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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237: Taking Leadership as an Associate

237: Taking Leadership as an Associate

It is a myth to assume that you are automatically awarded leadership roles as a bright associate or consultant. Competition for these roles are fierce, assuming you get it, and being "awarded" a role is far less useful than having earned the role in the eyes of your peers. In the latter, teams follow you because they choose too. In this podcast I will outline a technique I used throughout my career to find "rules" which could be broken to take control of engagements and earn the trust of peers and teams.

15 Tammi 201520min

236: What is a Good Consulting Mentee?

236: What is a Good Consulting Mentee?

What can Darth Vader from Star Wars and monkeys in Africa teach you about effective mentoring? This podcast touches on those things which define a good mentee both in management consulting and for clients seeking a consulting career. The podcast describes the attributes of both an effective mentee and mentor, and the typical behavior of a "good" and "bad" mentee. Surprisingly, a good mentee should actually give you a small headache.

9 Tammi 201524min

235: How Age Impacts Consultants and Applicants

235: How Age Impacts Consultants and Applicants

Having spent a large part of my consulting career in my twenties, since I joined the Firm just shy of my 22 birthday, I personally know what it was like to successfully manage a young image. I was generally the youngest analyst, associate or engagement manager on a team, and a very young principal leading teams. I recall several times managing teams where the youngest person was older than myself. Those kinds of situations invariably raise challenges in controlling one's image and client perceptions. In this podcast, I outline 7 things which can be done to control ageism, and begin by defining how younger and older consultants differ in the signals they send.

3 Tammi 201527min

234: The Role of Your Significant Other

234: The Role of Your Significant Other

One oversight we have corrected as we have learned more about our clients, is to understand the role their significant others play in their lives and decisions. We tend to assume that the advice we provide, and actions you take, are largely influenced solely by your wishes. That could not be further from the truth. In some ways, your significant other is a major investor and she/he can cause a lot of problems if you take actions not in keeping with his/her wishes. This interesting podcast, examines the decisions of our youngest client and how we helped her understand the implications of her personal choices as she prepares to join McKinsey.

28 Joulu 201430min

233: Racial Prejudices in Management Consulting

233: Racial Prejudices in Management Consulting

The issue of gender disparities and the increasing African-American ratios in management consulting firms have rightly become important issues. Yet, the latter is a frighteningly narrow interpretation of racial prejudices.

22 Joulu 201447min

232: McKinsey Paris: Debrief Call After Sasha's Offer

232: McKinsey Paris: Debrief Call After Sasha's Offer

Our client, Sasha recently received an offer from McKinsey Paris for the Operations Practice. This is the third podcast of a series of three interviews with him.

16 Joulu 201446min

231: McKinsey Paris: Second Coaching of Sasha

231: McKinsey Paris: Second Coaching of Sasha

Our client, Sasha recently received an offer from McKinsey Paris for the Operations Practice. This is the second podcast of a series of three interviews with him.

10 Joulu 201444min

230: McKinsey Paris: First Coaching of Sasha

230: McKinsey Paris: First Coaching of Sasha

Our client, Sasha recently received an offer from McKinsey Paris for the Operations Practice. This is the first podcast of a series of three interviews with him.

4 Joulu 201446min

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