Business

I spent $ 60,000 and 2 years for an MBA. Here are the best lessons you learned in business school

Loading...

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.

In 2015, I enrolled in the University of Florida’s online MBA program while working full time in finance. This degree cost me $ 60,000 and took two years, but it gave me the confidence to take on business risks, improved my decision-making skills, expanded my network, and even increased my salary

He also taught me some valuable lessons about business and money:

1. Contracts don’t have to be complicated

2. The persuasion trick

The three key components of Aristotle’s persuasion that I learned in business writing and negotiation gave me the tools and techniques I need to successfully market myself and win over people:

  1. It with (ethics): List your moral standing 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]… “
  2. Pathos (emotion): Feel the emotional impact of your argument.
    Example: “My opponent wants to hurt [X] while doing [X]… Imagine how disappointed you would be if [X] should have happened. “
  3. Logos (logic): frame your message with facts such as evidence, analogies, statistics, or even hypothetical scenarios.
    Example: “We don’t have enough money to pay for the improvement [X]… And without modifications [X] the system will malfunction and thus hinder our economy. Therefore, we must do [X] pay for the best [X]… “

3. Too many options is bad.

I went to 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.

Psychologist Barry Schwartz captured 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.

Loading...

The number of options you present to the client is extremely important and can affect your bottom line. Don’t suppress them.

4. Time in the market is better than time in the market.

At business school, we looked at research with simple understanding that Every time I make an investment decision is reproduced in my head: investors who buy and hold tend to perform significantly better than those who trade frequently.

Our professor quoted legendary investor Warren Buffett, who wrote in his Letter to Shareholders 1991 that “the stock market serves as a center of movement in which money moves from active patient to patient.”

I know it’s not sexy. But it was also a message from Jack Bogle, founder of index fund giant Vanguard Group: “Time is your friend; impulse is your enemy. ” When markets fell and anxiety rose, his advice it was “don’t do anything, stay there.”

5. How to Become a Better Negotiator

Expanded Negotiation was one of the hardest classes I took, partly because it pitted students against each other and the results influenced our grades.

On one occasion, I represented Canadian zoos and wanted to borrow pandas from Chinese zoos. Calculating the cost and duration of the pandas’ visits caused a lengthy confrontation between me and my classmate.

But he taught me a few things about how to get what I want:

  • According to statistics, the first person who makes an offer in the negotiations. tends to be better (they first “tie” their number). But if you become too greedy, it can embitter the other person and hurt you.
  • Before starting negotiations, plan a scenario: what could happen? How do you react? What are your conditions of care?
  • Touch 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.

Sean Kernan writer and former financial analyst. Follow him on Twitter @seanjkernan

Do not miss:




Source link

Loading...

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button