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TRANSCRIPT
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JennyRaeLeRouxManagingDirector
JoshHenkinCEO
EssentialBusinessSkills&ConceptsforPostdocsLeavingAcademia
WHYAREYOUHERE?
• Whydoyouthinkyouneedbusinessskills?• Whatbusinessskillsdoyouthinkyouarelacking?• Whatareyoumosthopingtogetoutofthesessiontoday?
AGENDA
• Introduction• Businessvs.AcademicPresentations• BusinessTermstoKnow• EffectiveCommunicationforNetworkingandInterviews• TheArtofQuickDecisionMaking• Conclusion/Q&A
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OURVIEW:THEIMPORTANCEOFBUSINESSSKILLS
• Nearlyeveryposition,inacademiaoroutsideacademia,willrequireknowledgeandutilityofbusinessacumen• Industry,Consulting,andmore…
• Entrepreneurshipisontherise• Forprofit• Nonprofit• Gigeconomy
• Advancesintechnologygiveusmoreopportunitiestocreate• Smartphones• Virtualoffices• Independenceandcontrol
• Theseare“transferableskills”thatanyPhDcanuseinanycareerpath
MODULE1:BUSINESSVS.ACADEMICPRESENTATIONS
PRESENTATIONPLANNING
• Decideonanunderlyingthemeandgoverninghypothesis• Presentationguidelines:
• Timeisthemostvaluableresourceforyouraudience• Createslideswithdataforeachtagline
StrategyConsulting OtherIndustries
InternalMeeting 10slides,10minutes Varies
InterimUpdate 20-30slides,30minutes Varies
FinalPresentation 30-45slides,45-60min. Varies
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PERSUASIONVS.INFORMATION
• Lesscollaborative;you’renotaskingforfeedbackafterthepresentation• Youarepresentingarecommendation/proposedsolution
Businessvs.Academicpresentations
• Don’tleaveroomforsubjectiveinterpretation
Structureyourpresentationsoyouraudienceisclearlyinformedofyourrecommendationsorgoals
• Speakyouraudience’slanguage,notyourown
Youareaimingtopersuade,notjustinform
• Thecaseyouaremakingbecomesmuchmorecompellingandrelatableforyourtargetaudience
Storiesmakeyourpresentationflow
ANSWERFIRSTVS.ANSWERLAST
Twotypesofcorestorylines
Answerfirst
Answerlast
Knowpurposeofmeetinggoingin,oryou’vealreadylostcredibility
PRIORITIZINGKEYDATA
Whatwillbestconvincekeystakeholdersthatyourrecommendationshouldbeimplemented?
Howdoyoucommunicatetheseinsights?
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WHATMAKESAGOODBUSINESSSLIDEDECK?
Goodslides
Relyongraphicstoshow,nottell
Conveydatainaclearandwellthoughtout
way
Maximizewhitespace
MECE
Addressclientconcernsandsolveclient
needs
Badslides
Overusetexttoconvey
information
Don’tcitesources
Havemorethanoneortwokeyinsightsper
slide
Don’tdrivetofinalrec.
3TYPESOFPOWERFULVISUALS
Dataslides• Graphs–showingrawdata
• Charts–categorizingdata
• Tables–listingdata• UsuallyimportedfromExcel
Graphicslides• Textwithgraphics• Flowcharts,processcharts
• SmartArt
Textslides• Agendaslide• Writteninformation
EXAMPLESLIDE1-DATASLIDE
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EXAMPLESLIDE2A–GRAPHICSLIDE(FLOWCHART)
EXAMPLESLIDE2B-GRAPHICSLIDE
EXAMPLESLIDE3-TEXTSLIDE
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EXAMPLESLIDE4–QUOTESLIDE(NOIMAGE)
• “Iloveworkingwithpatients,butsometimesIamconcernedthatthehospital’sincentivesforusdonotalignwithexcellentpatientcare.”-Sr.Attending,MayoClinic
• “Iampaidbythepatientthatgoesoutthedoor,andnotmeasuredbyactualhealthoutcomes.It’seasytooverlookthesmallissuesordiagnosesthataremorenuanced.”-ERNurse,NorthwesternMemorialHospital
NAMETHISSLIDE
SLIDESTORY
• 89%oftheiPhonecommunityisusingan“outdated”phone• ManywillforgoajumpstraighttotheiPhoneX,andpreferanincrementalupgradetotheiPhone8
• ByreleasingbothiterationsoftheiPhone,Appleensuresthatmoretotalcustomersupgrade,andthatithasboththenormalandhigh-endspectrumsofthesmartphonemarketcovered
• However,ascustomersgetmorecomfortablewiththeperformanceoftheiPhoneX,weexpectittoovertaketheiPhone8andiPhone8Plus.
