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We talked to our successful students and found out that, almost none of the MBA books in the market could really help them make a smooth entry to MBA. Format of the MBA Dissertation/Consultancy Report. Guidelines It is with great pleasure that I write this message to the student's Hand Book of PDBA/MBA . The Portable MBA in Marketing, Second Edition, Alexander Hiam and. Charles . Frankly, most finance and accounting books are technically complex, boringly .. Financial statements have a standard format whether an enterprise is as small.
Collect the agreed-upon fee or commission from the seller. Identify a group of people with common characteristics or interests. Find third parties who are interested in downloading the attention of that audience. Sell access to that audience without alienating the audience itself. Have some amount of money to lend. Find people who want to borrow that money. Set an interest rate that compensates you adequately for the Loan. Identify some action people might want to take in the future.
Offer potential downloaders the right to take that action before a specified deadline. Convince potential downloaders that the Option is worth the asking price.
Enforce the specified deadline on taking action. Concert tickets, coupons, retainers, and licensing rights are all examples of Options. In exchange for a fee, the downloadr has the right to take some specific action - attend the show, download an asset, or download a financial security at a particular price - before the deadline.
Options are valuable because they allow the downloadr the ability to take a specific action without requiring them to take that action. Options are often used to keep specific courses of action open for a certain period of time before another transaction takes place. Options are often an overlooked form of value - flexibility is one of the Three Universal Currencies. Find a way to give people more flexibility, and you may discover a viable business model.
Estimate the risk of that bad thing actually happening, using available data.
Pay out legitimate claims upon the policy. Have a pool of resources available to invest. Estimate how much that business is currently worth, how much it may be worth in the future, and the probability that the business will go under, which would result in the loss of your Capital. Movie theaters combine movie showings a Shared Resource with tickets an Option and concession sales Products.
In most companies, each of these offers is handled separately, and the customer can pick and choose which offers they want to take advantage of. By making offers Modular, the business can create and improve each offer in isolation, then mix and match offers as necessary to better serve their customers.
Ideate - What could you improve? What are your options? Act - Actually make the change. Measure - What happened?
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Was the change positive or negative? Should you keep the change, or go back to how things were before this iteration?
When creating a new offering, your primary goal should be to work your way through each Iteration Cycle as quickly as possible. Ask open-ended questions. Encourage the other person to do most of the talking. Watch what they do. Give potential customers the opportunity to preorder.
A successful business is either loved or needed. Two primary characteristics: convenience and fidelity.
Things that are quick, reliable, easy, and flexible are convenient. Things that offer quality, status, aesthetic appeal, or emotional impact are high-fidelity. Almost every improvement you make to an offer can be thought of in terms of improving either convenience or fidelity. Which of these items is most important? Which of these items is least important? Once the participant answers the questions, another set is shown: E.
Knowing I can always order my favorite dishes G. People are impressed that I dine here H. Large portions. Critically Important Assumptions CIAs are facts or characteristics that must be true in the real world for your business or offering to be successful. Every new business or offering has a set of CIAs, and if any CIA turns out to be false, the business idea will be vastly less promising than it appears.
The same day they announced the Fitbit idea to the world, they started allowing customers to preorder a Fitbit on their Web site, based on little more than a description of what the device would do and a few renderings of what the product would look like. The billing system collected names, addresses, and verified credit card numbers, but no charges were actually processed until the product was ready to ship, which gave the company an out in case their plans fell through.
A year later, the first real Fitbit was shipped to customers. Pick three key attributes or features, get those things very, very right, and then forget about everything else.
By focusing on only a few core features in the first version, you are forced to find the true essence and value of the product. Incremental Augmentation is the process of using the Iteration Cycle to add new benefits to an existing offer.
Spending time and energy acting like a socialite reduces the amount of resources you can devote to creating real value for your customers. Advertising is the tax you pay for being unremarkable. The product that will not sell without advertising will not sell profitably with advertising. Screening your customers can help you filter out the bad customers before they do business with you. Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.
When the Hero accepts the call, they depart their normal experience and enter into a world of uncertainty and adventure. A series of remarkable experiences initiates them into the new world, and the Hero undergoes many trials and learns many secrets in the pursuit of ultimate success.
After persevering in the face of adversity and vanquishing the foe, the Hero receives a mighty gift or power, then returns to the normal world to share this knowledge, wisdom, or treasure with the people. In return, the Hero receives the respect and admiration of all.
Your customers want to be Heroes. Telling a story about people who have already walked the path your prospects are considering is a powerful way to make them interested in proceeding.
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Discussion is Attention. Controversy with a purpose is valuable; Controversy for the sake of Controversy, or Controversy that belittles and demeans, is not. The best businesses in the world earn the trust of their prospects and help them understand why the offer is worth paying for. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.
Compromise is the art of dividing a cake in such a way that everyone believes he has the biggest piece. These Four Pricing Methods will help you estimate just how much something is potentially worth to your customers. Value Comparison is typically the optimal way to price your offer, since the value of an offer to a specific group can be quite high, resulting in a much better price.
