Final Week! Flashcards
If the goal is to “grow sales” need to
increase revenue, don’t worry about costs. Can we raise prices to raise revenue? Are there good substitutes in the market if we do? Can we lower prices to increase sales? Can we expand to new markets? Economies of scale. Can we create new products? Economies of scope (avg cost to produce is lower if produce more types of goods) Can we better market to existing customer segments?
of businesses in USA
28M
Failures:
Failure #1: SAHS History Lesson Plans
Failure #2: Elevator
Failure #3: Pep Rally
Failure #1: Lesson plan structures with history department first year
I had really learned how to teach at a charter school in Newark called North Star Academy. They were one of the highest performing schools for low income students in the country - they were taking students from poor neighborhoods and getting them all into colleges, many of them on full scholarships. People were literally traveling around the world to visit and learn from our school. North Star did many things right, but one way in which they were unique was they required all teachers to follow specific lesson plan structures that built in best practices for each classroom. For instance, all teachers had to give students independent work to do for the first five minutes of class, so that students would be calm and productive from the time they entered your room and you could check in with students and set the tone for a productive class. Nobody really challenged these best practices at North Star because they were clearly so effective, because all leaders and managers were totally bought into them, and teachers’ evaluations measured implementation of teacher practices like these. As a young teacher, being required to implement these practices just seemed like learning how to teach well, and I was very successful in part by using these strategies.
Therefore, when I became an Assistant Principal at another school, I thought that I should replicate these best practices, both on the teacher side and the management side. I thought that I could successfully require all teachers to use common lesson plan structures and they would be enthusiastic to do so, once they understood how effective they were. I was ready to collect and give feedback on lesson plans, just like my bosses did at North Star.
This approach failed miserably. The culture at my new school was totally different because Andy was opposed to anything didactic and didn’t believe instruction was the key to success - he wanted teachers to spend most of their time building relationships with students and parents and didn’t believe the details of a lesson were the key lever, so he didn’t write lesson plans when he was a teacher and he didn’t believe that teachers had to write lesson plans. As such, he didn’t put any kind of guardrails on instruction and didn’t really support my desire to collect and give feedback on lesson plans. However, I still thought that I should collect and give lesson plan feedback and should require teachers to implement best practices.
A few of my veteran teachers were very annoyed that I had higher requirements for lesson planning than their friends in other departments had, that they had to put more work in, that they had less flexibility in how they designed their lessons. Often they just disregarded the lesson plan structures and didn’t submit their lesson plans to me. I tried to hold them accountable but my principal clearly didn’t have my back. It was really tense for a bit as I saw these teachers really struggle and saw that they were fairly uninspired as a result of my management.
For the remainder of the year and for the entire next year, I totally changed my approach. I focused on setting very clear vision for what excellence looked like in student work samples, or the outputs, and didn’t put much emphasis on evaluating the inputs such as teacher actions or lesson plan design. I used data from student writing samples and exams to get teachers to deeply reflect upon what they were doing effectively and ineffectively and then coached them to improve upon their ineffective behaviors, based upon a shared understanding of the result that we wanted to change. Teachers had much more flexibility to design lessons creatively and to solve problems creatively.
I learned a ton from this failure. 1. It’s so much more effective to influence rather than tell, unless safety is involved. 2. It’s critical to be aligned with your manager and with the organizational culture or everything you try to do with your team will be much harder. 3. My job as a manager is to set vision, coach, motivate, and support, not to tell how to do the job.
Failure #2: Elevator
- This is a story about my failure to gain alignment with my boss and my boss’s boss and my failure to change course when I knew I didn’t have alignment.
One of the five teams I was managing was our operations team, which in part is responsible for maintaining excellence in facilities. This team was overwhelmed with major projects that directly affected our ability to achieve of mission of preparing students for success in college - for instance, they were fighting a major real estate developer who was doing construction during school hours that was so loud that students couldn’t hear their teachers, and they were improving safety systems to make sure we were prepared for emergencies in our building.
They were already above capacity when our CEO, my manager’s manager, decided that it was important that we address an escalator in our building that would break down once every few weeks. We shared a building with five other schools and the elevator was probably 70 years old and was maintained by bureaucrats in the Department of Education who moved slowly on everything and had a shoestring budget. The escalator was not a priority for them, no matter how many times we raised concerns about it, because they had legitimate safety issues in their hundreds of buildings throughout the city. The escalator was an issue for our CEO because she brought potential donors to our school for tours, and she didn’t like that they’d either have to walk up stairs or take an old elevator.