• TAGLINEEXAMPLE:Afterslowstart,iPhoneXtoppediPhone8inNov.2017
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BUSINESSPOWERPOINTTHEORY
• Commonthemesforbusinessslidedecks• Highlystructured• Data-driventakeawayoneachslide,usuallyintagline• Storyisinthepresentationontop,notontheslide• Recommendation• Nextsteps
• Similartoacademicpresentations,makesureyouciteyoursources!
MODULE2:BUSINESSTERMSTOKNOW
BUSINESSTERMSOVERVIEW
• Whatbusinesstermsdoyouwishyouknew?• Whatbusinesstermsdoyouwishyouunderstoodbetter?
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REVENUETERMS
REVENUETERMSTOKNOW
• Grossrevenue:Totalamountofincomeforareportingperiod• Price:Averagepriceofallsolditems• Volume:Totalnumberofitemssold• Top-linegrowth:Grosssalesorrevenuegrowth
COSTTERMS
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COSTTERMSTOKNOW
• FixedCost:Coststhatchangeinastepfunction(overhead,machinery,etc.)
• VariableCost:Coststhatvarybyoutput,matchedtounitssold
• COGS:CostofGoodsSold(V.Cost)
In2012,alackofrainovercorn/soybeanproducingregionsoftheU.S.droveupfeedpricesforcattlefarmers.Beefpriceshavealwaysbeensomewhatvolatile(seeExhibit).Whatkindofcostisthis?
PROFITTERMS
PROFITTERMSTOKNOW
• GrossProfit:MoneyleftoveraftersubtractingCOGSfromGrossrevenue
• EBITDA:EarningsBeforeInterest,Taxes,Depreciation,andAmortization
• OperatingProfit:Profitaftersubtractingexpensesfromregularcourseofbusiness
• NetProfit:Theactualprofitaftersubtractingallexpenses(operatingexpenses,taxes,etc.)fromGrossrevenue
• GrossProfitMargin:ProportionofmoneyleftoveraftersubtractingCOGSfromgrossrevenue
• NetProfitMargin:Proportionofmoneyleftoveraftersubtractingallexpensesfromgrossrevenue
• Bottom-linegrowth:Profitgrowth(usuallynetprofit)
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KEYPROFITINSIGHT
• GrossProfittellsyouhowefficientlyaproductisbeingproduced• NetProfittellsyouhowefficientlythecompanyoperatesasawhole
MODULE3:EFFECTIVECOMMUNICATIONFOR
INTERVIEWSANDNETWORKING
Consulting
IDENTIFYYOURASSETS
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IDENTIFYYOURSTRENGTHS&QUALIFICATIONS
• Applyingforbusinessrolesisalotlikeapplyingtocollege• Identifyyourstrengthsandqualificationsinthesamewayyouwould
identifyyourGPAandSATscoreswhenapplyingtocollege• Doingthiswilldeterminetherolesandcompanieswhereyouhavethe
bestshotoflandinganinterview
• Answerthefollowingquestionstogetabetterideaofyourfunctionalskillsandindustryexperiences• Academicbackground• Workexperiences• Geography/workeligibility• Companyculture
1.ACADEMICBACKGROUND
• Questionstoaskyourself:• WhichschoolsdidIattend?(IvyLeague,mid-range,no-name)• Whatwasmymajor?Anyconcentrationswithinthemajor?• Whatismyresearchareaofexpertise?• DidIparticipateinanymarketableextracurricularactivities(e.g.,
UndergradConsultingClub,FinanceandInvestmentSociety)?• Whatweremyscores(GPA,GMAT,SAT)?
