Dynamic Capabilities

Dynamic Capabilities Making a competitive difference through Dynamic Capabilities Summary Purpose of report †¢ Method followed (if necessary) †¢ Main findings 1 Strategy and Resource-Based View Strategy of a company is about setting a direction towards the success. Competitive strategy is about being different from the competitors; its about choosing a unique set of activities aiming for a greater value to deliver. the resource-based perspective highlights the need for a fit between the external market context in which a company operates and its internal capabilities. The resource-based view is the classical view on strategy that explains how competitive advantage within firms is achieved and how that advantage of firms can be sustained over the time (Barney, 1991). Strategy is about combining activities (Horn, p86). How More recent studies suggest that understanding of the RBV (Barney, Eisenhardt, Teece, 2000) should be enhanced by the extended understanding of dynamic capabilities. resource-based view is grounded in the perspective that a firms internal environment, in terms of its resources and capabilities, is more critical to the determination of strategic action than is the external environment. Another view (Peteraf, Bergen, 2003) proposes to see the Resource-based view and Market-based view as compliments to one another. In that way the authors tackle the most common criticism on Resource-based view that it is insufficiently linked to the market. The role of similarity or rather dissimilarity in from the point of view of resource type can be a stepping stone for many managers, because they fail to analyse the competitors that are not producing the exactly the closest substitute product. The keyword here is resource functionality that should be addressed when deciding on a competitive strategy, as often resource packages that are dissimilar in type may serve as effective substitutes in terms of producing the same end product. Moreover, the authors here introduce a new edge on resource-side, such as functionality to counteract the market-side element of focus substitute detection. As the result, this draws on the importance of capabilities, the focus here is not only on pro duct markets, but also on the competitors activities in resource markets as well. 2 Dynamic Capabilities The theory of dynamic capabilities is thought to have arisen from a fundamental weakness of the resource-based view of the firm. The RBV has been criticized for ignoring factors surrounding resources, instead assuming that they simply â€Å"exist†. Considerations such as how resources are developed, how they are integrated within the firm and how they are released have been under-explored in the literature. Dynamic capabilities attempt to bridge these gaps by adopting a process approach: by acting as a buffer between firm resources and the changing business environment, dynamic resources help a firm adjust its resource mix and thereby maintain the sustainability of the firms competitive advantage, which otherwise might be quickly eroded. So, while the RBV emphasizes resource choice or the selecting of appropriate resources, dynamic capabilities emphasize resource development and renewal (Barney, 1991). According to wade and Hulland (2004), IS resources may take on many of the attributes of dynamic capabilities, and thus may be particularly useful to firms operating in rapidly changing environments. Thus, even if IS resources do not directly lead the firm to a position of superior sustained competitive advantage, they may nonetheless be critical to the firms longer-term competitiveness in unstable environments if they help it to develop, add, integrate, and release other key resources over time. The most common definition on what dynamic capabilities are is defined as â€Å"the firms ability to integrate, build, and recon internal and external competences to address rapidly changing environments†. The basic assumption of the dynamic capabilities framework is that todays fast changing markets force firms to respond quickly and to be innovative (Teece,1997). Are they easily imitable? Some says yes According to (Eisenhardt, Martin, 2000) Dynamic capabilities are more subsituable than it is usually thought. What is their nature? It is thought the the dynamics of the market influence can have some impact on the nature of dynamic capabilities; .. In moderately dynamic markets dynamic capabilities resemble the traditional conception of routines (Eisenhardt, Martin, 2000). In contrast, in high velocity markets, they are simple, highly experiential and fragile processes with unpredictable outcomes. Besides, in another context (Grant, 1996, Pisano, 1994) they are explained as the resources that are transformed, integrated together and recombine to generate a new value creating strategy. In that way, they are drivers behind the creation, evolution and recombination of other resources into new sources of competitive advantage (Henderson and Cockburn, 1994; Teece et al, 1997). Based on these premises (Eisenhardt, Martin, 2000) dynamic capabilities are