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What the Best MBAs Know Part 2

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管理财富：MBA课程给大学生的启示

加州大学尔湾分校

4.4（685 個評分） | 64K 名學生已註冊

This course will use as its foundation the principles of managerial economics and draw in a multidisciplinary way upon other disciplines in business education.The goal of the course is to introduce college students in a very practical and useful way to the concepts of time and money management along with career and life planning.

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Credit Cards, Management, Money Management, Entrepreneurship

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4.4（685 個評分）

5 stars
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4 stars
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3 stars
57 ratings
2 stars
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1 star
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AQ

Oct 25, 2017

I've enjoyed this journey on this MBA coursera course and learning new tactics to help me in my future and I thank all the instructors mentioned and who helped in these videos

TL

Oct 11, 2017

This course was very helpful in introducing me to managing my money and my life as well as providing a basis and foundation for the start of my MBA degree in college.

從本節課中

What the Best MBAs Know

Module 10 Introduction2:19

What the Best MBAs Know Part 18:18

What the Best MBAs Know Part 210:20

What the Best MBAs Know Part 31:20

教學方

Dr. Peter Navarro
Professor

腳本

In this part of the lesson I want to show you how each of the five parts of our

MBA conceptual framework fit into the actual management of a business.

And I wanna do this by literally taking you from the ground up to the catbird seat

of one of the top corporations in the world hypothetically of course.

Suppose then you are a young Bill Gates with a hot piece of software.

Or, better yet, a young Steve Jobs with an even hotter piece of software.

By using this software or hardware, you and

your schoolmates have come up with what you believe is the next killer application

in the world of high technology.

And this killer app, which you have already patented is so

astonishing that you, well you fill in the blank here because I've got no idea.

>> At any rate, if you are going to develop this product properly,

the first step you will want to take is to create a business plan.

As we learn from Professor Archy, such a plan will precisely define your

business and identify goals and include such financial accounting tools such

as a pro-forma balance sheet, income statement, and cash flow analysis.

This plan will also describe what service or product your business will reach and

what needs in the marketplace it will fill, as well as who your potential

customers are, how you will reach them and why they will purchase it from you.

Armed with such a business plan, you and your partners can go about the business

of trying to raise enough venture capital to get the project up and running.

Now if your company is successful, you will constantly be raising additional

funds to build new facilities, modernize old ones and

maybe even acquire some of your rivals to consolidate your position in the industry.

All of this will take money and it will be your corporate finance team

that will help you determine whether you will finance growth by issuing stock or

bonds or drawing on retained earnings.

Or, most realistically, using some optimal combination

of all three of these forms of so called capital financing.

Assuming all goes well with this fundraising phase of the business, and

that you have enough capital to get your venture off the ground,

here are just some of the questions you will be asking your other teams of

MBA equipped experts that you necessarily will assemble to help your company.

For starters, even if your product seems like a sure winner, you may still want

your management strategy team to examine questions such as these.

Should you even enter the market?

And, is there room for another competitor?

Perhaps not.

Are there rivals out there who could bury you with deep financial pockets,

reputational capital, and established marketing and distribution chains?

Perhaps so.

If you get the green light from your strategy team and enter the market

you will also want to know which part of the market you want to attack.

For example, the high end, high quality high margin end

versus the low end, lower quality, tight margin end.

In consultation with your operations management team,

managerial economists, and your marketing team, your strategy team will

also want to consider whether the company should actually produce the product or

outsource production and simply distribute.

And if your company is going to produce the product,

just where should the facilities be located?

Should you produce it locally or perhaps in a state like Tennessee or

Texas with a more business friendly climate?

Or should you seek an international location like India, Indonesia or

Malaysia where wages are cheap but political upheaval is more of a risk.

Let's next suppose that, after reviewing all of the information, you do in

fact decide that you will produce your own product locally at this point,

you'll want to discuss with your operations management team

how to design a production process that is most efficient.

This, of course, will entail a detailed examination of your so

called supply chain.