My managers and I agreed that fixing the escalator was a not a legitimate priority, that the city wouldn’t dedicate the necessary resources to fix it (and that it would be ethically questionable to put so much political pressure on them to spend the little money they had on this issue when other schools nearby had legitimate safety issues with their facilities). We agreed to continue pushing the city, but that we wouldn’t spend so much time on it that it would hurt our other priorities that were actually mission-critical. My bosses thought that if we communicated incremental progress to my CEO, that she’d be fine with us and would give us room to do the work we really needed to do for our kids.
I should have realized that my bosses and the CEO were not aligned and that he wasn’t willing to spend the political capital to tell her so directly. Instead, it appeared to her that we were just incompetent and too slow to move, since she didn’t see rapid progress. As a result, she had less faith in us, resulting in us having less space to make the necessary bold decisions we had to make to be successful as a school, with everyone terrified of her wrath each day.
I should have known that we were destined for failure if my bosses were not aligned with their manager, and I should have insisted that we fight for more resources or find a way to deprioritize other projects to free up resources if nobody was willing to tell her directly that her priorities on the issue were off.
In the end, I learned how important it is to gain alignment and buy-in up the hierarchy. It’s better to do many great but not perfect actions efficiently because you have buy-in than it is to struggle to do fewer ideal actions without buy-in. Obviously you should work to gain buy-in, but if I know that my boss is not aligned with her boss, then I need to re-evaluate how to proceed.
Failure #3: Pep Rally –> quick background about NSA culture, my belief in different management style of promoting ownership and giving a lot of autonomy. Made the mistake of not carefully checking pep rally plan that Meredith had owned (new hire but highly acclaimed and brought in to our school as a top performer, very unsure how to manage her against my instincts to be more involved. She failed to oversee her team, I failed to oversee her because I wanted to give autonomy and not feel like a micromanager and I was stretched very thin with many open spots so I couldn’t thought partner with her along the way. Saw the plan the morning of and I had to scramble last second to salvage. I learned that I need to be comfortable laying out on the friend end the criteria for success, giving a lot of flexibility to produce a first draft by a set benchmark date, then feel comfortable making my direct reports own revisions or redoing to ensure the criteria are met.
California’s house of representative count
53 out of 435 –> about 12% of the population of 320m
$200M growing at 10% for 3 years will be worth?
260M
Estimate Baseline: 200,000 CAGR: 50% Years: 1
300,000
Estimate 50,000 / 300
167
Estimate 60% x 260,000
156,000
Google 2 Minute Pitch
I’ve spent nine years leading change within schools; 1. first as a teacher, 2. then as an Assistant Principal, and then as an 3. operations and strategy leader. I started my career with Teach For America, working in one of the lowest performing high schools in North Carolina, where only 11% of students were reading at grade level, and where 99% of students were poor. Their hopelessness was tragic; they thought the best they could do was work at the local nail salon or Burger King. By influencing students, parents, janitors, and administrators, I was able to solve enough problems to lead my students to one of the highest growth rates on state exams in Carolina.
After a few more successful years in the classroom, I realized I wanted to expand my impact and learn transferable leadership, management, and problem-solving skills. Therefore, I moved into administration. I first managed history teachers in Newark. Then I was hired as an Assistant Principal by the top charter school network in the country to help design and launch their flagship high school. Later, I transitioned into more business-like roles, leading school operations and strategy.
In these roles, I was given several ambiguous problems that I had to creatively solve structure and solve. [Pause] For instance, at Success Academy, my principal said - “the 9th grade team is failing, I need you to fix it?” so I did. A year later, he said “students with disabilities are failing, I need you to fix it.” So I did. Then, at Uncommon Schools, our COO said “We need to open two new schools, figure out where they should be located?” So I did.
These projects changed my life [pause] I realized that I loved problem solving and strategy projects, and that I wanted to do similar work across a wide range of industries. However, I didn’t know anything about business, so I decided to get my MBA to learn a basic business toolkit.
