One Day MBA for Kids & Absolute Beginners

Erik enquires about starting his café.  He has heard of an MBA, but isn’t sure what this entails.  Susan explains both from an educational standpoint as well from a functional perspective.  The value behind starting a business from an MBA perspective is reviewed.

Susan asks Erik what he hopes to accomplish by opening his café to which he responds he is hoping to provide a public service, great products (food/beverages), and a fun, social environment while, of course, generating a profit.  Susan notes that Erik has the following goals: profit maximization, providing a public service and running a business to create social benefit.

Susan tells Erik his business must create value for his customers.  Creating value is the number one priority of all revenue-generating endeavors.  If customers realize the café offers something they desire, they will return time and time again, and tell their friends and family, so Erik can enjoy a long-lived, steady profit stream.  She will show Erik techniques for determining who his customers are, what they like, how he can offer a better value than his competitors, and exactly what he will offer at what price.

Susan will explain that in order to create awareness and value, Erik will need to promote himself and the café.  There are many ways to do so, and she will touch on social media/online and print marketing, as well as event/brand ambassador and guerilla marketing.  She will also discuss product review sites, such as Google, Yelp and YellowPages.com.  Will Erik run local ads?  Will he advertise with a specific logo or tagline?  Will he do interviews with local publications?  Will he set up a taste testing event (work with the chamber of commerce to do so), advertise on billboards, offer coupons on social media?  Maybe he has karaoke nights or invites bands to play to increase exposure.  The options are endless.

Sales are critical to any business and are a direct result of a successful marketing campaign as well as the quality of the product or service offered.  Even if Erik proves he can get patrons through the door, can he give them what they want once they’re there?  Susan will explain how Erik can generate and sustain salability.  Competitive advantage will be discussed further.  How will Erik maximize his sales potential?  How will he proactively protect against below-target results?

Erik must prove he can deliver the value he’s promised by providing excellent customer service and ensuring each guest is please with their visit.  This also means he has a sufficiently stocked inventory, a capable kitchen and wait staff, and an efficient order processing and payment system in place.  He must be knowledgeable and has trained his staff on complaint management and recovery.  The potential value of offering surveys to customers to garner testimonials will be discussed.  Perhaps he can offer them a discount on their bill for providing value-added feedback that can be used in advertising.

How does Erik plan to finance his venture?  How will he get his initial funding?  He will also need to sit down and create a financial forecast – perhaps six months, one year, five years.  This is not just a one-and-done planning tool, either.  He will need to check in regularly to ensure he’s hitting his targets.  How will he manage the bookkeeping?  He is doing this himself or hiring a CPA?  Will he invest in a program such as QuickBooks?  Will he have an administrative staff?  Susan will explain that Erik needs to make sure he has enough cash reserves on hand or is able to quickly and easily borrow when funds are low.  The financial disposition of the café will need constant monitoring.

Susan will show Erik the psychological aspects behind owning a business.  How will he persuade customers to walk through the door and try his dishes?  How will he create an ambiance that’s appealing and makes them want to return?  How will his dishes be presented? 

Erik also needs to remain honest with himself when it comes to how the business is performing.  If it’s not doing well, he needs to proactively seek out the piece of the puzzle that doesn’t fit and fix it.  He cannot be in denial until the entire operation plummets.  He also needs to be comfortable with overseeing the café, in general, and be able to productively manage daily stressors, including unforeseen technical difficulties with the process, unsatisfied customers, running out of certain items, etc.  One can only plan so much.  How will he keep his cool and put out inevitable fires?

Susan will show Erik how to avoid being counterproductive mentally and emotionally as the business ebbs and flows.  She will work with him to ensure he can work with himself.  After all, he is human and will be faced with moments of uncertainty, self-doubt and perhaps panic.  What strategies can Erik use to “check in” with himself and make sure he remains calm and collected?  What will be his strengths and weaknesses as a business owner?  What does he do well and where should he focus his energy on improving?  Susan will show Erik how to maximize his personal productivity.

Erik will need to develop people management skills in order to run a café.  He will employ a wait staff, hosts/hostesses, those who will help bus tables and a kitchen crew.  He may also consider employing a cleaning staff and a trusted manager able to really hone in on the day-to-day and report back.  Therefore, Susan will show Erik effective strategies for working with various personality types, and she may give him pointers of what to look for in each position.  Does the chef have prior experience in the kitchen?  Does the manager have supervisory experience?  Does he feel comfortable trusting the manager to fill him in?

