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Introduction
Running a business isn’t really that complicated. You don’t need an MBA to be a successful entrepreneur. Maybe, you are scared to fail. Maybe, you don’t know where to start. Well, welcome guys, I’m [your name] and I must say then this is really the class for you. This might be the most practical and easy to understand class about business you will find.
MBA stands for Master of Business Administration. It is a degree that has a global dimension and focuses on teaching business and management. Here, you will learn the most important concepts you need to know for running a business with the help of book TEN-DAY MBA. Steven Silbiger is one of the top MBAs around the world. He is known for his way of explaining the most difficult concepts of MBA using simple and clear sentences.
In this class, Ten-Day MBA, you will learn all you need to know about MBA courses through simple easy explanations and examples. You will learn about marketing, ethics, organizational behavior, quantitative analysis, finance, and strategy. Some of these topics may seem difficult, but Steven has done a great job of helping you understand the most complicated issues using simple definitions. If you are thinking about joining an MBA course at university, this class is an excellent introduction to the course.
Ready for the education of a lifetime? Here we go!
Marketing
When talking about MBA, marketing always comes at the top of the list that each MBA student should learn. Marketing is the subject that connects all of the skills you will learn in any MBA course because it directly applies theories in real-life markets.Marketing aims to understand your customers and connect with them using ads, sales pitches, and other strategies. You can learn to be a good marketer by applying scientific methods and depending on your excellent intuition.As an MBA, your job as a marketer is to create scientific and creative marketing strategies that will ensure the company’s success. These are specific steps to follow on building your strategy. These steps are not linear, and you shouldn’t follow them in order. Just study your client’s current situation, and only then can you decide what steps to take.
An example of these marketing steps that you can take is customer analysis. During this step,you will be required to study your customers and identify those special groups that you can target with your marketing campaigns.Each customer goes through five different stages before they decide to buy a certain product. By learning these stages, you can analyze your customers’ behavior and build marketing plans based on valid strategies.Let’s say a man is out of soap. His next move is to buy soap. Before making his purchase, this customer starts by going through the first stage, which is Awareness. In this stage, this man realizes his need for soap.The second stage is Information Search. This man starts looking for information about good quality soap by asking his wife, for example, or searching the net.
Then, this man will with many options, and third, he will need to evaluate his alternatives. He must compare qualities, odors, and prices until he arrives at a decision. After that, this man will make his purchase. By buying a certain type of soap, he has arrived at the fourth stage, which is Decision making.The fifth and next stage is the Evaluation stage. It’s when this customer tries the soap at home and starts giving scores to the smell, the feeling, and maybe even the color of this piece of soap.If this man is happy with his purchase, he will make sure to buy the same product again and again.By understanding the different strategies that you can use as a marketer, you can build and adjust your marketing strategy until you arrive at a clear and practical course of action that will profit your client.
Ethics
Unlike other MBA courses, ethics is a new addition to many MBA teaching programs. In the past, ethics used to a subject that MBA students can either choose to study or not, but nowadays, famous universities such as Harvard have included this topic as a significant part of their MBA course.When talking about ethics, one may assume that this course is designed to help MBA students become better human beings. But this course isn’t about the students but more about the ethical issues they may face in the workplace.These MBA students are usually taught using role-plays and casework to raise their awareness of ethical issues and how they can deal with them in the future.These ethical issues can include environmental issues such as pollution, then others bribery, and sexual harassment.
If you are taking ethics in your MBA course, then you will learn two major topics. First, you will learn about stakeholder analysis, which refers to dealing with unethical decisions that companies make.Before you can decide whether a company’s decision is ethical or not, you should follow some steps to analyze the situation. You should make a list of who is affected and who made a profit from this conduct, then try to
compare the results with each party’s rights and duties.By following this process, you can identify whether a decision will be ethical or harmful for others.Second, you will learn about Relativism. Relativism is the study of why unethical decisions were made in the first place. Some companies believe that everything is relative. For example, if a company stresses its right to practice its culture, they will make you believe that you have no right to judge them when they are unethical because in their culture,what they are doing is perfectly legal.
For example, bribery can be illegal in a country but perfectly legal in a different country. Some companies will use this as a loophole and move to countries where unethical issues are legal just to avoid being judged by the law.Sometimes, in the case of US companies, some businesses are forbidden to follow the cultural laws of their hosting countries. So, even if their business is in a developing world, bribery is still illegal for them.Other times, companies are given the right to practice the laws of their hosting countries. So, they use bribery to climb the ladder of success and do whatever illegal conducts they chose in that country, and no one can judge them for it.As an MBA, you need to be aware of these issues and know how to fight your way through them.