Now I’m thrilled about the possibility of joining Google’s People Operations team for four major reasons: 1. I am passionate about technology and about Google in particular, given the impact of Google’s products on my life in education. For instance, I used Google Sheets to create tailor-made attendance trackers to ensure our students’ safety; I used Google Sites and Hangouts to overhaul our schoolwide communication systems, and we used Chromebooks to teach students how to do research and how to write college-level essays. 2. I am a deep believer in Google’s wider mission of making the world’s information widely accessible, because as an educator it was clear that knowledge is power. 3. I know there is a lot of hidden talent out there that should be contributing to this mission. Our current institutions make it easy to overlook incredibly talented people, like many students I taught, if they don’t have the right degree or background 4. I am a deep believer in people’s potential for excellence and in the power of organizational culture. I saw how much more effective students were in schools with strong culture; I saw how much more effective teachers and leaders were when their managers trusted them, set sky high expectations for them, encouraged them to be authentic, and required them to solve problems outside the box.
How to use BreakevenQuantity to determine the quantity needed to reach target profit level
Quantity needed = (Profit desired / MP) + Qbe Target profit/profit per item + quantity needed to breakeven and start earning a profit
Estimate 6,300,000 / 55,000
115
Why did you study history and psychology
History: I was required to take a humanities course and so I chose American history, feeling a sense of obligation to better understand the country I lived in. The class was so different from my high school history experience and it really opened my eyes to how much I could learn by training to think like a historian. Unlike my high school class which simply required us to memorize stories the teacher told and to answer fact-based MC questions, in college I had to analyze dozens of primary sources to corroborate and challenge hypotheses about the past, to consider each document in the context it was written in to understand motivations, biases, and deeper meaning in language. I had to pit documents against each other to gain a fuller picture of what was happening at the time, and I had to weave together fact-based narratives that were persuasive in their carefully-crafted logic and in their precision and concision. I’ve always been deeply interested in understanding people and systems, and history gave me a useful way of learning more while developing critical thinking and communication skills I knew I’d need the rest of my life.
Psychology: I took an intro to psych course my first year, unaware of what psychology really meant, and I was hooked. I thoroughly enjoyed studying and critiquing creative research design and learning why humans think and act the way they do so I could better understand the world around me. I became truly passionate about psychology in my first social psych course when I began to understand how much people respond to their environment, and how the same person can act in totally different ways with small adjustments to their environment without realizing. I saw clearly how I could use intentional environmental and cultural design to get the best out of people, how to recognize and avoid cognitive biases and heuristics that cause people to make preventable mistakes, often tragically. Ever since, I’ve been passionate about organizational design, training, and behavioral economics.
Studies that fascinate me:
What do you do when you know you’re right, but the rest of the group disagrees with you? Do you bow to group pressure? In a series of famous experiments conducted during the 1950s, psychologist Solomon Asch demonstrated that people would give the wrong answer on a test in order to fit in with the rest of the group.
In Asch’s famous conformity experiments, people were shown a line and then asked to select the line of a matching length from a group of three. Asch also placed confederates in the group who would intentionally select the wrong lines. The results revealed that when other people picked the wrong line, participants were likely to conform and give the same answers as the rest of the group.
While we might like to believe that we would resist group pressure (especially when we know the group is wrong), Asch’s results revealed that people are surprisingly susceptible to conformity. Not only did Asch’s experiment teach us a great deal about the power of conformity, it also inspired a whole host of additional research on how people conform and obey, including Milgram’s infamous obedience experiments.
Books I’ve read:
Drive by Daniel Pink
Nudge - Richard Thaler
Thinking Fast and Slow - Daniel Kahneman
% of households that are homeowners in USA
66%
Estimate 78% x 36%
28.08%
Estimate Baseline: 5,000,000 CAGR: 10% Years: 3
6,655,000
Canada’s population
36M
Google 2 Minute Pitch
I’ve spent nine years leading change within schools; 1. first as a teacher, 2. then as an Assistant Principal, and then as an 3. operations and strategy leader. I started my career with Teach For America, working in one of the lowest performing high schools in North Carolina, where only 11% of students were reading at grade level, and where 99% of students were poor. Their hopelessness was tragic; they thought the best they could do was work at the local nail salon or Burger King. By influencing students, parents, janitors, and administrators, I was able to solve enough problems to lead my students to one of the highest growth rates on state exams in Carolina.
After a few more successful years in the classroom, I realized I wanted to expand my impact and learn transferable leadership, management, and problem-solving skills. Therefore, I moved into administration. I first managed history teachers in Newark. Then I was hired as an Assistant Principal by the top charter school network in the country to help design and launch their flagship high school. Later, I transitioned into more business-like roles, leading school operations and strategy.