Use the other methods as a baseline, but focus on discovering how much your offer is worth to the party you hope to sell it to, then set your price appropriately. Value-Based Selling is the process of understanding and reinforcing the Reasons Why your offer is valuable to the downloadr.
By understanding and reinforcing the Reason Why a Transaction will be valuable to the customer, you simultaneously increase the likelihood of a Transaction as well as the price the downloader will be willing to pay. In the classic sales book SPIN Selling, Neil Rackham describes the four phases of successful selling: 1 understanding the situation 2 defining the problem 3 clarifying the short-term and long-term implications of that problem 4 quantifying the need-payoff, or the financial and emotional benefits the customer would experience after the resolution of their problem.
Instead of barging in with a premature, boilerplate hard sell, successful salespeople focus on asking detailed questions to get to the root of what the prospect really wants.
Value is less about the stuff and more about the stuff the stuff enables. In every negotiation, there are Three Universal Currencies: resources, time, and flexibility. Any one of these currencies can be traded for more or less of the others.
Offer a very strong Risk-Reversing guarantee and to extend the risk-free period as much as possible. Value Stream is the set of all steps and all processes from the start of your Value Creation process all the way through the delivery of the end result to your customer.
Toyota Production System TPS was the first large-scale manufacturing operation to systematically examine its entire Value Stream on a regular basis. Analyzing the production system in great detail paved the way for an ongoing series of small, incremental improvements: Toyota engineers make over 1 million improvements to the TPS each year. The best way to understand your Value Stream is to diagram it.
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Tracing the steps or transformations your offer goes through from the beginning to the end is an extremely enlightening process. Make your Value Stream as small and efficient as possible. Simple: when you hire Aaron and Pat, you can be absolutely certain the job will be done right and on time.
Contractors are notoriously unpredictable: they often show up late, take too long, do sloppy work, and have bad attitudes. The best way to begin increasing Throughput is to start measuring it. How long does it take for your business system to produce a dollar of profit? How long does it take to produce another unit to sell, or a new happy customer? The easier it is to Multiply your business system, the more value you can ultimately deliver.
The less human involvement required to create and deliver value, the more Scalable the business. Chan Kim, Blue Ocean Strategy The only good use of debt or outside capital in setting up a system is to give you access to Force Multipliers you would not be able to access any other way.
Always choose the best tools that you can obtain and afford. Quality tools give you maximum output with a minimum of input. By investing in Force Multipliers, you free up your time, energy, and attention to focus on building your business instead of simply operating it. Edwards Deming Most people resist creating business systems because it feels like extra work.
Always focus the majority of your efforts on serving your ideal customers. Your ideal customers download early, download often, spend the most, spread the word, and are willing to pay a premium for the value you provide. The purpose of a sale is to get a customer. All truth is found in the cash account. Bonds are debt sold to individual lenders. Instead of asking a bank for a loan directly, the business asks individuals or other companies to loan them money directly. Bond downloadrs give money directly to the business, which is paid back at an agreed-upon rate for a certain amount of time.
When the time expires i. Since the bank controls the receivables, they can ensure their loan is paid before anything else, including employee salaries and vendor commitments. Bootstrapping is the art of building and operating a business without Funding.
Forebrain: This small sheet of neural matter is responsible for the cognitive capabilities that make us distinctly human: self-awareness, logic, deliberation, Inhibition, and Decision. Developmentally speaking, the forebrain is very new, and likely evolved to help us handle ambiguity.
After some deliberation and analysis, the forebrain decides what to do based on what appears to be best at the time. Once a Decision is made, the midbrain and hindbrain assume normal operation and carry out the decision. One of the best things you can do to get more done is to dissociate yourself from the voice in your head.
After a while, the voice becomes quieter, improving your ability to keep yourself on the course you choose. Action comes about if and only if we find a discrepancy between what we are experiencing and what we want to experience.
Whenever an individual or a business decides that success has been attained, progress stops. Researchers have studied marathoners and ultramarathoners people who regularly run fifty to one hundred miles at a stretch to learn more about how the body responds to pain.
The signals your brain is sending to your body are a ruse that serves as a warning, prompting you to keep some energy in reserve, just in case energy is needed later. When you discover that other people are actually doing something you previously considered unrealistic or impossible, it changes your Reference Levels in a very useful way. Your brain starts spitting out all kinds of off-the-wall things in an effort to find something to fix the situation.
Reorganization is the neurological basis of learning. Resisting or repressing the impulse to try something different slows down your learning. Some perception about your life is out of control, and Reorganization is required to gather more data about how to fix it. Once you learn how to bring the perception back under control, Reorganization stops naturally. Change your beliefs and Mental Simulations consciously by recalling and actively Reinterpreting past events.
Our ability to successfully use Willpower for self-control tasks is dependent on a physiological fuel: blood glucose. Acts of Willpower Deplete relatively large amounts of glucose, and when those stores run low, we have a hard time using Willpower to inhibit behavior.