Erik should consider creating a procedure for disciplinary action and be prepared to enforce it.  Susan can help him brush up on his human resources skills and show him how to keep his staff productive.

Susan will help Erik figure out what the building blocks of his business are.  What is the big picture? How will he take each piece of the puzzle discussed above – production, finance, human resources and marketing – a mold these into an effective strategy, and how will he connect his employees with the organization’s strategy?  What will Erik’s supply chain and logistics systems look like?  How will he effectively manage inventory and people?  Susan can help him gain a clear understanding of each function of the business and realize how these work together. 

Once Erik recognizes what each piece of his business puzzle is and how these all work together, he can hone in on each regularly and ensure its operating smoothly.  Or, if something is off, he will be more readily able to identify where the problem is and come up with solutions for improvement.  Effectively analyzing systems will help Erik’s café stay profitable and open for years to come.  Once Erik has a good grasp on the business, he may consider testing the waters by switching things up here and there to see if changes improve results.  Susan can provide him with a few pointers for experimentation. 

Should there be a part to the system that is dysfunctional or off balance, Erik will utilize his analytical skills to figure out just what this is and how it can be fixed.  Systems often become outdated, too, and Erik should always stay abreast of changes in the restaurant scene and in the business world in general so he can ensure his café is functioning at full capacity.  He may need to update tangible pieces or his strategy to keep up in an ever-evolving environment.  Susan will help Erik understand the social, political, cultural, economic and other factors that constantly effective Erik’s business and what can he do to maximize his potential in relation to each.

Content

• This course is designed to help students develop management skills, and better understand different leadership styles and fundamental business concepts.  Students will follow the story of Noah, who has just accepted a new position as a product manager for a candy maker.  He is excited to take on this role, but has no idea where to begin! 

• Noah needs to familiarize himself with the skills necessary to be a successful leader, as well as basic business terms and functions he will use in his daily routine.  Luckily, he is friends with Olivia who has an MBA degree and is willing to help. 

• Olivia explains how to organize and develop the department Noah will be responsible for, including how to hire and retain the right employees.  She demonstrates how to properly manage time and expectations, as well as workplace conflict.  The most common business types and departments are also reviewed, as are some business basics, including economics, finance, accounting, ethics and law. 

• By the conclusion of their interaction, Noah has all of the tools he needs to succeed in his new position.  Students, too, will have an excellent understanding of what is expected of business leaders, including how to succeed in a managerial role.

Staff

• Producer: Animate U, Japan

• Animator: Uliana Ovchar, Ukraine

• Writer: Sara Teller, United States

• Voice Talent: Laura Mills, United States

• Voice Talent: Brandon Landis, Sweden

Olivia will show Noah that successful managers have strong leadership skills.  They coordinate and execute their plans while motivating others to believe in a company’s overall mission and goals.  In order for a company to meet its objectives, everyone must work together toward a specific vision.  Great managers are great motivators able to create unity within a team.  They are open to new ideas and suggestions, making each individual feel as if their voice is heard while building trust and rapport with all members of the group.  A great manager is able to lead with confidence, while being held accountable for decision-making, coaching and mentoring employees and always listening for feedback.

A manager needs to fully understand the company’s mission, products and services offered, and what is expected of them as a leader in the organization.  He or she will also need to know what the specific role of their department is and how their team integrates into the company’s overall structure.  Establishing goals for the department and hiring those able to work toward them is key. Olivia will explain that the ability to train team members to ensure they fully understand their job functions, monitoring the production process and offering feedback are all expectations of a successful manager.

Olivia will explain to Noah what a “team” is.  She will show him that a team is comprised of individuals working together toward a common goal.  These individuals are interdependent, but must be given some autonomy in order to fully appreciate their individual contributions to the project.  Therefore, a successful manager will get to know the strengths and weaknesses of each employee so he or she can best utilize each as a member of the team.  Understanding differing personalities and expectations is important, as is what the best motivators are (which may vary person to person).  Olivia will explain the benefits of positive reinforcement.  She will also show Noah how he can create a disciplinary action plan.  He will need to ensure the expectations of each position are properly outlined and employees truly understand how why their position is important to the company’s goals.  Their performance will be tracked and rewarded whenever applicable.

