When I hear leadership, I think of managerial roles, successful entrepreneurial experiences, and leadership positions in collegiate clubs while in college. What else are MBB employers referring to when they say "leadership experience"?
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They are referring to positions that include managing other people, generally speaking, in an established organization. Owning your own business is not a leadership role if you are painting house numbers on the curb. Owning your own business and managing 100 employees is leadership. So is being the recruitment chair for your scohol's consulting group, being your sorority's finance chair, being president of your school's boxing team, etc.
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