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what you would learn at top tier business schools
TLFeBOOK MBA In A Day ® What You Would Learn at Top-Tier Business Schools (If You Only Had the Time!) Steven Stralser, Ph.D. John Wiley & Sons, Inc. TLFeBOOK TLFeBOOK More Praise for MBA In A Day ® “ Steve Stralser is a unique talent. It is unusual to meet people who are both highly professional as well as generous with their knowledge. Not only is Professor Stralser’s advice invaluable for business professionals, but those in the arts who are more focused on their creative endeavors would benefit from reading MBA In A Day ® to help strengthen their business skills.” —Bobi Leonard, CEO, Arcara Enterprises, Inc. “Steve’s book is a valuable asset to anyone needing to avoid the pitfalls of business, be they a small business owner, a physician, a lawyer, or just about anyone who deals with business. Just because you have not had the opportunity to study for a formal MBA, why be at a disadvantage in the business world? In just a few days of quality reading time you will level the playing field. Let your own brainpower do the rest.” —George Reiss, MD, Clinical Instructor, Mayo Clinic; Eye Physician, Phoenix Coyotes Professional Hockey Club “Professor Stralser’s MBA In A Day ® contains insights that are incredibly valuable for any entrepreneur obsessed with success. They provide quick access to sound practical thinking on the real-world business issues most likely to confront the busy start-up entrepreneur.” —Michael Hool, Partner, Rogers & Theobald, LLC; Chairman, Arizona Venture Capital Conference “Steve has an uncanny ability to distill business concepts to their true fundamen- tals without confusing or losing the audience. He also provides user-friendly tem- plates that can help readers begin to improve their knowledge and performance immediately.” —Ed Robinson, Capacity Building Solutions Inc.; TEC Chair, Group 663 “I have personally seen MBA In A Day ® in action. Our company has organized sev- eral live seminars for physicians based on the MBA In A Day ® content. The infor- mation was highly relevant, easily understandable, and highly valued by the participants. Based on this, I believe anyone who reads this book will take away something practical and actionable that will improve their approach to the busi- ness side of their professional careers.” —Sidney Auerbach, RPh, President, Worldwide Healthcare Communications “If you want the knowledge to build your business, whatever your industry, you must understand business. MBA In A Day ® is an essential guide to everyday practi- cal decision making.” —Croom Lawrence, MBA, Senior Marketing Manager, Wyeth Pharmaceuticals TLFeBOOK “Professor Stralser has been teaching MBA principles for years in top-tier business schools. His MBA In A Day ® treatment of these same principles is your ‘gradua- tion’ into the world of business!” —R. Glenn Williamson, Partner, Nest Ventures LLC, providers of early stage financing and equity “You could read this book in a day, but the nonbusiness professional can go back and refer to it every day!” —Barry Moltz, Author, You Need to Be a Little Crazy: The Truth about Starting and Growing Your Business “Easy to read, highly practical, and comprehensive in nature. I highly recommend this book to both experienced and new business owners alike.” —Scott Gabehart, MIM, CBA, Business Valuation Consultant “Professor Stralser has the ability to impart entrepreneurial attitudes and processes. His teachings give one a solid guide to incorporating business techniques into pro- fessional practice. For those who have no business experience, he explains things in understandable terms and for those who understand business, he reinforces what they have been doing all along.” —Martin Blume, DO, MBA, Parkway Medical, PLC “Dr. Stralser has provided physicians with a focused, structured, and comprehen- sive resource for the business side of their practices—an area they have typically managed by trial and error. His book is a valuable tool to help them maintain and grow their bottom line.” —Rick Nevins, MD, FAAFP, President, Nevins & Associates Consulting “Having recently benefited by being a ‘student’ in an MBA In A Day ® seminar, I am looking forward to being able to offer this book to our 2,000+ physician members. MBA In A Day ® will provide our physician members with a quick reference to deal with the practical, business side of medicine they have not yet experienced.” —Beverly Hurt, Executive Vice President, Indianapolis Medical Society “This book is an absolute must-read for anyone who finds that knowledge of busi- ness principles and concepts would be helpful, available here in a concise, clear manner that immediately elevates your expertise in this area.” —Gerald Jacobs, Attorney TLFeBOOK “This book is a must for any type of entrepreneur who has become successful to a certain point using ‘street skills’ and deep knowledge of an industry combined with a unique idea. The MBA fundamentals made real by Professor Stralser in his new book will provide a handy tool kit that will enlighten and empower the reader to take his or her organization successfully beyond the start-up phase into sustainable growth.” —Stephen Lindstrom, Co-founder, Behcon, Inc., medical practice owners and managers; Adjunct Instructor, McGuire Entrepreneurship Program, University of Arizona “MBA In A Day ® contains insightful and applicable information to anyone inter- ested in running a business, or already doing so. As the president of a young, growing company, I found that the fundamental concepts addressed in the book not only complemented my practical experience, but also provided a helpful, sup- plementary education in important business principles.” —Alison Chozen, Entrepreneur and President, Sterling Truffle Bar; Co-founder, Mosaic Event Management “As an advanced-practice nurse, I highly recommend Dr. Stralser’s book as an es- sential road map on how to navigate today’s complex health-care terrain. As more nurses are looking beyond hospitals and exploring entrepreneurship, they will find the fundamentals of business explained here. A must-read.” —Carol E. Heiser, RN, MA, ND (Clinical Nursing Doctorate), Clinical Education Specialist, Immersion Medical, Inc. “MBA In A Day ® has proven to be as essential in my daily practice as my stethoscope. I wish I had had Professor Stralser’s book when I started my medical practice.” —Robert S. Knight, MD, FAAFP, Medical Director, Plumtree Family Health Center, LLC “Professor Stralser’s book is an easy-to-understand guide about business for busy professionals whose intense professional training missed important topics like marketing, accounting, finance, and management.” —Quinn Williams, Chair, Emerging Business and Venture Capital Group, Greenberg Traurig, LLP “In advising clients, I