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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Episoder(817)

147: McKinsey, Bain, BCG Johannesburg

147: McKinsey, Bain, BCG Johannesburg

This extremely detailed podcast offers advice and information on the rise of Sub-Saharan offices – Nigeria and South Africa, the rise of African candidates, types of work done in these offices, the interview process and challenges faced by candidates, key partners, key clients, significant projects, hiring strategies, recruiting firms used, expatriate strategies and more. It is one of several detailed office podcasts we have released for the English-speaking offices.

29 Jul 201339min

146: Estimation Sensitivities During Calculations

146: Estimation Sensitivities During Calculations

This podcast looks at how to make estimations when calculating smaller values or working with enclosed spaces like restaurants, the importance of sensitivity analyses and a new limitation of demand-driven cases. This is a very important technique which can significantly improve accuracy and efficiency in case math.

23 Jul 20134min

145: Too Junior For a Partner Meeting

145: Too Junior For a Partner Meeting

Last week, an associate we placed at BCG emailed with a dilemma. A senior partner and managing director of the firm was visiting her office and she wanted to meet him. Her colleagues told her to forget about it as she was too junior to warrant his attention. Her peers who gave her this advice may have a few years at BCG but they clearly do not understand the culture of the firm at all. Senior partners always make time for consultants and are always looking to meet young and enthusiastic new employees. Giving the strict vetting process, when you join you are merely a young leader, never a young person. This podcast explains my views on this as a former partner.

17 Jul 20133min

144: Guidelines When Seeking Help In Case Interviews

144: Guidelines When Seeking Help In Case Interviews

Going into interviews aspiring consultants will be relying an a huge number of people for help: peers, classmates, consulting alumni, consultants, career counselors etc. This podcast offers some simple suggestions on how to seek and use help without hurting your relationships in the long-term.

11 Jul 20136min

142: Barter System in Cases To Ask for Information

142: Barter System in Cases To Ask for Information

A steep hurdle for many candidates is knowing how and when to ask for information / advice from an interviewer. To help our candidates, we developed the barter system / concept to fix this problem using a very simple technique. As explained in the podcast, the concept requires the candidate to first offer the interviewer their thoughts/ideas before asking for anything more. This ensures the candidate does not fall into the trap of asking for information without offering anything in return.

5 Jul 20133min

141: Damaging Resume Cliches Across Firms

141: Damaging Resume Cliches Across Firms

Editing out cliches from Deloitte and Accenture resumes tends to take up the majority of time when we work with candidates from these firms, and the other accounting firms like PWC, E&Y and KPMG. Typically, when we start the editing sessions, it is very difficult for the client to see how vague and misleading their resume really is. This podcast explains this concept and can be used to edit your own resume.

29 Jun 201312min

140: Watching cases Vs. Listening to Cases

140: Watching cases Vs. Listening to Cases

When learning cases, it is far more effective to watch a person on Skype or in person. The problem with merely practicing over the phone or another verbal format is that you cannot observe crucial mannerisms or allow your practice partner to observe you. The only time practicing verbally makes sense is when you have a very experienced person working with you and they can infer things about your performance based on their experience. We advice most clients to practice in person should the opportunity present itself.

23 Jun 20134min

139: Neat Calculation Sheets Are Important

139: Neat Calculation Sheets Are Important

This podcast explains why neatness and writing style is so important. It is really surprising how little care candidates take in writing in an appealing way, considering that is all the interviewer can see for the 30-45 minute case. Neat writing will not get you an offer, but it can be an annoying distraction both to you and the interviewer.

17 Jun 20134min

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