understand that the opposite of one absolute truth may be another absolute truth. Encourage creativity, but also efficiency.
• Be comfortable with math, even if you don't perceive yourself as a numbers person.
• Build strong networks so that you always know where to get the answers you need.
• Embrace change, because change leads to opportunity.
• Love what you do!

Flavia Buarque de Almeida (MBA 1994)

First, be true to your values and principles. Lead by example, yet also learn from others. Listen, more than talk. Be decisive when needed, but build the solution with the team. Recognize others. Inspire. Speak truth to power; challenge when needed. Responsibly manage and use resources. Bring focus when needed. Bring passion and humor. Most of all, develop better leaders for the future.

Lynn Elsenhans (MBA 1980), former chairman and CEO, Sunoco and Sunoco Logistics, Philadelphia, Pennsylvania

Today, the expectations society has of leaders are largely unrealistic, expecting perfection in an ever-increasing set of skills. I believe the most important responsibility of a leader is to set the tone at the top for acting with integrity and living the values of the organization. Other important responsibilities are developing talent and the human capacity in the organization, focusing on execution, and having the perspective to make appropriate short term and long term trade-offs.

Christina Feller (MBA 1982), principal, Heritage Health Consulting & Publishing, Portland, Maine

Leaders are open to change. But the basics still apply: Leaders move people toward accomplishing common goals; leaders engender trust; leaders get things done—their behavior sets an example for all of us. Leaders make us think that without each and every one of us, the mission would be incomplete. Leaders are contextual; they know that each decision point requires new thinking, new analysis. Leaders do not stick to a given model—they carve out a new future every day.

Leslie Hale (MBA 2001), CFO and sVP, RLJ Lodging Trust, Bethesda, Maryland

The fundamental responsibilities of a leader today have not really changed over the past 50 years. However, the context in which we operate today has shifted the prioritization/emphasis of these responsibilities. Most notably, now more than ever before, it is paramount that leaders lead by example. Leaders can't simply say it's important that women represent a significant percent of their work force; this must be reflected by having more than one woman on their senior staff. Leaders can't simply talk about ethics, they have to establish ethical standards and model the behavior they want reflected in the organization. Authentic leadership is critical in today's culture in the post-financial crisis world.

COURTNEY LEIMKUHLER

Courtney Leimkuhler (MBA 2007), EVP, corporate strategy and implementation, NYSE Euronext, New York, New York

Amid the complexity and risk in today's world, most people can find reasons for not taking action. A leader welcomes the hard work of simplifying complexity, creating a path to action, and having the courage to execute. Those who emerge as leaders often assume responsibility for being: The Optimist. Leaders are the ones with a can-do attitude; people are rarely inspired by pessimists. The Curator. Leaders know what they don't know and undertake a deliberate search to collect information that fills the gaps. The Decider. Leaders accept that their environment is increasingly difficult to predict, but are still willing to make the tough calls and risk being wrong, or at least only temporarily right.

Muriel Maignan Wilkins (MBA 1997), cofounder and managing partner, Isis Associates, Washington, DC

The responsibilities of a leader today are the same as they've always been—to be the steward of an organization's vision, mission, and people. To be able to do that well, a leader must demonstrate the courage to course-correct when needed, use exceptional judgment to drive to decisions, and have the ability to listen, even when others might not agree. Lastly, I believe that a leader is responsible for the organization's tone—they might not set it alone, but they hold the responsibility. With that comes the responsibility to act with integrity and with a humble cognizance of the ripple effect of their decisions, actions, and way of being.

What did you learn from the experience when you failed at something?

Roslyn Braeman Payne (MBA 1970), president, Jackson Street Partners, San Francisco, California

In February 1986, I was selected to be the first CEO of the Federal Asset Disposition Association, a government-sponsored entity tasked with managing assets from failed savings and loans. I was chosen because I had the required skill set: management experience, real-estate knowledge, and a background in both asset management and property development. What I lacked, however, was experience in navigating the political environment of Washington, DC.

Although I created a professional team and approached the task with discipline and a determination to save the taxpayer's pocketbook, I failed. I was unable to stop the powerful financial interests that wanted to buy assets at ten cents on the dollar—and knew how to accomplish their goals. As a result, there was, in my estimation, an unnecessary $100 billion loss to the American taxpayer. I had learned by experience—the "bitterest" road—the power of vested interests in DC, and resigned after two years.

Yet despite my failure, I had acquired a deep understanding of capital markets and poor federal policies and decided to focus my business efforts on investing in the arena of residential real estate. (It was clear to me that there would be capital shortages, but I believed in the continuing presence of a strong demand for housing.) I exited this investment plan in 2005 when it became apparent that the markets were overextended, but my earlier failure had laid the groundwork for a very successful next chapter of my career.