defined as: The firms processes that use resources specifically the processes to integrate, recon, gain and release resources to match and even create market change. Dynamic capabilities thus are the organisational and strategic routines by which firms achieve new resource configuration as markets emerge, collide, split, evolve and die. An alternative definition that abandons the idea of high-velocity markets as the necessary context to explain dynamic capabilities says that (Zollo, Winter, 2002): A dynamic capability is a learned and stable pattern of collective activity through which the organization systematically generates and modifies its operating routines in pursuit of improved effectiveness. This definition clearly redefines the role and function of dynamic capabilities, since it stresses their connection with learning processes. Dynamic capabilities arise from learning; they constitute the firms systematic methods for modifying operating routines (Zollo, Winter, 2002). An example is given by an organisation that develops from its initial experiences with acquisitions or joint ventures a process to manage such projects in a systematic and relatively predictable fashion. The ability to plan and effectively execute postaquisition integration processes is an example of a dynamic capability, as it involves the modification of operating routines in both the acquired and the acquiring unit. In short, learning mechanisms shape operating routines directly as well as by the intermediate step of dynamic capabilities. 5 Strategic positioning and Competitive Advantage Strategy is conceptualized as a firms realized position in its competitive market (Mintzberg, 1987; Porter, 1980). Each firms strategic position is supported by its resources and capabilities, reflecting the idea that resources and positions are two sides of the same coin (Wernerfelt, 1984). In a constant strive for higher performance and long term successful strategy a question on strategic balance arises. Similarity among firms has raised an important question on strategic balance, how do firms chose to position themselves among their rivals? What is the value ( Deephouse, 1999) of being different (differentiation)or what is the value of being the same (conformity). Abrahmson and Hegeman (1994) observed that strategic conformity reduces both competitive risks and opportunities for competitive advantage. This can be solved by an integrative theory of strategic balance, because as evidence suggests (Deephouse, 1999) moderately differentiated firms have higher performance than either highly conforming or highly differenciated firms. However, (Deephouse, 1999) draws on strategic similarity as a firm-level construct representing the extent to which a firms strategic position resembles the strategic positions of other firms competing in its market at a particular point in time. Strategy and IKEA Positioning means performing different activities from rivals or performing similar activities in different ways. If a company is prepared to satisfy all needs of all customers it loses the distinctive positioning edge. Since IKEA begun in 1943 it has grown into a successful global network of stores with its unique retailing concept. The global furniture retailer based in Sweden, also has a clear strategic positioning. IKEA targets young furniture buyers who want style at low cost. What turns this marketing concept into a strategic positioning is the tailored set of activities that make it work. IKEA has chosen to perform activities differently from its rivals (see 2). In comparison to traditional furniture merchandisers who display just a fraction of their stock, IKEA takes a step further and displays all their stock in a room like settings, that way selling the whole concept of modern living. Also, by selling their own low cost designs in ready to assemble packages to fit its positioning, IKEA trades off service for cost. Customers are expected to do their own pickup and delivery, and despite of their low-cost position that comes from having customers do it themselves, IKEA offers a number of extra services that its competitors do not. Such as, childcare and extended opening hours, services that are uniquely aligned with the needs of its young and, middle class customers. As long as consumers from Moscow to Beijing and beyond keep striving to enter the middle class, there will be a need for IKEA. Currently with 226 stores worldwide it hosts 410 million delighted shoppers a year. Positioning choices determine not only which activities a company will perform and how it will con individual activities but also how activities relate to one another. While operational effectiveness is about achieving excellence in individual activities, or functions, strategy is about combining activities. What is the most important key factor in the success of IKEA? The answer is simply that it all is of an equal importance. Activities that form a system act as compliments to one another generating value for a company, which is a way strategic fit creates competitive advantage and superior profitability.

