You spent 4 years in college in a major. And maybe you spent a couple more years getting an advanced degree. Or maybe you were one of the poor souls (like me!) who spent more years than you care to remember doing a PhD. Guess what? A few years into your professional future, no one will care what it was. Really.
So what will matter the most? It turns out that there are 2 defining choices for your professional future. Continue reading
What profession do you think has the largest share in the “One Percent”? Is Wall St or finance the first thing that comes to mind? That’s understandable, but incorrect.
Actually, it doesn’t matter whether you explicitly want to get rich. Maybe you want the financial flexibility to take more professional risks or to “earn to give” to charitable causes or just to take a stretch of time off with family.
The problem is that it’s hard to find reliable information on achieving financial success. Continue reading
In the last post, I described the 4 roles that were most common in the paths to becoming CEO of a S&P 500 company, namely marketing and sales, operations, engineering, and finance. I promised to dig into these roles and how they correspond to the 4 primary objectives of a business.
It turns out, there’s surprising regularity in the types of roles across businesses meeting different needs. You may not guess it looking at either job boards or college majors. In many ways, businesses are like airplanes; they vary in details but need the same basic parts to fly. So what are these parts? Continue reading
The S&P 500 represents a group of big companies across various industries meeting various needs and doing so at a large scale. The CEO of each company has a huge impact on the company’s direction and culture and as a result on the world it serves.
So how do you think the CEOs of these companies got to their current role? For example, what roles did they work in at any stage of their career? A bunch must have management consulting in there right? There’s the responsibility bump that a stint supposedly gets you. And banking must be on there of course? And what share of these CEOs went to Ivy league schools? Over 50%?
The answers will surprise you. Continue reading
In an earlier piece, I described business as “an organ of society” set up to fulfill a need which is significant enough that a group of people is willing to pay for it. I mentioned various examples in passing of products and services and the needs they fulfill: smartphones, robotic surgery, cars without tailpipe emissions, patient-centric health plans, and self-programming thermostats. In another piece, I explained why “what you read is mostly wrong” and promised to cover the more “hidden” industries systematically along with the needs they address. Continue reading
Among the list of businesses founded in the US over the past 30 years that achieved $100m in revenue, what do you think was the best represented industry and region? If you guessed information technology and California, I wouldn’t blame you but you’d still be wrong.
Talk to someone a few years in to working in one company in one specific industry, any industry. Ask them to think for a moment about whether coverage of their focus area is accurate, particularly in the easily accessible places. The answer you’ll probably get is a resounding NO. Continue reading
“Asked what a business is, the typical businessman is likely to answer, ‘An organization to make a profit.’ The typical economist is likely to give the same answer. This answer is not only false, it is irrelevant.” – Peter Drucker
Almost four decades ago, Peter Drucker, one of the most highly-regarded writers on business and the role of business in society, described a business as an organization set up to fulfill a need which is significant enough that a group of people is willing to pay for it to be addressed. Continue reading