A MBA Shares His Biz School Insights

FRAMEWORKS= FIREWORKS!!

2009-10-18T22:13:00.001-07:00

One of the most valuable things I've gained from my MBA experience has been the discovery and application of some awesome firewor...I mean....frameworks. One actually leads to the other. Let me explain.

The other day I was talking with a friend and ex-coworker about business. He had some marketing questions and so I told him the best place to start when analyzing a company's marketing plan is with the 4P's: Pricing, Placement (distribution), Promotion, and Product. This is an awesome FRAMEWORK that helps me think about the basics of marketing. Click on the 4Ps link above for a definition and more info.

In continuing our conversation, I recommended the study of a second FRAMEWORK: Porter's 5 Forces . Being that my friend's first name is "Porter", he really took a liking to this one. This model explains that businesses are strongly influenced by 5 "forces" within their industry: their customers, suppliers/vendors, competitors, substitute products, and the possibility of new competitors. This framework should be used by business managers of any company size.

There are a lot of other great models that have been introduced to me in grad school, but unfortunately time limits my ability to share more. I will say that as a future business manager and entrepreneur, the application and understanding of these frameworks highly increase my likelihood of success. And we all know success looks like this:

Thoughts from Today's Class: October 14, 2009

2009-10-15T12:01:00.000-07:00

More on Sales and a popular selling process called SPIN Selling:

- When handling objections:

a) Thank them for being open with you.

b) Express sympathy that you can understand (to some degree) their objection or concern.

c) Explain the truth about their objection.

d) Show evidence that what you're saying is true.

Thoughts from Today's Class: October 12, 2009

2009-10-12T23:59:00.000-07:00

What I'd like to remember from today's class:

A) Too many salespeople do a "hard close" or "assume the sale". That's unprofessional and it doesn't work in a B2B setting. Use a soft close by asking things like:

-"Have I answered all of your questions and concerns?"

-"How do you feel about using ABC product/service?"

-"What do you think about what I've shared regarding ABC?"

B) After covering the "soft close" questions with a client, go back over what they stated their needs are and how you believe your product delivers on those needs. If they don't agree, go back to highlighting needs and dissatisfactions.

C) Pitching an idea to investors is a LOT harder than it seems. They have lots of ideas and doubts. Be ready for anything and everything, but keep the presentation SHORT, SIMPLE, and COMPELLING.

GMAT Post #1: How Bad Was It?

2009-10-12T23:45:00.000-07:00

My email to a friend answering his questions about the GMAT (the MBA admissions test):

"The GMAT is a beast. First thing first, what do you want to do after grad school? That should help determine what school you want to go to and what GMAT score you need to get to be admitted. Getting a MBA from one school can have a different meaning than getting one from another and you should be aware of that.

(My friend Jon and I long before he considered going back to school)

I initially paid $800 to take a GMAT prep course at ASU and they gave me those GMAT prep books, although I'm sure you can buy the same on eBay. Just look up GMAT prep and make sure you get a Quantitative and a Verbal/Qualitative book. The ASU course didn't do a lot for me, probably because I didnt study that hard on my own. I got a 570 the first time I took the official GMAT and I knew I needed a 660ish to get in to BYU/ASU. A year later I studied a lot on my own and that really helped me. I bought a GMAT Kaplan prep cd off ebay for $15. It has 6 prep tests. After studying on my own every day for 2 months I got a 680, which was good enough.

The reason I mention my scores is because Day1 at the ASU prep course, they made me take an old GMAT and I got a 450. If I can improve from a 450 to a 680, then I know you can too. Biz school has been awesome. Its harder than I thought it would be but also rewarding. I'd love to answer any qs for you..."

Darn it, Jim Collins!

2009-10-12T23:15:00.001-07:00

Perhaps the best business book I've read was not read during a semester at school, or even while I was in a college town. It was read at my favorite place on Earth: Lake Powell.

I stole my friend Cory Chiles' copy of "Good to Great" by Jim Collins, found a quiet place on a crowded house boat, and read it in a day. The book covers many amazing concepts for business people in small or large organizations. Read it if you haven't.

Its Jim Collins' fault that I've started this blog. In his book "Built to Last", Collins talks about the importance of establishing a BHAG in your company or in other words a Big Hairy Audacious Goal. My Leadership professor asked me to complete a BHAC assignment, the "C" standing for Change. The concept is that I use my experiences, skills, and learning to lead change in others.

A number of times a month I have family and friends engage in conversation with me about my experience in business school. People are primarily interested in two groups of information:

A) From my friends who are interested in knowing if grad school is for them or for the birds: “What is it like getting a MBA degree? What types of things do you learn about and how will it help advance a career?”

B) From my friends running businesses and in the business world: “What have you learned that would help my company be more successful?”

Readers, my hope is that by sharing what I'm learning today, we'll be better tomorrow. I welcome your thoughts and questions.

Enjoy!

Curtis Heyman