If you’re planning an MBA (or if even if you’re not), check out my recommended MBA reading and listening, below. There are of course many many papers worth reading, but I suggest these as particularly thought-provoking. Some I read before my MBA and others I wish I had! Please note that many of these files will require a small payment to download.
I believe that business is a practical discipline, learned primarilly through doing - and dependent largely on reflective capability and good people skills (If you’re wondering, this isn’t always the prevailing mindset on MBA courses). But I also believe that those who rubbish formal learning are mistaken. The musings of academics and other practitioners can provide an valuable catalyst for self-reflection and fresh thinking. Good writing can provide wise counsel and guidance - from a distance - and in some cases from beyond the grave.
Finally, the power of resources like these is accessed not in their reading but in their application. And application is not about using them as a template; but digesting their content before incorporating it - judiciously, with adaptation and only where appropriate - into management practice.
Let be be very clear: MBAs do not make managers or leaders. During the 80s, 90s and early 00s, some in the business school community had become afflicted with a presumption of entitlement. This stemmed from a mistaken belief that management could be taught - like a science or a profession. Fortunately for society-at-large, this kind of hubris is giving way to common sense. Whether further study will be worthwhile depends upon you.
For a more holistic view of what you are likely to cover on an MBA course, you can also look at my MBA-on-a-page diagram. I’ve also provided some thoughts on the GMAT entry exam.
What is Strategy, Michael Porter
One the gems. After telling everyone that strategy was about strategic positioning vis-a-vis his famous ‘forces’, Porter here explains that it is also about allignment and complementarity between various ‘activities’ pursued by the organisation. It’s a powerful argument for creating companies which - in theory at least - are difficult to copy: either because they are hard for outsiders to understand, or because copying them would involve too many sacrifices elsewhere.
This article also includes some comments about market positioning and segmentation.
Crafting Strategy, Henry Mintzberg
A somewhat contentious thinker important for anyone serious about business. Reminds us that not everything will yield to analytical mechanics - and that sometimes art is a better analogy for business strategy than engineering or science.
The Right Game, Brandenberger & Nalebuff
A simple, yet powerful article which is much more concicse than the book ‘Coopetition’ which the same authors wrote afterwards. B&N are the gurus of game theory, and here they explain concepts like added value, substitutes, competitors and various game tactics. Note the similarity between the Value Net and Porter’s Five Forces model.
Essential reading for anyone about to embark upon a course in Micro (ie Managerial) Economics.
Strategic Intent, Hamel & Prahalad
Very broad-ranging paper, should be read in conjunction with The Core Competence… (below).
Anyone who understands the importance of brand will relate to this. Sometimes just because an organisation can do something doesn’t mean that it should. Equally, just because a corporation doesn’t yet have the capability to pursue its dreams shouldn’t stop it from pursuing them.
This article is really two papers. The first (perhaps a little unfairly) knocks what the authors pejoratively refer to as a “Western” notion of “strategic fit” (ie alignment - see Porter for details). The second runs through a series of approaches by which a newcomer may eat away at the market of an incumbent.
The Core Competence of the Organisation, Hamel & Prahalad
The origin of one of the most popular (and misunderstood) business buzzwords. For today’s reader, this paper raises more issues than it resolves; but still worth a good read.
Watch out also for the concept of ‘hollowing out’. A hugely significant concept given the rise of new OEM-based economies today.
The Brand Report Card, Kevin Lane Keller
Includes plenty of practical advice and a checklist for ongoing management of a brand. Also covers “the top ten traits” of strong and valuable brands.
The Living Company, Arie P de Geus
This is far from a classic. Most MBAers have never even heard of it. In fact de Geus was the guru that scenario-planned Shell out of the oil crisis in the 1980s. The main thrust of this paper is the paradoxical notion of changing to stay still - hence the “living company”. It also includes a great (but very brief) overview on the economic history of the Western World. Ideally should be read in conjunction with the next item.
The Economic History of Australia, Ian Harper [Melbourne Business School Audio]
Entertaining and informative. Ambitiously does what it says in the title.
The Many Faces of Honda, Richard Rumelt
Rumelt is a maveric thinker who has somehow been allowed - Trojan-horse-like - into a Business School. In this paper he draws attention to the various “strategies” which have been retrospectively attributed to Honda. Thought-provoking reading.
Leading Change: Why Transformational Efforts Fail, John Kotter
When you hear people talking about creating “a sense of urgency”, “quick wins”, “celebrating success” they are (whether they know it or not) using Kotter’s concepts. This is an outstanding paper, which managers in countless change programmes have continued to ignore.
Sustainability and Long-Term Profitability, Robert Burke [Melbourne Business School Audio]
It is dissapointing that few business schools have anything to say about issues of sustainability and ecological footprint. When Sir Nicholas Stern describes the externalities that cause climate change as the “greatest and widest-ranging market failure ever seen”, this surely requires attention. When also considers the considerable opportunities for competitive advantage which rapid response to ecological issues can provide, it is hard to ignore. This podcast is a great overview to the issues.
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