Lessons Learned and to be learned
Background: Managing Total Technology was the first simulation course I have ever enrolled for. From the very beginning of the course, I knew that it will a very interesting course and indeed, I find it to be a successful, memorable and exciting way of education. Part 1: Honestly speaking I took the simulation very easy in the beginning.
But as we move in to week 3, I started to realize that we really need to imply ourselves if we need to do better in the simulation.
There are several key learnings that I take from this simulation course, such as; 1. Fundamental Knowledge: First of all, I would say, to do a business or to make a decision, one should seek knowledge regarding that business or position. One should do homework before thinking about playing any role in the business scenario. Seeking fundamental knowledge is the first step. 2. Do not Limit yourself: It is pivotal to know your business environment well and remember, business understanding it is not limited to the area you are responsible for. One should know the overall strategy of the company and the circumstances in which the company is working.
The manager, regardless of his/her role in the company should be aware of the challenges company is currently facing in achieving its goals and objectives. 3. Be a Guru: When you are responsible for making decision in one of the area of the company, it is of utmost important that you acquire all the technical and non-technical expertise in that area. Ideally, nobody should be more aware than you in that particular field so that you can make the decision confidently and that people respect your decision and don’t challenge it without knowing the depth of it. 4. Competitve Intelligence is Key Always make well informed decisions. Look for the weaknesses of the competition. Consistently track their performance and their financial situation so that you are well aware in advance if they are in a situation where you can take advantage and consolidate your position in the market place. 5. Be a Visionary You cannot be a successful manager or CEO if you are unable to look in to the future and make decision according to the future challenges. You have to keep one eye at the long term objectives of the organization and plan accordingly.
Learn from the mistakes and make tactical changes but never alter your long term strategy because you fail in achieving one or two of your short term goals. Part 2: Key Take Aways: A. Strategic Thinking: One of the top learnings from the simulation is the importance of strategic thinking. When we started the simulation, we thought that only one segment, High-Tech, will be good enough to become leader in the overall simulation and it proved wrong. We knew in the middle of the simulation but stuck to our initial strategy which I guess was the right thing to do because eventually High-Tech market is the future.
B. Leadership Qualities It sounds like an extension of the first point Strategic Thinking, but it is actually not. I have learned from this simulation that a company is defined by the definition of its CEO. Leadership plays an important role in driving all the areas of business and it requires special capabilities to perform as a leader. Leadership is not about making final decisions it is about making the right decision at the right time. I want to learn how I can be a successful leader in the field of marketing and sales, which is my passion.