often get the sense that they do not have a good grasp of how to manage their businesses or employees. Professor Stralser’s book is a straightforward and invaluable primer that will assist readers in the development and management of their businesses.” —Charles S. Mishkind, Miller, Canfield, Paddock and Stone, PLC TLFeBOOK “Dr. Stralser’s book, MBA In A Day ® , provides a practical guide to understanding basic business concepts. This valuable resource offers hands-on training for the development of the skills needed to manage a small business or practice, such as marketing and promotion, financial management, leadership skills, and informa- tion technology, to name a few. A surefire way to build your business!” —Christine Mauro, Vice President, EURO RSCG Advertising & Public Relations “We spend years and years to train in our profession, yet often miss important concepts we need to succeed. Professor Stralser’s MBA In A Day ® is a must for any professional, entrepreneur, or business owner who wants to succeed in an in- creasingly complex world!” —Steven F. Isenberg, MD “What was once taught only in MBA courses is now found in Dr. Stralser’s book, which gives small business owners and entrepreneurs the tools and strategies to take their businesses to the next level.” —Kristin A. Donaldson, Vice President of Small Business, Greater Phoenix Chamber of Commerce “Professor Stralser has been teaching MBA principles for years in top-tier business schools. His MBA In A Day ® is practical and succinct, yet broad in scope and well referenced—highly recommended.” —John Hensing, MD, Senior Vice President, Care Management and Quality, Banner Health “Though I have developed significant, valuable expertise in the counseling profes- sion after 20 years as the executive director of a nonprofit treatment center, the greatest challenge I have faced is from the lack of basic business skills not taught in our graduate programs. Everyone who has excelled from direct practice to man- agement positions should do themselves an enormous favor and purchase this easy-to-read guide to effective management of any business! It is without a doubt my new, frequently used management resource manual.” —Stephanie Orr, Executive Director, CASA “As a practicing attorney, I moved into a management position in a midsized law firm. I could have used MBA In A Day ® as it would have been incredibly valuable in understanding and applying basic concepts to aid me in making our law prac- tice more successful.” —Mort Scult, Partner, Stinson Morrison Hecker LLP TLFeBOOK MBA In A Day ® TLFeBOOK TLFeBOOK MBA In A Day ® What You Would Learn at Top-Tier Business Schools (If You Only Had the Time!) Steven Stralser, Ph.D. John Wiley & Sons, Inc. TLFeBOOK [...]... in a day® : what you would learn at top- tier business schools (if you only had the time!) / Steven Stralser p cm ISBN 0-471-68054-0 (cloth) 1 Business education 2 Industrial management—Study and teaching (Graduate) 3 Master of business administration degree I Title HF1111.S77 2004 658—dc22 2004007668 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 TLFeBOOK To my father, Harold, a hero... either situation there are several questions that need to be answered and fully understood prior to the analysis 1 What is the organization’s strategic vision? 2 What are the short-term and long-term goals? 3 Are there any major changes in the market that will impact the organization’s future? 4 What changes in staffing requirements, if any, are needed to support the strategic vision of the organization?... appropriate companies for more complete information regarding trademarks and registration Wiley also publishes its books in a variety of electronic formats Some content that appears in print may not be available in electronic books For more information about Wiley products, visit our web site at www.Wiley.com Library of Congress Cataloging-in-Publication Data: Stralser, Steven, 1945– MBA in a day® : what you. .. organizational purpose focused on quality TLFeBOOK TLFeBOOK Acknowledgments T his book would not have been possible without the collaboration and participation by a great team of researchers, writers, and contributors, composed of recent MBA graduates from Thunderbird: The Garvin School of International Management, many of whom I had the privilege of teaching and mentoring at this exceptional school that... time-sensitive—professionals that this book is written In this book, you will learn the fundamental concepts and principles that full-time MBA students learn and that also have applicability to professional services providers, small business owners, and entrepreneurs as well as corporations and industry These principles and concepts are not industry or profession specific—they are classic, strategic, and essential... future plans for the organization, job descriptions can be created This process involves analyzing each job in the organization in order to generate a job description and job specifications, and then these are aggregated at a company-wide level Job descriptions can be a very important management tool in some organizations Some thought should be put into them due to the nature of employees using job... information to form a complete understanding of what is entailed to perform the job A job description lists the activities that the employee performs, as well as the skills and qualities that are needed to successfully meet the job objectives Think of this stage of human resources planning as if you were a newly appointed coach of an expansion football franchise You would identify first the positions you. .. Promotion,” looks at the specifics of companies’ communication with customers and clients Chapter 10, “Communications and Presentations,” presents principles and concepts about an increasingly important part of managing a business today—how to present our ideas and communicate effectively Section IV: Systems and Processes explores the key areas for organizations to implement their strategies and maintain... their corporate life to enroll in the MBA program, I would find one or two students who were clearly “outliers” to these mainstream corporate types—for example, a physician, an attorney, an executive director from a nonprofit organization, or a small business owner or entrepreneur It did not take long to realize this trend was an indicator of an underlying interest, and need, for these well-educated professionals—... these well-educated professionals— well trained in the education of their profession—to learn about the business side” of their professional lives These non -business- trained professionals wanted to fill a gap and learn business principles and concepts needed in their professional practices but not taught in medical schools or other professional schools such as law, engineering, architecture, veterinary,