Organizational Behaviour
Since MBA courses are designed to help you deal with company issues, understanding and fixing human problems is part of every MBA course. After acquiring all the knowledge and the skills you need from an MBA course, you need to learn how to be sensitive towards other employees in the workplace.During this course, MBA individuals usually show their talents and their true colors. If you are sexist, greedy, or have any kind of prejudice, it will show when you try solving issues.For this course, MBAs are not required to conduct scientific analysis or do any kind of research. All they need is to learn their vocabulary and use it creatively and in a smart way.
Knowing about organizational behaviour is necessary for MBAs because if you don’t know how to deal with people, you can’t succeed at marketing or any other MBA subject.If you are faced with problems in the workplace, you can follow these three steps to solve them. First, you need to identify the real cause of your problem. Don’t try to focus on eternal symptoms, but try to get to the bottom of the issue.Second, once you have identified the cause for a problem, try to understand why these causes exist and what factors shape these problems.The third step is to design a plan of action. As an MBA, you need to be always active and quick in arriving at decisions.
Let’s look at the example of a manager who wanted to boost his team members’ creativity. In the past, all creative decisions were made by him because he believed that his workers are there just to enter data and do some analysis.Now, with the new change in the behaviour of his workers, this manager needed a plan. First, he realized that to train creative minds, he needed to be patient with his team.In the past, the manager used to fire anyone who did something wrong. Because of that, his team members were first afraid to make mistakes because they thought that he would fire them. So, the team members hesitated to participate in his new plan to boost their creativity.So, to help his workers feel safe in expressing their creative thoughts,the manager tried to rebuild his trust with his team by giving them rewards whenever someone does something creative for the company.
If you want to change your worker’s behaviour, you need is to motivate them to do better. And that is what this manager realized after studying and analyzing the cause of his team’s fear of change.To be an effective MBA, you need to work on your own personality if you want to be a creative leader.MBA courses will teach you the skills you need to change other people’s behaviour in your team, but you need to work on yourself as well.As a manager, you always need to improve your personality traits to reach your full potential. Work on your leadership skills and your creativity. Like the example mentioned above, the manager realized that to change his team’s behaviour, he had to change his own habits first. That is by learning how to accept mistakes and to motivate rather than scare his workers.
Quantitative Analysis
In the previous chapters, we talked about marketing strategies, ethical issues, and worker’s behavior. These disciplines need tools that only quantitative analysis can provide.Thus,quantitative analysis is an important subject you can study as an MBA.So, even if you find this field of study difficult due to numbers and analysis, try not to skip it. Do your best to understand and make use of its basics.By mastering quantitative analysis, you can impress your boss by showing him marketing plans, for example, that are backed by charts and graphs. When you use facts in your job as an MBA, your words will have more credibility because your results will always be objective.
One of the qualitative analysis tools that you can apply as an MBA is Decision Theory. You can use this tool to help your team fix their problems by using scientific methods such as Decision Tree Diagrams.For example, Mr. Sam Houston is from Texas. He is an entrepreneur who hires you to help him to make a decision whether to drill for oil or not. Your job is to help him understand all the possibilities of success and failure using a tree diagram.You should start by identifying all the possible outcomes and risks that drilling for oil can have. Mr. Sam has done his research, and he arrived at several options. Your job is to evaluate these options and get rid of the ones that you believe are irrelevant.Mr. Sam has two options. He can hire experts to test an area before he pays good money for drilling. After all, he may start drilling and not find any oil. Thus, the money he would pay for drilling would be wasted.
If Mr. Sam chooses to test each area before he starts drilling, he will pay experts less money,but he may still end up not finding any oil. So, he would still be losing money. But, if the tested area proves to be positive, Mr. Sam may start the drilling process immediately and make a lot of money.Once you start writing these options and using a tree diagram, everything will be more organized, and Mr. Sam can know precisely what kind of risk he is willing to take and what kind of risk he should avoid.That’s how using the tools that you will learn from the quantitative analysis can help you with your job as an MBA. You will be hired to help individuals or companies solve their problems, and you need scientific methods to control the facts and make decisions that will benefit your client.The quantitative methods are indeed the best tools that you can use in your job as an MBA, but nothing can help you more than your own judgment of situations. So, try to go into the field and hone your skills by getting the experience you need.
