Book to Basics #41 101 Things I Learned in Business School by Michael W. Preis and Matthew Frederick
LIKE THIS POST IF YOU'RE INTO BUSINESS!
|Life is about learning.|
Here are 10 things (I only list 10 because out of the 101, it's these 16 that struck me? or should I say had an impact I ended up contemplating):
10 things I learned from 101 things I Learned in Business School book:
1. Material Value + Profit = Selling Price; Material Value + Emotional Value = Purchasing Price
It's an en pointe and very obvious lesson, right, but sometimes as buyers or even entrepreneurs, we take this for granted... but we shouldn't. It makes complete sense! I think if I master this, I will finally be able to control my financial activities!
2. When having a meeting: set goals, agendas, rules
This particular lesson excited me because in a perfect world, my obsessive side would definitely take over. However, since I do not live in perfection, the best I can do is always remember that these three are some of the important things I should never overlook when having a casual or business meeting.
3. Marketing: 1 ad = 1 message
Labelling, it's something I think I do as a habit. If not, people wouldn't associate me to make-up, or sunflowers! This basic human behavior which I explore on a normal basis is something that should be applied in business concerns, such as marketing. You don't want to be confusing; you want to be remembered. The best way to be remembered is to make a mark. To make a mark, there should be a focal point in you (or your business).
4. Stocks are emotional.
I love this lesson a lot because I am a very emotional person! Nice to know business will never be cold-hearted, entirely.
5. Fast-moving businesses are chronically short of cash.
I can relate to this, especially as a person! But more than finding it funny that there's a good claim to defend my anorexic wallet, I love the lesson learned from this "note". I love how it emphasizes risks. How business relies strongly on our gut, intuition and ability to face the (high) risks behind a good gain, some few small sometimes huge losses.
6. Repetition = effect
Similar to labelling, this lesson highlights how focusing on one thing (then repeating this effort) makes more effective campaigns.
7. P's of business: Product, Price, Promotion, Place (Packaging, People)
On an emotional / psychological level, I was affected by this lesson because it reminded me of journalism's 4W's and H. On a lighter note, it's a pretty effective list. For those who want to do really good in business, to maximize Profit, one should Perfect these P's.
8. Features vs Benefits...
It's always about gain. You yourself are in business to gain right? So are consumers, your customers. It's all about what do they have to gain from your product or service. I love how business is about caring about what other people need or want. It's so thoughtful :) but really, it's a simplistic yet very rational practice, to always be concerned about what other people need or want, to gain a little something for ourselves. I remember this episode from TV-sitcom Friends where Joey and Phoebe argued about people's permanent need to gain, that they do good to receive something in return, really. I think it's an okay idea. It makes complete sense. . . the rule of rewards
9. Going green can make more green.
It's a snowball effect. Once you do something that is helpful to the environment, I hope you know that it's not just helpful because of it's surface-effects. It rolls down to more secondary green objectives. If you switch to using recycled papers, it isn't just about saving paper, it's about saving trees, saving the air, saving the land, and more and more. Good is exponential, especially when it's the sincere kind.
10. Good, Fast, Cheap: pick two
Powerful lesson! Comment with your selection!
101 Things I Learned in Business School (Php 599) is available at Fully Booked. Follow them on Twitter.
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