The chain of various inputs such as energy and

raw materials in your production process.

Now, once you have produced your product, the next step will be to sell it.

This will be the responsibility of your marketing team.

It will be the role of this team to

figure out the most appropriate distribution channels.

Should you sell wholesale to big chains like Walmart or Costco, or open your

own line of retail stores or just sell the product Amazon style over the Internet?

Your marketing and sales team must also figure out an advertising strategy, and

the most appropriate message around which to build this strategy.

Of course with considerable input from your firm's managerial economists

the marketing and sales team will also determine a pricing structure.

Now I am personally convinced that your product will be wildly successful and

the money will start pouring in.

As it does so, it will be the job of the financial and

managerial accounting teams to carefully track both cost and revenue flows.

Essentially, this team will be your scorekeepers.

It will be able to tell you whether you are making it or

whether your firm will soon go belly up.

This team will account for the various cost and revenue streams,

calculate your profits, earnings to shareholders, and pay your taxes.

And importantly, internally use such information to improve decision making.

And how is organization behavior and leadership critical to our story?

Well in the early stages of the company, you and

your entrepreneurial partners will likely know all or most of the employees.

And you together will make most of the decisions.

And like a lot of entrepreneurs you may manage your company mostly from your gut

rather than in a manner taught in the management textbooks.

Note, however, that as your company grows and prospers, you will likely notice

that not only does it become increasingly difficult to keep track of everyone, but

also that any flaws in your personal management style will be amplified.

Accordingly, once your fledgling company reaches a certain critical mass

It will become absolutely essential that you pay more and

more attention to how your company is actually organized.

And what incentive structures you have in place to make sure it operates efficiently

and to its full potential.

At such a point, you will come to rely more and

more on your organizational behavior.

And your human resources management teams to appropriately staff the corporation.

Have procedures in place to ensure best management practices.

And perhaps most importantly of all create a management culture where morale

is always high, productivity is maximized and efficiency rules.

At this stage in your corporation's development, it will become

equally important that you become more and more aware of the political and

regulatory environment within which a firm operates.

This is where your business and government teams with strut their stuff.

Want to locate a new plant in a particular state?

You may have to lobby the local city council or state legislature for

the appropriate permits.

Make your money primarily from the Internet?

Some states, and even the federal government, may be trying to

impose new taxes on the Internet that your industry may want to fight.

Want a bigger capital investment tax credit that will allow you to build

a new plant locally, and there by help keep jobs in the country?

That might be a nice argument that your corporate lobbying team can

pitch to a congressman or key committee.

Of course, throughout this whole process in which your company grows from a small

seed in your consciousness to a large cap stock on the New York Stock Exchange,

you and all your employees will want to conduct yourselves in a manner consistent

with both the law and certain ethical cannons.

However, during this ongoing process of wooing consumers on the one hand and

fighting competitors on the other.

You will soon learn that, at least in some cases, the law will allow you to do

things that may not In fact, be up to your own ethical standards.

Or you may even be tempted to cross an ethical or

legal line to ensure your firm's success.

In such cases, will you serve your shareholders?

Or your own moral conscious?

And how, buffeted by these ethical crosswinds,

will you determine the right thing to do?

Hopefully with the help of both your lawyers and

other advisors you will figure that out.

And a solid grounding in the concepts and

lessons of corporate ethics will surely help.

At any rate, you can see from this example how all the various pieces of

the MBA core curriculum fit together to make a profitable enterprise.

Well you may never be that entrepreneur who starts the whole project to

begin with, this overview will at least give you an idea of how things work.

From a career standpoint, one of the worst things you can do in this world is be

content to be a cog in the machine, and never know how the machine actually works.

But here's my last key tip.

When you're on the job market, if you have a better understanding of how

enterprises work, no matter what part of that enterprise you may wind up in you

are likely to do much better in your job interview,

if you present yourself as someone with a big picture perspective of the enterprise.

All right, that's it for part two, when you're ready,

move on to part three and our closing remarks.

[MUSIC]

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