Is MBA worth it? It depends on many factors like money, time and whether you are willing to commit or not.
In 2015, I enrolled in the University of Florida’s online MBA program, while working full time in finance. The degree cost me $60,000 and took me two years to complete, but it gave me the confidence to take business risks, improve my decision-making skills, expand my network, and even increase my salary .
It also taught me some valuable lessons about business and money:
1. The contract doesn’t have to be complicated
Having a contract for any trade you do can save you emotional distress and financial loss. It doesn’t matter if you are with close friends or family. Everything that involves time and money requires a contract.
Also, the mere act of proposing a contract is a good stress test. If you give a long reason why the other person doesn’t sign, you probably need to move on.
Even small, simple handwriting can go a long way. The most important elements to include are:
- “Proposal”: I need to provide something.
- “Compensation”: Something needs to be exchanged (usually money, otherwise it is a gift or promise, not a contract).
- “Accept”: Both the parties must agree to the terms and conditions.
- “Interoperability”: Both parties need to agree to the terms and understand that they have signed a contract.
The three key elements of Aristotle’s persuasion I learned in Business Writing and Negotiation classes gave me the tools and methods I needed to sell myself and win people over.
- Nature (ethics): Cite your moral position and credibility.
Example: “I am a wife, a mother and a taxpayer. I have been serving the school board faithfully since 20 years. I deserve your vote. [X]..”
- Courage (Emotions): Take advantage of the emotional impact of your discussion.
Example: “The other person wants to be hurt” [X] By [X]..imagine how disappointed you are [X] It was bound to happen. “
- Logo (Logic): Compose the message using facts such as evidence, analogies, statistics and even hypothetical scenarios.
Example: “We don’t have enough money to pay for improvements [X]..and without correction [X] The system will collapse and hence our economy will be hampered. Therefore, we need to [X] pay better [X]..”
4. Market time is ahead of market time
5. How to Be a Better Negotiator
Advanced Conversation was one of the most difficult classes I’ve ever taken. This was partly due to conflict between the students, and the result affected their grades.
In one case, I represented a Canadian zoo and wanted to rent a panda from a Chinese zoo. Calculating the cost and duration of a panda trip led to a long standoff between me and my classmates.
But it taught me a few things about how to get what I want:
The ideal situation for both sides is to walk away and realize that they have won a century of trading.
Sean Carna An author and former financial analyst. follow him on twitter @seanjkernan..
Have a look at this:
MBA Graduate Shares The Five Most Valuable Money Lessons From His $60,000 Business Degree
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