Catherine Bouvier D'Yvoire (MBA 1982), financial advisor to governments, Paris, France

After years of working "happily" in the same company, I failed at transitioning from one boss to the next. My new boss did not acknowledge my work. The value I created was not "visible": The goodwill I had been creating with my clients through hard work was not valued nor attributed to me. I learned from the experience that you should not let anyone take credit for your work; by the same token that you take responsibility for your mistakes, take ownership of your contribution. Be visible. Make sure your seniors know what you do, especially if some of your work is intangible. Managing your boss and seniors is as important as managing your team and peers. In a changing environment, identify the game's new rules and players and switch gears ASAP.

Bennie Wiley (MBA 1972), principal, Wiley Group, Brookline, Massachusetts

One of my favorite ventures was a toy store I created on Martha's Vineyard. I loved everything about the store: the quality of the products we sold, the children and families we served, and the pleasure and developmental benefit we brought to our customers. My original plan was to gain expertise and brand with the Martha's Vineyard store, then expand to sites in the Boston area and at other resort communities. Unfortunately, this never happened—partly because the economy took a downturn, but also because I did not yet have the knowledge and resources I later developed. The toy business, like every industry, has its unique features, and as I had never before worked in it, I had not yet formed connections with people who could have helped me better navigate the industry. Therefore, I realized the incredible value of developing authentic relationships with people who can provide perspective, advice, feedback, and support. I've incorporated this learning into every other venture that I have pursued, and I've even made it one of the cornerstones of the leadership development social enterprise that I built.

MYRA HART

Myra Hart (MBA 1981, dba 1995), professor (ret.), Harvard Business School, Boston, Massachusetts

What negative feelings the word evokes for what can be a very positive experience! I have had the good fortune to fail early and fail often. Whether missing an attempt to clear a high jump or losing an election, my grade school "failures" taught me that I needed more training, better campaigning and connections, and sometimes, another outlet for my energies. I also learned that failure is not fatal to my ego, my energy, or my enthusiasm.

I developed a deep conviction that if something is important to me, I should always try for it. I might succeed, or I might dust myself off and gain valuable information that will take me over the top the next time. The real failure is in not going for the gold.

Laura Liswood MBA 1976), cofounder, secretary general, Council of Women World Leaders, Washington, DC

For a documentary I made about women world leaders, including Margaret Thatcher, I asked British actress Glenda Jackson to be the narrator. She agreed. I hadn't thought about the fact that she was also an MP from the Labour Party in the UK.

When I met with Ms. Jackson at the taping, I began by asking her about women's leadership. She responded, "Well, the first thing is that I am bitterly, bitterly disappointed that the first woman prime minister of Great Britain was Margaret Thatcher, who has singlehandedly destroyed the fabric of British society."

After a long pause, all I could think to say was, "Anything else you want to say about women's leadership?"

If you ever see the 30-minute documentary, you will note that the US journalist Judy Woodruff is the narrator. Lesson learned: Think about the second or third level of consequences of your actions.

Christina Feller (MBA 1982), principal, Heritage Health Consulting & Publishing, Portland, Maine

As Director of the USAID Business Support Center of St. Petersburg, Russia during the "time of change" in the early to mid-1990s, I helped thousands of entrepreneurs across Russia get their businesses up and running.

But my top staff had been embezzling money and I had to make the decision to close down the whole operation. I went home to the United States ashamed that I was not prepared for this turn of events, that I did not bring people together in the right way, and that it never occurred to me that people would be stealing money from us. I had prided myself on my workshops on integrity and ethics in business. Pride goeth before the fall.

Leaders need to stay attuned to what is going on around them all the time and be ready to make major adjustments whenever the context demands it.

LAURE WANG

Laure Wang (MBA 1997), cofounder and managing director, Asia Alternatives, Atherton, California

Earlier in my life, I chose not to apply to Harvard for my undergraduate education because I thought I wasn't good enough to get accepted. I subsequently was accepted at Yale, MIT, and Stanford, where I enrolled and had a great education. But the experience taught me to persevere and not give up without trying hard. I used this experience when starting Asia Alternatives (even though I was afraid to launch a start-up) and now, with my stroke, I am trying to defy all odds and get better.

(Editor's note: Wang suffered a stem cell stroke in 2010 and is a quadriplegic mute with "locked-in syndrome." She uses eye-tracking technology to communicate by computer and to operate a motorized wheelchair. Wang remains active with investments and deal sourcing at her firm and in raising her two young sons with her husband, Kabir Misra.)

What makes a good mentor?

