Being in the chemical industry, although what I learnt in high school chemistry was useful, I actually had to revise everything once again when applying it to my business – main reason because it was too long ago, and I simply could not execute the information I used to learn.
However, in the case of an executive MBA class, it was held on a part time basis and this allowed me to learn on Sundays, and apply it on Mondays – making it very applicable and useful for me.
In case you haven’t been to an executive MBA class or you have not read business strategy book, here is a business lesson I learnt and found to be very applicable in the business world.
2 types of business strategy:
1) Low cost strategy
This is a business strategy where the company and business seeks to produce things at the lowest cost, lower than virtually all their competitors. This does not mean their products are cheap – it just means their cost of making the product or executing their service is cheap.
Some companies selling extremely expensive products can follow a low cost strategy as well!
2) Differentiation strategy
This is a way in which companies seek to differentiate themselves from others through their unique selling proposition. Instead of focusing on lowering their costs, they focus on increasing their benefits and value they provide customers in order to sell at higher price points.
Perhaps you have heard of the most famous course in the world – Harvard Business School MBA.
But is it really good? Look, other than the great reputation of people who graduate from there, and the sheer recognition, and the ‘supposed’ higher income, that is about all you get!
Have you heard of the phrase, it’s not necessarily what you know, but who you know?
Having lots of knowledge is great, but they must be applied, and EMBA programs Singapore will teach you how to apply them on the weekdays on what you have learnt on your part time weekend executive MBA class.
Also, an executive class has more stringent requirements on job qualifications and credentials over your academic performance – that is why book-smarts are usually found and excel in MBA classes while street-smarts are usually found in EMBA classes!
If you want to be smart, and look prestigious, go study at a Master’s in Business Administration.
If you want to be rich and well-connected to influential people, go study at an EMBA program.
One of the more interesting lessons I learnt was from one of my classmates about the education system in the United States, specifically the smaller towns and suburbs.
The main issue there is that the schools are one of the largest employers, and provide a source of income to people. This means that naturally, the schools are meant to provide a livelihood for the teachers… more so than providing learning opportunities to students.
This means that the schools are not even optimized to teach students interesting perspectives or provide any growing opportunities.
Especially when you consider the fact that your fellow classmates aren’t high school dropouts and aren’t fresh graduates as well, it is natural to expect many executives at top corporate positions at their companies.
It is thus interesting and refreshing to hear different perspectives of people from different industries. Even though I was a management consultant and interacted with companies of many types, I had to imagine myself in their shoes, but when I heard about it from them, the different perspective actually posed a much greater different view than I expected. Thus I would be sharing with you my knowledge I gained from my executive MBA program in Singapore.