A Summary of Marketing Myopia Essay

Abstract This document summarizes the work of Theodore Levitt in his work published in The Harvard Business Review titled â€Å"Marketing Myopia.† Levitt’s work details the reasons growth industries are actually not that at all, and how organizations fail across the globe in regards to marketing. In addition, the document will correlate Levitt’s work in 1960 to contemporary marketing. Keyword: Theodore Levitt, marketing myopia, contemporary marketing A Summary of Marketing Myopia Marketing Myopia by Theodore Levitt was published by Harvard Business Review in the summer of 1960. According to Levitt (1960), all industries are growth industries and the failure of industries is not because of marketing saturation, but because of management. Levitt uses the oil industry, automobile industry, transportation industry, and electronics industry to support that notion. In addition, Levitt details how population has no effect on business success. Lastly, Levitt summaries what is necessary to avoid the marketing myopia syndrome from an overview. Levitt opens his work by point out that failure is at the top. In a more specific response, failure of the organization rest on the top executives who are responsible for broad aims and policies (Levitt, 1960). To support his idea, Levitt utilized the railroad and Hollywood movie companies as examples. Levitt explains the railroad did not fail because passenger and freight transportation declined, but because the railroad failed to supply the customers’ need (Levitt, 1960). Levitt continues with Hollywood explaining that they did not fail because TV shows; they failed because management classified them as the â€Å"movie† business instead of the â€Å"entertainment† business (Levitt, 1960). Levitt continues to support his notion by indicating what saved Hollywood. Levitt explains, it was not a  resurgence of customers to the movie industry, but in fact was a surge of young new writers. Levitt continues the explanation of Marketing Myopia by ruling out the population myth. According to Levitt (1960), the idea that profits are assured by and expanding and more affluent population is dear to every industry. However; Levitt continues by indicating that this â€Å"myth† is undergoing a fundamental yet typical change (Levitt, 1960). The population myth attempts to explain that if large quantities of people need the product then product development to replace the current item is not necessary. According to Levitt (1960), the petroleum industry’s efforts have focused on improving the efficiency of getting and making its product, not really on improving the generic product or its marketing. Therefore, the petroleum industry owes its continued success to other product developments. In order to avoid â€Å"marketing myopia† companies must make four steps. To begin they must adapt to the requirements of the market, and the faster the better. Second, the company must employ a vigorous leader whose vision and drive set the pace for the company. Third, the entire organization must be customer creating and customer satisfying organizations. Lastly, the company must think of itself as buying customers. Contemporary marketing focuses on the needs of the buyer versus the seller. Levitt’s work with Marketing Myopia relates directly to that point. Businesses are no longer able to sit back and enjoy continued market growth. They must focus on the buyers needs and at the same time take necessary steps to make its own products obsolete. Furthermore, business must focus on what industry they place their product, as with the railroad being in the â€Å"railroad† business rather than the â€Å"transportation† business. In conclusion, Theodore Levitt published Marketing Myopia in the 1960 edition of the Harvard Business Review. The article explains how companies fall to the extinction list in relatively short time periods or are revived by other companies whose product relies on theirs. Levitt explains the four steps companies must take to ensure they do not catch the myopic views. References Levitt, T. (1960). Marketing Myopia. Harvard Business Review, 138-149.

Post War Europe Essay

The World War II refers to the global conflict that took place between 1939 to 1945. Also referred to as the Second World War, the conflict involved many nations, especially the great powers. The conflict had two opposing military alliances, the Axis and the Allies (Hakim, p 8). This war has been considered as one of the most spread war in the world history since it involved the mobilization of more than 100 million military personnel. The Allies alliance during the war was made up of countries that opposed the Axis powers. The Big Three† or the three major nations that led the Allied Alliance were the United States of America, Britain, and the Union of Soviet Socialist Republic. Other nations that were part of the Allied Alliance included China, France, Poland, Australia, Canada, and South Africa. The Axis Alliance opposed the Allies, and it was led by three major Axis powers. These powers were; Germany, Italy and Japan. These three countries in September 1940 had signed a Tripartite Pact upon which the Axis Alliance was founded. Other nations that were part of the Axis Alliance included; Hungary, Romania, and Yugoslavia. Some the Axis co- belligerents included; Finland, India, Vietnam, and Iraq. The state of total war as a result of this conflict had the major nations that were involved use their scientific, industrial, and economic capabilities in order to develop weapons or plan military strategies that would maximize their probability of winning the war (Russell, p 15). It is estimated that over 70 million people were killed, with the majority being civilians. This made the war one of the deadliest human conflict to ever occur. The war began in 1939, and was triggered by the Germany’s invasion of Poland. This later led to the France, United Kingdom, and the United States declaration of war on Germany. Some of the well known events that occurred during the Second World War include; the Operation Barbararossa, Pearl Harbour attack and the Marco Polo Bridge incident. The war ended in 1945 and had the United States and the Soviet Union turn out to be the superpowers. The World War II broke out in Europe after Hitler led the Axis Alliance by first invading Poland. There were several major effects of Second World II on Germany and Europe.  