In these roles, I was given several ambiguous problems that I had to creatively solve structure and solve. [Pause] For instance, at Success Academy, my principal said - “the 9th grade team is failing, I need you to fix it?” so I did. A year later, he said “students with disabilities are failing, I need you to fix it.” So I did. Then, at Uncommon Schools, our COO said “We need to open two new schools, figure out where they should be located?” So I did.
These projects changed my life [pause] I realized that I loved problem solving and strategy projects, and that I wanted to do similar work across a wide range of industries. However, I didn’t know anything about business, so I decided to get my MBA to learn a basic business toolkit.
Now I’m thrilled about the possibility of joining Google’s People Operations team for four major reasons: 1. I am passionate about technology and about Google in particular, given the impact of Google’s products on my life in education. For instance, I used Google Sheets to create tailor-made attendance trackers to ensure our students’ safety; I used Google Sites and Hangouts to overhaul our schoolwide communication systems, and we used Chromebooks to teach students how to do research and how to write college-level essays. 2. I am a deep believer in Google’s wider mission of making the world’s information widely accessible, because as an educator it was clear that knowledge is power. 3. I know there is a lot of hidden talent out there that should be contributing to this mission. Our current institutions make it easy to overlook incredibly talented people, like many students I taught, if they don’t have the right degree or background 4. I am a deep believer in people’s potential for excellence and in the power of organizational culture. I saw how much more effective students were in schools with strong culture; I saw how much more effective teachers and leaders were when their managers trusted them, set sky high expectations for them, encouraged them to be authentic, and required them to solve problems outside the box.
Estimate Baseline: 50,000 CAGR: 40% Years: 2
98,000
Estimate Baseline: 600,000,000 CAGR: 70% Years: 4
5,011,260,000
Estimate Baseline: 400,000 CAGR: 100% Years: 2
1,600,000
New York house of representative count
27 out of 435 –> about 6% (same as Florida)
Time about working in ambiguity
When I am working on a project with a lot of ambiguity, I actively fight the natural anxiety most people feel. I’ve tried multiple strategies, but the four that I’ve found most successful have been to:
- Shift my questioning about “what should I do” to “what could I do?” This makes a huge difference in reducing pressure, and opening up space for creative problem solving that often leads to critical insights.
- I change my context and my inputs, finding a balance between creating white space (time when I have no meaningful stimulation and my mind can wander and connect the dots for me, such as washing dishes or going on a walk) and reviewing a wide variety of materials without the pressure to find the perfect solution immediately.
- I change my inner dialogue to focus on how lucky I am to work on something challenging and meaningful. If there is a clear path forward, that would indicate my work isn’t pushing the boundary, and I’m grateful for the privilege to do work that makes a difference.
- I push myself to commit to the most likely to succeed action plan, and I carefully design the benchmarks at which I will assess progress and the metrics that I’ll use to assess whether my experiment is working. I make sure I methodically experiment and learn on the ground rather than getting caught up in the clouds for too long, which is my natural tendency if unchecked.
I honed this ability working on a leadership team that was designing and building a brand new high school model. We were actively designing a school we hoped to revolutionize what future high schools would look like. We rejected most popular beliefs about what schools have to look like, so every day there was a ton of ambiguity about how to proceed in our design and on-the-ground execution. For instance, I was promoted into a role in which I’d be managing our athletic director and our arts director. However, before I transitioned into this role my boss fired the athletic director and the arts director quit, and we were unable to find a strong enough candidate to hire. However, I still had responsibility for a vague outcome of ensuring that we had world class arts and athletic programming. I had no idea how to proceed - I had been put in my role because I had demonstrated success with managing managers across a wide variety of functions and the arts and athletic directors needed better management, but I didn’t know anything about their subject matter.
Tried to break down the problem into its component parts - there was a lack of vision for excellent arts and athletics programming, the traditional public school model teachers were never evaluated for students’ progress or skill development - as long as kids had fun and didn’t cause trouble, the teacher was given high ratings. I wanted teachers to work with the same level of urgency and accountability as history and math teachers, focusing on student outcomes rather than just the feel of their class. So I had teachers create 4-year sequences of in-school and out-of-school programming a student might take including clear skill and knowledge outcomes for each year, so we could measure progress and assess the efficacy of our experiments.
Estimate 640,000,000 / 6,800
94,118
Estimate 96% x 39%
37.44%
