How to build a successful business in America: briefly about what is taught in an MBA for $ 60 thousand - ForumDaily
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How to build a successful business in America: briefly about what is taught in an MBA for $ 60 thousand

Spending $60 and 000 years on an MBA isn't always the best investment. Sometimes the same information can be obtained faster and for free. The best lessons that can be learned in business school, collected by the publication CNBC.

Photo: Shutterstock

Is an MBA worth it? It depends on many factors, for example, whether you have the money, time and willingness to devote yourself to the cause.

Sean Kernan, writer and former financial analyst, shares his experience.

In 2015, he enrolled in the University of Florida's online MBA program while working full-time in finance.

It cost him $ 60 and took him two years to graduate, but it gave him the confidence to take on business risks, improved his decision-making skills, broadened his network of contacts and even raised his salary.

The MBA taught him some valuable lessons about business and money.

1. Contracts don't have to be complicated

Signing a contract for any deal will save you from emotional upheavals and financial losses.

Whether it's with a close friend or family member, anything that requires a significant amount of your time and money should come with a contract.

Plus, simply offering a contract is a good stress test: if the other party gives long reasons for not signing, you should probably move on.

Even short and simple handwritten text can make a big difference. Here are the most important elements to include:

  1. “Proposal”: You need to offer something.
  2. "Objection": something needs to be exchanged for it (usually money, otherwise it is a gift or a promise, not a contract).
  3. Acceptance: Both parties must accept the terms of the contract.
  4. Reciprocity: Both parties must agree to the terms and understand that they have entered into an agreement.
2. The persuasion trick

The three key components of Aristotle's persuasion, which he learned in business writing and negotiation, gave him the tools and techniques he needs to successfully sell himself and attract people:

Ethos (ethics): demonstrate your moral position and authority

Example: “I am a wife, mother and taxpayer. I have served faithfully on the school board for 20 years. I deserve your vote for [X]. "

Pathos (emotion): Feel the emotional impact of your argument

Example: “My opponent wants to hurt [X] by doing [X]. Imagine how disappointed you would be if [X] happened.”

Logos (logic): Accompany your message with facts such as evidence, analogies, statistics, or even hypothetical scenarios

Example: “We don't have enough money to pay for improvements [X]. And without improvements, [X] will fail and thus undermine our economy. Therefore, we have to do [X] to pay for the best [X]. "

3. Too many options is bad

“I have walked into the store more than once and looked at the rows of the same product in different colors, brands and sizes. They all seemed like great options, but I felt paralyzed and couldn't decide,” says the author.

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Barry Schwartz summarizes this experience beautifully in his book The Paradox of Choice, in which he argues that the more choices people have, the more likely they are later to become unhappy with their choices or to feel stuck and not make a choice at all.

The number of options you present to the client is extremely important and can affect your bottom line.

4. “Time is your friend; impulse is the enemy "

The author's business school looked at a study with a simple conclusion that plays in his head every time he makes an investment decision: Investors who buy and hold tend to perform significantly better than those who trade frequently.

“Our professor quoted the legendary investor Warren Buffett, who wrote in his letter to shareholders in 1991 that “the stock market serves as a transfer hub in which money moves from active to patient people,” the author noted.

“I know it's not sexy. But there's also a quote from Jack Bogle, founder of index fund giant Vanguard Group: “Time is your friend; momentum is your enemy." When the markets fell and anxiety grew, he advised: “Do nothing, stand still,” the writer emphasizes.

5. How to Become a Better Negotiator

“Extended Negotiation was one of the hardest classes I ever took, in part because the students were playing against each other and the results affected our grades,” recalls Sean Kernan. – In one case, I represented Canadian zoos and wanted to borrow pandas from Chinese zoos. The calculation of the cost and the arrival time of the pandas caused a long confrontation between me and my classmate.”

But this lesson taught him some wisdom about how to get what he wants.

Statistically, the first person to propose in a negotiation usually succeeds.

But if you become too greedy, it can embitter the other person and cause you inconvenience.

Before you start negotiating, plan the scenario: anything can happen; How will you react to the situation? what will be your terms of care?

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Include what will benefit the other person and what you can easily give him. Try incorporating all of this into your negotiation deal: "I can't offer this salary, but I can let you work from home if you want."

The perfect position for both parties to walk away and feel like they've made the deal of the century.

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