In this paper, these effects will be discussed. Major effects of World War II in Germany Germany was one of the leading nations in the Axis Alliance against the Allies during the Second World War. Germany is considered to have developed some of the most sophisticated and most destructive weapons during the war. Together with the cost of military operations, Germany used a great amount of its finances to develop weapons for use during the war. The Nazi Germany which was led by Adolf Hitler invested great amounts of financial resources to cater for the costs of the war. In 1936, Adolph Hitler in his efforts to purchase war materials at low prices imposed price controls on the Germany people. Rationing later followed in 1939. Price controls that were put on food led to food shortages during the war. This led to the people growing their food and doing barter trade with their personal belongings for food. Compensation trade was born during the war; as a result of the wide spread barter trade. Due to the business to business transactions, many business firms hired a person who could barter a firms’ output. The barter trade was inefficient compared to the direct purchase of commodities and services using money. According to a Germany economist Walter Eucken self- sufficiency and barter trade were incompatible. Due to an extensive labor division, Germans’ economic system had been â€Å"reduced to a primitive condition† (Harlett 1978, p. 34). The Germany economy after the war was in shambles. In the housing sector, Adolph- Hitler scorched – earth policy together with the war had affected about 20 per cent of the housing. Germanys’ economic hardship had the food production per capita from 1938 to 1947 reduce by 51 per cent. In addition, the occupying powers had set the food ration between 1040 and 1550 calories per day. As compared to the industrial out put in 1938, Germanys’ out put in 1947 was only a third of the 1938 industrial output. Due to the death of a large number of working -age men during the war, Germany had inadequate labor. The economic hardship had triggered the Germany government to put in place measures that would rejuvenate the country’s’ economy. The government eliminated the price controls that were initially there, while the currency was reformed. This occurred in 1948. Later in 1948 and1949, there was reduction of the marginal tax rates. These measures saw the Germanys’ economy grow rapidly 20 years after the World War II. Germany’s economic problems can also be attributed to the World War I effects. Before the World War I, the German Empire had a prosperous economy. However,after the war,Germany’s economic prosperity was considered to have been ruined by treaties such as the 1919 Treaty of Versallies. The signing of the treaties by Germany together with the World War I effects led to great inflation in the early 1920s. Though Germany’s economy improved after the First World War, the economic problems that characterized this period to some extent came to affect Germany’s economy after the World War II. The first several years in Germany after the World War II were of great economic problems. This resulted from the destruction of property, land, and homes during the war (Klopstock, p 285). Furthermore, many Germans fled from their homes during the war, a situation that made working almost impossible. This reduced the economic productivity of the nation, whose negative effects after the war became evident. In addition to this, the industrial and agricultural production had drastically reduced in Germany. Many millions of people lacked food and clothing as the inflation raged in Germany. Food shortage had become severe and â€Å"each day, and particularly on weekends, vast hordes of people trekked out to the country to barter food from the farmers†(Wallich, p 65). Despite the economic problems that the Germans were experiencing, the political leaders were able to exploit the situation in order to build a very strong economy in future. The economic problems encouraged the German political leaders to focus on the future plans of reviving Germany’s economy. The leaders saw a new beginning in the ruined economy, where the economy was viewed as an instrument of prosperity. The need to have a prosperous economy would then assist the Germans to have a stable society, as well as to safeguard democracy. The leaders sought both the economic prosperity and social peace. A prosperous economy would also make sure that there was equal opportunity for all the German citizens so that eruption of a revolution would be prevented when bitter frustration of the underprivileged social groups was avoided. The reviving of the German economy and â€Å"economic system that had been reduced to a primitive condition† (Hazlett, p 34) due to the economic problems experienced as a result of the World War II became important. The economy was revived through the efforts of some Germans’ post war leaders such as Ludwig Erhard. The currency reforms that were introduced through the efforts of Erhard led to the abolition of the Reichmark and the Deutsche mark introduction. The installation of the new currency began in 1948 led to economic success. Furthermore, Erhard abolished the Nazi and the occupation regulations and rules. This was the beginning of a prosperous and free economy in Germany, which in turn established the foundation of a growing West Germany economy. Apart