Finance
During the 1980s, finance was a very popular subject. Everyone had the dream of moving to Wall Street and making a lot of money. However, seven years later, MBA students gave up their dreams during the stock market crash and worked in regular employment at banks and small companies.In 2004, the stock market got back to its feet, and MBAs started receiving high-paying jobs in the finance department.You may think that finance is just a subject of crunching numbers, but other subjects such as marketing can also benefit from your finance skills.As a finance MBA, your job is to help the business make more profit.One of the finance topics that you will learn in an MBA course is Options Market.
It refers to a contract that can be signed between two parties to guarantee that the seller has given a fixed price to an asset to the buyer. This fixed price can be paid now or in the future as long as the contract entails.For example, G. R. Quick wants to buy a house. He believes that the price of houses is about to increase in Beverly Hills. But he can’t pay the house’s full price right now.This house is now worth $1,000,000, and if Quick doesn’t make his purchase, the house may double in price in the next few months.To not lose the house, he decided to pay the seller $5,000 as an option to keep the house off the market for six months. If Quick gathers the money to buy the house in six months, he will pay a fixed price of $1,000,000 for the house even if its price has already rocketed.
However, if Quick doesn’t have the money before the six months period expires, he loses the house and his option of $5,000.Knowing about these financial issues can help you understand the kind of job you are dealing with. By knowing the kind of business structure on which you are hired to help, you can know what to expect in terms of profits, legal issues, rights, and duties towards the government and different parties in a contract.
Strategy
If you have been overwhelmed by the theory subjects that we have discussed so far, this one topic will help you be excited about being an MBA. Strategy is the part where you get to practice everything you have learned so far and see yourself shine.To be strategic about the way you think, you need to be smart in studying a business in terms of its industry,competition,current and future environment. Your goal as an MBA is to design a plan that will help your company achieve its ultimate vision and goals.You may believe that most businesses know what their visions are, but it’s not the case with all businesses. Some of them are lost, they have no idea where they are, what they are doing, and what they want to achieve in the future. As an MBA, it’s your job to help them answer all these questions. If you don’t help them, they will be devoured by their competitors and lose in the game of money.
In strategic planning, you have two stages to follow. First, you need the Formation of your plan and the Implementation of your actionable steps. Thomas J. Peters created Seven S model that will help you set your strategies by looking at the company to find the problems and try to solve them.These seven steps are not a fixed approach. According to the business you are trying to help, you can start by the step you see most suitable for your current situation.The first S is Structure. The structure of your business can interfere with the type of plan you are trying to design. Some companies are focused on customers. Others are focused on their geography. If, for example, a company that is based on geography decides to change direction and move into a more customer-focused approach, you need to design a plan that will help them satisfy their customers.
The second S refers to Strategy. A strategy is the course of action that a company is trying to follow to cope with the changes in its customers, environment, or competition.The third S is Style. By style, we mean the culture in which a company is set. When building a strategy, you need to keep in mind your targeted customers’ beliefs, norms, behaviors, and thinking patterns.The fourth S is Staff which refers to your human resources. This means keeping in mind promotions, awards, training, motivation, and monitoring your worker’s attitude.The fifth S is System. This refers to the formal and informal steps you need to gather information and build your strategy.
The sixth S is Superordinate Goals. This means the unwritten aspirations,visions, and goals that the founders dream of achieving.The final S is Mission Statements which are short sentences that reflect the goals, the passions, and the visions of a certain company.Now that you know the examples of the seven S model that you can use, it’s time to try applying these rules.Once you are hired for a job in a certain company, start by conducting a full analysis of the Seven S on a piece of paper. Once you have all the in front of you, you can go ahead and start building a solid strategy that will help your company grow.
Conclusion
Being an MBA graduate is a great honor for students who want to work at high-ranking jobs in big corporations. Before you decide to take an MBA course, you have learned that this is an excellent introduction to what you can expect from an MBA course. In this book, Steven Silbiger tried to explain the most complicated concepts of MBA using simple and clear language. He tried to provide you with all the examples you need to understand an MBA course and what subjects you can expect to study.You have learned that to be an MBA, you need to learn about marketing, ethics, organizational behaviors, quantitative analysis,finance,and strategy.Although knowing about these subjects is a good way to start your career as an MBA, getting experience in the real world of business is more important.Once you learn the skills required to be a successful MBA, the next step is to start practicing these skills and building your talents, creativity, and reputation.
