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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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GETINTOUCH!

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www.STEMCareerServices.com|Josh@STEMCareerServices.com

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