from the economic problems experienced in Germany, another major effect of the World War II(WWII) in Germany was the division of Germany into two (East and West Germany) for about 40 years. The division occurred in 1949 and ended on October 1990 to reunite the two sides. The three Allied Zones of Occupation were brought together to form West Germany. These three zones were those that were held by France, United Kingdom, and the United States. The two special territories in German’s two states were Berlin and the Saarland. Since the West was democratically organized, it considered itself to have exclusive mandate for all of Germany. The Yalta Conference that was held by the Soviet Union, United States, and the United Kingdom leaders aimed as paving the way forward for future arrangements with the Europe after the World War II. It was during the conference that the leaders decided to split Germany into four occupation Zones. These Zones included; the French Zone, American Zone, British Zone, and the Soviet Zone. West Germany was formed in 1949 and comprised of the Western Allied Zones. The Soviet Zones formed the East Germany, which was also referred to as the Germany Democratic Republic. The West Germany economy grew so rapidly due to the economic aid from the United States and also the Marshall Plan. But more importantly, the currency reforms that were introduced in West Germany strengthened the economy. Both the East and West Germany had mutual recognition of each other and the relation between the two was normalized by treaties such as the Treaty of Warsaw(1970),Basic Treaty(1972) and the Treaty of Moscow(1970). West Germany became cosmopolitan due to the western culture influences while East Germany was conservative. The East Germany adhered to the socialist ideologies, where there was less freedom as compared to West Germany. In addition, the West Germany government was more decentralized and East Germany had a government based on the Communist ideaologies. The reunification of the East and West Germany occurred on 3 October 1990 to form the Federal Republic of Germany, which is the current Germany. The Berlin Wall was constructed in 1961 to separate the two regions, but it was destroyed in 1989 after the reunification of East and West Germany. The third major effect of the World War II on Germany was the great advancement in technology. This resulted from German’s great technological ability to develop and use highly sophisticated and powerful weapons and industrial technology. Germany is considered to have developed and used some of the most powerful and sophisticated weapons during the World War II. For instance, Germany managed to develop powerful anti-aircraft weaponry, aircraft bombers, bombs, guns, rifles, and chemical weapons. The jet aircrafts which had been developed late during the war were advanced after the World War II. The Navy advancements during the World War II paved way for more technological development in the naval field. The German designs such as the Type VII submarine were used during the World War II, and the technology was later used after the war for greater advancement. For instance, after the division of Germany into West and East Germany, some of the German’s intellectual privileges that were of industrial advantage. The Allies who had control over West Germany confiscated Germans’ intellectual privileges and used them for their own companies. This led to rapid growth in industrialization due to the technology that had been developed by the Germans. Major Effects of World War II on Europe The World War II had so many countries involved, with the majority being from Europe. Examples of European countries that took part in the war included the United Kingdom, Italy, Germany, France, and Poland. These countries and Europe as a continent experienced some major effects of the World War II. One major effect of the World War II on Europe was economic problems. The World War II had demanded that nations that were involved in the conflict invest their scientific, industrial, and economic capabilities. This required huge amounts of financial resources. Before the war, many European nations had very strong economic abilities. The nations’ economic and population advantage was very essential for success in the war. In addition, the European nations that had major industrial and financial developments included Germany, United Kingdom, and France. Industrial development that had spread across Europe before the war had contributed to great economic development in the European nations. The Industrial Revolution had led to rapid economic growth, which put the European nations at a good position to compete with the United States of America which was then an economic might. The World War II led to the destruction of Europe’s industrial centers and this affected negatively the high production of products or commodities that would be sold to increase economic growth in Europe (Tucker, p 771). The European infrastructure that was greatly destroyed made it hard for the citizens to undertake activities that would contribute to the economic growth. The European countries during the war had continued to increase their spending on developing and producing military weapons. There was construction of strategic road network by some European nations with the aim of increasing their probability of winning the war. The need for synthetic rubber and oil from coal to use during the war promoted great financial investments by the European nations. For instance, Britain’s’ economy was harnessed to the World War II efforts. The destruction of Europe’s infrastructure led to economic problems. The damage of the road and rail networks during the war made it very difficult for the European nations after to move the essential goods from one place to another. The economy was exhausted, a good example being Britain’s economy. For the European countries