510: How to solve the crux (with Richard Rumelt)

510: How to solve the crux (with Richard Rumelt)

Welcome to an episode with Emeritus Professor at UCLA Anderson, Richard Rumelt.

Get Richard's book here: https://amzn.to/3OrNfuK

In this episode, Richard iterated the real meaning of strategy, which many companies today confuse with a list of their goals and ambitions. Strategy is problem-solving – a clever way of dealing with a challenge, opponent, or problem. It also involves selecting which battle you fight because you cannot fight them all. As a great strategist, you need to select battles that you can win.

Richard also explained the crux or the biggest challenge that companies need to identify, emphasize, and concentrate their resources on until it is fixed or solved. As Richard mentioned in this episode, "the primary thing about strategy is that it is about a concentration of resources. It is about focus."

Richard Rumelt received his doctorate from the Harvard Business School in 1972, having previously earned a Master of Science in electrical engineering from UC Berkeley. He worked as a systems engineer at the Jet Propulsion Laboratories and served on the faculty of the Harvard Business School. He joined the UCLA faculty in 1976. He also served as a faculty at INSEAD, France for three years. At INSEAD, Rumelt headed the Corporate Renewal Initiative, a research-intervention center devoted to the study and practice of corporate transformation.

Rumelt was president of the Strategic Management Society from 1995 to 1998. He received the Irwin Prize for his book Strategy, Structure, and Economic Performance. In 1997, he was appointed Telecom Italia Strategy Fellow, a position he held until April 2000. He has won teaching awards at UCLA and received a best paper prize in 1997 from the Strategic Management Journal.

Get Richard's book here:

The Crux: How Leaders Become Strategists, Richard Rumelt: https://amzn.to/3OrNfuK

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328: Finding Discrepancies with a Partners' Work as Hook for a Networking Call

328: Finding Discrepancies with a Partners' Work as Hook for a Networking Call

In this 328th and new episode of the Case Interview & Management Consulting complimentary podcast, audio version, we discuss finding discrepancies with a partners' work as "hook" for a networking call. It is very common for aspiring consultants to read partners' articles to find flaws, in the hope of proving their critical thinking skills, and sharing this with the partner to secure a networking call. We explain what happens in these situations.  This podcast is currently available on our new Apps in the complimentary section where NO subscription/membership is needed. Download our Apple and Android Apps, click on browse and scroll to the "Complimentary: no subscription needed" section. You will find the podcast under the "Case Interviews & Management Consulting" channel.  If you find our podcasts useful, we would sincerely appreciate you leaving a genuine review for our Apps and/or iTunes channels. Although this may seem like a small step, these reviews will help us enormously.  Our goal is to help our clients solve mankind's toughest problems. The simple step of leaving a genuine review will help us greatly in pursuing our mission. Thank you in advance.  Do not hesitate to reach out if you have any questions on how to make the most of FC training or if you have any comments/feedback.  Sincerely,  Kris Partner kris@firmsconsulting.com

10 Tammi 20188min

327: Bain's Obsession with Fit and Personality

327: Bain's Obsession with Fit and Personality

In this 327th and new episode of the Case Interview & Management Consulting complimentary podcast, audio version, we discuss Bain's obsession with fit and personality during case interviews.  Bain does worry about fit and personality. Enormously. Every client we have ever had, on the eve of their Bain interview, we always tell them, "Hey, you have got to understand that Bain worries about fit and personality." And every client, by and large, says, "Yeah, I understand this. Lets move on to cases."  You have to understand how important this is because a disproportionate number of clients are rejected at Bain due to fit issues.  If Bain is assessing fit at all times, what is a good way to demonstrate fit? This is a question addressed in this podcast.  This podcast is currently available on our new Apps in the complimentary section where NO subscription/membership is needed. Download our Apple and Android Apps, click on browse and scroll to the "Complimentary: no subscription needed" section. You will find the podcast under the "Case Interviews & Management Consulting" channel.  If you find our podcasts useful, we would sincerely appreciate you leaving a genuine review for our Apps and/or iTunes channels. Although this may seem like a small step, these reviews will help us enormously.  Our goal is to help our clients solve mankind's toughest problems. The simple step of leaving a genuine review will help us greatly in pursuing our mission. Thank you in advance.  Do not hesitate to reach out to me at kris@firmsconsulting.com if you have any questions on how to make the most of FC training or if you have any comments/feedback.  Sincerely,  Kris Partner kris@firmsconsulting.com  SIGN UP FOR OUR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING KEEP IN TOUCH: Facebook / Twitter / LinkedIn WANT TO LEARN FROM FORMER STRATEGY PARTNERS? REFER TO THE FIRMSCONSULTING ORIGINAL TRAINING PROGRAMS.

