Every year, thousands of companies and budding executives dump billions of dollars into MBA programs.
As the programs grow in popularity, they have generally become a way to bolster a resume or earn a promotion, rather than a way to build business expertise.
In his recently published book, “24 Hour MBA: Five Power Workshops for Business Success,” author Alexander Hiam — who picked up his MBA at the University of California-Berkeley — says business schools often waste students’ time and money by not helping them build the practical skills they need in the workplace.
“I found the standard MBA course content, whether it was packaged in an MBA program or one of the many books based on it, geared toward big business of 20 years ago,” says Hiam, a former MBA instructor. “I don’t see it as relevant to the average person in business today.”
Like physical exercise, Hiam believes that a little time spent each day learning on your own can be much more profitable in the long run than two years in a formal MBA program.
“I crunched some numbers and figured out that the average businessperson spends only three minutes on professional training per day,” Hiam says. “What if you doubled that? If you spend an extra few minutes a day studying the right kind of relevant skills in the workplace, it can have a big impact on your career.”
A corporate consultant for companies like Kellogg’s, Coca-Cola and General Motors, Hiam has four tips to help you get that all-important mental edge on the competition.
Teach yourself something new every day
Hiam estimates that a half-hour of self study a day is at least 10 times as beneficial as what the best-trained employees at the wealthiest companies receive in formal training.
“Business is changing very fast,” he says. “It’s more competitive than ever. The people who succeed are on a faster learning track than others.”
Keep an inquisitive, curious outlook
Ask questions, lots of them, Hiam says. Just because you’re the boss and supposed to have all the answers doesn’t mean you do or even should.
“That’s a terrible expectation, it shuts things right down,” he says. “If you ask more questions than other people, you’re going to learn more and you’re going to come across more new, good ideas. You’re going to be an innovator.”
In his research, Hiam discovered that people who ask twice as many questions during business negotiations were more effective and ran into fewer sticking points than those who assumed they understood the other sides’ position.
Focus on the soft skills
Strong interpersonal skills and a focus on personal attitudes and behaviors will help anyone who wants to advance in business today — especially those in a managerial role.
“Human behavior is a very powerful lever to affect bottom line results,” Hiam says. “If you can get managers to be more considerate, employees perform better and they interact with customers to make the customers happier. The company can be significantly more profitable.”
Communicate with a filter
One of Hiam’s favorite statistics is that most people in business handle an average of 178 communications per day but fewer than half are necessary. Too many people are wasting ideas or uncontrolled feelings when they communicate instead of sharing something of real value.
Before speaking, stop for a fraction of a second and think, “OK, what am I going to say here, and is it worth saying?” You’ll be amazed at how much this simple filter catches. How to reach: Alexander Hiam, Adams Media Corporation, (781) 767-8000
Morgan Lewis Jr. ([email protected]) is a reporter at SBN.