• Fromhere,createalistoffunctionalskillsandindustrycategoriestoguideyou
2.WORKEXPERIENCES
• Questionstoaskyourself:• Whatparticularfunctionalknowledgedoyoupossess(operations,IT,
supply-chain,government,duediligence)?• Whatanalyticalskillsetsdoyouhave(e.g.,financialmodeling,SPSS,Excel,
statistics,valuingcompanies,conductingmarketresearch)?• Doyouhaveanysector/industryexpertise(e.g.,financeandasset
management,healthcare)?
• Youneverknowwhatwillcatcharecruiter’seye• Don’tleavenamebrandpart-timeexperiencesout!• ThatinternshipattheWashingtonPostwillshowyouhavemarketingand
mediabonafides• Includeevenacademic/extracurricularprojects
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TRANSFERRABLESKILLSANDINDUSTRYEXAMPLES
FUNCTIONALSKILLS INDUSTRYEXAMPLES
Accounting BiotechnologyFinance ConsumergoodsMarketing Construction/RealEstate
RiskManagement FinanceProjectManagement HealthcareStrategicInitiatives MediaNegotiation RetailRelationshipManagement
TechnologyandIT
3.GEOGRAPHY/WORKELIGIBILITY
• Questionstoaskyourself:• WhichcountriesamIeligibletoworkin?• Whatlanguage(s)doIspeak?• DoIhavecitypreferences?Whatarethey?• HowcanIjustifymyinterestinacityIamnotcurrentlylivingin?
• Thebestpositiontobeiniswhenyouhaveworkeligibilityforthehiringcountryandyouliveinthecityyou’retargeting• 2ndbest:Youhaveworkeligibilitybutyoudon’tlivethere• 3rdbest:Youlivethere(e.g.,asastudent)butyoudon’thavework
eligibility
WORKELIGIBILITY
• Howtonavigateapplyingforaroleforwhichyoudon’thaveworkeligibility• Youhaveagreatreasonformovingtherelongterm(i.e.,significantother
isworking/attendingschoolinthelocation)
• Whentointroducekeyissues• Whenyouhaveidentifiedhowhungrythecompanyistohaveyou• Whentheyask• Onlyifnecessarywhenpaymentforinterviewexpensescomesup
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4.COMPANYCULTURE
• Questionstoaskyourself:• What’simportanttomeintermsofcompanyculture?• Whataremyexpectationsintermsoftravel?• HowmuchclientinteractionwouldIprefertohave?• HowmuchinteractiondoIwantwithseniorstaff?• DoIexpecttobestaffedwithlocalofficeorglobalteams?• DoIwanttofocusonaspecificpracticearea?
• Understandthatthereisnuanceinthewaythatyouaskthequestion• Forexample,“Ilovetotravel;howmuchopportunityistherefortravel?”