that were involved in the World War, their economies experienced severe inflation. Though rationing and luxury goods absence in Europe before the war had encouraged people to save, the people were unable to spend their savings since there were no commodities to purchase as would be preferred. The economic hardships in Europe made some European countries to borrow heavily from other nations with a strong economy such as the United States. The economic hiccups in Europe were later followed by economic recovery, where the currency reforms â€Å"quickly reestablished money as the preferred medium of exchange and monetary incentives as the prime mover of economic activity† (Heller, p 215). Another major effect of the World War II on Europe was environmental destruction. The World War II resulted to great environmental destruction. In many cases, any warfare or military conflict has very devastating effects on Europe’s natural environment. Improvements in technology during the war led to the invention of military weapons that were very destructive to the human life as well as the natural ecosystems. For example, the use of powerful and sophisticated bombs in the war destroyed animal and plant life. Furthermore, new chemical components that made up the weapons were released into the environment. This affected the soil fertility and composition, and this made it impossible for land to regain its fertility. The chemical components released from the explosives used in the war made it impossible for some arable land to be productive again. Many parts of Europe that acted as military grounds experienced great environmental degradation. The technological advancements during the World War II were incompatible with environmental preservation. War can never be compatible with the preservation and conservation of the natural environment. The environmental degradation that was occurring during the war was not a bother to the parties that were involved in the war. The military operations, destruction of natural vegetation to build communication lines and roads, and artillery shelling destroyed the environment. The new and effective ways military strategies that were used by the different nations’ forces to attack the enemies or defending themselves from the enemies increased environmental destruction. Long after the war ended, Europe’s natural environment has not yet recovered from the destruction it experienced during the war. In the era of technological advancement and industrialization, environmental issues seemed to cause very little concern in Europe, hence the effects of the war have proved that the war through technological advancement had become a great environmental threat. The increased use of chemical weapons resulted to long-lived negative effects on the environment. The waste disposal practices during and after the war in Europe resulted to â€Å"significant contamination of soils and ground water with high explosives† (Pennington et al, p 163). For example, the use of high explosives has made the recovery of the environment from destruction in Europe almost impossible. Consequently, the environment has become a health hazard to the people with the land mines that are still trapped in the soil/lands making some parts of the Europe land inhabitable. The areas were turned into waste land. Great technological advancements were another major effect of the World War II was witnessed in Europe. These changes that were witnessed were as a result of the nations that took part in the war struggle to invent and use better and powerful military weapons than their rivals. The technological development during and after the First World War promoted more advancements after the World War I . This is because, the improvements made after the World War II were an improvement on those that had earlier been invented. The inventions were considered as very critical when it came to winning the war, and this promoted technological inventions that were very instrumental to the economic development of many European nations after the war. The use of radio’s and electricity became possible due to the technological development witnessed during the wars. Research that had been intensively done by the Allies and the Axis with the aim of outdoing each other’s weapons became very important to more inventions after the war. The technological innovations of the war paved way for the naval technological development witnessed up to date. For instance, the introduction of aircraft receivers and radio communication systems during the war led to more development in naval industry long after the war. The technological advancement became a very vital requirement for survival during the war no doubt led to greater inventions after the war in Europe. Conclusion The World War II has been considered as one of the most devastating conflict to ever occur. This is due to the high number of people who were killed during the war. The various nations that were involved in the conflict invested greatly to the war efforts through finances and scientific inventions. Germany was one of the major players in the conflict and it proved to have great ability to develop and use powerful weapons against its enemies. The major effects of the war were both positive and negative. While some effects have been devastating to the people and the natural environment, others have brought about development in various fields of economic growth

Conquering 13 Common College Freshmen Fears