Olivia will show Noah how he can hire the right individuals for the job, and retain them for as long as possible.  Depending on the nature of the company, retainment can be challenging.  It’s important for a manager to openly communicate his or her management style and expectations, and recruit those with both the soft skills and experience to thrive under this style.  Managers are judged by their supervisors and employees by their ability to hire and retain the right people.  If a bad hiring decision is made, it can bring down the morale of an entire team and reflect poorly on its leader.  Noah must determine exactly what he is looking for, outline this in specific job descriptions, and be patient with the interviewing process.  Creating a hiring kit with questions designed to select the appropriate candidates is important.  Developing a training and orientation process may also be needed in addition to measurable milestones for performance tracking.

Olivia will demonstrate that understanding equal employment laws prior to developing and initiating conflict resolution guidelines is necessary.  With differing personalities and backgrounds (social, ethnic, cultural, etc.) all working together, conflict may be inevitable.  What one sees as a productive work environment may be offensive and hostile to another.  It’s best to try to head off conflict before its inception by creating a diverse atmosphere of acceptance and equality.  Creating guidelines around appropriate dress, personal hygiene, attendance, and behavior is a great first step.  The ability to properly investigate and address problems as they arise is also important.  A step-by-step disciplinary action process distributed to employees upon hiring will help them to understand what is expected of them from day one, when warnings will be issued and what is considered grounds for termination.  This will also protect the manager and company from potential litigation. 

Because a manager’s job is multi-faceted it is nearly impossible to juggle all of the tasks that need to be completed without the help of a team.  A successful leader is comfortable with delegating certain functions to team members in order to prioritize and make the best use of his or her time.  Trying to juggle too many tasks at once will leave a manager feeling stressed, unorganized and as if he or she is unable to be fully present.  Olivia will explain that employees will also feel as if they are not valued or trusted if a manager is unwilling to give them tasks.  Proper delegation will enable Noah to best utilize his time and brain power to problem-solving and make adjustments to the process as necessary.  Stress management strategies will also be discussed.

Olivia will demonstrate the various ways in which a manager communicates with team members and other stakeholders within an organization.  There are many ways to communicate, including verbally (i.e., one-on-one, in small groups or meetings), over the phone and via emails or other written communications (i.e., memos and bulletins).  She will show him which type of communication is most appropriate in various scenarios so Noah can ensure he is conveying a clear and concise message.  She will also show him the importance of being able to schedule, coordinate and present in meetings, including how to handle employee feedback and manage impromptu discussions.

Olivia will show Noah the ins and outs of a successful marketing and sales campaign.  Different methods of marketing will be discussed as well as strategies for determining an effective price structure.  Noah will learn how to successfully sell his product and to whom.  Olivia will also show him what a marketing budget should be composed of and how to track sales and expenses.  The marketing mix will be reviewed as well as touchpoints for engaging consumers and optimizing sales.

This course is designed to help students understand basic business skills and language etiquette.  Students will follow Justin, who searches for a programming engineer position, secures a spot at an IT software company, and performs his daily duties.  Areana, Justin’s supervisor, helps him along the way.

Students will learn how to develop a cover letter and resume in order to search and apply for job opportunities.  They will also learn basic interviewing skills and how to perform common business functions, such as giving presentations, producing agendas, coordinating meetings, planning business trips, and attending annual performance reviews.  Business terminology, including Key Performance Indicators, OARRs, and SMART goals, among others, will be discussed, and business collocations will be used throughout each chapter.

This course is a valuable tool for anyone looking to hone their business and language skills.  It is especially helpful for those venturing into the corporate world, who are likely to encounter individuals and situations like the ones used in the story.

Following Justin and Areana through all ten mini-chapters will ensure first-time learners enhance their command of business etiquette and business language while getting a feel for what it’s like to secure a cutting-edge position in the fast-paced corporate world.