Kate Paul (AMP 93, 1984), president and CEO, Delta Dental of Colorado, Denver, Colorado

A good mentor is committed, patient, truthful, and available.

Amrita Sen (MBA 1999), CEO, Vault Agency; creator, BollyDoll, Los Angeles, California

Someone who doesn't get caught up in themselves. The problem with a lot of mentors—women and men who are in positions of power and success—is that they revise history. They forget how things actually happened; they lose touch with the fact that although a large part of their success was a result of their own hard work, some divine destiny, luck, and a series of coalescing circumstances were also critical. A mentor should tell the truth and not give a false perspective on how success actually comes about.

Barbara Hackman Franklin (HRPBA 1963, MBA 1964), former US Commerce secretary. President and CEO, Barbara Franklin Enterprises, Washington, DC

A good mentor is, first of all, someone who likes being a mentor. This isn't a job for everyone. A good mentor is someone who takes a serious interest and really cares about the person being mentored—and is willing to take time to work at mentoring. A good mentor sets a fine example of professionalism and integrity, knows things that are helpful to the person being mentored, and is a source of excellent judgment and sound advice. A good mentor will go the extra mile to open doors and/or be an advocate for the mentored person. We all benefit from having mentors, but they are especially important for women starting businesses or pursuing careers in organizations that have male-created cultures. A good mentor can help women understand and overcome the cultural biases that can hinder success.

Courtney Leimkuhler (MBA 2007), EVP, corporate strategy and implementation, NYSE Euronext, New York, New York

A good mentor…

• Teaches mentees to cultivate their own voices—there are many ways to solve complex problems.
• Shows mentees his or her own vulnerabilities, to create a more human dynamic.
• Empowers and entrusts mentees with his or her own reputation.

Kiyomi Saito (MBA 1981), president and CEO, JBond Totan Securities, Tokyo, Japan

My good mentors always corrected me when I did something not accepted in the world of men. Common sense for men is often not common sense for women. I appreciated they took a trouble to point out my wrongdoing. Encouragement is nice to hear but scolding was much more appreciated.

Good mentors provided me with challenges that are usually not open to women. I am sure they were criticized by their peers but they remained undaunted. I am here today thanks to them.

Muriel Maignan Wilkins (MBA 1997), cofounder and managing partner, Isis Associates, Washington, DC

A good mentor is one who truly believes in supporting others in their professional development and does so by leveraging various abilities: the ability to listen, to give honest feedback, to provide guidance on navigating career situations and help the mentee "helicopter" up to see issues from a bigger perspective. A good mentor is able to connect with the mentee in an authentic, genuine way. S/he is able to put themselves in the mentee's shoes and as a result give insightful and pragmatic advice on opportunities and challenges facing the mentee. In order to do this, the mentor must be not only an astute observer of others but also very self-aware of their own strengths weaknesses.

Whom do you admire in the business world?

Paige Arnof-fenn (MBA 1991), Founder & CEO, Mavens & Moguls, Cambridge, Massachusetts

Richard Branson, for turning his learning disability to his advantage; also, for his courage, creativity, and enthusiasm for the great brand he built.

Mei Zhang (MBA 1996), founder and chairwoman, Wildchina Travel, Beijing, China

I had the pleasure to meet Madeleine Albright this past year at the Women of the World conference in New York. She has translated her passion for policy into a successful consultancy. I like to think I've also been able to combine my passion for exploration and travel into a business, and I believe that when this happens, the greatest amount of change and impact can occur. I also had a very important mentor at McKinsey, with whom I have stayed in close touch. His willingness to spend time with me has shown me that mentorship at senior levels can have a real impact on people's careers and has influenced me to become a better mentor in my own office.

Lisa Carnoy (MBA 1994), managing director, Bank of America Merrill Lynch, New York, New York

The same answer I gave back in September 1992, during the first weeks of HBS: Madonna! Also, my amazing HBS 1994 classmates and friends: Dolly Chugh, Elif Bilgi, Amy Starck, Sandy Boss, Amy Meyers, Dora Vardis, and Molly Pieroni. They are all remarkable business leaders who inspire me.

Susannah Swihart (MBA 1980) former vice chairman and CFO, BankBoston, Cumberland Foreside, Maine

I think real business leaders see beyond quarterly earnings growth and realizing an asset flip for their public or private investors. I admire executives who combine strategic acumen and operational performance with an ethical compass and a strong focus on their customers, their employees, and their communities overall. I look up to leaders of companies who are able to successfully take a long-term view in building value. I believe that the limited presence of this kind of corporate leadership is one of the elements causing more stress and cynicism in our population. Business leaders who demonstrate long-term commitment and vision? How about Howard Schultz at Starbucks, who did not have to return to corporate leadership but did so and reaffirmed the company's greater purpose for existing and its commitment to customers and employees as he did so? How about Warren Buffett, who has always had a long-term view and, while extraordinarily successful as an investor, has not bought companies merely to flip them? He also has remained close to his roots and invested in his hometown of Omaha. I also respect leaders who are wholly focused on their customers, like Jeff Bezos of Amazon.com, Tony Hsieh of Zappos, and Leon Gorman at L.L. Bean here in Maine.

