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(817)

204: Case Interview Resumes

204: Case Interview Resumes

For the majority of clients, the most important area is resume preparation. A poor resume leads to a poor LinkedIn profile which results in no networking when consultants view the weaker online profile. Our most successful clients take the time to build effective resumes. All time allocated in this part of the training is at the sole discretion of Firmsconsulting since it is not subtracted from the 12 hours of coaching.

1 Jul 201410min

203: Case Interview Planning

203: Case Interview Planning

Give our extensive screening process; we have a detailed file on clients before the program begins. The planning call sets the agenda, timetable and objectives for the next few weeks or months if needed. Very few candidates tend to work with us for less than a month and the majority are working with us for more than 6 months.

25 Jun 201414min

202: Case Interview Decision

202: Case Interview Decision

This series of detailed podcasts provides prospective applicants to our program all the information they need to put together an application package, do well in the screening interviews, and, should they be the offered a place in the Firmsconsulting program, succeed at their McKinsey, BCG et al interviews.

19 Jun 201412min

201: Case Interview Assessment

201: Case Interview Assessment

This series of detailed podcasts provides prospective applicants to our program all the information they need to put together an application package, do well in the screening interviews, and, should they be the offered a place in the Firmsconsulting program, succeed at their McKinsey, BCG et al interviews. Third Application Step: Interview with an ex-McKinsey or BCG partner.

13 Jun 20148min

200: Case Interview Test

200: Case Interview Test

This series of detailed podcasts provides prospective applicants to our program all the information they need to put together an application package, do well in the screening interviews, and, should they be the offered a place in the Firmsconsulting program, succeed at their McKinsey, BCG et al interviews. Second Application Step: OAT (Online Analysis Test) If your resume screening is successful, you will be invited to an online test. This is purely a business judgement test. No preparation is required for the online test. The test is not assessing your ability to pass a McKinsey PST or a BCG screening exam. The online exam has no pass mark and is used as one data point to assess your candidacy. The online system assesses why you performed as you did and the final mark is not relevant nor does a high score guarantee you will be invited to the final screening interview.

7 Jun 20147min

199: Case Interview Application

199: Case Interview Application

This series of detailed podcasts provides prospective applicants to our program all the information they need to put together an application package, do well in the screening interviews, and, should they be the offered a place in the Firmsconsulting program, succeed at their McKinsey, BCG et al interviews. First Application Step: Submitting a resume, grades, recent cover letter and/or audio file

1 Jun 20148min

198: Case Interview ex-Partners

198: Case Interview ex-Partners

This series of detailed podcasts provides prospective applicants to our program all the information they need to put together an application package, do well in the screening interviews, and, should they be the offered a place in the Firmsconsulting program, succeed at their McKinsey, BCG et al interviews. Accurate information will make the difference between an offer which will change the trajectory of your life. This is an unregulated industry and forums, websites, books etc. are rife with misinformation. We negate this problem by only using principals and partners for our training. We also use some of the most eminent senior partners at McKinsey and BCG.

26 Mai 201423min

197: Case Interview Using Data

197: Case Interview Using Data

This series of detailed podcasts provides prospective applicants to our program all the information they need to put together an application package, do well in the screening interviews, and, should they be the offered a place in the Firmsconsulting program, succeed at their McKinsey, BCG et al interviews. Since we personally work with each candidate, we collect extensive data on case preparation. A limited amount may be seen in The Consulting Offer Infographics. We therefore make decisions based on measurable statistics from the client in question and the general trends we observed with all other candidates. This provides an unusual advantage in being able to support our decisions on your training with numbers and correlations. For example, we know practicing to be faster in cases does not lead to greater speed since we have measured clients who have practiced this approach and clients who have followed our preferred approach.

20 Mai 20148min

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