- Producer: Animate U, Japan

- MBA Writer: Sara Teller, United States                                

- Female Voice Talent: Kim Zewatsky, United States

- Male Voice Talent: Kevin Orland, New Zealand

- Animator: Mariana Havryliv, Uklaine

Justin, a software engineer, is searching for a senior level professional position at an IT software company.  He has decided to register with a staff agency for outplacement.  He will also search related career publications, websites (i.e., Monster, LinkedIn), social media and contact lists to find a vacancy, and he will keep his eyes and ears open for television and radio ads.  He is considering attending a job fair.  There are a few companies Justin is interested in that he will approach directly. Eventually, Justin finds a new position at a global software company.

Business Collocations: plan on; apply for; prepare for; get ready; get a job; decide on; demand for; depend on; fear of; depends on; focus on; golden opportunity; hire staff; business model; big break; big chance; big decision; bright future; gray area; web page; interested in; on TV

Vocabulary: advertisement; advice; description; employee; employer; enquiry; environment; instructions; interest; product; production; profit; turnover; deadline; decrease; facilities; factory; increase; industry; admit; advertise; complete; consider; dismiss; employ; join; recruit

Justin will need to prepare a detailed, yet easy-to-read resume and accompanying cover letter.  In the letter of intent, he should include his intention to apply for the position, where he found information regarding the vacancy, what he likes about it and why he is qualified.  He should include brief bullets listing his educational and professional background.  The letter should close with when he is available for an interview.

When drafting his resume, Justin should include his educational achievements, professional affiliations and awards and job history.  He should also include a summary of his skills set, including soft skills.  Justin should be prepared to answer questions regarding anything he puts on his resume during an interview.

*A sample copy of Justin’s resume and cover letter will be included in this small chapter.

Business Collocations: send a copy; send a message; great skill; take your time; from scratch; good at; graduate from; in charge of; write an email; write a letter; write a note; business people; good chance; looks good/bad; send a letter; big mistake

Vocabulary: experience; explanation; knowledge; limit; message; mistake; objective; sales; add; lengthen; send; separate; shorten; split; structure; succeed; share; advantage; difference; disadvantage; guarantee; encourage

Areana is a manager at a global software company looking for a senior level professional to join her team. 

She has created a shortlist of candidates she plans to interview.  She selects Justin as one potential candidate after reviewing his cover letter and resume.  Given his prior experience and stated skills set, she feels he may be a good fit.  Areana will review and explain the job description during the interview process.  She will also be prepared to discuss certain aspects of the company, including the company’s mission statement, product lines and customer base.  She will provide specific position details, including the salary, benefits package and any extra incentives. 

Areana plans to choose a candidate who is open, honest, a good communicator and experienced.  Therefore, she asks “Why should I hire you?” searching for the best answer, and allowing Justin to explain why he is a strong candidate.  She will also administer a brief quiz to test his knowledge.  In turn, Justin will need to make sure he thoroughly researches the company and position, and is prepared to discuss the skills he brings to the table.

Business Collocations: conference room; benefits package; employee benefits; stock options; invest money; invest resources; invest time; accept a job; sign a contract; accept an offer; accept a position; join an organization; make a decision; make an offer; change one’s mind; get excited; go well; smile at; high/low risk; high/low salary; honest answer; straight answer; strong belief; strong feeling; strong opinion; stiff competition; wise choice; honest answer; daily commute; daily routine; business plan; age discrimination; take a test/quiz

Vocabulary: commission; comparison; competition; competitor; confirmation; decision; feedback; goal; goods; growth; offer; opinion; option; promotion; possibility; salary; schedule; stock; success; signature; suggestion; apology; accept; confirm; reply; resign; respond; return

At the advice of Areana, Justin schedules an internal meeting to discuss the launch of a new software product and its associated marketing campaign.  Acting as the chairperson for this meeting, he will collect relevant information from Areana, use this to create an agenda and a presentation, then contact everyone who must attend.  Both Areana and Justin ultimately facilitate the meeting, deciding to contact a large-scale retail store.

Business Collocations: conference call; call attention; cancel a meeting; chair a meeting; develop a strategy; exchange ideas; raise questions; reach an agreement; reach a consensus; reach a decision; do well; do your best; do your duty; do your part; do your share; participate in
on a committee; take part in; have an appointment; have an argument; have a conversation; have a meeting; have problems; have a talk; have time; have trouble; take notes; advertising campaign; brand awareness; brand identity; brand name; brand recognition; break into a market; competitive advantage

Vocabulary: reminder; agenda; department; distribution; count; mention; organize; remind; suggest

Justin will be calling a manager at a large-scale retail store with which he is hoping to do business in his new position.  He will have a conversation with a representative named David, advising him how his company’s IT software would benefit the company.  But, first, he must go through the steps of actually connecting directly with this individual.  He speaks to the gatekeeper (the company’s receptionist) first and eventually is transferred to schedule an in-person appointment.