Anne Bonaparte (MBA 1988), president and CEO, Xora, Mountain View, California; founder and chairman, Deathwise, San Francisco, California

Bill Hewlett and Dave Packard were my first post-college "bosses." I remember being in class at HBS saying, "When I was at HP…" and a few people would groan. But looking back, I was right. I was incredibly fortunate to have these two role models as my early employers, and they provided an imprint of what it means to be a successful business leader: uncompromising integrity, teamwork, respect for individuals, encouragement of flexibility and innovation, focus on achievement and contribution, and impact including and beyond the "bottom line." After HP, each created a foundation centered around his passion, and each has exponentially had an impact on our world.

I also admire individuals like Eythor Bender of Ekso Bionics and Jim Sinegal of Costco. They are innovative leaders, driven by their principles and passions. I look forward to hearing about their impact on the broader community as their companies continue to succeed and they broaden their focus to the critical needs of our nation and the world.

Ginger Graham (MBA 1986), former president and CEO, Amylin Pharmaceuticals, Boulder, Colorado

Those who act on the courage of their convictions, not on the basis of polls or popularity. People who admit mistakes, ask for help, and do what they say they are going to do. Leaders at every level of an organization who take responsibility for their actions, deliver results and help those who need a hand-up.

Myra Hart (MBA 1981, dba 1995), professor (ret.), Harvard Business School, Boston, Massachusetts

Although she never seeks attention for herself, Irene Rosenfeld is on just about every "most powerful" list and her accomplishments in leading Kraft Foods over the past seven years certainly merit praise. She has led an incredible turnaround in rebuilding the leadership team, making strategic acquisitions and divestitures, and most recently, guiding the spinoff of the North American Food Group from the international global snacking business, Mondelez. There is no question of her intelligence, experience, strategic orientation, and ability to execute.

Irene is a competitor through and through, but that's not what I admire most in her. She is a warm and thoughtful leader who exhibits extraordinary integrity, humanity, and humor every step of the way. Irene's leadership is powerful, but what I prize most highly is not what she has done, but how she has done it.

MAMONGAE MAHLARE

Mamongae Mahlare (MBA 2004), marketing manager, SABMiller, Dar Es Salaam, Tanzania

Maria Ramos, chief executive of Absa Group and Barclays Africa, Ann Fudge (MBA 1977), and Carly Fiorina have broken the largest ceilings in the corporate world and are worthy of a standing ovation from all men and women in business. Their commitment, tenacity, skill, and success have proved that women regardless of race have the capability to run the biggest organizations and achieve solid shareholder returns. They inspire me to keep pushing forward toward my goals; in fact, they inspire me to aim higher, with the belief that, even beyond the local level, I can impact the world.

Amy Jain (MBA 2010), cofounder, BaubleBar, New York, New York

I have a lot to thank HBS for, but at the top of my list is introducing me to my sectionmates. They're an incredible group of people who have achieved so much—yet they are so down-to-earth and always giving with their time. For the past two and a half years, they have been a constant source of inspiration, guidance, and encouragement, and I truly feel grateful to have them in my life.

Women at HBS: A Celebration

HBS is marking the 50th anniversary of women being admitted to the full-time MBA Program with a wide range of academic activities and public events. For up-to-date information, please visit the W50 website at: www.hbs.alumni.edu/women50.html.

Upcoming Events

• Baker Library exhibits and interactive photo project: January 2013
• Women's Student Association's Dynamic Women in Business Conference: February 23, 2013
• Case study on women at HBS and in business by Professor Boris Groysberg: March 8, 2013
• Alumni Summit on Women and Leadership: April 4–5, 2013

Ongoing Projects and Programs

• Great Women Leaders Speaker Series (for MBA students): Fall 2012–Spring 2013
• Women's Student Association Alumnae Reflections Project (Portrait Project): Fall 2012–Spring 2013
• Alumni clubs and associations programs (worldwide): Fall 2012–Spring 2013
• Harvard Business Review featured section: Spring 2013
• Capturing Voices documentary film: Spring 2013
• Alumni Survey on Women and Work preliminary results: Spring 2013
• Reunion alumnae activities: Spring 2012–Spring 2013