The best way to use your limited reserves of Willpower is to use Guiding Structure to change the structure of your Environment instead of your behavior. The ostentatious buildings on the Las Vegas Strip are enormous monuments to human stupidity.
Imagine that, thirty or forty years from now, your grandchild gives you feedback on the results of your decision. Will they laud you for your wisdom or reprimand you for your stupidity? Great management is boring - and often unrewarding. The hallmark of an effective manager is anticipating likely issues and resolving them in advance, before they become an issue. The problem is, no one sees all of the bad things that the great manager prevents. Make a note to remind yourself to handsomely reward the low-drama manager who quietly and effectively gets things done.
Absence Blindness makes prevention grossly underappreciated. Experience is valuable primarily because the expert has a larger mental database of related Patterns, and thus a higher chance of noticing an absence. In Sources of Power: How People Make Decisions, researcher Gary Klein tells the story of a team of firefighters putting out a fire on the first floor of a house.
A few minutes later, the house collapsed - the fire had started in the basement, destroying the foundation. If the team had stayed inside, they would have died. Adding a Scarcity element to your offer is a great way to encourage people to take action. The more scarce the value, the more intense the desire. Human attention requires novelty to sustain itself. Continue to offer something new, and people will pay attention to what you have to offer. To act is difficult.
To act as one thinks is the most difficult. Eby, a former computer programmer who specializes in helping people use their minds more productively, defines Monoidealism this way: the state in which you have exactly one thing on your mind, with no conflicts.
Eliminate inner Conflicts. Spending some time revising the structure of the book resolved that Conflict, simultaneously making the book better and eliminating the source of the resistance. What are the things that - if I got them done today - would make a huge difference? Setting an artificial deadline is extremely effective. If you set a goal to have all of your MITs done by a. I want some food.
If you tell your mind specifically what you want to find, it will alert you whenever your senses notice it. After defining your purpose, you then pick up the book and flip through it quickly, paying particular Attention to the table of contents, section headings, and index - condensed sources of information about what the book contains and how the material is structured.
Jotting down terms and concepts that appear to be particularly important helps prime your brain to notice them when they appear later. This process only takes a few minutes, but the impact it has on your reading speed is profound.
The Five-Fold Why is a technique to help you discover what you actually want. Instead of taking your desires at face value, examining the root cause of what you want can help you define your core desires more accurately. Applying the Five-Fold Why is easy: whenever you set a Goal or objective, ask yourself why you want it.
If you want to become a millionaire, ask yourself why you want to have a million dollars. The purpose of the Five-Fold How is to create a complete chain of actions from your big idea all the way down to things that you can do right now. By converting our internal thought processes into an external form, Externalization essentially gives us the ability to reinput information into our own brains via a different channel, which gives us access to additional cognitive resources we can use to process the same information in a different way.
Solving our own problems while talking with a friend or colleague. Learn techniques such as least-squares estimation, tests and confidence intervals, correlation and autocorrelation, collinearity, and randomization. Writing: Learn to craft clear, concise, and persuasive writing in the Fall writing course. Flexible Core Courses More than half of the core courses are flexible in order to match your learning style, interests, and goals.
Within each core area, the course choices offer additional flexibility in content, timing, and format. Pre-Term is the beginning of an educational journey that will transform you in ways you cannot yet predict, preparing you for the many challenges you will face at Wharton — returning to school, transitioning to Philadelphia or adjusting to the U.
Pre-Term is designed to allow you time to get settled into the community while providing an essential academic foundation for your Wharton education, including the core course, MGMT Foundations of Leadership and Teamwork. When our students and alumni reflect on their Wharton experience, Pre-Term is among their fondest memories. Year One The first year is intense. You will begin by moving through key courses with your learning team — a group of five or six classmates with whom you will work closely on projects.
In addition, you will become involved in co-curricular and extracurricular activities that tie into the courses you choose. Summer Internships are not required, but most students choose one or more internships, often in combination with other summer experiences. Some of your options are listed here.
Build Experience Do an internship, work at a new company or industry, or try a new function for 6 to 12 weeks to gain exposure and build networks for a full-time position. Career Treks provide access to companies or divisions that may not recruit on campus, build industry knowledge, and foster a stronger job search network.So were some of my colleagues at McKinsey, for that matter.
P47 eb ISBN: Publication Date: "In today's global economy, businesses need targeted, localized information about customers, companies, and industries, but adding the element of geography to any search topic--especially for counties, cities, census blocks, or any other substate areas--makes any project more challenging. No set of instructions, no matter how detailed, is capable of covering every contingency. Read More.
Discussion is Attention. New hires into a company.
You need to start your preparation now. Instead of trying to do too much, Fukuoka only did what was absolutely necessary. Uniqueness of Offer - How unique is your offer versus competing offerings in the market, and how easy is it for potential competitors to copy you? Absence Blindness makes prevention grossly underappreciated.
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