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

Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

Episoder(819)

320: How Firms Compete

320: How Firms Compete

The story Michael and Tom will talk about today, a major consulting firm suing McKinsey, is a real life example of how firms compete behind the scenes. 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.

5 Aug 201624min

319: Managing Extreme Fatigue and Stress

319: Managing Extreme Fatigue and Stress

Michael and Tom discuss how to manage extreme fatigue and stress. 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 Jul 201637min

318: McKinsey Office Leaders: Concerning Policy Change

318: McKinsey Office Leaders: Concerning Policy Change

Michael and Tom discuss the new policy change introduced by McKinsey related to selection of McKinsey office leaders. We discuss why it could have been introduced and how it may impact McKinsey. 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.

16 Jul 201614min

317: How Sizan, TCO IV Female Minority, Pulled It Together

317: How Sizan, TCO IV Female Minority, Pulled It Together

In this podcast Michael and Tom, Darden EMBA, talk about Sizan and her one of a kind story. Sizan is a participant in TCO IV. 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.

5 Jul 201618min

315: Critical Reason Zach's Presence in TCO III Ended

315: Critical Reason Zach's Presence in TCO III Ended

In this podcast we continue to experiment with a new format. Meet Tom, Darden EMBA, who is going to co-host the next few Case Interview podcasts with us. In this podcast we discuss the subtle but very important reason Zach's presence in TCO III ended. Zach is the 2nd participant in The Consulting Offer III. 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 Jun 201621min

314: How Firms Judge Candidates During Case Interviews

314: How Firms Judge Candidates During Case Interviews

In this podcast we discuss how interviewers judge candidates during case interviews. Specifically we look at how they determine whom are the top candidates. 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.

17 Jun 201616min

313: How to Put Client First the Right Way

313: How to Put Client First the Right Way

This podcast, and related article, explains how to put the client first the right way. 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.

8 Jun 20164min

312: How to Be Likeable

312: How to Be Likeable

In this podcast we talk about one critical lesson from TCO III / IV: how being likeable effects one's performance during consulting case interviews. 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.

31 Mai 201615min

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