Business Collocations: perfect example; positive attitude; top priority; customer satisfaction;
customer service; product line; on the phone; make a telephone call; get started; get used to; accept a meeting request; make an appointment

Vocabulary: customer; creditor; debt; debtor; advise; complain; maintain; manage; sell

Justin and Areana deliver a presentation of their new product to David.  They discuss the purpose of the presentation, outline their findings, and ask for input.  David asks questions, which the two answer effectively.  Eventually, David decides to introduce their product line.

Business Collocations: gain knowledge; gain experience; launch a product; present a problem

raise awareness; get the message; get motivated; in depth; in great detail; product launch

Vocabulary: report; responsibility; result; rise; risk; brand; budget; deficit; comparison; delivery; improvement; loss; margin; market; target; develop; dispatch; distribute; fix; improve;

Increase; inform; install; invest; measure; plan; present; promote; provide; purchase; raise; reach;

receive; rise

David gives Justin a call after the new product is implemented, because it has a serious problem.  Justin tries to explain and solve the program using his negotiation skills.  In the end, he is able to problem solve and diffuse the tense situation.

Business Collocations: apply pressure; sales team; boost confidence; build trust; cancel an order; close a deal; cut costs; fix a problem; gain ground; reach a compromise; save money; save time; do business; do a favor; do good/bad; do research; agree on something; agree with someone; aware of; believe in; in control

Vocabulary: equipment; estimate; goods; inventory; invoice; reduction; repairs; output; supply; support; wholesaler; afford; approve; authorize; avoid; borrow; convince; build; buy; calculate; cancel; change; choose; decide; decrease; deliver; discount; establish; exchange; lend; lower; owe; pay; prevent; process; produce; promise; reduce; refuse; reject; accept responsibility; make a complaint; get angry; argue about something; argue with someone; by accident; cause of; trouble with 

Areana conducts an annual performance review for Justin using Key Performance Indicators (KPI).  For the most part, she is pleased with Justin’s performance.  They discuss what he’s done well, what he’ll need to improve upon and exchange ideas regarding future performance goals.

Business Collocations: business partner; cost reduction; performance review; sales figures; time management; accept responsibility; admit fault; admit a mistake; measure progress; meet criteria; meet a deadline; provide assistance; provide support; make an attempt; make a change; make a choice; make a difference; make an effort; make progress; take responsibility; responsible for; trouble with; rely on; immediate impact; make a mistake; satisfied with; admit fault; take responsibility; by mistake; customer base; mission statement

Vocabulary: permission; costs; participate; order; obtain

Justin and Areana plan to travel together from the U.S. to their company’s headquarters in Germany to attend an annual meeting.  They will interact frequently in order to schedule the transportation and accommodations.  Justin ultimately books their flight and hotel rooms online. 

The two then travel together, with continued discussions at the airport, including a conversation Justin must have with a customs official.  Finally, they make it to Germany and Justin speaks with a hotel receptionist to check into their hotel. 

Business Collocations: on a list; on a plane/bus/train; on a team; business trip; company policy;

go home; go ahead; go home; go to work; plan for; in a car/taxi; heavy traffic; in a group;
in advance; in charge

Vocabulary: transport; pack; penalty; invoice

Justin and Areana will be representing their team at the annual conference.  They will network with other industry professionals, discussing their company, products, and positions.  They will also discuss properly submitting documentation for reimbursement at the conclusion of the trip, including all transportation, hotel, shopping and dining receipts.

Justin and Areana meet with Sarah who is the director at the headquarters during the conference and report their progress.  She is pleased and gives Areana an award for excellent salesmanship.

Business Collocations: restrictions on; pay for (something); get permission; have coffee/tea; have breakfast/lunch/dinner; have work

Vocabulary: purchase; refund; authorization; bill; retailer; fund; remove; order; payment; charge; check