20 Loka 20179min

326: 3 Mistakes When Practicing with McKinsey / BCG Consultants

326: 3 Mistakes When Practicing with McKinsey / BCG Consultants

In this 326th and new episode of the Case Interview & Management Consulting complimentary podcast, audio version, we discuss 3 mistakes made by many candidates when practicing with McKinsey and BCG consultants.  SIGN UP FOR OUR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING KEEP IN TOUCH: Facebook / Twitter / LinkedIn WANT TO LEARN FROM FORMER STRATEGY PARTNERS? REFER TO THE FIRMSCONSULTING ORIGINAL TRAINING PROGRAMS.

30 Syys 201713min

325: How to Present Accomplishments

325: How to Present Accomplishments

In this 325th and new episode of the Case Interview & Management Consulting podcast, audio version, we discuss how to effectively present your accomplishments. SIGN UP FOR OUR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING KEEP IN TOUCH: Facebook / Twitter / LinkedIn WANT TO LEARN FROM FORMER STRATEGY PARTNERS? REFER TO THE FIRMSCONSULTING ORIGINAL TRAINING PROGRAMS.

23 Heinä 201721min

324: Major Changes At McKinsey

324: Major Changes At McKinsey

In this episode we discuss the major ongoing changes at McKinsey, 6 new practices and what it means for your career. We also discuss the questions you need to ask when considering roles at McKinsey Design, Analytics, Implementation etc. SIGN UP FOR OUR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING KEEP IN TOUCH: Facebook / Twitter / LinkedIn WANT TO LEARN FROM FORMER STRATEGY PARTNERS? REFER TO THE FIRMSCONSULTING ORIGINAL TRAINING PROGRAMS.

10 Huhti 201728min

323: Change to McKinsey Salaries

323: Change to McKinsey Salaries

Michael and Tom discuss another concerning change within McKinsey: an adjustment to McKinsey salaries, which is very subtle but interesting. SIGN UP FOR OUR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING KEEP IN TOUCH: Facebook / Twitter / LinkedIn WANT TO LEARN FROM FORMER STRATEGY PARTNERS? REFER TO THE FIRMSCONSULTING ORIGINAL TRAINING PROGRAMS.

28 Syys 201614min

322: McKinsey's Eroding Culture

322: McKinsey's Eroding Culture

Michael and Tom talk about a major and troubling change in the language McKinsey has started using in their performance evaluations. We discuss what it indicates for McKinsey's future. SIGN UP FOR OUR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING KEEP IN TOUCH: Facebook / Twitter / LinkedIn WANT TO LEARN FROM FORMER STRATEGY PARTNERS? REFER TO THE FIRMSCONSULTING ORIGINAL TRAINING PROGRAMS.

26 Syys 201622min

321: Leaving McKinsey Not in Good Standing

321: Leaving McKinsey Not in Good Standing

Michael and Tom talk about a new concerning change in up or out procedures in one of McKinsey's North American offices, which was unfolding over the last 6 months. We discuss what impact will this have if action is not taken to stop this practice. SIGN UP FOR OUR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING KEEP IN TOUCH: Facebook / Twitter / LinkedIn WANT TO LEARN FROM FORMER STRATEGY PARTNERS? REFER TO THE FIRMSCONSULTING ORIGINAL TRAINING PROGRAMS.

21 Elo 201621min

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