vs.“Howmuchtravelisexpected?”haveverydifferentconnotations
IDENTIFYYOURASSETS
OtherNon-AcademicPositions
SAMPLEJOBDESCRIPTION–NONSTRATEGYPOSITION
• BiochemistryTechnicalLead• RequisitionID:99080216• Position:Fulltime• Functionalarea:ScienceandTechnology• Location:Cambridge,MA• Requireddegrees:PhD/Doctorate• Experiencerequired:5years• Relocation:NotIndicated
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BASIC/PREFERREDQUALIFICATIONS
• PhDorequivalentexperience• Extensiveknowledgeandtechnicalexpertiseinbiochemistry,enzymology,andspecifically,applicationofknowledgetosmallmoleculedrugdiscovery
• Theabilitytodesign,interpret,andcommunicateoutcomesofmolecularmechanism-of-actionexperiments
• Stronginfluencingandanalyticalskillscoupledwithproblemsolvingability• Agoodunderstandingofthedrugdiscoveryprocessandtrackrecordofleadingteamsondrugdiscoveryortechnologydevelopment
• Demonstratedstrengthsinhighperformancebehaviors,suchasbuildingrelationships,flexiblethinking,andenabling/drivingchange
• Atrackrecordoftechnologyevaluationanddevelopment,especiallyinthecontextofapplyingthesetothedrugdiscoveryprocess
• Excellentteamworkingbehaviors,interpersonal,andcommunicationskills
BASIC/PREFERREDQUALIFICATIONS
• PhDorequivalentexperience• Extensiveknowledgeandtechnicalexpertiseinbiochemistry,enzymology,andspecificallytheapplicationoftheknowledgetosmallmoleculedrugdiscovery
• Theabilitytodesign,interpret,andcommunicateoutcomesofmolecularmechanism-of-actionexperiments
• Stronginfluencingandanalyticalskillscoupledwiththeabilitytosolveproblems• Agoodunderstandingofthedrugdiscoveryprocessandtrackrecordofleadingteamsondrugdiscoveryortechnologydevelopment
• Demonstratedstrengthsinhighperformancebehaviors,suchasbuildingrelationships,flexiblethinking,andenabling/drivingchange
• Atrackrecordoftechnologyevaluationanddevelopment,especiallyinthecontextofapplyingthesetothedrugdiscoveryprocess
• Excellentteamworkingbehaviors,interpersonalandcommunicationsskills• Abilitytoworkcollaborativelyinaglobalorganization
Technical Skills Transferable Skills
4x 3x 2x
FINDPATTERNINSKILLS
• Breakoutthemaincomponents/skillsaskedfor• Seeifanypatternsexist
• Whichskillsareheavilyemphasized?
• Listalloftheskills• Determinehowwellyourskillsalignwiththerequirementsoftheposition
• Createaposition-specificresumethatdemonstratesyoutobeafantasticcandidateforthisparticularjob
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ALIGNYOURSKILLSWITHTHEJOBDESCRIPTION
IDENTIFYINGYOUR“SWEETSPOT”
• Howdoyouavoidbothunder-sellingandover-sellingyourexperience?• ThedifferencebetweenConfidenceandArrogance
• Develop30secondstoriesthathighlightspecificimpactyou’veachieved• Wecallthese“HeroStories.”Storieswhereyoucomeoutlookinglikethe
“hero!”• Highlighttransferrableskills(people,projectmanagement)inyourstories• ImplementtheCARmethod
EXERCISE:SELLINGYOURSELF
• Contextoftheproblemyoufaced• Actionyoutooktoaddresstheissue• ResultoftheactionsyoutookTakethenext10mintopartnerupanddevelop/practiceaherostory.Afteronecycle,switchpartnerssoyoureceivefeedbackfrommultiplepeople.Remember,keepyouranswerto30seconds!Partners,timeeachother.
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CARSTORY-LEADERSHIPSKILLS
(Context)Whileat[companyname],Iwasinitiallyasoftwaredeveloperonateamof6developinganewalgorithmforadevicethatmonitorsenvironmentalcontaminationinairandsoilsamples.Theprojectwascriticalaslaunchdateshadbeensetwitha$XXMsalesandmarketinginvestmentridingontheproductbeingready.However,theprojectwasbehindscheduleandourteamleaderhadjusttransitionedtoanewcompany.(Action)So,Ivolunteeredtostandinandleadtheteam.Iusedmytechnicalanalysisskillsandspottedafewsmallmistakesmadeintheinitialcodingthatwerecausingsporadicerrorsthatwereslowingusdown.Ithennegotiatedwithourproductdirectorasmallbonusincentivefortheteam,andbudgetfortwopizzaevenings,sowecouldpullacoupleoflatenightshiftstocorrectthecodingandcatchupwiththecriticalprojectmilestones.