Its totally normal to be nervous about starting college. Your apprehension is a sign that you are interested in doing well and are gearing up for a challenge—the most fruitful experiences are often the most challenging. Most of your fears will probably fade away after your first few weeks, and if they dont, most schools have plenty of resources for dealing with common first-year worries. Here are 13 common worries that crop up in the minds of college freshmen: 1. I Was Admitted by Accident This is a common concern, but an extremely uncommon occurrence. Rest assured, it is unlikely you were admitted by accident, and if you had been, you would have been informed by now. 2. My Roommate Will Be Awful This is, of course, a possibility, but theres also a good chance youll get along really well with your college roommate or roommates. To give yourself the best chance of having a healthy and successful relationship with your roommates, try to communicate with them before school starts. Once you move in, discuss ground rules for things like sharing food, hosting guests, cleaning, and quiet hours. You might even go so far as to write the rules down in a roommate contract. No matter what happens, do your best to be respectful, and if it doesnt work out, you may have an opportunity to change roommates sophomore year. At the very least, youll probably learn something from the experience. 3. I Wont Make New Friends One important thing to remember is that virtually everyone is new, and almost no one knows anybody else. Take a deep breath and introduce yourself to others at orientation, in your classes, and on your floor. Consider joining social clubs, intramural sports, or a student organization where youre likely to find others who share your interests. 4. Im Not Smart Enough Of course, college will be harder than high school, but that doesnt mean you wont do well. Prepare yourself for a challenging workload, and if you feel youre performing below your expectations, ask for help. Your academic adviser can direct you toward relevant resources, like a tutoring center or a fellow student who can help you study. 5. Ill Be Homesick This is true of many college freshmen, and its completely normal. Even if youre not going away to school, youll probably end up missing the time you used to have to spend with friends, family, and loved ones. The good news is there are lots of ways to maintain relationships with those you care about. Block out time to call your parents, check in with your best friend from high school every few days, or email those you want to stay in touch with about your college experience. 6. Im Worried About Money College is expensive, and this is a legitimate concern. You may have to borrow money to cover your education costs. But learning to manage your money is a life skill that youll need to know. If you havent started learning about budgeting your money, college is the perfect time to start. Understanding the specifics of your financial aid package and getting a good on-campus job are smart ways to start getting the hang of personal finance. 7. I Dont Know How to Juggle All My Commitments Time management is one of the biggest challenges for college students. But the sooner you work on it, the better prepared youll be for handling the demands of a full-time job, family, and social commitments. Experiment with different ways of keeping yourself organized, like making to-do lists, using a calendar, setting goals, and assigning priority levels to your tasks. By learning some important time management skills, you can stay on top of your academics and learn how to handle a demanding schedule while still having fun. 8. Ive Never Been on My Own Before Being on your own, especially for the first time, is hard. But something inside of you knows you are ready or you wouldnt have wanted to go to college in the first place. Sure, youll make mistakes along the way, but youre ready to head off on your own. And if youre struggling, there are plenty of people and support mechanisms on a college campus to help. 9. I Cant Do Basic Tasks Dont know how to cook or do laundry? Trying is a great way to learn. And with the wealth of how-to guides online, you should be able to find plenty of guidance for whatever youre trying to do. Better yet, before leaving for school, have someone teach you how to do laundry. If youre already at school, learn by watching someone else or ask for help. 10. I Might Gain Weight Most incoming students have heard of the dreaded 15 pounds that some incoming first-year students gain when they start school. While the wealth of food options and a busy schedule may make it easier than ever to make unhealthy choices, the opposite is also true: You may have more opportunities than ever to stay active and eat well. Try to plan your meals so youre eating enough whole foods and vegetables, and make it a goal to explore as many recreational activities as you can. Whether its checking out group fitness classes, joining intramural sports, biking to class, or making regular trips to the recreation center, youll have plenty of options for staying healthy and avoiding the freshman 15. 11. Im Intimidated by My Professors In addition to being incredibly smart and, yes, even intimidating at times, college professors often set aside time for connecting with students. Make a note of each professors office hours, and muster up the courage to introduce yourself early on, asking how they prefer their students to ask for help if needed. If your professor has an assistant, you may want to try speaking with him or her first. 12. I Want to Stay Connected to My Faith Even at small schools, you may be able to find an organization that caters to and celebrates your religion. See if your school has an office dedicated to spiritual life or browse the student organization list for such groups. If one doesnt exist, why not create one? 13. I Dont Know What to Do After College This is a common fear for incoming students, but if you embrace the uncertainty, you may learn a lot about yourself. Take a variety of courses in your first year or two, and talk to professors and upperclassmen in subjects youre considering majoring in. While its important to plan out your course load and set goals for earning your degree, dont let the pressure to figure everything out interfere with these valuable years of exploration.