CARSTORY-LEADERSHIPSKILLS
(Result)Thoughthistookus1.5%overbudget,thesoftwarewasdeliveredontimewithafaulttolerancethatexceededtheobjectivethreshold.Theadditionalprojectcostwasminimalcomparedtothecostsofdelayingthelaunchandthenegativeaffectonourproductbranding.TheteamwasdelightedwiththeextrabonusandIwaspromotedtoteamleaderasaresult.
MODULE4:THEARTOFQUICKDECISIONMAKING
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GAININGCOMFORTINDECISIONMAKING
• Unlikemanyacademicsituations,inbusinessthereisoftenpressuretomakedecisionsquickly
• Youwilllikelyberequiredtotakeapositiononatopicwithoutcompleteinformation
• Yourpositionwillinfluencethedirectionasupervisor,leader,orcompanymaygoonacertaindecision,product,oroutcome
• Makingthe“best”decisionwithlimitedinformationisdifficultbutnotimpossible
SIXTHINKINGHATSOFDECISIONMAKING
• EdwarddeBono’sSixHatsisasimple,effectiveparallelthinkingprocessapproachtodecisionmaking
• Thetechniquehelpsyouthinkmoreeffectivelybyapproachingproblemsolvingandsolutiongenerationfromavarietyofdiversethinkingpositions,therebyallowingyoutoselectanoptimaldecision
• Bymentallywearingdifferent“thinking”hatspeopleareforcedtolookataproblemfromdifferentperspectives
WHITEHAT-THINKING
• TheWhiteHatcallsforinformationknownorneeded.Consideronlyinformationthatisavailable…“Whatarethefacts?”
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REDHAT-THINKING
• TheRedHatsignifiesfeelings,hunchesandintuition.Whenusingthishatyoucanexpressemotionsandfeelingsandsharefears,likes,dislikes,lovesandhates
BLACKHAT-THINKING
• TheBlackHatisjudgment-thedevil'sadvocateorwhysomethingmaynotwork.Spotthedifficultiesanddangers;wherethingsmightgowrong.ProbablythemostpowerfulandusefuloftheHats,butaproblemifoverused
YELLOWHAT-THINKING
• TheYellowHatsymbolizesbrightnessandoptimism.Underthishatyouexplorethepositivesandprobeforvalueandbenefit
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GREENHAT-THINKING
• TheGreenHatfocusesoncreativity;thepossibilities,alternatives,andnewideas.It'sanopportunitytoexpressnewconceptsandnewperceptions
BLUEHAT-THINKING
• TheBlueHatisusedtomanagethethinkingprocess.It'sthecontrolmechanismthatensurestheSixThinkingHatsguidelinesareobserved
ACTIVITY
• WorkasagroupatyourtableandapproachthefollowingproblemwithDecisionHatThinking(15min)
OurclientisthelargestdairyproducerintheU.K.Afteroperatingconservativelyforover100years,theyhavedevelopeda
substantialcashsurplusandarelookingtoinvest.
Thelargestchicken(andegg)producerintheU.K.isupforsale.Ourclientisconsideringmakingtheacquisition.Shouldthey
purchaseornot?
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REMINDEROFTHEHATS
GOODSOLUTIONVS.PERFECTSOLUTION
• Decisionsarefrequentlymadequicklyinbusinesssituations• Youwillbeaskedtomakedecisionswithoutcompleteinformation
• Acknowledgeyoudon’thavealloftheinformationyouneed• Makethebestdecisionwiththetoolsandinformationyouhaveaccessto
SUMMARY
• EveryPhDcanbenefitfromlearningandapplyingbusinessskills• Now,youcancreatepresentationsthat:
• Arevisuallyappealing• Tellapersuasivestory• Prioritizethemostimportantinformation• Maximizethetimeyouraudiencehas
• Understandyourskillsandhowtheyaligntorelevantposition(s)Familiarizeyourselfwithkeybusinesstermssoyoucandiscussthemwithconfidenceandearnthetrustofyourcolleagues
• UsetheSixThinkingHatsprocesstogeneratesolutions• Don’tletalackofcompleteinformationstopyoufrommakingdecisions
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